Tradelink showcased values of Trade Declaration data as alternate data for trade finance at HKMA Data Summit
To encourage the active use of alternative data in financial services and experience sharing following the launch of Commercial Data Interchange ("CDI"), Hong Kong Monetary Authority ("HKMA") hosted the inaugural Data Summit on 4th May, 2023. As one of the pioneering participants of CDI, Tradelink was invited as one of the exhibitors to the summit and showcased how data consumers can leverage our trade declaration data to facilitate financial services. We demonstrated our successful use case in collaboration with Ping An OneConnect Bank (Hong Kong) Limited ("PAOB").
Attracted over 260 senior representatives from more than 60 banks, data analytics service providers and data providers, the summit comprised an exhibition, panel discussions and sharing sessions centred around three themes: to streamline banking operations through digitalization; to enhance data analytics capabilities with the use of alternative data; and to develop innovative products and services.
As a statutory document, a trade declaration which is required to be submitted within 14 days of import or export of goods, provide reliable and timely reference information on the current external trading activities of shippers such as goods imported / exported with quantity, values and trading countries and partners. With the consent of our customers, Tradelink provides customers' trade declaration data to PAOB as alternative data that facilitates credit assessment of these customers for loan approval. The collaboration successfully addresses the pain points faced by SMEs in trade finance such as lengthy documents processing time for risk assessment.
As Hong Kong's digital efficiency pioneer, Tradelink is delighted to take part in HKMA's CDI initiative through which we share our customers' trade declaration data with banks that helped them offer loan services to our SME customers who otherwise have difficulties in accessing such services. We look forward to the sharing of such alternative data to more data consumers through CDI to help bring more values to the Hong Kong trading community as a whole.
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