HKMA partners with Land Registry to promote opening up of government data via CDI-CDEG linkage

The Hong Kong Monetary Authority ("HKMA") announced today that the HKMA’s Commercial Data Interchange ("CDI") has successfully been connected to the Land Registry ("LR") through the Government’s Consented Data Exchange Gateway ("CDEG").

The connection, referred to as LR@CDI, enables participating banks to automate their land search processes, significantly enhancing their operational efficiency.

This achievement builds upon the earlier connection of the Companies Registry ("CR") to CDI through CDEG, known as CR@CDI, which previously fulfilled the demand for government data from the banking sector.

The successful implementation of these connections underscores HKMA’s dedication to opening up government data, thereby fostering innovation and efficiency in financial services.

By connecting to the LR via the CDI-CDEG linkage, banks can perform land and ownership information searches in a streamlined manner through API, facilitating property valuation, mortgage, and loan assessments for individual and corporate customers. This streamlines their processes, enhances risk assessment, improves customer experience, and reduces operational costs.

The introduction of LR@CDI enables CDI participating banks to receive e-Alert notifications via API for additional charge/mortgage documents related to mortgaged properties, providing banks with timely updates on the risk profile of their mortgage lending.

Mr. Howard Lee, Deputy Chief Executive of the HKMA, remarked, 'We are pleased to partner with the LR to promote the benefits of the CDI-CDEG linkage for the banking sector. The launch of LR@CDI marks a significant milestone in our efforts to provide banks with seamless and secure access to government data, unlocking new efficiencies for banks to enhance risk management, better serve their customers, and stay ahead in the digital economy. Together with the Digital Policy Office ("DPO"), we will explore further data sharing opportunities with more government bureaux and departments leveraging the CDI-CDEG linkage, aiming to advance Hong Kong’s digital economy.'

Mr. Tony Wong, Commissioner for Digital Policy, stated, 'The DPO actively develops CDEG and promotes innovative applications and sharing of data, enhancing the efficiency and quality of government services and benefiting citizens and businesses. We are pleased to see growing recognition of the significant benefits and transformative power of sharing government data with the private sector. The DPO and the HKMA are committed to accelerating public-private sector collaboration. By fostering a robust ecosystem of consented data sharing, we aim to unlock new opportunities for businesses and bolster Hong Kong’s overall economic competitiveness.'

Ms. Joyce Tam, Land Registrar, noted, 'The LR has proactively driven innovation in service delivery to meet customer needs and support digital government initiatives. LR@CDI is the latest initiative enabling the interchange of LR data via API for digitizing and streamlining banking processes. Our collaboration with the HKMA and the DPO demonstrates our commitment to enhancing data accessibility and increasing efficiency between government and financial services.'

Since the CDI-CDEG linkage entered full operation in August 2024, CR@CDI has been well received by banks, with average monthly data transfers of approximately 1.5 million. Eight banks are actively utilizing CR@CDI to enhance operational efficiency and risk management in various business scenarios, such as automating online account openings and conducting customer due diligence. More banks are expected to join the CDI service to obtain company search records more efficiently using API.