eCOM Awarded Runner Up in HKMA & BISIH’s TechChallenge at HK Fintech Week 2020
November 2, 2020 – eCOM was awarded Runner Up for the “Best Problem Statement Solution 1: Connecting Digital Islands and Increasing Network Effects” in the TechChallenge issued by the Hong Kong Monetary Authority (HKMA) and the Bank of International Settlements Innovation Hub (BISIH). The award was presented during the first day of the Hong Kong Fintech Week (November 2 - 4). The Tech Challenge attacks 3 problem statements:
Connecting Digital Islands and Increasing Network Effects
Trade Finance Inclusion for SMEs
TradeTech for Emerging Markets
eCOM Awarded Runner Up to Problem Statement Solution 1
The TechChallenge ran over 3 months from August to October 2020. After a fierce competition with over 103 participants, eCOM was one of the 36 shortlisted solutions in September. The following month, the finalists then went through an intense 10 minute “Shark Tank” like pitch followed by a rapid-fire 5 minute Q&A from 13 esteemed international judges.
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.
Other winners include well-established Hong Kong and international fintech companies such as PWC, Standard Chartered Bank, WeBank Co., Ltd., and OneConnect Financial Technology Co., Ltd.
eCOM is committed to the application and expansion of blockchain technology in cross-border trade. Its eCOM Registry is a Peer-to-Peer Network built on blockchain. Using its distributed ledger and characteristics of distributed data storage, eCOM has developed a set of specifications that ensures data owners maintain full access control over the data they share at all times.
The eCOM Registry is currently successfully implemented in ports, logistics, and other industries. It has also connected both upstream and downstream enterprises across various business units, while allowing participants to authorize and share data to financial institutions. Not only can the eCOM Registry solve problems of "high technical thresholds" and "financing complexities" for SMEs, but it can also provide financial institutions with various data sources and data validation to reduce financial risks and improve the overall trade ecosystem.
For more information, go to: https://www.techchallenge.finnohub.org/