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TechChallenge Digitising Trade Finance

TechChallenge

Digitising Trade Finance

This TechChallenge is a joint initiative of the BIS Innovation Hub (BISIH) and the Hong Kong Monetary Authority (HKMA), designed to showcase the potential for new innovative technologies to resolve problems in trade finance (TradeTech). It is supported by the Asian Development Bank (ADB), the International Chamber of Commerce (ICC), the International Institute of Finance (IIF), the People’s Bank of China (PBOC), and the Wolfsberg Group.

AWARDS

Best Problem Statement Solution 1

Winner: PricewaterhouseCoopers Consulting Hong Kong Limited

Runner Up: eCom Asia Ltd

Best Problem Statement Solution 2

Winner: Business Big Data Inc.

Runner Up: WeBank Co., Ltd. 

Best Problem Statement Solution 3

Winner: iLoan

Runner Up: essDOCS 

Best Governance, Risk & Compliance Solution

Winner: Standard Chartered Bank and HKU-SCF Fintech Academy

Runner Up: Sedicii

Best Public Good Award

Winner: HashKey Group

Most Impactful Project Award

Winner: Refinitiv 

Runner Up: OneConnect Financial Technology Co., Ltd.

Startup Grand Award

Winner (Gold): Linklogis International Company Limited

Winner (Silver): FreightAmigo Services Ltd 

Best Digital Identity Solution

Winner: KYC-Chain

Runner Up: EMALI.IO LIMITED

Best SME Invoice Solution

Winner: Velotrade Management LImited

Most Innovative Award

Winner: Forms Syntron Information (HK) Limited

The selection of finalists is based on the criteria set out in the Information Pack. It should not be read as legal, regulatory or other form of endorsement by the organisers or the judges and does not constitute investment advice.

 
 

Co-organised by

Innovation

Hub

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HONG KONG MONETARY AUTHORITY

Managed by

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In partnership with

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INSTITUTE OF INTERNATIONANE FINANCE
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DIGITAL CURRENCY INSTITUTE PEOPLE'S BANK OF CHINA
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In collaboration with

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PANEL JUDGES

 
TechChalleng Problem Statements

PROBLEM STATEMENTS

Trade finance is a complex topic with insufficiently harmonised digitisation across the value chain. By the same token, there is no single solution that can solve all the pain points. To leverage the diversity of innovation and digitisation under way on this topic globally, solution providers are free to suggest any technology approaches they consider suitable to address one or more of the problem statements, including decentralised approaches based on blockchain/ Distributed Ledger Technologies (DLT).

 

While potential technology solutions are included for illustrative purposes under each problem statement, technology providers may propose other technology solutions to digitise trade finance. Additional points will be given for transformational proposals, open-sourced technology, and technology that can become part of core infrastructure or otherwise become a public good of one or more jurisdictions or of the central banking community.

 

Though such is not a requirement, solution providers may leverage international initiatives such as the Digital Standards for Trade Initiative which works to develop digital standards for the trade ecosystem; the Global Legal Entity Identifier (LEI) system which issues unique identifiers for large and small firms at low cost and helps to improve transparency on anti-money-laundering and know-your-customer concerns; and the United Nations efforts to enable electronic commerce and signatures.

 

TIMELINE

TechChallenge Proposal Submission

3 Aug - 7 Sep 2020: Proposal  Submission

Download the Information Pack to fully understand the requirements and submit your proposal along with the Application Form to info.TechChallenge@finnohub.org

TechChallenge Evaluation

Sep - Oct 2020: Evaluation

All proposals will be evaluated by the Panel Judges in a fair and just manner;

for detailed judging criteria, please refer to the Information Pack

TechChallenge Interviews

12 - 14 Oct 2020: Interviews

Shortlisted solution providers will be invited to present their proposals to the organisers and the Panel Judges 

TechChallenge Hong Kong FinTech Week

Nov 2020: Hong Kong FinTech Week

Winning solutions will be invited to showcase at the Hong Kong FinTech Week

 

FREQUENTLY ASKED QUESTIONS

Am I eligible?


The TechChallenge is open to the public globally. We welcome any solutions that can help solve the Problem Statement(s) mentioned on this website.




What is the expected deliverable for proposal submission?


Please refer to the guideline in the Information Pack and submit your proposal along with the Application Form to info.TechChallenge@finnohub.org.




What is the expected deliverable for solution winners?


Solution winners will be invited to share a demo at the Hong Kong FinTech Festival from 2 - 6 November 2020, and to develop a prototype with expected delivery in mid-2021. For details, please refer to the guideline in the Information Pack.




Can I submit more than one proposal?


Only one submission per applicant will be accepted.




Can I answer to more than one problem statement?


We welcome more than one Problem Statement to be addressed in one submission application.




Do I need to travel to Hong Kong?


Currently we intend the TechChallenge to be conducted virtually at least during the rest of 2020, further details will be provided in case of any adjustments.




How do I enter TechChallenge as a participant?


Please refer to the Information Pack, which can be downloaded here.




Where do I submit my application?


Thank you for your interest! Submissions are now closed.




How do I obtain an Application Form?


The Application Form can be downloaded here.