HKMA and Land Registry Collaborate to Enhance Data Sharing via CDI-CDEG Linkage

The Hong Kong Monetary Authority (HKMA) has announced a significant advancement in its data-sharing capabilities by successfully linking its Commercial Data Interchange (CDI) with the Land Registry (LR) through the government's Consented Data Exchange Gateway (CDEG). This new integration, known as LR@CDI, is designed to streamline land search processes for participating banks, according to the HKMA.

Streamlining Banking Processes

The LR@CDI connection allows banks to automatically access land and ownership information via an Application Programming Interface (API). This development is expected to enhance efficiency in property valuation, mortgage assessments, and loan evaluations for both individual and corporate clients. By providing seamless access to government data, banks can improve risk assessment, enhance customer experience, and reduce operational costs.

Additionally, the integration facilitates e-Alert notifications through the API, offering banks timely updates when new charge or mortgage documents related to mortgaged properties are registered. This feature is poised to significantly improve the risk management capabilities of banks.

Leadership Insights

Howard Lee, Deputy Chief Executive of the HKMA, expressed enthusiasm about the partnership with the LR, highlighting the CDI-CDEG linkage's potential to unlock new efficiencies and bolster risk management in the banking sector. He emphasized the HKMA's commitment to exploring further data-sharing opportunities with additional government departments to propel Hong Kong's digital economy forward.

Tony Wong, Commissioner for Digital Policy, echoed these sentiments, noting the transformative power of sharing government data with the private sector. He pointed out that the CDI-CDEG initiative is a testament to the collaborative spirit between public and private sectors, aiming to enhance Hong Kong's overall economic competitiveness.

Ongoing Developments and Future Prospects

Since its full implementation in August 2024, the CR@CDI linkage has garnered positive feedback from banks, with an average of 1.5 million data transfers monthly. Eight banks are currently utilizing this connection to optimize operations such as online account openings and customer due diligence, with more banks expected to join the service.

Joyce Tam, Land Registrar, underscored the LR's commitment to innovation in service delivery, emphasizing the role of LR@CDI in facilitating a more digitized and streamlined banking process. The collaboration between the HKMA, the Digital Policy Office (DPO), and the LR highlights a shared dedication to increasing data accessibility and operational efficiency across sectors.

For more information, visit the Hong Kong Monetary Authority.