A subsidiary of the Hong Kong Bank signed a Memorandum of Understanding with a subsidiary of the Digital Money Institute of the People's Bank of China.

According to the Economic Report, Yu Weiwen, President of the Hong Kong Monetary Authority of Hong Kong, said at the opening ceremony of the Hong Kong Financial Technology Week this morning that a subsidiary of the Hong Kong Interbank Clearing Limited and a subsidiary of the Digital Money Institute of the People's Bank of China signed a Memorandum of Understanding today. A proof-of-concept test was conducted to link the trade link platform based on the blockchain to the trade finance platform of the People's Bank of China. Proof of concept is expected to begin in the first quarter of 2020. After the completion of the docking, it will provide more convenient trade financing services for the two enterprises, and also accelerate the expansion of the financing business of banks in Hong Kong.