Key Highlights:
- Hong Kong, Shanghai Data Office and China have signed a pact to improve digital cargo trade and blockchain finance cooperation.
- Cross-border platform to test eBL use, shared trade data, and blockchain-backed financing systems.
- Initiative supports China’s wider blockchain data infrastructure and Hong Kong’s global finance role.
The Hong Kong Monetary Authority (HKMA), the Shanghai Municipal Data Office, and the China National Center for Blockchain Innovation have signed a new Memorandum of Understanding to cooperate in digital trade and blockchain finance between Shanghai and Hong Kong.
On March 2, the MoU was announced to promote better cooperation in digitised cargo trade and financial services. By doing so, it could improve the extent to which both cities apply data and blockchain-based systems for cross-border trade processes. The duo also plans to leverage Hong Kong’s global financial links further to connect Shanghai more closely with international data systems.
China, Hong Kong Collaborate for Blockchain Trade Links
Officials described the MoU as an important step in financial technology collaboration between the two regions. Hong Kong acts as a bridge between mainland China and global markets. At the same time, Shanghai is expanding its role as a Mecca for data and technology development.
Under the MoU, the three institutions will carry out joint research on digital tools and their use in cargo trade and financing. They will also explore practical use cases that improves efficiency in trade documentation, payments, and verification processes.
One of the main focuses is the development of a cross-border digital platform. This platform is expected to support the use of electronic bills of lading and help financial institutions access reliable cargo and trade data. The work will build on Hong Kong’s Project Ensemble and connect with existing systems such as the Commercial Data Interchange and CargoX.
The use of shared data systems is expected to improve transparency and reduce paperwork in international trade. It can also help lenders predict risk more accurately and provide financing to businesses more quickly. These improvements are necessary for small and medium-sized companies that often face delays in trade finance approvals.
Howard Lee, Deputy Chief Executive of the HKMA, called the agreement an ‘important milestone’ in financial innovation cooperation. He added that both sides are committed to creating digital infrastructure that can bring Shanghai and Hong Kong more close. He also noted that the initiative can support the wider integration of mainland trade data with global markets through Hong Kong.
Shao Jun, Director of the Shanghai Municipal Data Office, said the agreement will support data-driven development and innovation. He added that Shanghai will use its strengths in data integration and commercial use to work closely with Hong Kong. The mission of the collaboration is to create secure, open, and efficient digital systems for trade and finance.
The agreement also builds on earlier efforts by China to expand its blockchain and data infrastructure. In January 2025, China released national guidelines for a large-scale blockchain-based data network. The plan aims for full nationwide rollout by 2029 and is expected to attract large investment over the coming years.
Hong Kong and mainland authorities have also been working on cross-border financial data sharing in recent years. In October 2025, the HKMA and the People’s Bank of China confirmed plans to formalize the Greater Bay Area Cross-Border Credit Information Sharing pilot. The program aims to allow secure sharing of verified credit data between Hong Kong and mainland financial institutions.
The pilot began in 2024 and has moved forward after a series of successful trials. Officials said the progress shows how blockchain and digital systems can improve trust and efficiency in financial services.
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