HKMA and DPO Unveil CDI-CDEG Linkage to Propel Hong Kong’s Digital Economy

The
Hong
Kong
Monetary
Authority
(HKMA)
and
the
Digital
Policy
Office
(DPO)
have
jointly
announced
the
full
operational
status
of
the
connection
between
the
HKMA’s
Commercial
Data
Interchange
(CDI)
and
the
Government’s
Consented
Data
Exchange
Gateway
(CDEG).
This
linkage,
which
began
pilot
trials
in
December
2023,
has
shown
promising
growth
in
utilization
rates,
according
to
the
Hong
Kong
Monetary
Authority.

Streamlining
Banking
Processes

As
the
first
government
data
source
for
CDI,
the
Companies
Registry
(CR)
has
connected
to
CDI
through
CDEG.
This
integration
allows
banks
to
directly
obtain
company
particulars
such
as
names,
registered
office
addresses,
and
share
capital
structures.
Such
streamlined
access
facilitates
various
banking
processes,
including
account
opening,
fraud
detection,
and
know-your-customer
(KYC)
procedures.

The
HKMA
and
DPO
will
continue
to
explore
the
inclusion
of
additional
business
operation
data
to
assist
banks
in
obtaining
more
comprehensive
company
search
records,
thereby
supporting
the
digitalization
of
the
financial
services
industry
and
promoting
the
overall
development
of
Hong
Kong’s
digital
economy.

Impact
on
SMEs
and
Loan
Approval

Since
its
official
launch,
CDI
has
significantly
enhanced
the
loan
approval
processes
for
small
and
medium-sized
enterprises
(SMEs).
By
the
end
of
June
2024,
CDI
had
facilitated
over
27,000
loan
applications
and
reviews,
with
an
estimated
credit
approval
amount
exceeding
HK$23.8
billion.
The
HKMA
plans
to
explore
extending
the
use
of
CDI
to
personal
levels,
leveraging
the
CDI-CDEG
linkage
to
bolster
the
government’s
digitalization
initiatives
for
public
convenience.

Statements
from
Key
Officials

Deputy
Chief
Executive
of
the
HKMA,
Mr.
Howard
Lee,
expressed
optimism
regarding
the
CDI-CDEG
connection,
highlighting
its
success
as
a
testament
to
the
HKMA’s
efforts
in
meeting
the
industry’s
demand
for
government
data
in
its
digitalization
journey.
Lee
stated,
“Leveraging
the
established
connection
between
the
two
platforms,
the
HKMA
will
invite
more
government
bureaux
and
departments
to
share
consented
data
with
banks.
These
concerted
efforts
will
greatly
benefit
SMEs
across
various
sectors
and
contribute
to
the
advancement
of
Hong
Kong’s
digital
economy.”

Commissioner
for
Digital
Policy,
Mr.
Tony
Wong,
emphasized
the
importance
of
data
in
promoting
smart
city
development
and
innovation.
Wong
said,
“The
connection
of
the
two
data
sharing
platforms
is
an
important
milestone.
With
the
banking
sector
making
good
use
of
the
new
measure,
it
will
enable
customers
to
enjoy
more
convenient
services
and
facilitate
the
banking
industry
to
explore
more
business
opportunities.”

Both
the
DPO
and
HKMA
are
committed
to
continuing
their
collaboration
with
government
bureaux
and
departments
to
prepare
for
additional
data
sharing.
This
initiative
aims
to
support
the
development
of
more
convenient
government
services,
ultimately
benefiting
citizens
and
businesses.

For
more
details,
visit
the

Hong
Kong
Monetary
Authority.

Image
source:
Shutterstock