HKMA launches data interchange

The Commercial Data Interchange program was launched by the Hong Kong Monetary Authority yesterday under its Fintech 2025 strategy to step up cooperation among financial institutions.

The intention is to streamline operations for institutions retrieving enterprises' commercial data, especially material concerning small and medium-sized enterprises. That could be from public or private data providers.

It can also help banks to digitalize and streamline financial processes, according to the HKMA.

For the pilot launch, the interchange has registered over HK$1.6 billion in approved SME loans and attracted the participation of 23 banks. Among them are the three note-issuing banks: Banks of China Hong Kong (2388), the Hong Kong and Shanghai Banking Corporation and Standard Chartered Hong Kong.

Additionally, 10 data providers are involved in the interchange program.

Standard Chartered noted that it has collaborated with two providers in a related study and pilot project.

And New World Development (0017), one of the providers, is the first property developer to join the program. That means commercial data of companies, suppliers and tenants in business with the firm can be shared with entities such as participating banks on a consent basis.

New World said it will also support enterprises, especially SMEs, in expanding business and helping answer financing needs while promoting the development of financial technology.

In another effort, over half of 6,600 citizens surveyed in late August by Hong Kong University of Science and Technology's Business School said they would be willing to use a digital Hong Kong dollar.