HKMA publishes Project Cargox Recommendation Report

On January 19, 2026, the Hong Kong Monetary Authority ("HKMA") published the 'Project Cargox Recommendation Report,' which outlines 20 recommendations and a development roadmap for modernizing the trade finance landscape in Hong Kong.

The report is the culmination of Project Cargox, launched in April 2025, designed to enhance the digital ecosystem for trade finance by leveraging cargo and trade data.

Project Cargox is led by an Expert Panel consisting of 24 industry experts from various sectors, including banks, cargo data providers, and government agencies, convened by the HKMA to develop recommendations and a development roadmap completed in December 2025.

The roadmap is structured around three strategic pillars: Data, Infrastructure, and Connectivity.

The Data pillar focuses on accelerating data-enabled trade finance automation by integrating government cargo and trade data to improve corporate creditworthiness assessments, particularly for small and medium enterprises ("SMEs").

The Infrastructure pillar aims to develop digital trade infrastructure for paperless trade, both within Hong Kong and with overseas partners.

The Connectivity pillar prioritizes enhancing connectivity with the Chinese Mainland and ASEAN, implementing relevant policies to maintain Hong Kong’s competitiveness.

Implementation of the report's recommendations will occur through a series of pilot trials in collaboration with public and private organizations, with the HKMA playing a key role.

Mr. Howard Lee, Deputy Chief Executive of the HKMA, underscored the importance of Project Cargox in modernizing Hong Kong's trade finance ecosystem, expressing gratitude to the Expert Panel for their invaluable contributions.

Mr. Nelson Chow, Executive Director (Financial Infrastructure) of the HKMA, chairs the Project Cargox Year-end Forum.