Hong Kong Export Credit Insurance Corporation (HKECIC) has launched its first trade credit insurance coverage based on SCOR Smart Credit, an alternative data underwriting tool developed by SCOR Reinsurance. HKECIC offers protection for trade loans granted by FundPark to Hong Kong-registered merchants, with the aim of facilitating access to trade financing and supporting the development of cross-border e-commerce trade. Terence Chiu, commissioner of HKECIC, remarks: “Cross-border e-commerce trade has been growing tremendously worldwide in the past few years. HKECIC is glad to collaborate with SCOR to offer a market-first e-commerce trade insurance-backed financing solution. "We are honoured to take the lead in launching this innovative initiative, which will help e-commerce merchants secure financing and further develop cross-border e-commerce trade." George Leung, CEO of SCOR Reinsurance Asia, states: “Assessing trade financing risk is never an easy task, especially when it comes to SMEs whose strength and potential may not be easily realised by looking at their financials or traditional risk underwriting factors. “SCOR is pleased to collaborate with HKECIC and FundPark to develop this automated, data-driven underwriting tool that facilitates efficient and effective trade credit risk assessment and helps insurers and financiers seize opportunities in this undiscovered segment.”
