HSBC Expands Data Partnerships
HSBC is expanding its network of trade, cargo and corporate data providers through the Hong Kong Monetary Authority’s Commercial Data Interchange (CDI), as the bank seeks to make financing and banking services more responsive to small and midsize businesses expanding into overseas markets.
Through Project CargoX, an initiative aimed at strengthening the digital trade-finance ecosystem through the CDI, HSBC can now access cargo and shipment data from Hong Kong’s Port Community System and the Hong Kong International Airport Cargo Data Platform.
The bank is also participating in CargoX Connect, which links the CDI with a digital trade platform developed by the Shanghai Data Bureau. The initiative provides access to trade declaration data from the Yangtze River Delta region.
HSBC said it has completed proof-of-concept exercises to verify access to data from these sources. The work is intended to help the bank assess how information from different parts of the commercial ecosystem could support banking services for SMEs operating across multiple markets.
“For SMEs using Hong Kong as a launchpad, growth can move faster than traditional financial information,” Sammy Wong, managing director and head of business banking for HSBC’s commercial banking business in Hong Kong, said in a statement. Companies may enter new markets, increase overseas sales or establish new business relationships before those developments appear in their financial statements, he said.
Reduce Friction in SME Onboarding and Financing
HSBC currently accesses an average of 1.5 million information feeds from the CDI each month, according to the bank. By using commercial data with the appropriate customer consent and controls, HSBC aims to reduce friction in SME onboarding and financing and provide more targeted support as companies expand, Wong said.
The bank has also connected to Qichacha, a major provider of corporate information in mainland China. Through the CDI, HSBC can access structured company data to support know-your-customer and know-your-business processes for China-linked companies, potentially streamlining account opening and other banking services.
HSBC was among the first banks in Hong Kong to connect to the Companies Registry through the CDI. The connection allows the bank to access information such as company names and types, registered office addresses and director details, which can be used to pre-fill applications when businesses open accounts.
The bank is also using internal and external data on its digital lending platform, which accepts applications for a range of business and trade-finance products. The platform can pre-fill application forms and support faster, more personalized credit decisions based on the available data.
The expansion of HSBC’s CDI connections comes as Hong Kong seeks to deepen the use of commercial data and digital infrastructure to support businesses engaged in cross-border trade and expansion.
