HKTDC Boosts Hong Kong's Competitive Edge in High-Value Services
- The HKTDC continues to help SMEs seize digital trade opportunities by co-hosting with the ICC DSI a masterclass on technologies such as electronic bills of lading and blockchain. More than 200 SMEs took part.
- Prof Frederick Ma, Chairman of the HKTDC, emphasised that Hong Kong is actively developing its digital trade ecosystem, with a focus on innovation, efficiency and international collaboration, to consolidate its competitive advantages. As digital trade becomes more common, the HKTDC will ensure Hong Kong businesses continue to thrive and enhance the city's role as a leading supply chain hub.
- Pamela Mar, Managing Director of ICC DSI, noted that by aligning its finance, trade and logistics sectors with global digital trade standards, Hong Kong can remain competitive and resilient on the world stage and is well-positioned to spearhead Asia's digital-trade development.
- Andy Lam, Deputy Secretary for Commerce and Economic Development of the HKSAR Government, said that the Government is making reference to the Model Law on Electronic Transferable Records and is considering legislative amendments to remove the legal hurdles in the digitalisation of trade documents. The target is to submit the relevant legislative proposal to the Legislative Council next year to help industry develop technical solutions based on their actual needs.
HONG KONG - July 28, 2025 ( NEWMEDIAWIRE ) - Digitalisation is reshaping the global economy, and companies must embrace digital transformation to capitalise on new opportunities. The 2025-26 Budget announced that the Hong Kong Special Administrative Region (HKSAR) Government would make reference to the Model Law on Electronic Transferable Records (MLETR) advocated by the United Nations Commission on International Trade Law (UNCITRAL) and consider legislative amendments to facilitate digitalisation of trade documents. The legislative proposal will be submitted to the Legislative Council next year. The MLETR is a global standard advocated by the UNCITRAL to provide a legal framework for electronic trade documents. Aligning local legislation with standards of the MLETR is a major endeavour in promoting trade digitalisation. In line with these efforts, the Hong Kong Trade Development Council (HKTDC) and the International Chamber of Commerce Digital Standards Initiative (ICC DSI) co-hosted the 'Digital Trade Masterclass' at the Hong Kong Convention and Exhibition Centre to examine the MLETR's potential impact on Hong Kong's cross-border trade. Industry experts shared practical insights on digital transformation, helping equip businesses with the information they need to enhance their high value-added service capabilities. More than 200 SMEs participated in the event.
As an international financial and trading centre and a leading re-export hub, Hong Kong is able to capitalise on its unique advantages to reinforce connectivity, serving as a bridge linking the mainland and global markets. It provides high-standard professional services, robust financial infrastructure and an innovative environment for international trade. The HKTDC works closely with the HKSAR Government to highlight the city's strength in delivering high value-added services across the trade supply chain.
Speaking at the event, Prof Frederick Ma, Chairman of the HKTDC, said that with the changing trade landscape, there was no better time to reinforce Hong Kong's competitive advantages. 'Hong Kong is actively developing its digital trade ecosystem, with a focus on innovation, efficiency and international collaboration, to consolidate its competitive advantages. As digital trade becomes more common, we are committed to making sure Hong Kong businesses continue to thrive. It is also a great opportunity to reinforce our city's role as a leading supply chain hub. The HKTDC is dedicated to helping businesses leverage innovative technologies to equip businesses to be future-ready. Our Asian Logistics, Maritime and Aviation Conference (ALMAC) examines trends in global trade and supply chains, innovation and digitalisation, while our support programmes, including Transformation Sandbox, help enterprises scale up their capabilities in key areas, including digital transformation and supply chain solutions, to empower SMEs and start-ups to benefit from digital trade.'
Pamela Mar, Managing Director of the ICC DSI, believes Hong Kong, as an international trade and logistics hub already aligned with global standards, will lead Asia's future digital trade development by remaining competitive and resilient amid a shifting global landscape. 'Finance, trade and logistics make up over 45 % of Hong Kong's economy, so accelerating digitalisation in these sectors will have a positive economy-wide impact.', said Pamela Mar. 'Hong Kong is well-positioned to become a leader in this space by aligning global standards and building on its strength as a trusted hub. The adoption of MLETR is a vital step, providing legal certainty for electronic documents like bills of lading, while streamlining processes and enhancing traceability. But legal reform is only the beginning - even greater gains lie in the private sector stepping up its digital transformation, which can be enhanced by Web3 technologies.'
Andy Lam, Deputy Secretary for Commerce and Economic Development of the HKSAR Government, said, 'The HKSAR Government is committed to fostering an efficient business environment and maintaining the international competitiveness of Hong Kong. Facilitating the digitalisation of trade documents is part of this strategy. We anticipate that the industry would actively provide feedback and allow the Government to formulate a legal framework that is in line with the needs of the industry, on which basis the industry may propose different technical solutions. On the other hand, the Government is also pressing ahead with Phase 3 of the Trade Single Window, which will not only facilitate the industry in their submission of business-to-government trade documents such as import and export declarations, but will also connect with the Hong Kong Monetary Authority (HKMA)'s Commercial Data Interchange (CDI) to facilitate banks in accessing relevant data to process trade financing.'
