Commercial Data

Data Track powered by
Commercial Data Interchange (CDI) is a next-generation financial data infrastructure launched by the Hong Kong Monetary Authority (HKMA) in October 2022. It aims to enable more efficient financial intermediation in the banking system and enhance financial inclusion in Hong Kong.

Instead of multiple one-to-one connections between banks and sources of commercial data such as utility companies, each bank and data provider can have a single connection to CDI. Data sharing will become more secure, efficient, and scalable. Potential use cases of CDI include credit underwriting, product development, customer acquisition, Know Your Customer (KYC) and business intelligence.
The building of CDI is part of the HKMA’s Fintech 2025 strategy to improve Hong Kong’s data infrastructure, empower the industry, and encourage creativity for developing innovative financial products and solutions, in turn building up the overall appetite for fintech solutions in Hong Kong.

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Problem statement

Despite the abundance of data in the world, the potential to harness data to drive innovation and improve financial services remains largely untapped. This highlights the need for increased collaboration between banks, data platforms and data solution providers to unlock the full potential of data and deliver positive outcomes for customers and the wider financial system. Innovators from around the world are invited to take part in the "Global Scaleup Competition 2023 - Data Track" and showcase their solutions to the following problem statement:
“How does your data solution enable financial institutions to actively utilise different
types of data in use cases such as credit underwriting, know your customer (KYC),
customer acquisition, trade finance, risk management, and fraud detection?”
Please submit a proposal in PDF format. It should include a problem analysis, recommended solutions, and the risks and benefits involved.