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
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