Sustainable Global Trade: 7th ICC Push Boundaries | EMF

At the opening of the 7th ICC, Charles Chang, Deputy Dean of Academics, Professor of Finance, and Director of the Fintech Research Center at FISF, delivered the opening speech. He reflected on the themes of past ICC competitions, including Health and Wellness (SDG 3), Climate Action (SDG 13), and Industry Innovation and Infrastructure through Digital Transformation (SDG 9), emphasizing ICC’s commitment to staying relevant to global challenges. Each year, the competition integrates one or more SDGs into its core challenge, reinforcing its mission to inspire forward-thinking global solutions.

FISF upholds innovation as the most powerful response to the demands of the times and instills in its students a strong sense of social responsibility, sustainability, and global connectivity. ICC serves as a platform that unites young minds from different countries, empowering the next generation of young leaders to lead in the area of financial innovation.

Today, globalization remains a defining issue. As China becomes increasingly interconnected with the world, Chinese enterprises are playing an ever-more significant role on the global stage. Addressing the students as future leaders of China, Dr. Chang encouraged them to recognize both the opportunities and challenges in this evolving landscape. He urged them to explore how businesses can sustain growth while upholding social responsibility in complex international markets, ultimately contributing to a more sustainable and positive global economy.

"Practice helps us learn and understand issues better. As you engage with these critical issues through innovation and entrepreneurship, we will support you with professional knowledge and expert insights to guide you in your journey of exploration," Dr. Chang stated. He encouraged participants to think boldly, embrace new perspectives, and take a hands-on approach to optimizing great sustainable ideas through the ICC platform.

Participants from top universities worldwide were randomly assigned to 20 teams and quickly formed cohesive units to tackle this year’s challenge. In less than 24 hours, they demonstrated exceptional creativity and expertise, bridging cultural and professional boundaries to develop innovative solutions.

Industry insight sessions provided participants with diverse perspectives from both domestic and international experts, spanning the private sector, government, and academia. Two industry leaders shared their expertise, offering in-depth analyses of key topics such as innovation, globalization, sustainable development, and trade.

With its extensive experience and global network, HSBC has made significant strides in financial innovation and international collaboration. Mr. Mark Wang, Deputy Chairman of the Board of Directors, President, and Chief Executive Officer of HSBC Bank (China) Company Limited (“HSBC China”), shared his insights on how financial services can support Chinese enterprises in their global expansion.

Despite an increasingly complex international economic landscape, China has continued to drive technological advancements and economic progress with an open and inclusive approach. “Today, China’s manufacturing value-added accounts for approximately 30% of the global total. The country is no longer just a producer of shoes, toys, and textiles—its advanced manufacturing sector is becoming increasingly competitive,”  Mr. Wang noted.

Over the past two years, Mr. Wang has visited businesses worldwide, and the feedback he has received has been unanimous: Chinese enterprises must expand globally.

Dr. Mika Klemettinen, Trade and Innovation Consul at the Consulate General of Finland in Shanghai and Head of Innovation China at Business Finland, shared insights from a Finnish perspective. As Finland’s official innovation, trade and travel promotion as well as investment and talent attraction agency, Business Finland has long been dedicated to fostering international innovation collaboration.

Dr. Klemettinen highlighted how Finland—ranked “the happiest country in the world” for seven consecutive years by the United Nations World Happiness Report—has actively driven investment, innovation, and trade on a global scale.

In recent years, terms like “carbon peak” and “carbon neutrality” have become central to global discussions on high-quality development. Finland has been at the forefront of this movement, setting an ambitious goal to achieve carbon neutrality and transition to a circular economy by 2035. With over 70% of its land covered by forests and nearly 200,000 lakes, Finland has embedded sustainability into its economic and social strategies. To accelerate progress, the country has embraced digital intelligent technologies and established a multi-tiered innovation support system, addressing everything from fundamental research to commercialization and enterprise internationalization.

Renowned for its spirit of innovation and commitment to sustainability, Finland continues to support enterprises at various stages of development. Dr. Klemettinen’s work focuses on facilitating financing, fostering partnerships, and attracting talent to help Finnish companies integrate into the Chinese market while also supporting Chinese enterprises looking to invest in Finland.

“In China, FinChi—our fully owned and locally registered unique organization—serves as an innovation incubator, offering Finnish companies a comprehensive soft-landing service—including office space, human resources, and financial support—to help them quickly establish a local business network,” he explained. Using FinChi as an example, Dr. Klemettinen illustrated how the Finnish government transforms its vision of innovation into reality.

“For the Chinese market, digital transformation, human health and well-being, energy transition, zero waste, and the circular economy are key focus areas. These are the fields where both Finland and China are actively working together,” he concluded.

In a roundtable discussion, Ms. Alice Du, Regional Head of Corporate, Shanghai, HSBC China, and Dr. Mika Klemettinen shared insights on the cultural challenges domestic companies face as they expand into global markets and the critical role financial services play in facilitating this transition. The discussion was moderated by Mr. Allan Chou, founder of the Hydrogen Design Center—a nonprofit global hydrogen application incubator and Global Advisor to ICC.

“It may be hard to imagine, but the challenge of expanding overseas is not just about business strategy or customer development; sometimes, the simple process like opening a bank account could be a bit challenging. In China, account opening can just take a few clicks, but it could be more complex to complete such in overseas markets.” Ms. Du explained.

From 2018 to 2021, Ms. Du was seconded to HSBC UK as Head of the China Desk, helping to drive corporate business across the China-UK corridor. During that time, she served as a bridge for Chinese enterprises looking to “go big” in Europe—only to encounter unexpected obstacles. She emphasized that differences in business operations and cultural identity make local adaptation far more complex than many companies anticipate. “Financial services must develop efficient, standardized processes in advance, breaking down communication barriers and helping enterprises quickly adapt to local cultures and business regulations,” she noted. “The goal is to ensure a smooth landing experience—one that feels as seamless as doing business at home—so that companies can expand into new markets with confidence.”

Dr. Mika Klemettinen echoed these sentiments, noting that Finnish companies face similar adaptation challenges when entering the Chinese market. Successfully navigating cultural and regulatory differences, he emphasized, provides a strong foundation for enterprise innovation.

Drawing a parallel to the ICC competition itself, he observed: “Just like ICC participants—who must collaborate with unfamiliar teammates in a short timeframe, quickly adapt to different working styles, and engage in intensive brainstorming—companies expanding internationally must embrace flexibility and innovation to thrive.”

Following the combined evaluation by professional and student judges, Group 15 – The Navigators emerged as the champion team of the seventh ICC competition.

Addressing the global waste crisis, the team proposed a circular economy financial system powered by dual-anchored stablecoins—pegged to both the Special Drawing Rights (SDR) and the value of waste materials. Their innovative model transforms waste, such as plastic and electronic components, into tradable ReGen token assets. By leveraging AI and blockchain technology, their solution tackles key challenges, including high recycling costs, insufficient policy support, and the difficulty of monetizing waste. This approach ensures that every ton of recycled waste not only generates economic value but also contributes to environmental sustainability.