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Hong Kong and Shanghai launch blockchain trade platform to boost cross-border finance and cargo data efficiency.
Hong Kong and Shanghai have signed a memorandum to develop a blockchain-based cross-border platform for trade finance and cargo data, aiming to streamline documentation and improve efficiency in trade.
The initiative, led by the HKMA, Shanghai Data Bureau, and the National Technology Innovation Center for Blockchain, will integrate electronic bills of lading, trade data, and financial systems using Hong Kong’s Commercial Data Interchange and Project CargoX.
The project supports digital trade finance under the HKMA’s Project Ensemble and targets the $1.5 trillion cargo finance market.
Separately, Hong Kong plans to expand tax exemptions for investment funds and family offices to include digital assets, pending approval.
Hong Kong y Shanghai lanzan la plataforma de comercio blockchain para impulsar las finanzas transfronterizas y la eficiencia de los datos de carga.