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 Central Bank of the Philippines (BSP) issued communications covering developments related to online lending platforms, open finance framework and roadmap, and on the expected regulations in the area sustainable finance.
The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.
The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).
The Malta Financial Services Authority (MFSA) updated the guidelines on supervisory reporting requirements under the reporting framework 3.0.
The Hong Kong Monetary Authority (HKMA) published a circular, along with the reporting form and instructions, for self-assessment, by authorized institutions, of compliance with the Code of Banking Practice 2021.
The Financial Conduct Authority (FCA) decided to register European DataWarehouse Ltd and SecRep Limited as securitization repositories under the UK Securitization Regulation, with effect from January 17, 2022.
The European Commission (EC) published the Delegated Regulation 2022/25, which supplements the Investment Firms Regulation (IFR or Regulation 2019/2033) with respect to the regulatory technical standards specifying the methods for measuring the K-factors referred to in Article 15 of the IFR.
The Bank of International Settlements (BIS) published a paper that assesses the ways in which platform-based business models can affect financial inclusion, competition, financial stability and consumer protection.
The Central Bank of Egypt (CBE) published a circular with instructions on emergency liquidity assistance to banks that are unable to meet their liquidity requirements.
The European Supervisory Authorities (ESAs) published the list of identified financial conglomerates for 2021.