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
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.