Regulatory Alerts2023-02-15
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Leveraging Commercial Data Interchange for digitalisation of banking processes
The Hong Kong Monetary Authority urges authorized institutions to utilize the Commercial Data Interchange to streamline banking operations and develop innovative products for SMEs. Institutions with significant SME business are required to complete technical connections to the Commercial Credit Reference Agency via the CDI by the end of 2023 and submit their implementation plans to the Fintech Facilitation Office by 30 April 2023. The regulator also highlights upcoming integrations with the Companies Registry to automate Know-Your-Customer processes and offers support through dedicated workshops.
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