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.
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
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
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
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.
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.
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
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
12 - 14 Oct 2020: Interviews
Shortlisted solution providers will be invited to present their proposals to the organisers and the Panel Judges
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?
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.