Latest news with #CDI
Finextra
9 hours ago
- Business
- Finextra
Standard Chartered Hong Kong and Know Your Customer team on KYC verifications
Standard Chartered Bank (Hong Kong) Limited ('Standard Chartered Hong Kong') and Know Your Customer Limited ('Know Your Customer') announce the launch of a new collaboration on real-time know-your-customer (KYC) verifications via the Hong Kong Monetary Authority (HKMA)-led Commercial Data Interchange ('CDI') platform. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. The partnership will enhance SME account opening and KYC procedures with improved accuracy, speed, and security. By leveraging Know Your Customer's capabilities, Standard Chartered Hong Kong can automate the retrieval of company search data via the application programming interface (API) included in CDI and unravel complex ultimate beneficial owner (UBO) structures to identify the true owners of corporate entities and improve risk assessment accuracy. This solution allows the bank to retrieve information required for account opening by automating data feeds from Know Your Customer and empowers the bank to consolidate company search data via CDI, which significantly streamlines the account opening journey, reduces the application turnaround time and drives substantial operational efficiency gains. Stephen Man, Head of Wealth Management and Retail Banking, Standard Chartered Hong Kong, said, 'The partnership with Know Your Customer is beneficial to the digital transformation and business development of Standard Chartered Hong Kong's SME clients. As an active CDI participant we are simplifying SMEs' loan applications and reviews. This new initiative demonstrates our commitment to offering innovative banking solutions that facilitate better client experiences. By automating KYC via Know Your Customer, we're speeding up SME account opening and enabling non-face-to-face account applications anytime, anywhere. By leveraging alternative data through CDI and pursuing opportunities to collaborate with data partners, we can offer SMEs tailored loan solutions, helping them to enhance their operational efficiency and facilitate growth. This also contributes to the development of Hong Kong's digital economy. Claus Christensen, CEO & Co-Founder at Know Your Customer, said, 'When we founded Know Your Customer in Hong Kong almost a decade ago, I experienced first-hand the challenges that SMEs faced when trying to access financial services protected by manual compliance processes. That personal experience continues to inspire our mission to remove unnecessary friction from onboarding. Through real-time registry integrations and intelligent automation, we are helping to make financial access faster, safer, and more inclusive. I'm proud that our technology plays a part in empowering future entrepreneurs and excited to collaborate with Standard Chartered Hong Kong to support the HKMA's digitalisation agenda.
The Wire
14 hours ago
- Business
- The Wire
WeBank Technology Services Showcases Shenzhen-Hong Kong Cross-Boundary Data Validation Platform at Data Summit 2025
HONG KONG, July 28, 2025 /PRNewswire/ -- The Hong Kong Monetary Authority (HKMA) hosted its 2025 Data Summit on Monday, drawing more than 800 representatives from the city's various sectors. HKMA Chief Executive Eddie Yue delivered a keynote address, emphasizing the city's commitment to financial infrastructure innovation. During the Data Summit, the Shenzhen-Hong Kong Cross-Boundary Data Validation Platform (DVP), co-operated by WeBank Technology Services, was also introduced as the first cross-boundary data verification service connected to the HKMA' s Commercial Data Interchange (CDI). CDl, a key pillar of the HKMA's "Fintech 2025" strategy, aims at enhancing financial inclusion through secure and efficient data sharing. Cross-boundary data bridge built on blockchain principles Developed under the guidance of the HKMA, Shenzhen Municipal Cyberspace Administration, the Hong Kong and Macao Affairs Office of Shenzhen Municipal People's Government, Shenzhen Municipal Financial Regulatory Bureau, the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone