BIS Innovation Center and HKMA welcome applications for international trade tech obstacle

In partnership with the Asian Advancement Bank, the International Chamber of Commerce, the Institute of International Finance, the Individuals’s Bank of China and the Wolfsberg Group, the HKMA and the BISIH Centre in Hong Kong have determined locations where private and public sector ideas could assist resolve TradeTech obstacles. Personal companies are welcomed to send innovative services focusing on connecting TradeTech platforms, tech-driven trade financing inclusion for SMEs, and TradeTech facilities for emerging markets.

“The TechChallenge is occurring against the backdrop of the Covid-19 global pandemic, which is impacting global trade volumes and by ramification the incomes of numerous SMEs. This initiative identifies that unique technologies and public-private collaborations can help in improving results, including through more digitising trade finance,” said Benoît Cœuré, Head of the BISIH.Edmond Lau, Elder
Executive Director of the HKMA, said,”The HKMA is delighted to work with the BISIH to introduce the TechChallenge. We have a shared goal of dealing with the discomfort points in the trade finance company, and this effort is among the essential steps towards achieving this goal. We imagine that the TechChallenge will encourage worldwide cooperation, spur development and produce rewarding outcomes that benefit the trade financing industry globally.”

Interested companies can sign up to examine the high-priority problem statements, complete and send propositions on https://techchallenge.finnohub.org. The TechChallenge is administered by the Deloitte Asia Pacific Blockchain Lab and the due date for submissions is 31 August 2020.

Solutions will be judged by a panel making up agents of the public and private sectors, consisting of experts from the partnering organisations listed above and leading worldwide TradeTech platforms. Financial sponsorship will be readily available for shortlisted entrants to more develop their solutions. The leading proposals will be announced and showcased at the Hong Kong Fintech Week in November 2020.