Hong Kong links up with Shanghai trade authorities to put cargo data on blockchain
Hong Kong and Shanghai authorities agreed to develop a cross-border blockchain platform for cargo data and trade finance documentation.Summary
The Hong Kong Monetary Authority (HKMA), the Shanghai Data Bureau, and the National Technology Innovation Center for Blockchain signed an MoU to create a shared digital platform. This platform will link trade data, electronic bills of lading, and financing systems using blockchain technology to streamline cross-border trade and reduce friction in the $1.5 trillion annual cargo finance sector, which is currently plagued by paper documentation delays and fraud risks. The initiative, which falls under HKMA’s Project Ensemble, aims to embed Hong Kong deeper into mainland supply chains, offering international investors a compliant gateway to Chinese trade data by turning blockchain into core cross-border financial infrastructure.
(Source：CoinDesk)