of Shenzhen, the Shenzhen Branch of the People's Bank of China, and the Shenzhen Regulatory Bureau of National Financial Regulatory Administration, the DVP positions itself as a next-generation cross-boundary data infrastructure. The platform enables trusted validation of personal and corporate data through hash-based verification — without transferring nor storing any original data files. Powered by immutability and traceability features of blockchain technology, the platform supports data portability in compliance with regulatory requirements from both jurisdictions. The DVP collaborates with authoritative data providers in the Chinese Mainland across various sectors like finance and public services, allowing for verification of documents such as personal and corporate credit reports, bank statements, and enterprise credit information among others. The service is designed to meet growing demands for cross-boundary financial services by residents and enterprises operating between Shenzhen and Hong Kong. CDI-DVP integration to help streamline access for Hong Kong banks CDI, launched under the HKMA's Fintech 2025 blueprint, serves as a foundational financial data infrastructure that lowers the cost and complexity of data exchange between banks and commercial data providers. With the integration of DVP, Hong Kong banks can now — via a compliant, secure and efficient channel — improve risk assessment and the overall user experience of cross-boundary financial services. During the summit, Eddie Yue visited WeBank Technology Services' exhibition booth, where Huiya Yao, Head of Fintech Innovation at WeBank, shared the latest developments of the DVP. To date, the DVP has already served more than 10 business entities and is being used in various scenarios including cross-boundary credit assessment and financing. Early gains from DVP adoption At a panel session focused on cross-boundary data validation, representatives from Fusion Bank and ICBC (Asia) shared early outcomes from leveraging the DVP. Andy Li, Head of Corporate Banking at Fusion Bank, said: "Hong Kong serves as a pivotal gateway connecting the Mainland and international markets, and remains the preferred destination for Mainland enterprises going global. Fusion Bank has been committed to supporting Mainland SMEs in their overseas expansion and has approved over HKD100 million in loans for Hong Kong affiliates of GBA SMEs by leveraging the DVP for cross-boundary verification of credit information. Moving ahead, we will continue to utilize DVP to deliver more convenient financing solutions for Hong Kong affiliates of GBA enterprises, supporting the advancement of financial inclusion in the GBA." ICBC Asia's Co-Head of Data Management Youping Song revealed plans to leverage the DVP as well to verify customers' Central Bank Individual credit reports and other data types, to enhance credit status assessment work for newly arrived Hong Kong residents from the Chinese Mainland, supporting talent schemes such as the "Top Talent Pass Scheme(TTPS)" and "Quality Migrant Admission Scheme (QMAS)". Toward a Greater Bay Area data ecosystem The DVP, officially launched in May 2024, is jointly operated by the China (Qianhai) Internet Exchange (CNIX), Shenzhen Credit Service Co. Ltd and WeBank Technology Services. WeBank provides the overall architecture design and technical support of the platform. Looking ahead, Huiya Yao shared that the DVP aims to integrate more diverse data sources, deepening data connectivity across the Greater Bay Area. About WeBank Technology Services Launched in Hong Kong in June 2024, WeBank Technology Services sets out to leverage WeBank's cutting-edge fintech capabilities and digital finance best practices to deliver a variety of superior digital finance and digital infrastructure solutions to digital banks, financial institutions, government agencies, and industry partners worldwide. (Disclaimer: The above press release comes to you under an arrangement with PRNewswire and PTI takes no editorial responsibility for the same.). PTI PWR This is an auto-published feed from PTI with no editorial input from The Wire.
