^{Photo from left: Anson Suen, CEO & Co-founder of FundPark; Terence Chiu, Commissioner of HKECIC and George Leung, Chief Executive Officer of SCOR Reinsurance Co. (Asia) Ltd.}

Hong Kong Export Credit Insurance Corporation (HKECIC) has announced the launch of its first trade credit insurance cover based on SCOR Smart Credit, an alternative data underwriting tool developed by SCOR Reinsurance Co. (Asia) Ltd. (SCOR), in a bid to support cross-border e-commerce trade. This new product offers protection for trade loans granted by FundPark Ltd. (FundPark), a Hong Kong registered fintech company, to Hong Kong registered merchants. The idea is to facilitate SMEs’ access to trade financing, in order to encourage and support their development of cross-border e-commerce trade.

SCOR Smart Credit is an applied data-driven underwriting engine that takes an innovative approach to digital underwriting by analyzing data from various sources, using an underwriting algorithm developed by SCOR. This makes risk assessment much faster than with traditional, manual underwriting methods, and enhances overall portfolio quality by creating efficiency, effectiveness, and consistency for the insurer.  

With this collaboration and innovative digital underwriting tool, SCOR is further demonstrating its ambition to shape the reinsurer of tomorrow.

George Leung, Chief Executive Officer of SCOR Reinsurance Co. (Asia) Ltd., said, “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 assists efficient and effective trade credit risk assessment and helps insurers and financiers seize opportunities in this undiscovered segment. We strongly believe in combining innovative solutions and solid partnerships to close protection gaps and support economies.”  

Terence Chiu, Commissioner of HKECIC, said, “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 based on merchants' alternative performance and operating data on specific e-commerce platform as primary consideration for risk assessment. We are honoured to have the opportunity to join up with key partners in the fintech industry and the re-insurance industry to take the lead in launching this innovative initiative, helping e-commerce merchant secure financing and the further development of cross-border e-commerce trade.”

Anson Suen, CEO & Co-founder of FundPark, said, “This first-of-a-kind underwriting and reinsurance arrangement is a testament to the strength of FundPark’s proprietary risk management platform, use of AI technology and overall track record. We are delighted to innovate with HKECIC and SCOR to bring to market a new and collaborative solution that further facilitates the provision of working capital to more merchants who may find it difficult to acquire financing from financial institutions.”
 

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About HKECIC  
HKECIC was established in 1966 under the Hong Kong Export Credit Insurance Corporation Ordinance (Chapter 1115). Through the provision of export credit insurance services, HKECIC protects Hong Kong exporters who trade on credit terms with overseas buyers against non-payment risks and helps them conduct export business in a prudent manner. The HKSAR Government provides a guarantee of HK$80 billion for HKECIC’s contingent liability.

About FundPark 
FundPark is a fintech scale-up supporting fast growth digital entrepreneurs by delivering insights and capital to bridge their needs to growth. This is enabled by its proprietary credit model and AI technology, enabling it to harness real time data from its global ecosystem of partners including Amazon, eBay, Tmall and Walmart. Founded in 2016 in Hong Kong, FundPark has grown substantially, providing over US$2.5 billion in working capital funding and supporting over 17,000 shops in the cross-border eCommerce sector.  

About SCOR 
As a leading global reinsurer, SCOR offers its clients a diversified and innovative range of reinsurance and insurance solutions and services to control and manage risk. Applying “The Art & Science of Risk”, SCOR uses its industry-recognised expertise and cutting-edge financial solutions to serve its clients and contribute to the welfare and resilience of society. The Group generated premiums of EUR 19.4 billion in 2023 and serves clients in around 160 countries from its 35 offices worldwide.

SCOR has been a global leader reinsuring Credit, Surety and Political risks for more than 40 years, generating one of the largest premium incomes in the world for this line of business. The team leverages its consistent approach to underwriting/pricing and its ability to innovate throughout business, credit and financial cycles, to build longstanding relationships with clients and partners.