Hong Kong-Shanghai Blockchain Cooperation Agreement Signed

As part of its efforts to enhance digital trade and finance, the Shanghai Municipal Data Office, along with the Hong Kong Monetary Authority (HKMA) and the China National Center for Blockchain Innovation, have signed a Memorandum of Understanding.

The agreement aims to foster cooperation between Shanghai and Hong Kong in developing blockchain-based systems for cross-border trade processes. This includes improving efficiency in trade documentation, payments, and verification processes through digital tools and shared data systems.

The collaboration plans to develop a cross-border platform that will support the use of electronic bills of lading and facilitate access to reliable cargo and trade data by financial institutions.