Standard Chartered, FreightAmigo team up to streamline financing for HK’s SMEs

The partnership will utilise "federated learning" developed by the Hong Kong ASTRI.

Standard Chartered Bank (Hong Kong) and FreightAmigo are collaborating to boost Hong Kong's small and medium-sized enterprises (SMEs) which aims to simplify financing and credit application procedures

The partnership is leveraging privacy-preserving technology, specifically "federated learning" developed by the Hong Kong Applied Science and Technology Research Institute (ASTRI).

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The technology allows collaborative machine learning while ensuring data privacy, enabling the generation of predictive machine learning models based on data from FreightAmigo's platform. 

This approach enhances SMEs' access to financial solutions tailored to their needs, addressing challenges related to financing, cash flow, and information fragmentation.