Bank of China and HKMA Enhance CDI to Aid SMEs in Hong Kong

Streamlining Access to Banking Services for SMEs

The Hong Kong Monetary Authority (HKMA) is making significant strides in supporting small and medium-sized enterprises (SMEs) struggling to open bank accounts remotely amid current financial challenges. In a recent development, the HKMA has expanded its Commercial Data Interchange (CDI) by linking it with the Companies Registry. This new connection enables banks, including Bank of China (Hong Kong) and HSBC, to access critical data for SMEs, facilitating smoother online account openings.

Data Sharing for Better Loan Accessibility

According to Howard Lee Tat-chi, the deputy CEO of HKMA, incorporating the Companies Registry data through the CDI will allow banks to retrieve vital company information such as business type and directors’ details. This move follows recent initiatives aimed at strengthening SME lending capabilities. It is anticipated that with enhanced data sharing, banks will assist SMEs in securing loans more effectively, leading to a greater economic impact.

Supporting Hong Kong's Digital Economy

The CDI, which originated in October 2022, allows banks to assess SME creditworthiness through data from multiple providers. With over 27,000 loan applications facilitated through the platform, the HKMA's efforts are contributing significantly to advancing Hong Kong's digital economy. Tony Wong, the Commissioner for Digital Policy, acknowledged that this collaboration will provide SMEs with convenient banking services, enhancing their ability to thrive.

Conclusion: A Positive Shift for SMEs

In conclusion, the alliance between Bank of China, HKMA, and the Companies Registry marks a positive shift for SMEs in Hong Kong. By leveraging shared data, this initiative not only streamlines account opening but also supports the growth of the SME sector.