Hong Kong, Shanghai authorities to test blockchain for cargo trade data
The Hong Kong Monetary Authority and Shanghai partners will study a blockchain cross-border platform linking cargo trade data, e-bills of lading and finance under Project Ensemble.
Hong Kong and Shanghai authorities have agreed to deepen cooperation on using blockchain technology to streamline trade finance and cargo documentation, under a new partnership announced Monday.
The Hong Kong Monetary Authority (HKMA), the Shanghai Data Bureau (SDB) and the National Technology Innovation Center for Blockchain (NTICBC) have signed a memorandum of understanding (MoU) to deepen collaboration in digitizing cargo trade and finance.
The parties will conduct joint research on the benefits of developing a blockchain-based “cross-border platform” for interlinking trade data, electronic bill of lading and financial applications under the HKMA’s Project Ensemble, an initiative launched in 2024 to explore tokenized market infrastructure and new digital rails for financial services.