Electronic trade documents can transform cross-border commerce, reining in costs, while fast-tracking transactions across global supply chains.
Businesses, governments and trade organisations are taking note.
“Hong Kong is actively developing its digital trade ecosystem, with a focus on innovation, efficiency and international collaboration,” noted Prof Frederick Ma, Chairman of the Hong Kong Trade Development Council (HKTDC).
“As digital trade becomes more common, we are committed to making sure Hong Kong businesses thrive.”
Prof Ma was speaking at the Digital Trade Masterclass for Hong Kong SMEs, a gathering of industry experts and over 200 SMEs that focused on accelerating digitalisation across the supply chain.
This special seminar was co-organised by the HKTDC and the International Chamber of Commerce Digital Standards Initiative (ICC DSI) – a global body set up in 2020 to promote and help shape a harmonised digital trading environment.
The DSI is backed by an international governance board comprising leaders from the ICC, Enterprise Singapore, the Asian Development Bank, the World Trade Organization and the World Customs Organization.
While many countries and regions have been making advances in digital trade, Hong Kong is well positioned to become a leader in this space by aligning global standards and building on its strengths as a trusted hub, suggested the ICC DSI’s Managing Director, Pamela Mar.
“Finance, trade and logistics make up over 45% of Hong Kong’s economy, so accelerating digitalisation in these sectors will have a positive economy-wide impact,” Ms Mar said.
Hong Kong’s competitive edge
The Hong Kong SAR Government announced in its 2025-26 Budget that it intends to submit a legislative proposal next year to support the growth of digital trade.
This will be based on a UN-supported global standard called the Model Law on Electronic Transferable Records, which provides a legal framework for electronic trade documents.
Andy Lam, Deputy Secretary for Commerce and Economic Development, highlighted the Hong Kong SAR Government’s commitment to fostering an efficient business environment and maintaining Hong Kong’s international competitiveness.
“Facilitating the digitalisation of trade documents is part of this strategy,” pointed out Mr Lam, who also spoke at the masterclass.
Other relevant initiatives are also underway. This includes rolling out the Trade Single Window, an online service where registered users can lodge import and export trade documents with the Hong Kong SAR Government.
The third and final phase of the Trade Single Window will be implemented gradually from 2026 onwards, replacing incumbent platform, Government Electronic Trading Services (GETS).
Enhanced trade finance
Meanwhile, the Hong Kong Monetary Authority (HKMA) is working on a way to make it easier for SMEs to secure trade financing, by adding cargo data from different jurisdictions to its blockchain-based data sharing platform, Commercial Data Interchange (CDI).
“SMEs’ access to trade finance has long been hindered by different pain points in the process,” explained Kenise Sin, a Senior Data Analyst within the HKMA’s Financial Infrastructure Department.
Heavy reliance on paper-based documents has led to inefficiencies and difficulties in tracking and verifying transactions, Ms Sin added.
The HKMA aims to formulate a digitalisation roadmap for cargo data by the end of the year, after unveiling its new initiative – called CargoX – in April.
To further improve digital trade finance, Hong Kong’s central banking institution also plans to work with the Airport Authority Hong Kong and the Transport and Logistics Bureau, as well as pilot banks, to leverage cargo data and CDI.
Digital trade support
The HKTDC also remains dedicated to helping businesses leverage advanced technology, so they can benefit from digital trade.
This year’s Asian Logistics, Maritime and Aviation Conference, which examines trends in global trade and supply chains, innovation and digitalisation, will be held on 17-18 November.
The HKTDC also runs various support programmes, such as Transformation Sandbox, to help companies scale up their capabilities in key areas, including digitalisation and supply chain solutions.