Transforming Trade: The Digital Trade Masterclass

In a groundbreaking effort to position Hong Kong as a leader in high-value services, the Hong Kong Trade Development Council (HKTDC) recently co-hosted the "Digital Trade Masterclass" with the ICC Digital Standards Initiative (ICC DSI). This event saw over 200 small and medium-sized enterprises (SMEs) diving into vital technologies like electronic bills of lading and blockchain.

A Vision for the Future

HKTDC Chairman, Prof. Frederick Ma, championed the city's emerging digital trade ecosystem, emphasizing a commitment to innovation and international collaboration. As digital trade positively impacts the global market, Hong Kong is set to enhance its competitive edge, reinforcing its stature as a preeminent supply chain hub.

Legislative Moves to Foster Digital Trade

Amidst these transformative efforts, Andy Lam, Deputy Secretary for Commerce and Economic Development, announced the government’s plans to reference the United Nations' Model Law on Electronic Transferable Records (MLETR) for legislative amendments. This initiative is vital for streamlining the digitalization of trade documents, with a proposal expected to be submitted to the Legislative Council next year.

Strengthening Hong Kong's Global Trade Position

Pamela Mar, Managing Director at ICC DSI, underlined that Hong Kong, aligning its sectors with global standards, can effectively spearhead Asia’s digital trade development. She noted that over 45% of the city's economy relies on finance, trade, and logistics, making digital advancement essential for sustained growth.

Insights from Industry Experts

The Masterclass also featured leading industry experts, who addressed the challenges and opportunities tied to digital transformation across the supply chain. Kenise Sin from the HKMA highlighted the difficulties SMEs face in accessing trade finance due to outdated paper processes, which hinder efficiency and visibility.

Erik Kwok from Air8 echoed this, explaining that many companies struggle with credit assessments due to inadequate data. He emphasized the urgent need for integrated risk management frameworks to support SMEs as they compete globally.

Candy Chan from IQAX emphasized the remarkable efficiency gains achievable through the digitalization of bills of lading, using blockchain technology to enhance trust and streamline operations in cross-border trade.

A Bright Future Ahead

As digitalization reshapes the commercial landscape, Hong Kong stands poised to harness its unique advantages to foster innovation and connectivity with global markets. Through ongoing collaborations and strategic legislative reforms, the HKTDC intends to ensure that Hong Kong not only remains competitive but also thrives in this new era of digital trade.

Join the Digital Revolution!

In a time when digital transformation is key to succeeding in the global market, Hong Kong is taking bold steps to ensure its businesses are equipped and ready to capitalize on emerging opportunities. Stay tuned as the city becomes a driving force in high-value services and digital commerce!