The Hong Kong Monetary Authority (HKMA) and the Digital Policy Office (DPO) have jointly declared that the connection between the HKMA's Commercial Data Interchange (CDI) and the Government's Consented Data Exchange Gateway (CDEG) is now fully operational. The linkage, which started pilot trials in December 2023, has demonstrated promising growth in utilisation rates, as reported by the HKMA.
As the first government data source for CDI, the Companies Registry (CR) has connected to CDI through CDEG. This integration allows banks to directly obtain company particulars such as names, registered office addresses, and share capital structures. Such streamlined access facilitates various banking processes, including account opening, fraud detection, and know-your-customer (KYC) procedures.
The HKMA and DPO will continue to explore the inclusion of additional business operation data to assist banks in obtaining more comprehensive company search records, thereby supporting the digitalisation of the financial services industry and promoting the overall development of Hong Kong’s digital economy.
Since its official launch, CDI has significantly enhanced the loan approval processes for small and medium-sized enterprises (SMEs). By the end of June 2024, CDI had facilitated over 27,000 loan applications and reviews, with an estimated credit approval amount exceeding USD 3.05 billion. The HKMA plans to explore extending the use of CDI to personal levels, leveraging the CDI-CDEG linkage to bolster the government's digitalisation initiatives for public convenience.
Both the DPO and HKMA are committed to continuing their collaboration with government bureaux and departments to prepare for additional data sharing. This initiative aims to support the development of more convenient government services, ultimately benefiting citizens and businesses.
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