HKMA’s launches expert panel 'Cargox' to digitise cargo data across sea, road, and air transport - Trade Treasury Payments

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HKMA’s launches expert panel ‘Cargo^x‘ to digitise cargo data across sea, road, and air transport

The Hong Kong Monetary Authority (HKMA) has launched an Expert Panel on Project Cargo^x  to strengthen Hong Kong’s digital trade finance ecosystem, leveraging cargo data through the Commercial Data Interchange (CDI).

The Expert Panel comprises industry representatives from cargo data providers, banks, trade associations, credit reference agencies, and government bodies. Its mandate includes formulating a roadmap by the end of 2025 to digitise cargo data across sea, road, and air transport, integrating these sources into the CDI system.

Fragmentation across trade platforms has made it difficult for banks to access consistent documentation and verify trade transactions. Project Cargo^x aims to address this by using cargo data to provide a clearer view of clients’ trading activities, supporting more informed credit assessments and expanding access to trade finance for SMEs and merchants.

Launched by the HKMA in October 2022, the CDI is a consent-based financial data infrastructure designed to enhance data sharing by facilitating financial institutions’ retrieval of enterprises’ commercial data, particularly for SMEs, from both public and private data providers.

In collaboration with partners such as the Airport Authority Hong Kong (AAHK) and the Transport and Logistics Bureau (TLB), the HKMA will conduct proof-of-concept (POC) studies and pilot new digital trade finance solutions throughout 2025 and 2026.

Eddie Yue, Chief Executive of the HKMA, said, “In today’s complex global trade landscape, many businesses, in particular SME traders, need more digitalised and efficient trade finance solutions to transform their business models and supply chains. By uniting a diverse group of experts from public and private sectors, the Expert Panel will play a pivotal role in driving the advancement of our digital trade finance ecosystem, reinforcing Hong Kong’s position as a premier trade finance hub and fostering the growth of SMEs. Leveraging cargo data and our next-generation CDI data infrastructure, Cargo^x will help resolve some long-standing pain points in trade finance for banks, ultimately boosting efficiency and driving industry-wide innovation.”

The initiative aligns with the TLB’s development of a Port Community System, scheduled for completion by the end of this year. This system aims to provide cargo tracking across all transport modes using blockchain technology to ensure data integrity.

Amy Chan, Commissioner for Maritime and Port Development at the TLB, said, “The Port Community System will elevate the maritime, port, logistics, and trading industries to new heights of digitalisation. We look forward to collaborating with the Expert Panel and strategic partners to unlock its potential in facilitating trade finance, supporting SMEs, and strengthening Hong Kong’s global maritime position.”

The AAHK also expressed support, highlighting the synergy between cargo data infrastructure and digital finance solutions.

Cissy Chan, Executive Director, Commercial of AAHK, said, “The successful use case co-created with the HKMA’s CDI exemplifies the benefits of leveraging cargo data to enhance trade finance. We are excited to continue supporting the Cargo^x initiative and Hong Kong’s digital trade finance development.”

Leading banks have voiced support for Project Cargo^x.

Speaking to TTP, Aditya Gahlaut, Head of Global Trade Solutions, Asia at HSBC, said, “We are pleased to support Project Cargo^x, an innovative initiative led by the HKMA aimed at leveraging cargo data to enhance trade finance accessibility. As the world’s leading trade finance bank, we will contribute our subject matter expertise and work closely with industry peers to bridge the financing gap for businesses through digital solutions.”

HSBC has been collaborating with various data providers in its data-driven Merchant Financing Programme, streamlining access to funding for businesses and eCommerce merchants. Additionally, the Bank has introduced HSBC TradePay, a straight-through, digital trade finance solution that allows customers to seamlessly draw down trade loans and pay suppliers with a single payment file upload.

Project Cargo^x is anticipated to play a crucial role in improving the efficiency, accessibility, and cross-border connectivity of trade finance services in Hong Kong, with a particular focus on supporting SMEs.

Members of the Expert Panel on Cargo^x:

• Airport Authority Hong Kong
• Bank of China (Hong Kong) Limited
• Coface Greater China Services Limited
• Dun & Bradstreet (HK) Limited
• FreightAmigo Services Limited
• Fung Group (participating through HKUST Li & Fung Supply Chain
  Institute)
• GS1 Hong Kong
• Hang Seng Bank Limited
• Hong Kong Export Credit Insurance Corporation
• Hong Kong Monetary Authority
• HongKong and Shanghai Banking Corporation Limited (The)
• International Chamber of Commerce Digital Standards Initiative
• Logistics and Supply Chain MultiTech R&D Centre
• Shanghai Commercial Bank Limited
• Standard Chartered Bank (Hong Kong) Limited
• Tradelink Electronic Commerce Limited
• Transport and Logistics Bureau