HONG KONG – The Hong Kong Monetary Authority on Thursday launched CargoX Pilot Programme, which will take a step forward by facilitating the iterative validation of cargo and trade data initiatives through a series of pilot transactions.

Through a series of innovative projects with 21 participating banks, the HKMA will take deep dives into cargo and trade data use cases, leveraging the Commercial Data Interchange (CDI) data infrastructure, the HKMA said in a statement.

The move aims to advance trade finance digitalization and unlock greater trade finance availability for Hong Kong's small and medium-sized enterprises (SMEs).

“Through coordinated exploration of concrete cargo and trade data use cases under the Pilot Programme, CargoX will drive trade finance digitalization and better serve the real economy, thereby consolidating Hong Kong's position as a leading trade and trade finance hub," said Howard Lee Tat-chi, deputy chief executive of the HKMA.

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Terming the launch of the pilot program as a key milestone in translating the CargoX recommendations into action, he expressed appreciation for the strong commitment as reflected by the active participation of 21 participating banks, relevant government agencies and other key stakeholders in the trade and trade finance ecosystem.

The banks have established their own dedicated cross-functional task force to support the development of projects under the pilot program.

In 2026 and 2027, a number of pilot projects will focus on four key areas: integrating with key cargo and trade data platforms, combining SME trade flow and cash flow data for banks' multidimensional credit assessment, adopting Digital Corporate Identity to enable trusted data sharing, and enhancing connectivity with key trade corridors, said the HKMA.

Officials hope the integration of cargo and trade data will transform banking operations and trade finance processes, assisting SMEs, particularly importers and exporters, in addressing the existing pain points in obtaining financing.