The Times Australia
News From Asia

.
The Times Real Estate

.

GS1 Hong Kong as the First Batch of Participant in CDI’s Initiative Unlocking the Next Generation of Trade Finance Service for SMEs

HONG KONG SAR - Media OutReach - 24 October 2022 - GS1 Hong Kong (GS1 HK) welcomes the launch of Commercial Data Interchange (CDI) by the Hong Kong Monetary Authority (HKMA) today.

As the first batch of CDI participants, we fully commit to support the next generation digital trade finance services through the offering of trusted digital trade data from GS1 Hong Kong's ezTRADE, a long-serving B2B order-to-cash platform.

Anna Lin, Chief Executive, GS1 Hong Kong
Anna Lin, Chief Executive, GS1 Hong Kong

As one of the first key collaboration partners in HKMA's CDI pilot project since its inception in 2020, GS1 HK has successfully launched its ezTRADE Data Management Portal connecting to CDI as Data Provider.

GS1 HK has been digitising trade by connecting buyers and suppliers through ezTRADE for more than 20 years. It is being used by a range of industries like fast-moving consumer goods (FMCG) and food and beverage (F&B) companies, including 95% of local supermarkets, 79% of hospital drugs supply chains and 70% of Hong Kong-styled fast food restaurant groups today.

GS1 HK has been partnering with banks to offer digital trade financing, which aims to help business get working capital easier and faster. The up-to-date and trusted transactional data such as purchase orders and invoices reflect the latest financial health of the borrowers. With the consent from the borrowers, banks can get the reliable data from ezTRADE as alternative data to accelerate the credit assessment and approval processes.

In addition, we have been helping banks to build a trade financing workflow system that bridges their own applications to CDI, saving their development efforts while facilitating secure sharing of data. As a data provider with expertise to support connectivity between banks and the CDI, GS1 HK plays a pivotal role in digitising trade and shaping the digital trade financing landscape.

"We are excited to have partnered with banks to offer new financial services to our ezTRADE suppliers community. Not only does this new offering speed up SMEs' access to working capital, but as well provide banks with trusted up-to-date trade data to offer better loan facilities and continuously monitor the borrowers' health. CDI provides an efficient and scalable ecosystem to collaborate with more financial service providers," said Dr. Stephen Lam, Chief Operating Officer of GS1 HK.

Instead of multiple one-to-one connections between banks and sources of commercial data, CDI enables each bank and data provider to have a single connection to CDI, making data sharing more secure, efficient, and scalable.

"By providing alternative data for banks to enable more streamlined and hassle-free services to SMEs, we have been bringing great value to the SMEs in their continued digitalisation journey. We look forward to working with more banks, third party logistics providers, technology partners and other stakeholders in the digital trade financing ecosystem, empowering more innovative services to the SMEs," said Anna Lin, Chief Executive of GS1 HK.

Hashtag: #GS1HongKong

The issuer is solely responsible for the content of this announcement.

About GS1 Hong Kong

Founded by the Hong Kong General Chamber of Commerce in 1989, GS1 Hong Kong (GS1 HK) is the local chapter of GS1®, which supports companies' digitalisation to enhance supply chain transparency and efficiency, ensure product authenticity, and facilitate online and offline commerce with global supply chain standards (product identification key and barcode) and a full spectrum of standard-based platforms, solutions and services.

Currently, GS1 HK has around 8,000 corporate members covering close to 20 industries including retail consumer goods, food and food services, healthcare, apparel, logistics as well as information and technology. By engaging with communities of trading partners, industry organisations, government, and technology providers, GS1 HK is fostering a collaborative ecosystem with the vision of "Smarter Business, Better Life".

Headquartered in Brussels, Belgium, GS1® is a not-for-profit, standards organisation that has 115 national chapters serving 150 economies globally. For more information, please visit .

The Times Features

Itinerary to Maximize Your Two-Week Adventure in Vietnam and Cambodia

Two weeks may not seem like much, but it’s just the right time for travelers to explore the best of Vietnam and Cambodia. From the bustling streets of Hanoi to the magnificent te...

How to Protect Your Garden Trees from Wind Damage in Australia

In Australia's expansive landscape, garden trees hold noteworthy significance. They not only enhance the aesthetic appeal of our homes but also play an integral role in the local...

Brisbane Homeowners Warned: Non-Compliant Flexible Hoses Pose High Flood Risk

As a homeowner in Brisbane, when you think of the potential for flood damage to your home, you probably think of weather events. But you should know that there may be a tickin...

Argan Oil-Infused Moroccanoil Shampoo: Nourish and Revitalize Your Hair

Are you ready to transform your hair from dull and lifeless to vibrant and full of life? Look no further than the luxurious embrace of Argan Oil-Infused Moroccanoil Shampoo! In a...

Building A Strong Foundation For Any Structure

Building a home or commercial building can be very exciting. The possibilities are endless and the future is interesting. You can always change aspects of the building to meet the ...

The Role of a Family Dentist: Why Every Household Needs One

source A family dentist isn’t like your regular dentist who may specialise in a particular age group and whom you visit only when something goes wrong. A family dentist takes proa...

Times Magazine

"Eternal Nurture" by Cara Barilla: A Timeless Collection of Wisdom and Healing

Renowned Sydney-born author and educator Cara Barilla has released her latest book, Eternal Nurture, a profound collection of inspirational quotes designed to support mindfulness, emotional healing, and personal growth. With a deep commitment to ...

How AI-Driven SEO Enhancements Can Improve Headless CMS Content Visibility

Whereas SEO (search engine optimization) is critical in the digital landscape for making connections to content, much of it is still done manually keyword research, metatags, final tweaks at publication requiring a human element that takes extensiv...

Crypto Expert John Fenga Reveals How Blockchain is Revolutionising Charity

One of the most persistent challenges in the charity sector is trust. Donors often wonder whether their contributions are being used effectively or if overhead costs consume a significant portion. Traditional fundraising methods can be opaque, with...

Navigating Parenting Arrangements in Australia: A Legal Guide for Parents

Understanding Parenting Arrangements in Australia. Child custody disputes are often one of the most emotionally charged aspects of separation or divorce. Parents naturally want what is best for their children, but the legal process of determining ...

Blocky Adventures: A Minecraft Movie Celebration for Your Wrist

The Minecraft movie is almost here—and it’s time to get excited! With the film set to hit theaters on April 4, 2025, fans have a brand-new reason to celebrate. To honor the upcoming blockbuster, watchfaces.co has released a special Minecraft-inspir...

The Ultimate Guide to Apple Watch Faces & Trending Wallpapers

In today’s digital world, personalization is everything. Your smartwatch isn’t just a timepiece—it’s an extension of your style. Thanks to innovative third-party developers, customizing your Apple Watch has reached new heights with stunning designs...

LayBy Shopping