Nu-Credits is honoured to participate in the TechChallenge - Digitising Trade Finance, a joint initiative of Bank for International Settlements Innovation Hub (BISIH) and The Hong Kong Monetary Authority (HKMA) that is designed to showcase the potential for new technologies to resolve problems in trade finance.
The TechChallenge ran over 3 months from August to October 2020. After a fierce competition with over 103 participants, Nu-Credits was one of the 36 shortlisted solutions in September. The Tech Challenge attacks 3 problem statements:
Connecting Digital Islands and Increasing Network Effects
Trade Finance Inclusion for SMEs
TradeTech for Emerging Markets
Prizes were presented during Hong Kong Fintech Week (November 2-6) when selected winners from 103 entrants from 26 countries were invited to exhibit their technology solutions and take part in the event.
TechChallenge was administered by the Deloitte Asia Pacific Blockchain Lab and 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.
At Nu-Credits, we believe SMEs are the key drivers for the global economy but under served by the banks. We are committed to growing with SMEs by connecting them with working capital and solve their payment difficulties. We are deploying blockchain technology to help overseas lenders to verify the invoices authenticity and integrating all public and unpaid data to provide the foundation of the federated learning credit risk modelling to partner with more global lenders.
TechChallenge Esteemed Panel of Judges
Notable judges were from highly respected public institutions such as the Asian Development Bank (ADB), Institute of Digital Currency of the People's Bank of China, International Chamber of Commerce (ICC), World Trade Organization (WTO), Institute of International Finance, Trade Finance Global, and the World Economic Forum. Judges from the private sector also included heavyweights from IBM Tradelens, TradeIX & the Marco Polo Network, the Global Shipping Business Network (CargoSmart), and the University of Oxford – MIT Media Lab.
The winners, including runners-up, in alphabetical order, are: 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.
As a start-up FinTech firm, we are honoured to join this competition with industry experts, and looking forward to collaborating with all the participants in the future.
About Nu-Credits
Nu-Credits is a trade finance marketplace backed by blockchain and AI technology to help connecting SMEs with global lenders. Our company is backed by EU Horizon 2020 funding programme, winner of R3 Covid-19 Challenge Call and alumni of Hong Kong Cyberport. We have funded over 30mn USD for European exporters selling to emerging market and established partnership with over 10 banks and non-banks lenders to date.