HKMA forms expert panel for Project CargoX

The panel will guide initiatives to streamline and enhance trade finance processes.

The Hong Kong Monetary Authority (HKMA) announced that it has established an Expert Panel for Project CargoX, the multi-year public-private partnership that focuses on streamlining and enhancing trade finance processes, develop digital solutions for SMEs, and explore connections with international data partners to facilitate the trade financing use case for banks in Hong Kong on 28 April.

The Expert Panel is comprised of industry experts and key stakeholders from cargo data providers, trade associations, banks, credit reference agencies and government agencies. The Expert Panel will formulate a roadmap for digitising cargo data, which encompasses sea, road and air transportation data, and integrating relevant cargo data sources across jurisdictions with CDI by the end of 2025.

With the guidance and recommendation from the Expert Panel, the HKMA will conduct proof-of-concept (PoC) studies and develop new solutions with strategic partners such as the Airport Authority Hong Kong (AAHK) and the Transport and Logistics Bureau (TLB) as well as pilot banks to improve digital trade finance through the use of cargo data and CDI in 2025 and 2026.

“Leveraging cargo data and our next-generation CDI data infrastructure, CargoX will help resolve some long-standing pain points in trade finance for banks, ultimately boosting efficiency and driving industry-wide innovation,” Eddie Yue, Chief Executive of the HKMA, said.