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HKMA launches commercial data interchange program

The Hong Kong Monetary Authority has launched the Commercial Data Interchange program under its Fintech 2025 strategy to step up cooperation among financial institutions. The aim is to streamline operations for institutions retrieving enterprises' commercial data, especially material concerning small and medium-sized enterprises, both from public or private data providers. The HKMA said it can also help banks to digitalize and streamline financial processes. For the pilot launch, the interchange has registered over HKD1.6bn in approved SME loans and attracted the participation of 23 banks, including the three note-issuing banks: Banks of China Hong Kong, the Hong Kong and Shanghai Banking Corporation, and Standard Chartered Hong Kong. At least 10 data providers are involved in the interchange program. New World Development is the first property developer to join the program.

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