Trade Single Window to connect with HKMA data for financing

New measures will also expoand digital trade and cross-border e-commerce.

Hong Kong will connect the Trade Single Window with the Commercial Data Interchange of the Hong Kong Monetary Authority to facilitate banks' access to relevant commercial data for trade-finance assessments, reducing financing costs and improving cash flow.

The measure is part of Hong Kong's first Five-Year Plan for Economic and Social Development, unveiled on 16 September, which includes measures to expand digital trade and cross-border e-commerce.

The government will accelerate the digitalisation of trade documents through the active rollout of Phase 3 services of the Trade Single Window and promote connectivity with the single windows of the Mainland and other economies to strengthen regional co-operation in digital trade.

It will also introduce local legislative amendments to facilitate the digitalisation of business-to-business trade documents, allowing the industry to develop technical solutions suited to its needs.

Hong Kong will develop cross-border e-commerce to leverage its position as an international trading and logistics hub and encourage local brands to expand overseas.

The government will also support the upgrading, restructuring and digital transformation of small- and medium-sized enterprises (SMEs), as well as their adoption of emerging technologies, through funding, capacity building, training, and promotional assistance.

SMEs will be encouraged to develop e-commerce supply chains through Hong Kong's cross-border e-commerce networks connecting the Mainland and global markets.

The government also plans to promote the use of platform data analysis to help businesses refine product strategies and marketing campaigns.

It said these measures would improve resource deployment, operational efficiency and market competitiveness, whilst strengthening enterprises' capabilities in e-commerce operations and brand development.