Invoice Bazaar Blog

Hong Kong Monetary Authority and BIS launch project to help fund SMEs

By Invoice Bazaar | September 18, 2022

To enable SMEs to get better funding, the Hong Kong Monetary Authority (HKMA) and the Bank for International Settlements (BIS) Innovation Hub have started Project Dynamo. This project will use Decentralized finance (DeFi), smart contracts, and blockchain to explore the pool of funds available and the impact of funding costs. In the future, BIS intends to use artificial intelligence to evaluate SME credit risks and innovative supply chain funding solutions while confirming the interoperability of various payment solutions like central bank digital currency and stablecoins for financing cash flows of SMEs. Furthermore, blockchain may be utilized to tap alternative finance sources other than banks.

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