Industry experts discuss challenges in trade digital transformation
Accelerating digital transformation across every link of the supply chain introduces unique challenges. At the Masterclass, the conference brought together specialists in digital trade finance, electronic bills of lading, digital freight and logistics, and digital retail supply chain management to share their practical experience and insights working on digital transformation.
Kenise Sin, Senior Data Analyst in the Financial Infrastructure Department at the HKMA, explained: 'SMEs' access to trade finance has long been hindered by different pain points in the process. For instance, the heavy reliance on paper-based documents has led to inefficiencies and difficulties in tracking and verifying the transactions.' She added that HKMA aims to formulate a digitalisation roadmap for sea, road and air transportation cargo data by the end of this year, integrating cargo data sources across jurisdictions with the HKMA's CDI, to enhance data sharing. In the coming two years, the HKMA will also work with the Airport Authority Hong Kong, the Transport and Logistics Bureau as well as pilot banks to leverage cargo data and CDI to improve digital trade finance.
Erik Kwok, Head of Technology and Operations at Air8 - which develops a supply chain finance platform for cross-border trade - echoed these concerns: 'Many small to medium-sized exporters struggle to secure funding due to inadequate data for credit assessments, hindering their ability to compete globally. These obstacles are compounded by insufficient support for risk management strategies, leaving SMEs vulnerable in a rapidly evolving market.'
Another guest speaker, Candy Chan, Product Manager at IQAX, outlined how digitalising bills of lading can save both time and costs, boosting the efficiency of the entire trade ecosystem. She said many banks, freight forwarders, and customs systems still operate on fragmented digital platforms and lack interoperability. Blockchain, she argued, can bridge these silos: 'Each trading partner has unique operational needs when adopting blockchain networks in digital platforms. In cross-border trade, trading and shipping documents are exchanged, and digitalised documents within a blockchain network can solve trust issues within and across networks, backed by MLETR.'
Photo download: http://bit.ly/4lNB4t9
Media enquiries
Please contact the HKTDC's Communications & Public Affairs Department:
HKTDC Media Room: http://mediaroom.hktdc.com
About HKTDC
The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong's trade. With over 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
a few seconds ago
- Yahoo
McDonald's plans to 'double down' on AI investment by 2027, senior exec says
By Rishika Sadam HYDERABAD (Reuters) -McDonald's plans to "double down" on its artificial intelligence investment by 2027 and is betting on India as a key hub for data governance, engineering and platform architecture, a senior executive told Reuters on Friday. We're still in the early stages, so it's hard to pin down the exact investment, McDonald's head of Global Business Services operations, Deshant Kaila said at an event. Kaila said the fast-food giant's India push will centre on building its AI team, but added that spending will lean more toward technology and tools, not headcount. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
a minute ago
- Bloomberg
Tax Plan That Sparked Korea Stock Plunge Forced Into Review
South Korea's plan to hike taxes on companies and investors, which caused a sudden slump in one of the world's hottest markets on Friday, is facing mounting discontent that could spell trouble for President Lee Jae Myung's domestic agenda. A petition to withdraw the capital gains hike proposal received more than 50,000 signatures, surpassing the threshold needed to trigger a standing committee review. Already, the ruling Democratic Party floated a possible revision of the plan and the presidential office said there's a need to study the underlying causes of the stock market decline.
New York Times
3 minutes ago
- New York Times
With New 40% Tariff, Trump Takes Aim at U.S. Dependence on China's Factories
Ever since President Trump began raising tariffs on goods from China during his first term, Chinese companies have raced to set up warehouses and factories in Southeast Asia, Mexico and elsewhere to bypass U.S. tariffs with indirect shipments to the American market via other countries. But on Thursday, Mr. Trump took aim at all indirect American imports, which he blames for part of the $1.2 trillion U.S. trade deficit. The president imposed 40 percent tariffs on so-called transshipments, which will take effect in a week. And a senior administration official who briefed reporters said work was underway that could broaden considerably the definition of indirect shipments. The new rules cover indirect shipments from anywhere, not just China. But China, with its massive factory infrastructure and expansive manufacturing ambition, has been the main country to develop a global network for such shipments. Trade experts were quick to predict that China would be the most affected — and the most annoyed. 'The trade provisions are a thinly veiled attempt to box in China — China will view them as such, and this will inevitably spill over into trade discussions with the United States,' said Stephen Olson, a former American trade negotiator who is now a senior fellow at the ISEAS-Yusof Ishak Institute, a research group in Singapore. Mr. Trump's executive order Thursday created a new category of imports: goods that are transshipped through other countries instead of coming straight from the country of origin. The 40 percent tariffs on these goods will be on top of whatever tariffs would have applied if the goods had come directly from the country where they were originally made. The legal definition of transshipment is quite narrow: a good that did not undergo a 'substantial transformation' in the country through which it was indirectly shipped. Countries in Southeast Asia like Vietnam have long denied that they allow a lot of transshipment, and they have been tightening inspections to prevent it. Want all of The Times? Subscribe.
