In response to the evolving global trade landscape and accelerating digital transformation, Hong Kong is consolidating its strength and reinforcing its position as an International Trade Centre while driving industry digitalisation.
PAO Bank Limited has actively support the HKSAR government’s initiatives to promote data-sharing infrastructure and financial technology development.
PAObank adopted data from ‘Port Community System’, serving as a pilot case to explore the potential of the PCS data in replacing traditional freight documentation.
PAObank has been invited to join PCS Rollout Ceremony, sharing professional insights on leveraging cargo data to promote digital trade finance.
The PCS enables interoperability of logistics data across sea, land and air transport, establishing a comprehensive and reliable logistics footprint for cargo transiting through Hong Kong.
PAObank, as the first digital bank to participate in the Commercial Data Interchange initiative, has become a leader in harnessing alternative data to streamline financing process.
PAObank was invited to PCS Rollout Ceremony on 16 January to share its practical experience in utilising PCS for trade finance.
The real-time import and export customs declaration and cargo data provided by PCS empower banks to better understand the trade and capital flows of SMEs, thereby reducing credit costs and enhancing the efficiency of trade finance.
Ambrose Wong, Alternate Chief Executive & Chief Risk Officer of PAObank, said, “As one of the Ping An Group’s integrated financial platforms in Hong Kong, PAObank is driven by the vision of empowering finance through technology.
“We are at the forefront of utilising alternative data to simplify SME financing and establishing industry benchmarks. Traditional port information is often fragmented, and banks lack access to consolidated trade data, making it difficult to assess business operations and credit risks in a timely and accurate manner, which affects financing efficiency.
“PCS provides unified, reliable, and comprehensive logistics data, further breaking down industry data barriers. This enables banks to access real-time data, quickly and accurately evaluate SME business conditions, and conduct more precise credit approvals to meet SMEs’ funding needs and help them seize business opportunities.”
Wong noted that PAObank would continue to support the HKSAR government in jointly promoting the digitalisation of trade finance, deepening application scenarios, and enabling more SMEs to benefit from robust data-sharing infrastructure, contributing to strengthening Hong Kong’s position as an international financial and trade centre.
PAObank stated that it would continue to strengthen its commercial data utilisation, integrating diverse data from trade, logistics and finance to unlock data potential.
The bank will continue to be the trade partner, offering banking services including foreign currency deposits, cross-border remittance, and foreign currency exchange to help SMEs unlock their business potential.
In addition, PAObank disclosed that it was “actively” developing innovative financial technologies to provide more diversified services for SMEs and individual customers, working together to promote the sustainable and healthy development of Hong Kong’s economy.
