Digitalisation is reshaping the global economy, and businesses must adapt to capitalise on emerging opportunities.
In the 2025–26 Budget, the Hong Kong Special Administrative Region (HKSAR) Government announced it would make reference to the Model Law on Electronic Transferable Records (MLETR) developed by the United Nations Commission on International Trade Law (UNCITRAL) and explore legislative changes to support the digitalisation of trade documents.
A legislative proposal is expected to be submitted to the Legislative Council next year.
The MLETR serves as a global framework for electronic trade documentation, and aligning local legislation with it represents a significant step in advancing trade digitalisation.
In support of these efforts, the Hong Kong Trade Development Council (HKTDC) and the International Chamber of Commerce Digital Standards Initiative (ICC DSI) jointly hosted the “Digital Trade Masterclass” at the Hong Kong Convention and Exhibition Centre to examine the potential implications of MLETR on Hong Kong’s cross-border trade.
The event featured industry experts sharing practical insights into digital transformation, aiming to help businesses strengthen their service capabilities.
Over 200 small and medium-sized enterprises attended.
Hong Kong, as an international financial and trading centre and a leading re-export hub, is well positioned to leverage its advantages in connecting mainland China with global markets.
The city offers high-quality professional services, a strong financial infrastructure and an environment that supports innovation in trade.
The HKTDC works in partnership with the HKSAR Government to highlight Hong Kong’s role in delivering high value-added services across the trade supply chain.
At the event, Professor Frederick Ma, Chairman of the HKTDC, said the shifting trade landscape presents a timely opportunity to reinforce Hong Kong’s competitive strengths.
“The HKTDC is dedicated to helping businesses leverage innovative technologies to equip businesses to be future-ready. Our Asian Logistics, Maritime and Aviation Conference examines trends in global trade and supply chains, innovation and digitalisation, while our support programmes, including Transformation Sandbox, help enterprises scale up their capabilities in key areas, including digital transformation and supply chain solutions, to empower SMEs and start-ups to benefit from digital trade.”
Speakers at the event also discussed challenges associated with digital transformation in trade.
Kenise Sin, Senior Data Analyst in the Financial Infrastructure Department at the HKMA, highlighted how reliance on paper-based processes continues to limit SMEs’ access to trade finance.
“SMEs’ access to trade finance has long been hindered by different pain points in the process. For instance, the heavy reliance on paper-based documents has led to inefficiencies and difficulties in tracking and verifying the transactions.”
Sin added that the HKMA aims to release a digitalisation roadmap for cargo data across sea, road and air transport by the end of the year, and plans to integrate this data into the CDI to support trade finance efforts.
Over the next two years, the HKMA will collaborate with the Airport Authority Hong Kong, the Transport and Logistics Bureau and pilot banks to make use of cargo data and the CDI.
Featured image credit: HKTDC