The HKMA hosts its inaugural Data Summit

The Hong Kong Monetary Authority (HKMA) published a press statement to inform of a recent data summit that took place on May 4, 2023 and brought together over 250 representatives from banks, data analytics service providers, and data providers. The key themes discussed during the summit involved the following:
– how banking operations can be further streamlined via digitization;
– how alternative data can enhance data analytics capabilities;
– how the development of more innovative products and services can be fostered.
The summit was held following the HKMA’s launch of its Commercial Data Interchange (CDI), a „consent-based financial data infrastructure“. CDI allows the real-time exchange of information between financial institutions and external data providers (e.g. credit rating agencies) via a single data connection, thereby enhancing connectivity and data accessibility for all participants. In this context, the HKMA also presented some first statistics on CDI’s performance seven months after ist launch in October 2022. Thereafter, around 3,100 loan applications where handled through CDI which amounted to about HK$2.8 billion. More information on the Commercial Data Interchange can be found here.