Korea Herald
20 hours ago
- Business
- Korea Herald
WeBank Technology Services Showcases Shenzhen-Hong Kong Cross-Boundary Data Validation Platform at Data Summit 2025
HONG KONG, July 28, 2025 /PRNewswire/ -- The Hong Kong Monetary Authority (HKMA) hosted its 2025 Data Summit on Monday, drawing more than 800 representatives from the city's various sectors. HKMA Chief Executive Eddie Yue delivered a keynote address, emphasizing the city's commitment to financial infrastructure innovation. During the Data Summit, the Shenzhen-Hong Kong Cross-Boundary Data Validation Platform (DVP), co-operated by WeBank Technology Services, was also introduced as the first cross-boundary data verification service connected to the HKMA' s Commercial Data Interchange (CDI). CDl, a key pillar of the HKMA's "Fintech 2025" strategy, aims at enhancing financial inclusion through secure and efficient data sharing. Cross-boundary data bridge built on blockchain principles Developed under the guidance of the HKMA, Shenzhen Municipal Cyberspace Administration, the Hong Kong and Macao Affairs Office of Shenzhen Municipal People's Government, Shenzhen Municipal Financial Regulatory Bureau, the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone of Shenzhen, the Shenzhen Branch of the People's Bank of China, and the Shenzhen Regulatory Bureau of National Financial Regulatory Administration, the DVP positions itself as a next-generation cross-boundary data infrastructure. The platform enables trusted validation of personal and corporate data through hash-based verification — without transferring nor storing any original data files. Powered by immutability and traceability features of blockchain technology, the platform supports data portability in compliance with regulatory requirements from both jurisdictions. The DVP collaborates with authoritative data providers in the Chinese Mainland across various sectors like finance and public services, allowing for verification of documents such as personal and corporate credit reports, bank statements, and enterprise credit information among others. The service is designed to meet growing demands for cross-boundary financial services by residents and enterprises operating between Shenzhen and Hong Kong. CDI-DVP integration to help streamline access for Hong Kong banks CDI, launched under the HKMA's Fintech 2025 blueprint, serves as a foundational financial data infrastructure that lowers the cost and complexity of data exchange between banks and commercial data providers. With the integration of DVP, Hong Kong banks can now — via a compliant, secure and efficient channel — improve risk assessment and the overall user experience of cross-boundary financial services. During the summit, Eddie Yue visited WeBank Technology Services' exhibition booth, where Huiya Yao, Head of Fintech Innovation at WeBank, shared the latest developments of the DVP. To date, the DVP has already served more than 10 business entities and is being used in various scenarios including cross-boundary credit assessment and financing. Early gains from DVP adoption At a panel session focused on cross-boundary data validation, representatives from Fusion Bank and ICBC (Asia) shared early outcomes from leveraging the DVP. Andy Li, Head of Corporate Banking at Fusion Bank, said: "Hong Kong serves as a pivotal gateway connecting the Mainland and international markets, and remains the preferred destination for Mainland enterprises going global. Fusion Bank has been committed to supporting Mainland SMEs in their overseas expansion and has approved over HKD100 million in loans for Hong Kong affiliates of GBA SMEs by leveraging the DVP for cross-boundary verification of credit information. Moving ahead, we will continue to utilize DVP to deliver more convenient financing solutions for Hong Kong affiliates of GBA enterprises, supporting the advancement of financial inclusion in the GBA." ICBC Asia's Co-Head of Data Management Youping Song revealed plans to leverage the DVP as well to verify customers' Central Bank Individual credit reports and other data types, to enhance credit status assessment work for newly arrived Hong Kong residents from the Chinese Mainland, supporting talent schemes such as the "Top Talent Pass Scheme(TTPS)" and "Quality Migrant Admission Scheme (QMAS)". Toward a Greater Bay Area data ecosystem The DVP, officially launched in May 2024, is jointly operated by the China (Qianhai) Internet Exchange (CNIX), Shenzhen Credit Service Co. Ltd and WeBank Technology Services. WeBank provides the overall architecture design and technical support of the platform. Looking ahead, Huiya Yao shared that the DVP aims to integrate more diverse data sources, deepening data connectivity across the Greater Bay Area. About WeBank Technology Services Launched in Hong Kong in June 2024, WeBank Technology Services sets out to leverage WeBank's cutting-edge fintech capabilities and digital finance best practices to deliver a variety of superior digital finance and digital infrastructure solutions to digital banks, financial institutions, government agencies, and industry partners worldwide.
