FOR IMMEDIATE RELEASE: November 19, 2020
The proposal submitted by the Kozolchyk National Law Center, in partnership with the Asian Institute of International Financial Law and tech startup INVIOU, aims to create a flourishing ecosystem for SME trade finance.
TUCSON, Ariz. USA – A technology platform designed to transform access to trade finance for small and medium-sized enterprises (SMEs) was shortlisted in the TechChallenge initiative of Hong Kong.
The proposal, submitted by the Kozolchyk National Law Center (NatLaw), in partnership with the Asian Institute of International Financial Law (AIIFL) and Israeli tech startup INVIOU, aims to create an advanced ecosystem for SME trade finance, specifically across emerging markets.
“The goal is to develop an industry-wide platform to enable fast, competitive and secure financing to SMEs, promoting inclusive economic opportunity on a global scale,” said Marek Dubovec of NatLaw, a non-profit organization based in Tucson, Arizona, that leads economic development projects across the world.
“Financial institutions can easily connect to the platform without changing their technology, simplifying the process of assessing creditworthiness,” said Dror Shapira, CEO of INVIOU. “Through this solution, financial institutions can quickly and cost-effectively manage risks and provide financing to SMEs.”
As part of the TechChallenge proposal, NatLaw and AIIFL plan to enhance the technology by facilitating compliance with the applicable legal and regulatory framework.
In addition to financial institutions and SMEs, the platform would benefit regulators and firms that offer financial and regulatory technology solutions. Regulators can monitor system-wide dynamics and ensure compliance with fundamental rules. FinTech and RegTech firms can also connect to the platform, developing new services for SMEs, financial institutions, and regulators.
As more entities join, the network would increase its reliability. It is designed to connect a variety of digital islands and other networks that traditionally operate in silos.
“The plan is to enable partners and competitors to collaborate in reducing fraud and transaction costs to establish a healthy ecosystem for trade finance supporting SMEs,” said Giuliano Castellano of AIIFL. “It streamlines the process of identifying risks – and with NatLaw’s and AFIIL’s support, also the legal and regulatory issues associated with SME financing.”
“We’re honored to have been shortlisted for funding in the TechChallenge,” said NatLaw’s Executive Director, Marek Dubovec. “This technology platform will get us one step closer to achieving our vision, to create a world with economic opportunity for all.”
Senior Director, Development & Operations
Kozolchyk National Law Center (NatLaw)
Phone: +1 (520) 622-1200
About the Kozolchyk National Law Center (NatLaw)
A non-profit organization based in Tucson, Arizona, USA, NatLaw promotes inclusive economic opportunity through sustainable legal solutions. With more than 25 years leading international development projects, NatLaw sets standards by working with global organizations to draft model laws, legislative guidelines and practice guides. It also drafts and implements domestic laws and regulations on secured financing, warehouse receipts, factoring and other financial frameworks and supports the implementation of related tech systems such as collateral registries and receivables platforms. Additionally, NatLaw provide hands-on, practical capacity building programs in both the private and public sectors aimed at promoting sustainable economic growth in emerging markets. Learn more at natlaw.com.
About the Asian Institute of International Financial Law (AIIFL)
Since its establishment in 1999, the Asian Institute of International Financial Law (AIIFL) has enjoyed a rapidly growing international reputation as an academic center in the areas of international commercial, corporate and financial law and regulation. Within the Faculty of Law of the University of Hong Kong (HKU), AIIFL has contributed to teaching and research in the areas of FinTech and RegTech. Key initiatives include the world’s leading Massive Open Online Course (MOOC) on Introduction to FinTech, undergraduate and postgraduate programmes and innovation hubs such as LITE (Law Innovation Technology Entrepreneurship) Lab. In addition, AIIFL researchers have a track-record of publicly funded research projects concerning financial innovation and technology, sustainable development and access to finance, as well as legal and regulatory policy reforms. Learn more at: https://www.law.hku.hk/aiifl/
INVIOU is an Israeli startup, listed in the KPMG’s 100 Leading Global Fintech Innovators for 2019 and the winner of the “Better Tomorrow” 2020 for developing a Hyperledger fabric DLT-based platform and solutions for registry networks. Its network based on platform-enabled partners, affiliates and competitors that easily share, cross-reference and validate confidential data without exposing it eliminates information asymmetry, boosts collaboration, prevents fraud and reduces friction. Learn more at: https://www.inviou.com/
TechChallenge is a joint initiative of the BIS Innovation Hub (BISIH) and the Hong Kong Monetary Authority (HKMA) designed to showcase the potential for new, innovative technologies to resolve problems in trade finance (TradeTech). It is 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.