BIS emphasizes Trade Finance via TechChallenge

The BIS or Bank of International Settlements's Innovation Hub is collaborating with HKMA focusing on new tech competition named TechChallenge.

By · Aug 5, 2020 . 6min read

Source : IStock

The Bank of International Settlements’s(BIS) Innovation Hub is collaborating with the Hong Kong Monetary Authority or HKMA. The partnership focuses on new tech competition called TechChallenge. Additionally, it will revolve around the digitization of trade finance. On August 3, the BIS stated in an announcement that it would be accepting prospective submissions. Moreover, the applications are accepted until August 31. 

How the TechChallenge Functions

The Judges for TechChallenge involves Omer Ahsan, Steven Beck, David Bischof, Brad Carr, Neil Chantry, Marvin Erdly, Ziyang Fan, Emmanuelle Ganne, Mu Changchun, Tracy Paradise, Leon Scott, David Shrier, and Romney Wong. The involved judges will select candidates throughout September and early October. However, it grants invitations to submit presentations between Oct 12-15 to a few participants. Additionally, the invitations for developing full prototypes to participants that excel beyond that stage will be granted. Thus, it enables the development of prototypes in a sandbox environment in 2021.  

Nuances about the Challenge

The purpose of TechChallenge, according to its organizers, is to “showcase the potential for new innovative technologies to resolve problems in trade finance.” Nonetheless, explainer materials add a broad net as to the technologies that could be employed. Although, it appears to make special mention of those focused around decentralization and distributed ledger/blockchains.

“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. This initiative recognizes that novel technologies and public-private partnerships can assist in improving outcomes, including further digitizing trade finance,” said Benoît Cœuré, Head of the BISIH.

Benoît Cœuré tweeted about the same.

Edmond Lau, Senior Executive Director of the HKMA, said,

“The HKMA is pleased to work with the BISIH to launch the TechChallenge. We have a shared goal of addressing the pain points in the trade finance business. This initiative is one of the key steps towards achieving this goal. We envisage that the TechChallenge will encourage international collaboration, spur innovation. It will produce fruitful results that globally benefit the trade finance industry.”

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