Velotrade wins Best SME Invoice Solution awarded by the Hong Kong Monetary Authority and The Bank for International Settlements

HONG KONG,Nov. 9,2020 --Velotrade,a leadingdigital platformfor trade finance,has won theBest SME Invoice Solutionaward atTechChallenge,a joint initiative ofBank for International Settlements Innovation Hub(BISIH) andThe Hong Kong Monetary Authority(HKMA) that is designed to showcase the potential for new technologies to resolve problems in trade finance.

Prizes werepresentedduring Hong Kong Fintech Week (November 2-6) when Velotrade and 16 other winners selected from 103 entrants were invited toexhibittheir technology solutions and take part in the event.

TechChallenge was administered by the Deloitte Asia Pacific Blockchain Lab and supported by the Asian Development Bank (ADB),the International Chamber of Commerce (ICC),the International Institute of Finance (IIF),the People's Bank of China (PBOC) and the Wolfsberg Group.

Planning for TechChallenge started when a survey bytheHKMA conducted among 120 banks revealed that 70% of respondents believed that the needs of global finance were not adequately addressed. This finding matched ADB (Asian Development Bank) figures showing that the gap in global trade finance remains around USD 1.5 trillion. Based on these findings BISIH and the HKMA invited global innovators to participate in this new competition.

Velotrade'sonline platform matches the need for trade finance among Asian SME exporters with institutional investors who hold excess liquidity. With a fee-based model that supports recurring transactions and careful risk management,the company has a scalable economic model that is already in operation across international markets.The company's platform is developed in-house and features a high level of end-to-end automation and scalability. A user-friendly interface enables quick and easy interaction via adesktopor mobile device.

On receiving the top TechChallenge award,Velotrade'schairman and co-founder,VittorioDe Angelis said: "We areextremelyproudthat our company has beenrecognisedfor such aprestigiousaward established by BISIH and HKMA. I believe that the TechChallenge prize isavaluable recognition for the work of the Velotrade team in applying the latest technology todigitisetrade finance and benefit SMEs in many markets around the world."

In addition to Velotrade Management Ltd,amongst the other companies that won recognition in the challenge are: HashKey Group,Linklogis International Company Ltd.,PriceWaterhouseCoopers Consulting Hong Kong Ltd.,Refinitiv Hong Kong Ltd.,Standard Chartered and University of Hong Kong-SCF FinTech Academy and WeBank Co.,Ltd.

Solutions were judged by a panel comprising representatives of the public and private sectors,including experts from the partnering organisations listed above and leading global TradeTech platforms.

"We believe that the winning proposals,when further developed,hold great potential for addressing some long-standing pain points of the global trade finance business," said Edmund Lau,Senior Executive Director of the HKMA.

"Receiving innovative tech solutions from companies based all over the world shows that technology has significant potential to improve trade finance processes,ranging from very large institutional trade finance to SMEs at the grassroots level," said BenoîtCœuré,Head of the BIS Innovation Hub.

About Velotrade

Velotrade is a digital trade finance platform used by businesses of all sizes to finance their cash flow.Corporates can access financing via invoice discounting,e-commerce financing,purchase order financing and other trade finance assets. The funds are injected by investors with excess liquidity who are seeking alternative ways to achieve attractive returns in afavourablerisk-return framework.

Using the latest-available technologies to conduct comprehensive credit analysis and incorporating modern compliance procedures,Velotrade's platform is an efficient and rapid means for companies to obtain financing to meet their cash flow imbalances.Corporates in need of financing and investors keen to access the trade finance asset class can apply for inclusion on the Velotrade platform.

Velotrade provides leading financial institutions with access to new investment opportunities in the developing alternative asset class of Trade-related Financing.The company is headquartered in Hong Kong where it is regulated by the Securities and Futures Commission (SFC).