Trade finance is another area of concern. It is often hard for banks to access the trade and customs records of importers or exporters. That can make it difficult for banks to conduct credit assessments – and difficult for companies to get trade finance loans. Although some banks are using their own big data initiatives to assess credit-worthiness, a more general and long-term framework is needed to solve this problem. 23. These examples highlight the need to improve the data landscape in Hong Kong. We want to make sure it doesn’t become a factor that limits our city’s potential for better banking. 24. So, today I’d like to introduce you to a new market development initiative for the next era: the Commercial Data Interchange or, as we call it, CDI. 25. CDI aims to establish a consent-based common standard for data owners to share their digital footprint with banks through data providers. Today, we rely on multiple one-to-one connections between banks and data providers. Under CDI, each bank and data provider will have a single connection to this interoperable platform. That should make data sharing more efficient and scalable. 26. Financial institutions and data providers will be able to easily connect their systems to this infrastructure. That will allow customers to authorise their own service providers – such as 2/4  BIS central bankers' speeches  utilities companies and payment gateways – to provide banks with relevant and authenticated data through this platform.
Jean-Claude Trichet: Interview with China Finance Interview by Mr Jean-Claude Trichet, President of the ECB Interview with China Finance, 16 February 2009. *  *  *  China Finance: At ten years, how would you assess the successfulness of Euro both in terms of bringing about benefits to the Eurozone economy and as an international currency? Mr Trichet: Since the introduction of the euro, fellow Europeans have enjoyed a level of price stability which previously had been achieved in only a few of the euro area countries. This price stability is a direct benefit to all citizens. It protects incomes and savings, and helps to bring down borrowing costs, thus promoting investment, job creation and prosperity over the medium and long term. The single currency has been a factor of dynamism for the European economy. In recent months we have seen another benefit of the euro: the financial crisis is demonstrating that in turbulent financial waters it is better to be on a large, solid and steady ship rather than on a small vessel. However, the euro was not created to either compete with any other international currency. We are not campaigning for the international use of the euro. The euro was created in order to achieve the single European market. For me, the greatest success is the fact that, after having promised the citizens that the euro would be equal, in terms of stability and the maintenance of value, to the previously most solid currencies, we have fulfilled this promise effectively.