Douglas Arner, Mr Brian Tang, and other teammates from Standard Chartered and HKU-SCF FinTech Academy on winning the Award for Best Governance, Risk and Compliance Solution in the inaugural “TechChallenge - Digitising Trade Finance” (TechChallenge). The team proposed TradePro, a machine-learning model for trade finance inclusion for SMEs using internal and external datasets. Recognition also goes to Dr Giuliano Costellano, who was a member of the Kozolchyk National Law (NatLaw) team shortlisted for the same problem challenge.
Launched in August 2019, TechChallenge is a joint initiative of the BIS Innovation Hub and the Hong Kong Monetary Authority, designed to showcase the potential for new innovative technologies to resolve problems in trade finance (TradeTech). Winners were selected from 103 technology solutions submitted by applicants worldwide to three problem statements: (1) Connecting Digital Islands and Increasing Network Size and Effects; (2) Trade Finance Inclusion for SMEs; and (3) TradeTech for Emerging Markets. Besides the best solution to each of the problem statement, other awards were made to recognize outstanding solutions in different aspects. All 17 winners and runners-up were invited to showcase their submissions at the Hong Kong Fintech Week, which ran as a virtual event on 2-6 November 2020. For more information, see the BIS's press release statement (2 November 2020) and the TechChallenge Showcase for the names of all the winners, runners-up and shortlisted participants.