The Bank for International Settlements Innovation Hub (BISIH) 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.
The initiative is administered by the Deloitte Asia Pacific Blockchain Lab 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.
HKMA and BISIH have identified potential areas of focus which include connecting trade finance 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 envisage that the TechChallenge will encourage international collaboration, spur innovation and produce fruitful results that benefit the trade finance industry globally.”
The solutions will be judged by a panel comprising representatives from the public and private sectors where financial sponsorship will be available for shortlisted entrants to further develop their solutions.
The deadline for submissions is 31 August 2020 after which the top proposals will be announced and showcased at the Hong Kong Fintech Week in November 2020.
