HKMA hosts its inaugural Data Summit (with photos)
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The Hong Kong Monetary Authority (HKMA) today (May 4) hosted its first Data Summit attracting over 260 senior representatives from more than 60 banks, data analytics service providers and data providers. As part of the HKMA's "Fintech 2025" strategy to encourage the active use of alternative data in banks and promote the development of a data-driven economy, the Summit was organised with the aim of facilitating experience sharing and exchange of ideas, following the launch of the HKMA's Commercial Data Interchange (CDI).
Specifically, the discussions at the Summit were centred around three themes:
- to streamline banking operations through digitalisation;
- to enhance data analytics capabilities with the use of alternative data; and
- to develop innovative products and services.
This three-pronged approach will pave the way for the provision of better financial services to small and medium-sized enterprises (SMEs) as well as the enhancement of financial inclusion in Hong Kong.
A panel discussion was conducted to explore how the financial services industry could seize the opportunity, and strengthen its digital and innovation capabilities to cope with the increasing customer demand. The Summit also highlighted the potential benefits brought by the use of data and digitalisation, and featured sharing sessions by more than a dozen data providers and data analytics service providers.
During the Summit, the HKMA also took the opportunity to share the latest development of CDI. It was estimated that CDI had facilitated more than 3 100 loan applications, amounting to about HK$2.8 billion, since its production launch from October 2022. The HKMA also planned to diversify CDI data sources with the introduction of new data providers covering government, logistics and catering services data.
Deputy Chief Executive of the HKMA Mr Howard Lee said, "The HKMA is fully committed to developing the digital economy of Hong Kong with facilitative measures and forward-looking initiatives. Today's event opens the floor for lively discussions about data and digitalisation, forging closer ties among stakeholders in the CDI ecosystem, thereby encouraging creativity for developing innovative financial products and solutions through unlocking the potential of data."
As an innovative, consent-based data infrastructure, CDI effectively facilitates enterprises, in particular SMEs, to share their commercial data at different data sources with banks, thereby enhancing their access to financial services. To banks, such alternative data accessible via CDI open up new opportunities to streamline their operations and enhance their risk management processes. Details can be found on the CDI website.
Ends/Thursday, May 4, 2023
Issued at HKT 16:30
Issued at HKT 16:30
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