The Bank for International Settlements Innovation Hub (BISIH) centre in Hong Kong SAR and the Hong Kong Monetary Authority (HKMA) launched the TechChallenge - Digitising Trade Finance initiative to highlight the potential for new technologies to enhance trade finance mechanisms.
In collaboration with the Asian Development Bank, the International Chamber of Commerce, the Institute of International Finance, the People's Bank of China and the Wolfsberg Group, the HKMA and the BISIH Centre in Hong Kong have identified areas where private and public sector ideas could help address TradeTech challenges. Private firms are invited to submit innovative solutions focusing on connecting TradeTech platforms, tech-driven trade finance inclusion for SMEs, and TradeTech infrastructure for emerging markets.
"The TechChallenge is taking place against the backdrop of the Covid-19 global pandemic, which is impacting global trade volumes and by implication the livelihoods of many SMEs. This initiative recognises that novel technologies and public-private partnerships can assist in improving outcomes, including through further digitising trade finance," said Benoît Cœuré, Head of the BISIH.
Edmond Lau, Senior Executive Director of the HKMA, said, "The HKMA is pleased to work with the BISIH to launch the TechChallenge. We have a shared goal of addressing the pain points in the trade finance business, and this initiative is one of the key steps towards achieving this goal. We envisage that the TechChallenge will encourage international collaboration, spur innovation and produce fruitful results that benefit the trade finance industry globally."
Re-disseminated by The Asian Banker