Hong Kong gears up for the next step in the fintech era

The fintech era advances in a way to new technologies and sectors that only increase its potential, countries try to overcome trends to get more out of the imminent economic future of companies and Hong Kong is one of them and tries to cover All the strong technicians and their monetary authority plan to continue encouraging this practice by financing research in this area.

The CDI is a consent-based financial infrastructure that would enable a more secure and efficient flow of data between banks and commercial data sources. It has the potential to solve long-standing problems in SME financing by allowing small business owners to use their own data to improve their access to financial services, Yue says.

To study the technical feasibility of the CDI, HKMA is conducting an initial proof-of-concept (PoC) study on the use of trade-related data to facilitate trade finance applications in collaboration with banks. The next phase of the study will begin in 2021 to cover other sources of business data that could facilitate alternative credit scoring by banks.

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