Connecting Data_ Establishing Hong Kong as a Cross-Boundary Financial Data Hub
The financial services industry has become increasingly digitalised, with cross-border transactions continuing to grow significantly and data connectivity being an imminent business need globally. Similarly, within the Greater Bay Area (GBA), cross-boundary flow of data is crucial for the further integration and connectivity of the financial services industry. A coordinated governance framework and standard is key to facilitate data flow between Hong Kong and the rest of the GBA cities, and to address operational challenges and compliance uncertainties to businesses operating across multiple jurisdictions. Hong Kong, being the international financial centre (IFC) of Asia and already possessing robust information and communications technology infrastructure and innovation capabilities, has what it takes to become the financial data hub of the GBA to facilitate a frictionless flow of data within the region.