Business Upturn
5 days ago
- Business
- Business Upturn
Verisk Sets Precedent as First to Complete Wildfire Catastrophe Model Review Process in California for Insurance Ratemaking
JERSEY CITY, N.J., July 24, 2025 (GLOBE NEWSWIRE) — In a milestone for California's evolving insurance landscape, the California Department of Insurance (CDI) has completed its review of the Verisk Wildfire Model for the United States for use by insurers in assessing wildfire risk and property insurance ratemaking. This is the first time a catastrophe model has successfully completed the evaluation under the state's new regulatory framework, ushering in a new era of data-driven risk assessment in California. Developed by the Extreme Event Solutions business of Verisk (Nasdaq: VRSK), a leading global analytics and data provider, the Verisk Wildfire Model for the United States leverages decades of wildfire science, engineering expertise, and climate data to provide a forward-looking view of risk. It was extensively reviewed through the CDI's Pre-Application Required Information Determination (PRID) process as part of Commissioner Ricardo Lara's Sustainable Insurance Strategy aimed at stabilizing the state's insurance market. This included a review process open to the public, a PRID which included consumer advocates, and an additional public webinar. With the PRID review completed, California insurance carriers can, for the first time in the state's history, use a robust, forward-looking wildfire model to more accurately assess wildfire risk—supporting a more resilient insurance market and encouraging greater insurer participation, which can benefit consumers in wildfire-prone areas. Catastrophe models are accepted as a part of ratemaking in all states; the Verisk Wildfire Model for the United States is already approved by the Nevada Division of Insurance issued in February 2025. 'This is a transformative moment for the insurance industry and for California homeowners and businesses,' said Rob Newbold, president of Verisk Extreme Event Solutions. 'We're proud to be the first catastrophe modeler to work with the California Department of Insurance to offer a modeled assessment of wildfire risk and contribute to efforts to bring stability to the insurance market. The latest version of the model, released in 2024, reflects decades of scientific research and engineering expertise, and we believe it will be a powerful tool for insurers navigating the complexities of wildfire risk in a changing climate.' The determination comes amid growing concern over insurance availability in fire-prone regions. Several major insurers have scaled back coverage in California, citing unsustainable losses and outdated rating tools. By allowing the use of catastrophe models, the CDI aims to give insurers a more accurate and actuarially sound basis for pricing risk—while encouraging them to return to underserved areas. Verisk's model incorporates advanced science and data and accounts for both property-level and community-level mitigation efforts. 'This approval is the result of years of collaboration, transparency, and rigorous review,' said Dr. Julia Borman, assistant vice president and director of regulatory at Verisk Extreme Event Solutions. 'We're grateful to the CDI for their thoughtful engagement throughout the process and to our clients for their support. This milestone underscores Verisk's commitment to helping insurers and regulators make informed, data-driven decisions that benefit both the industry and the communities they serve.' For more information about Verisk's wildfire modeling capabilities, visit: Verisk Wildfire Model for the U.S. ### About Verisk Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, extreme events, sustainability and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. For more, visit and the Verisk Newsroom. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash
Toronto Star
5 days ago
- Business
- Toronto Star
Verisk Sets Precedent as First to Complete Wildfire Catastrophe Model Review Process in California for Insurance Ratemaking
JERSEY CITY, N.J., July 24, 2025 (GLOBE NEWSWIRE) — In a milestone for California's evolving insurance landscape, the California Department of Insurance (CDI) has completed its review of the Verisk Wildfire Model for the United States for use by insurers in assessing wildfire risk and property insurance ratemaking. This is the first time a catastrophe model has successfully completed the evaluation under the state's new regulatory framework, ushering in a new era of data-driven risk assessment in California. Developed by the Extreme Event Solutions business of Verisk (Nasdaq: VRSK), a leading global analytics and data provider, the Verisk Wildfire Model for the United States leverages decades of wildfire science, engineering expertise, and climate data to provide a forward-looking view of risk. It was extensively reviewed through the CDI's Pre-Application Required Information Determination (PRID) process as part of Commissioner Ricardo Lara's Sustainable Insurance Strategy aimed at stabilizing the state's insurance market. This included a review process open to the public, a PRID which included consumer advocates, and an additional public webinar.
