BIS and HKMA launch trade technology challenge
The Bank for International Settlements Innovation Hub (BISIH) and the Hong Kong Monetary Authority (HKMA) have launched a global trade technology challenge.
The “TechChallenge – Digitising Trade Finance” initiative to highlight the potential for new technologies to boost trade finance.
Participants and sponsors include the Asian Development Bank, the International Chamber of Commerce, and the People’s Bank of China.
Private firms can submit solutions on connecting trade platforms and technology inclusion for small and medium-sized enterprises (SMEs).
“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,” says Benoît Cœuré, head of BISH.
“This initiative recognises that novel technologies and public-private partnerships can assist in improving outcomes, including through further digitising trade finance.”
Interested firms can register to review the high-priority problem statements, compete and submit proposals before 31 August 2020.
Deloitte Asia Pacific Blockchain Lab is administering the challenge. A panel comprising “representatives of the public and private sectors” will judge submissions.
Financial sponsorship will be available for shortlisted entrants to further develop their solutions, with the best proposals showcased in November.
“HKMA is pleased to work with BISIH to launch the TechChallenge,” says Edmond Lau, senior executive director at HKMA.
“We have a shared goal of addressing the pain points in the trade finance business, and this initiative is one of the key steps towards achieving this goal.”