The BIS Innovation Hub Center in Hong Kong SAR and the HKMA announced winners of TechChallenge for the Digitizing Trade Finance initiative. The competition was launched in August and nearly 17 winners and runners-up of the TechChallenge competition highlighted the potential of new technologies to enhance trade finance. The winners will showcase technology solutions and take part in the Hong Kong FinTech Week, which will run as a virtual event on November 02-06.
Winners were selected from 103 technology solutions submitted by applicants worldwide. The submissions catered to three problem statements on connecting digital Islands and increasing network size and effects; trade finance inclusion for small and medium-size enterprises; and TradeTech for emerging markets. The following is the list of winners, including the runners-up:
- Business Big Data Inc.
- eCOM Asia Ltd.
- EMALI.IO Ltd.
- essDOCS Ltd.
- Forms Syntron Information (HK) Ltd.
- FreightAmigo Services Ltd.
- HashKey Group
- KYC-Chain Ltd.
- Linklogis International Company Ltd.
- OneConnect Financial Technology Co., Ltd.
- PricewaterhouseCoopers Consulting Hong Kong Ltd.
- Refinitiv Hong Kong Ltd.
- Standard Chartered and University of Hong Kong-SCF FinTech Academy
- Sedicii Innovations Ltd.
- Velotrade Management Ltd.
- WeBank Co., Ltd.
This TechChallenge, a joint initiative of the BIS Innovation Hub and HKMA, was designed to showcase the potential for new innovative technologies to resolve problems in trade finance. It was 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, and the Wolfsberg Group.
Keywords: International, Asia Pacific, Hong Kong, Banking, Trade Finance, Fintech, Regtech, HongKong Fintech Week, HKMA, BIS
Previous ArticleIAIS Updates List of Internationally Active Insurance Groups
The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.
The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.
Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.
The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.
The European Banking Authority (EBA) published its annual report on asset encumbrance in banking sector.
The European Banking Authority (EBA) published a methodological guide to mystery shopping.
The Australian Prudential Regulation Authority (APRA) released a letter to authorized deposit-taking institutions to provide an update on key policy settings for the capital framework reforms, which will come into effect from January 01, 2023.
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report that assesses the business continuity planning activities of financial market infrastructures or FMIs.
The Bank of England (BoE) published questions and answers (Q&A) on OSCA to BEEDS migration for statistical reporting as well a presentation from the project overview session held with statistical reporters.
The Basel Committee on Banking Supervision (BCBS) is consulting on a technical amendment to the Basel Framework to reflect a new process reviewing the global systemically important bank (G-SIB) assessment methodology.