HSBC, STANCHART, and BOC HONG KONG welcome the HKMA's "CargoX Project Proposal Report"

HSBC, Standard Chartered Bank, and BOC Hong Kong welcomed the Hong Kong Monetary Authority's (HKMA) release of the "CargoX Project Proposal Report" today (January 19).

Aditya Gahlaut, Head of Global Trade Solutions for Asia at HSBC, stated that as a member of the CargoX expert group, HSBC leveraged its extensive expertise in global trade finance to actively provide input for the "CargoX Project Proposal Report." The report was completed in close collaboration between the HKMA and industry experts, clearly outlining a roadmap that will guide the project and participating institutions in jointly exploring the future of trade finance.

Jin Luhsi, Chief Operating Officer of Standard Chartered Hong Kong and General Manager of the Hong Kong CEO Office, mentioned that as one of the initial members of the CargoX pilot bank and expert group, Standard Chartered proposed a total of 20 recommendations centered around three strategic pillars: data, infrastructure, and connectivity. These recommendations aim to promote the application of freight logistics data, accelerate the digitalization of trade finance, and assist more businesses (especially SMEs) in obtaining financing conveniently to expand their operations, thereby driving the development of the real economy.

Yu Chenping, Deputy General Manager of the Transaction Banking Department at BOC Hong Kong, stated that the report highlights the important role of the CargoX project in promoting the transformation and upgrading of trade finance in Hong Kong, providing clear guidance for the digitalization of trade processes and enhancing the efficiency of cross-border transactions. Drawing on valuable experience in enhancing trade finance services through freight logistics, BOC Hong Kong offered multiple recommendations in the report focusing on the effective use of freight and trade data, strengthening digital trade infrastructure, and promoting data connectivity