Hong Kong and Shanghai Sign MOU to Enhance Digital Cargo Trade and Finance Cooperation

Hong Kong Monetary Authority, Shanghai Data Bureau, and National Technology Innovation Center for Blockchain sign MOU to strengthen Shanghai-Hong Kong co-operation in digitised cargo trade and finance

The following is issued on behalf of the Hong Kong Monetary Authority:

The Hong Kong Monetary Authority (HKMA), the Shanghai Data Bureau (SDB), and the National Technology Innovation Center for Blockchain (NTICBC) announced today (March 2) that they have jointly signed the Memorandum of Understanding between Shanghai and Hong Kong on Digitised Cargo Trade and Finance Cooperation (the MOU). This aims to deepen the collaboration between Shanghai and Hong Kong in areas of digitised cargo trade and finance. The collaboration leverages the unique advantages of Hong Kong as a "super connector" and "super value-adder", with its connections to both the Chinese Mainland and the world, to support Shanghai's integration with the international data ecosystem through Hong Kong.

Under the MOU, the HKMA, the SDB, and the NTICBC will jointly conduct research on digital technology and its applications, and promote the innovative application of the technology in areas such as cargo trade and finance. The parties will work together to examine the use of digital technology to develop a "cross-border platform". Through this platform, cross-border financial co-operation and the use of electronic bills of lading (eBL) will be explored under Project Ensemble, while the facilitation of trade finance through cargo and trade data will be studied via connection with the Commercial Data Interchange (CDI) and CargoX.

Deputy Chief Executive of the HKMA Mr Howard Leesaid, "We are pleased to sign the MOU with the SDB and the NTICBC. This marks an important milestone in the collaboration on financial innovation between Shanghai and Hong Kong, and underscores the joint commitment to strengthen the collaboration between the two jurisdictions in areas of digitised cargo trade and finance. We look forward to driving innovative application of digital technology in areas such as cargo trade and finance, promoting joint achievements in digital innovation, exploring a digital infrastructure that links Shanghai and Hong Kong, promoting digitalisation of trade finance, as well as facilitating the integration of cargo and trade data in the Chinese Mainland with the international data ecosystem through Hong Kong."

The Director of SDB, Dr Shao Jun,said, "The joint signing of the MOU with the HKMA and the NTICBC marks a significant step towards deepening co-operation between Shanghai and Hong Kong on data. We remain committed to data-powered and innovation-driven development, striving to establish a secure, efficient, and open digital infrastructure. This collaboration will fully leverage Shanghai's strengths in data integration and commercialisation, working in tandem with Hong Kong to realise innovative applications in digitised cargo trade, and finance. We also look forward to showcasing a range of innovation outcomes through close co-operation, thereby injecting new momentum into Shanghai-Hong Kong digital collaboration."

The Hong Kong Monetary Authority (HKMA), the Shanghai Data Bureau (SDB), and the National Technology Innovation Center for Blockchain (NTICBC) announced today (March 2) that they have jointly signed the Memorandum of Understanding between Shanghai and Hong Kong on Digitised Cargo Trade and Finance Cooperation (the MOU). Photo shows Deputy Chief Executive of the HKMA Mr Howard Lee (centre); the Director of the SDB, Dr Shao Jun (left); and the Director of the NTICBC, Mr Dong Jin (right), signing the MOU. Source: HKSAR Government Press Releases

Two incoming passengers convicted and jailed for importing/possessing duty-not-paid cigarettes

Two incoming female passengers were sentenced to three months' imprisonment with a fine of $1,000, and six weeks' imprisonment with a fine of $2,000, respectively, by the Fanling Magistrates Courts today (June 23) for importing or possessing duty-not-paid cigarettes and failing to declare to Customs officers, in contravention of the Dutiable Commodities Ordinance (DCO).

Customs officers intercepted an incoming 43-year-old Chinese female passenger at the Lok Ma Chau Spur Line Control Point on April 19 and seized 13 800 duty-not-paid cigarettes from her personal baggage, with an estimated market value of about $59,000 and a duty potential of about $46,000. She was subsequently arrested. She was sentenced to three months' imprisonment with a fine of $1,000 by the Courts today.

In addition, Customs officers intercepted an incoming 49-year-old local female passenger at the Lo Wu Control Point on May 21 and seized 981 duty-not-paid cigarettes from her personal baggage, with an estimated market value of about $4,000 and a duty potential of about $3,000. She was subsequently arrested and released on bail. Customs officers intercepted the female passenger again at the Lok Ma Chau Spur Line Control Point on June 6 and seized 1 261 duty-not-paid cigarettes from her personal baggage, with an estimated market value of about $5,000 and a duty potential of about $4,000. She was subsequently arrested and was sentenced to six weeks' imprisonment with a fine of $2,000 by the Courts today.

Customs welcomes the sentences, noting that even a first-time offender may still be imprisoned. The custodial sentences have imposed a considerable deterrent effect and reflect the seriousness of the offences. Members of the public should not defy the law.

Customs reminds members of the public that under the DCO, cigarettes are dutiable goods to which the DCO applies. Any person who imports, deals with, possesses, sells or buys illicit cigarettes commits an offence. The maximum penalty upon conviction is a fine of $2 million and imprisonment for seven years.

Members of the public may report any suspected illicit cigarette activities to Customs' 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

Two incoming passengers convicted and jailed for importing/possessing duty-not-paid cigarettes Source: HKSAR Government Press Releases

Two incoming passengers convicted and jailed for importing/possessing duty-not-paid cigarettes Source: HKSAR Government Press Releases

Two incoming passengers convicted and jailed for importing/possessing duty-not-paid cigarettes Source: HKSAR Government Press Releases