December 15, 2023 by Aurora Park – Marketing Analyst at FreightAmigo
FreightAmigo Collaborates with Standard Chartered Bank to Leverage on Alternative Data via ASTRI’s Federated Learning Technology to Enhance SME’s Access of Financial Products/ Services
FreightAmigo collaborates with Standard Chartered Bank to leverage on Alternative Data via ASTRI’s Federated Learning Technology to enhance SME’s FreightAmigo and Standard Chartered Bank (Hong Kong) Limited have joined forces to utilize a privacy-preserving technology- “Federated Learning”, developed by The Hong Kong Applied Science and Technology Research Institute (ASTRI) to pre-screen FreightAmigo’s small and medium-sized enterprises (SME) clients and identify clients that are best matched with Standard Chartered Bank’s financial service and product offerings without compromising customer’s data privacy.
FreightAmigo and Standard Chartered Bank Team Up to Enhance SME’s Access of Financial Products/ Services
FreightAmigo worked with Standard Chartered Bank to address SMEs’ long-standing pain point of information overload in finding suitable financial products and services. This ultimately enhances SMEs’ access to tailored financial products and services that best suit their needs. To ensure data privacy and security, FreightAmigo utilizes Federated Learning technology developed by ASTRI to protect the encrypted data sets, which encompass a diverse user base comprising SMEs, eCommerce businesses, and cross-border traders. By leveraging these trained models, clients’ behavioural patterns on FreightAmigo’s platform can be effectively analyzed to generate curated lists of prospects who are most compatible with the financial products and services provided by Standard Chartered Bank.
Ms Ivy Tse, Co-CEO and Co-Founder, FreightAmigo Services Limited, said: “As a key player in the TradeTech ecosystem and a 1-stop international supply chain finance platform, FreightAmigo’s core mission is to ‘Make Trade Easier’, we are revolutionizing the trade industry by providing cutting-edge technology solutions that combine Federated Learning and FreightTech AI technologies. This integration optimizes supply chain operations and streamlines trade financing. We can now offer our valued partners, such as Standard Chartered Bank, access to valuable insights derived from our dynamic logistics data while ensuring the utmost privacy and security of our clients’ information. We always enhance this collaborative approach allows us to streamline the trade financing process, better target financial products and services for SMEs, and ultimately enhance the overall customer experience. Together, we are shaping the future of global trade.”
FreightAmigo is excited to announce an unprecedented promotion being offered to SMEs, providing them with shipping discounts up to HK$20,000. This exclusive discount encompasses a wide range of door-to-door logistics solutions, including air freight, sea freight, rail freight, express services, and cross-border trucking, with coverage of over 250+ countries and regions. Leveraging FreightAmigo’s vast network of more than 1,000 logistics services partners, SMEs can optimize their supply chain operations and enhance efficiency seamlessly.
About Us
FreightAmigo is a full-service, one-stop international supply chain finance platform that aims to innovate and redefine the logistics experience for individual and corporate clients. FreightAmigo platform provides a seamless search and comparison process for instant freight quotes, empowering businesses to access comprehensive shipment data, track cargo status, and facilitate secure payment and financing. By providing real-time visibility across the entire supply chain, all stakeholders gain invaluable insights, FreightAmigo’s SME clients experience rapid turnaround times and the flexibility to draw down on their facility, effectively meeting the demands of their evolving business landscape.
