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.

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“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.