Hong Kong, Shanghai to link cargo data via blockchain for trade finance

The Hong Kong Monetary Authority (HKMA) has signed a Memorandum of Understanding (MoU) with Shanghai authorities to build a blockchain-based platform connecting cross-border cargo data with trade finance, CoinDesk reported. The collaboration, part of the HKMA's 'Project Ensemble' framework, will explore linking electronic bills of lading (e-B/L) and trade data, and integrating with Hong Kong's Commercial Data Interchange (CDI) and the CargoX system. Authorities aim to reduce paper-based procedures and improve efficiency in the cargo trade finance market, estimated to be worth $1.5 trillion annually.