HKMA establishes Expert Panel on Project Cargo^x to support digital trade finance ecosystem

The Hong Kong Monetary Authority (HKMA) announced today (28 April) the establishment of an Expert Panel on Project Cargo^x (the Expert Panel) to enhance the digital ecosystem for trade finance by harnessing the power of cargo data.

Riding on the HKMA’s Commercial Data Interchange (CDI)¹, Project Cargo^x is a multi-year, public-private collaboration, focusing on three key areas:

• leveraging cargo data to streamline and enhance trade finance processes;
• developing digital solutions to improve accessibility to trade finance for small and medium-sized enterprises (SMEs); and
• exploring connections with international data partners to facilitate the trade financing use case for banks in Hong Kong.

To achieve these objectives, the HKMA has established an Expert Panel comprising industry experts and key stakeholders from cargo data providers, trade associations, banks, credit reference agencies and government agencies. The Expert Panel will formulate a roadmap for digitising cargo data (encompassing sea, road and air transportation data), and integrating relevant cargo data sources across jurisdictions with CDI, by the end of 2025.  A list of the Expert Panel members can be found in the Annex.  

With the guidance and recommendation from the Expert Panel, the HKMA will conduct proof-of-concept (PoC) studies and develop new solutions with strategic partners such as the Airport Authority Hong Kong (AAHK) and the Transport and Logistics Bureau (TLB) as well as pilot banks to improve digital trade finance through the use of cargo data and CDI in 2025 and 2026. 

Mr Eddie Yue, Chief Executive of the HKMA, said, “In today’s complex global trade landscape, many businesses, in particular SME traders, need more digitalised and efficient trade finance solutions to transform their business models and supply chains. By uniting a diverse group of experts from public and private sectors, the Expert Panel will play a pivotal role in driving the advancement of our digital trade finance ecosystem, reinforcing Hong Kong’s position as a premier trade finance hub and fostering the growth of SMEs. Leveraging cargo data and our next-generation CDI data infrastructure, Cargo^x will help resolve some long-standing pain points in trade finance for banks, ultimately boosting efficiency and driving industry-wide innovation.”

Miss Amy Chan, Commissioner for Maritime and Port Development of the TLB, said, “The Transport and Logistics Bureau is developing the Port Community System for completion by end of this year to provide cargo track-and-trace across sea, road, and air transport, which is expected to lead the maritime, port, logistics and trading industries to new heights of digitalisation.  The Port Community System makes use of blockchain technology to record cargo flows, hence ensuring the integrity and reliability of cargo flow information.  We look forward to working with the Expert Panel and strategic partners to unlock the enormous potential of the Port Community System in facilitating trade finance, supporting SMEs, and strengthening Hong Kong’s position as a global maritime hub.”

Ms Cissy Chan, Executive Director, Commercial of the AAHK, said, “The AAHK is committed to driving innovation and digitalisation in the air cargo industry. Since launching the HKIA Cargo Data Platform in 2021, we have been working with a vast range of ecosystem partners in enabling efficient information and cargo flow via Hong Kong International Airport. The successful use case co-created with the HKMA’s CDI further synergises the capital flow and exemplifies the benefits on trade financing leveraging cargo data and cross-industry ecosystem collaboration. We welcome the HKMA’s effort to continue this momentum through Cargo^x initiative and look forward to working with like-minded organisations to continue contributing to the development of Hong Kong’s digital trade finance ecosystem.”

Hong Kong Monetary Authority
28 April 2025

Mr Howard Lee, Deputy Chief Executive of the Hong Kong Monetary Authority, delivers an opening remark at the inaugural meeting of the Expert Panel on Cargo^x.

Mr Nelson Chow, Executive Director (Financial Infrastructure) of the Hong Kong Monetary Authority, chairs the inaugural meeting of the Expert Panel on Cargo^x.

Mr Howard Lee, Deputy Chief Executive of the Hong Kong Monetary Authority (centre, front row) and Mr Nelson Chow, Executive Director (Financial Infrastructure) of the Hong Kong Monetary Authority (first from left, front row) with members of the Expert Panel on Cargo^x at the inaugural meeting.