BIS Innovation Hub And The Hong Kong Monetary Authority Announce Techchallenge Winners

Today, the Bank for International Settlements Innovation Hub (BISIH) center in Hong Kong SAR and the Hong Kong Monetary Authority (HKMA) has disclosed the name of the TechChallenge winners - Digitising Trade Finance Initiative that was launched in August to highlight the scope for new technologies to digitalize the mechanism of trade finance.

The TechChallenge initiative was administered by the Deloitte Asia Pacific Blockchain Lab in collaboration with the judges from the Asian Development Bank, the Global Shipping Business Network, the Institute of International Finance, the International Chamber of Commerce, Oxford University, the People's Bank of China, the Trade Finance Global (TFG), the TradeLens, the Trade IX & the Marco Polo Network, the Wolfsberg Group, the World Economic Forum, and the World Trade Organization.

The winners were selected from a total of 103 technology solutions submitted by candidates worldwide to three main complicated statements - Connecting Digital Islands and Increasing Network Size and Effects; Trade Finance Inclusion for SMEs; and TradeTech infrastructure for Emerging Markets. The participants have been invited to display their submissions at the Hong Kong Fintech Week - A virtual event that will run from 2nd to 6th of November.

"Receiving innovative tech solutions from companies based all over the world shows that technology has significant potential to improve trade finance processes, ranging from very large institutional trade finance to SMEs at the grassroots level. We look forward to seeing further development of the proposals and new prototypes in the months ahead.”

Benoît Cœuré, Head of the BISIH

The HKMA is pleased to have received an enthusiastic response even amid the pandemic and is impressed by the quality of the submissions. We believe that the winning proposals, when further developed, hold great potential for addressing some long-standing pain points of the global trade finance business. We look forward to the next steps and continuing our close collaboration with the BISIH.” Edmond Lau, Senior Executive Director of the HKMA   

There are 17 winners and runners-up of the TechChallenge competition to point-out the scope of new technologies to improve trade finance. The winners include- Business Big Data Inc., eCOM Asia Ltd., EMALI.IO Ltd., essDOCS Ltd., Forms Syntron Information (HK) Ltd., FreightAmigo Services Ltd., HashKey Group, iLoan, 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., and WeBank Co., Ltd.

About the BIS Innovation Hub

Established in 2019, The main purpose of the BIS Innovation Hub is to figure-out and develop deep insights into the complex trade financial technological trends in significance to their relevance to central banks to identify the development of public goods for improved functioning of the global financial system.

Source :

Other news

Most Recent Blogs View All Blogs

08 Feb

Blockchain's Impact on Trade Finance: Shaping Global Commerce

Trade financing facilitates global commerce but involves antiquated systems reliant on manual paperw...

06 Feb

India's Trade Dynamics Amidst the Red Sea Crisis

As of now, there has been no significant impact on India's exports and imports owing to the crisis i...

31 Jan

Choosing the Right Trade Finance Instrument for Your Business

Understanding Trade FinanceTrade finance facilitates transactions and lowers risks for buyers and se...


Emerio Banque is an innovative global financial institution incorporated in England and Wales with Legal Entity Identifier 875500DGPPWAFABBK130. Emerio Banque does not offer its products and services to businesses and/or persons registered in the United Kingdom.

No information on this website should be construed as a solicitation, offer, recommendation, and representation of suitability or endorsement of any security, investment or strategy.

Important Notice

Emerio Banque would like to advise its customers to report any suspicions which they may have regarding the identity of any intermediary who promotes products or services offered by us or any intermediary bearing similar names. You should verify with Emerio Banque by calling our Customer Service Number on +44 203 059 7831 or emailing

Please also be aware of bogus SMS messages and voice message calls or fraudsters who impersonate the staff of Emerio Banque.

We have recently become aware of a number of entities with different names misrepresenting themselves as associates, partners or agents of Emerio Banque.

Please be informed that Emerio Banque is not associated with nor do we have any business connections or dealings with such institutions.

Emerio Banque takes all information regarding suspicious fraudulent activity very seriously. Please immediately inform us at if you suspect or are approached by persons misrepresenting or impersonating Emerio Banque and/or its officials. We will make investigations and will take legal action where necessary.