Seeking to transform the SME Supply Chain Finance Ecosystem into Hong Kong
HONG KONG, March 2, 2023 /PRNewswire/ — Diversified financial services group ORIX Hong Kong (ORIX) announced plans to join the “Cyberport Enterprise Network” (CEN) and partner with Cyberport on a Fintech Co-creation project – Call for Innovation 2023. The project aims to promote a marketplace with more open, trusted digital verification systems to promote the reconciliation and funding efficiency of small and medium enterprises (SMEs) among banks and financiers, and welcomes solutions from professionals in decentralized finance (DeFi) technology and the wider web 3.0 community in Hong Kong.
ORIX seeks to accelerate the group’s digital transformation, improve business efficiency and achieve sustainable development through partnerships and the use of appropriate, innovative technical solutions, which will be piloted with their new consumer finance brand BYON.
Solve the pain points of SME financing
SMEs i Hong Kong have long faced difficulties in obtaining financing solutions to cope with business capital needs, a problem exacerbated by information asymmetry, lack of collateral, insufficient credit history, denial of access and more.
The “Call for Innovation” aims to promote a marketplace with a more open, trusted digital verification system to promote SME reconciliation and funding efficiency among banks and financiers. To realize this vision, a distributed ledger system will be built on a permissioned blockchain platform to record the inherent data of SMEs under a decentralized archive approach as a digital identity management system.
Anita ChauHead of Ecosystem Development at Cyberport, said “As Hong Kong enters a new chapter in finance, there is growing market demand for financial innovation, DeFi and web3-related solutions. I am very pleased to partner with ORIX through the Cyberport Enterprise Network (CEN). The Group’s diversified financial services and application scenarios will help accelerate the commercialization of Cyberport startups. I hope that the “Call for Innovation” project can be the starting point for our joint efforts in FinTech pilot initiatives, to encourage financial innovation while expanding the DeFi and web3 talent pool in Hong Kong.”
Princeton Wong, Head of Consumer Finance and Head of Fintech at BYON, added, “In April 2022, we launched BYON with a focus on developing digitized and innovative consumer financing solutions, with the task of breaking the boundaries of traditional financial services. Through the “Call for Innovation” project, we look forward to working with local experts in DeFi solutions and the wider web3 community, and to further develop our solutions that serve the financing needs of SMEs. In the meantime, we hope to promote more financial innovations and powerful development of the financial ecology through our international network.”
“Call for Innovation 2023” Project details
The project is now accepting applications and the deadline for submitting proposals is 31 March 2023. After reviewing proposals and presentations in April, May will see the solution development of selected candidates with funds up to HKD100,000 per project.
The project will seek to provide a suitable platform for emerging industry leaders to pilot and commercialize their solutions with BYON, with opportunities to implement globally at group level, and make a difference in DeFi for the betterment of all SMEs.
The request for proposals focuses on the following areas:
- To design and configure a competent and comprehensive scheme that addresses the problems of decentralized digital identifier (DID) application and management for SMEs and stakeholders within the supply chain ecosystem
- To create and articulate a set of blockchain-based smart contract paradigms applicable to the execution and operation of SME-based supply chain finance practices
- To consider a hybrid DeFi scenario, formulate and propose layer-two or layer-three decentralized applications (dApps) operating on permissioned blockchain to facilitate SME users on functions such as finance, social media, gaming, voting and governance, fundraising , advertising and file storage
- To assess a hybrid DeFi scenario, formulate and advocate type(s) and application(s) of utility tokens within a permissioned blockchain ecosystem to accelerate SME users with functions such as finance, social media, gaming, voting and governance, collection, advertising, and file storage
For more information, please see the information deck: bit.ly/3JRX8Tk.
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The diversified financial group ORIX Hong Kong became a member of the “Cyberport Enterprise Network” (CEN) and co-organized the Fintech Co-creation Project “Call for Innovation 2023” with Cyberport. The project invites emerging talent and start-ups in decentralized financial (DeFi) technology and the wider web 3.0 communities to jointly create technical solutions to improve the reconciliation and funding efficiency of SMEs.
About ORIX Hong Kong
ORIX Hong Kong has more than 50 years of experience in catering Hong Kong, which offers innovative and diversified one-stop financial services for corporate and individual customers. Our business scope covers banking, insurance, investment management, consumer financial products and various financing services including equipment, corporate, vehicle, Hong Kong & Japan mortgage etc.
ORIX Corporation, the parent company of ORIX Hong Kong is headquartered in Tokyo, Japan, which operates in 28 countries and regions worldwide. ORIX Corporation’s subsidiaries i Hong Kong include ORIX Asia Limited, ORIX Finance Services Hong Kong Limited, ORIX Asia Insurance Services Limited and ORIX Asia Capital Limited, etc. For more information, please visit the company’s website:
About BYON
Launched in 2022, BYON is a brand under ORIX Finance Services Hong Kong Limited, a member of the ORIX Group, and focuses on digitized and innovative consumer finance solutions. BYON stands for ‘Break Your Own Norm’, representing the brand’s ambition to break through the boundaries of conventional financial services and open up the endless possibilities in life with aspiring youth.
BYON is committed to enabling customers to excel with their own ideas. By breaking through the boundaries of traditional financial services, BYON stands shoulder to shoulder with those who dare to cross the boundaries, empowering the youth to be bold and to excel in their chosen field. For more information, please visit the company’s website: www.byon.com.hk
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