TechFlow News, March 2, 2024: Today, the Hong Kong Monetary Authority (HKMA), the Shanghai Municipal Data Bureau, and the National Blockchain Technology Innovation Center jointly signed the “Memorandum of Understanding on Shanghai–Hong Kong Digital Cooperation in Freight Trade and Finance” to further advance deep collaboration between Shanghai and Hong Kong in digitally empowering freight trade and finance. The MoU leverages Hong Kong’s unique strengths as a “super connector” and “super value-adder” to facilitate seamless domestic–international connectivity, supporting Shanghai’s integration into the global data ecosystem via Hong Kong. Under the MoU, the HKMA, the Shanghai Municipal Data Bureau, and the National Blockchain Technology Innovation Center will jointly explore innovative digital technology applications and foster innovation in applying digital technologies across freight trade and finance. The parties will jointly investigate building a “cross-border platform” using digital technologies, conduct cross-border financial cooperation under the Ensemble project, study the application of electronic bills of lading, and advance integration with Commercial Data Exchange and CargoX—thereby leveraging freight and trade data to enhance trade financing between the two regions.
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