HKMA taps cargo data to streamline trade financing

The Hong Kong Monetary Authority (HKMA) has launched CargoX, a new initiative aimed at helping banks better assess companies for trade financing by using cargo logistics data. The program expands the data applications of the HKMA’s Commercial Data Interchange (CDI) platform to support small and medium-sized enterprises (SMEs) amid rising global trade tensions. CargoX will securely share sea, road, and air cargo data with banks, enhancing credit evaluation and streamlining lending processes. HSBC, Standard Chartered, and Bank of China (Hong Kong) are among the participating banks. The initiative targets faster credit approvals, higher credit limits, and reduced manual processing. The HKMA is collaborating with Tradelink, Hong Kong International Airport’s Cargo Data Platform, and the Transport and Logistics Bureau’s blockchain-based port community system.