government services plays a crucial role in facilitating digital trade and finance. by digitising government services, we can make government processes easier, more efficient and accessible. for instance, importers and exporters will find it much easier to lodge trade documents with the government through the one - stop online platform called trade single window. 1 / 4 bis - central bankers'speeches the government is also spearheading the development of hong kong's digital economy by setting up the digital economy development committee last year, and it brings together industry experts, relevant academics and government officials for discussion and strategy formulation. the committee is now conducting studies on issues such as digital infrastructure and digital transformation of enterprises, and it will put forward its recommendations early next year. to accelerate digitalisation, it is also imperative to provide open access to government data. a government - led data sharing initiative will be launched by the end of this year, which will not only enhance data sharing among government departments, but also open up more types of government data for banks to access through the hkma's commercial data interchange, or cdi as we call it. for instance, the companies registry is set to become the first government data source to be connected to cdi later this year, providing banks with more streamlined access to corporate information of registered companies for know your customer ( kyc ) purposes. building upon the foundation laid by the government's work to drive digitalisation, the second element focuses on enhancing cross - border collaboration. in an interconnected world, collaboration is essential for unlocking the full potential of digitalisation and data. at the hkma, we recognise the importance of fostering strong cross - border partnerships, especially in the area of data sharing. by establishing secure frameworks for data exchange and building digital trade corridors, we can promote trust and facilitate seamless transactions, enabling businesses to expand their global reach and capture emerging opportunities. for instance, under a recently signed memorandum of understanding, we are exploring the possibility of connecting cdi with the sme financing platform developed by the abu dhabi global market, hoping to facilitate cross - border trading by addressing potential pain points in cross - border banking services. if successful, i hope this could be the start of more data linkages with our trading partners. speaking of banking services, let us turn our attention to the third element – digitising banking processes, which is vital in enhancing efficiency and reducing friction in trade and finance. by streamlining banking processes in areas such as credit approval and know your

customer ( kyc ), we can enable businesses to access financing more efficiently, minimise duplication of effort and improve customer experience. we are committed to leveraging technology to transform banking operations. for instance, by enabling more direct access to commercial credit reference data through cdi, we can enhance the speed and accuracy of credit assessments conducted by banks, facilitate smoother trade financing, and support the growth of businesses across various sectors. the fourth element centres around digitising supply chain and manufacturing platforms while connecting these isolated digital networks. the digitisation of supply chain and manufacturing platforms is essential to optimise operations and drive productivity gains. by embracing technologies such as the internet of things, blockchain and artificial intelligence, we can create a seamless flow of information, goods and services across the entire value chain. we can also enhance visibility and traceability throughout the supply chain by integrating and connecting siloed digital networks. this will enable businesses to collaborate more effectively, reduce costs, improve inventory management and respond more swiftly to changing market conditions. to achieve this synergy, we are also exploring the possibility of connecting cdi with the supply chain 2 / 4 bis - central bankers'speeches platform developed by the fung group, hoping to further digitise trade and trade financing through the use of innovative technologies. finally, the fifth element that i would like to talk about focuses on exploring more advanced digital payment options. as digital trade continues to evolve, it is crucial to embrace innovative payment solutions. by exploring innovations such as programmable money and smart contracts, we can help businesses reduce transaction costs, mitigate risks, and develop new business models. programmable money can enable automated and secure transactions with preset conditions, while smart contracts can ensure trust, efficiency and transparency in transactions. at the hkma, we are actively exploring payment innovations such as central bank digital currencies at both wholesale and retail levels through project mbridge and project e - hkd. these advanced payment options have the potential to further enhance hong kong's competitiveness in the global marketplace. now that i have introduced all five elements in digitising trade and finance, it is important to note that they are not isolated, but rather interconnected and mutually reinforcing. at the hkma, we are working hard to connect these key components through cdi, with a focus on achieving interconnectivity and interoperability. digitalisation of government services and open government data provide the foundation for enhanced collaboration and more seamless