Latest news with #FrederickMa
Associated Press
2 days ago
- Business
- Associated Press
HKTDC Boosts Hong Kong's Competitive Edge in High-Value Services
'Digital Trade Masterclass' spotlights digital financing, e-bills of lading and retail supply chain management - 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: Media enquiries Please contact the HKTDC's Communications & Public Affairs Department: HKTDC Media Room: 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:
Yahoo
2 days ago
- Business
- Yahoo
HKTDC Boosts Hong Kong's Competitive Edge in High-Value Services
"Digital Trade Masterclass" spotlights digital financing, e-bills of lading and retail supply chain management - 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: Media enquiries Please contact the HKTDC's Communications & Public Affairs Department: Johnny Tsui Tel: (852) 2584 4395 Email: Winnie Kan Tel: (852) 2584 4055 Email: Agnes Wat Tel: (852) 2584 4554 Email: HKTDC Media Room: About HKTDCThe 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: 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
South China Morning Post
2 days ago
- Business
- South China Morning Post
Hong Kong urged to speed up digital shift to protect global trade status
Industry leaders have called for an urgent overhaul of Hong Kong's trade ecosystem, stressing that the city must accelerate its shift from paper-based processes to digital solutions to defend its status as a global hub against rapidly advancing rivals. Advertisement The call to action came on Monday at an event co-hosted by the Trade Development Council and attended by more than 200 small to medium-sized enterprises (SMEs) attended. Speakers at the 'Digital Trade Masterclass' warned that the city could not afford to be complacent, as other regions, including mainland China and developing countries such as Thailand, were making rapid progress in digitalising their trading systems. The consensus was that embracing digitalisation was no longer a choice but a necessity, especially as local traders navigated the crosswinds of the US-China rivalry. The government is preparing to submit a legislative proposal next year to legally recognise electronic trade documents. The move is based on the UN's Model Law on Electronic Transferable Records, a framework designed for the digital age. There was strong interest in the 'Digital Trade Masterclass'. Photo: Handout Council chairman Frederick Ma Si-hang, recalling his early career in banking, underscored the need for change.
South China Morning Post
28-06-2025
- Business
- South China Morning Post
Hong Kong should look to Africa, South America to boost trade: Fred Ma
Hong Kong should develop new markets in Africa and South America as it faces obstacles in its traditional ones in Europe and North America, the head of the city's trade promotion body has said. Trade Development Council chairman Frederick Ma Si-hang also said on Saturday that the city had to increase the size of its exhibition venues, noting that a 'lack of space' was Hong Kong's biggest disadvantage compared with different regions. Ma said that he expected Hong Kong's exports in the second half of the year to be weaker than in the first six months amid the ongoing Sino-US trade war. He said the council would focus on exploring new markets by visiting Asean countries, notably Indonesia while also looking at expanding African ones 'Right now we are facing a lot of resistance from our traditional markets in Europe and North America, so we must develop new markets,' he said. Frederick Ma took office as council chairman on June 1 .Photo: Jonathan Wong
South China Morning Post
15-06-2025
- Business
- South China Morning Post
Frederick Ma is right man to lead the TDC in Hong Kong
Buffeted by geopolitical headwinds, many companies around the world have recently been placing great stock in taking a 'long view'. It is good to see the new chairman of Hong Kong's trade promotion body outlining a course that reflects a solid vision, mixing longer-term strategy with plans to achieve more immediate goals. Advertisement Hong Kong Trade Development Council chairman Frederick Ma Si-hang took office on June 1, and only days into his tenure, he was urging local businesses to capitalise on global uncertainties. He said Hong Kong companies should not see the US-China tariff war as 'the end of the world'. He is also taking a hard look at the 59-year-old statutory body and its network of 51 offices around the world. Ma said the council would explore adding more branches, including an office in Peru where the city recently struck a new free-trade deal. Ma's experience as a former commerce chief will hopefully be an asset. Highlighting a need to 'reposition our global presence', he acknowledged that uncertainties would be a constant as long as US President Donald Trump stayed in office. It was good to hear Ma call for Hong Kong to turn crisis into opportunity by playing to its unique advantages, including its roles as a free-trade port, international financial centre and 'superconnector' bridging mainland Chinese and international markets. Ma takes up the role just vacated by Peter Lam Kin-ngok, who is returning to the Tourism Board as chairman. Margaret Fong Shun-man, executive director of the council, is also set to retire by the end of this year. Ma said events the council organised should take more cues from current affairs, and even the annual flagship Asian Financial Forum may be rebranded to include more industry elements. Small and medium-sized enterprises are rightly being offered assurances of continued council help in areas like digitalisation and supply chain optimisation. But Ma said he would also push firms to expand into new markets. The suggestions outlined so far are welcome signs that the new chairman is well aware of the realities of geopolitics and the need for the council to adapt in ways that can help the city's businesses rise to new challenges. Advertisement
