Block Chain word with icons as vector illustration

Global regulators are holding a hackathon to explore the prospect of blockchain and other innovation opportunities in trade finance.

The Bank for International Settlements (BIS) announced a joint initiative involving the BIS Innovation Hub and the Hong Kong Monetary Authority (HKMA) to examine the potential for innovative technologies, known as “tradetech,” to facilitate trade finance.

The event focuses on issues such as financial inclusion for small and medium-sized businesses deploying tradetech in emerging markets, and increasing network effects.

“Solution providers are free to suggest any technology approaches they consider suitable to address one or more of the [challenges], including decentralized approaches based on blockchain/distributed ledger technologies,” the organizers said in an information document.

The deadline for entries is Aug. 31. Short-listed proposals will be presented to the judges in mid-October, and winners will be presented at the Hong Kong FinTech Week in November.

Submissions will be judged by a panel of representatives from the BIS, HKMA, other sponsoring organizations — including the Asian Development Bank, the International Chamber of Commerce, the International Institute of Finance, the People’s Bank of China and the Wolfsberg Group — and global tradetech platforms.

“Selected winners will be taken forward to prototype development,” the organizers said.