HashKey Group Winner at HKMA 'Digitizing Trade Finance' Tech Challenge
Improving the Usability of Blockchain-Based Data in Trade Finance
HONG KONG, Nov. 4, 2020 /PRNewswire/ -- HashKey Group was announced yesterday as one of the winners of the "Digitizing Trade Finance Tech Challenge" hosted by Hong Kong Monetary Authority (HKMA). HashKey was awarded as one of the ten prize winners in a competition that attracted 103 applications from 24 cities in 16 countries. HashKey Group entered and won the competition with the support of sister company Wanxiang Blockchain.
Announced at Hong Kong Fintech Week 2020, HashKey's solution will create a toolkit that improves the usability of blockchain-based open data standards for documents and data in cross-border trade finance. With the solution, HashKey Group and its sister company Wanxiang Blockchain will collaborate with local regulators, universities, government agencies, and SMEs in the Greater Bay Area (GBA).
"This year we are witnessing a rapid acceleration in the growth of digital commerce," said Michel Lee, HashKey Group Executive President. "As this trend continues, we are very excited by the potential of blockchain solutions to deliver the common data standards needed to bridge digital islands and allow for seamless digital trade."
The project marks the second time the two companies received government recognition for its trade finance blockchain solutions. The project is an extension of current work with the Singapore government on blockchain-based digital trade facilitation.
"Through our work on open data standards, HashKey has developed a unique perspective on how to improve blockchain-based digital trade and make it more practical for more industry participants," said Ben El-Baz, Head of Ecosystems at HashKey Group. "Together HashKey and Wanxiang Blockchain continue to collaborate on blockchain solutions for finance. With this project we are excited to expand the use of blockchain to solve challenges in trade finance."
HashKey Group and Wanxiang Blockchain are building blockchain-based supply chain finance solutions. Earlier in 2020, HashKey also won a blockchain-based trade data project awarded by the Infocomm Media Development Authority (IMDA) in Singapore. The core of that project is integrating IMDA's open, interoperability-focused TradeTrust blockchain document notarization framework into the team's trade and supply chain finance platforms.
About the HashKey Group Proposal
HashKey Group's solution for the Digitizing Trade Finance Tech Challenge includes working on open source code to extend open data standards like TradeTrust to additional public blockchains. Because HashKey's work is focused on improving the usability of open data standards, HashKey was specially recognized by the HKMA and the Bank for International Settlements Innovation Hub as driving public good benefits for the region's trade finance data infrastructure.
The project team also seeks to collaborate with international and local institutions in the Greater Bay Area to better facilitate legal recognition of electronic transferable records, and to support wider usage of blockchain address information in business entity registrations.
Finally, the project will be publishing an open set of customer onboarding standards that will facilitate cross-network acceptance of transacting business entities.
About the Digitizing Trade Finance Tech Challenge
The challenge is a joint initiative of the Bank for International Settlement's Innovation Hub (BISIH) and the Hong Kong Monetary Authority (HKMA), designed to showcase the potential for new innovative technologies to resolve problems in trade finance (TradeTech). It is supported by the Asian Development Bank (ADB), the International Chamber of Commerce (ICC), the International Institute of Finance (IIF), the People's Bank of China (PBOC), and the Wolfsberg Group.
More information is available here: https://www.techchallenge.finnohub.org/
About HashKey Group
HashKey Group is a leader in digital asset management and blockchain solutions. The Group provides a complete ecosystem across the entire digital asset landscape, ranging from capital, to custody, to technologies, trading, and exchange. HashKey's senior team has deep investment, governance, and technology expertise gained at tier-one banks, regulators, and fintech ventures.
HashKey identifies high potential opportunities and deliver end-to-end solutions that operate within regulatory frameworks with high compliance standards. The Group has operations in Hong Kong, Singapore and Japan, and extensive partnerships with fintech and blockchain solutions providers, academic institutions, and associations. Official Website: https://www.hashkey.com/
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