Logistic experts invest on freight marketplace

When we talk about innovative technology, usually it is about young people. But this time the story is about Jimmy Chow, a logistic expert in the industry more than 40 years. Jimmy worked in many international logistic companies, and witnessed how Hong Kong participants rely on labours still. Staff has to call the clients to discuss the quotation while tons of paper document and customs clearance can bring mistakes easily. A client may have to wait for a whole week to get a quotation, which looks ridiculous and inefficient in this information age.

10 million investment on freight marketplace

Jimmy thought that information technology is the big trend. For contribution, this retired gentleman invested more than $10 million to found “FreightAmigo”, a freight search marketplace, with Alex Szeto and Ivy Tse in 2017. FriehgtAmigo joined the HKSTP Incu-tech programme in 2018 and became a STP company.1 FreightAmigo helps price comparison and matching for door-to-door logistic services, which is similar to what Expedia does for tourism. The platform runs on Amazon Web Services (AWS) 24/7, and searches the best route with artificial intelligence and blockchain technology. Compared to traditional practice, the platform shortens the time for quotation by 80%.

Further reading: TVP Fund for dummies

eCommerce under COVID-19

COVID-19 pandemic came across the globe in first half of 2020 and the impact made multiple traditional businesses transform to e-Commerce. Thanks to its efficient quotation and route search, FreightAmigo benefited in the epoch by helping e-Commerce instant delivery. Since the outbreak, the freight volume has increased by two-digit figure percentage monthly. Moreover, there have been a lot of BNO British National (Overseas) passport renewals since the anti-extradition bill social movement last year. The number furthered due to the controversial national security law by the Chinese government.2

An AI searching platform may cost tremendous capital and human network, but we can still learn from Jimmy’s innovation. In our daily business operation, we always encounter problems and technology is the solution. Now, once we apply for the TVP successfully, the government will grant 75% of the IT project cost to improve productivity. Logistic application, big data analysis, cloud system etc are all common TVP projects, and distant technology in the past is in our hands nowadays. In order to help SMEs to understand government funding better, the HKPC SME Reachout organizes “Fund Fair Everywhere 2020” online exhibition. Interested business owners, don’t forget to register. If you need TVP consultation service, welcome to reach BizMagnet.

FreightAmigo Official website:https://www.freightamigo.com/

  1. FreightAmigo, https://www.hkstp.org/en/our-partner-companies/our-partners-stories/success-stories/freightamigo/
  2. (2020-08-18) 【疫下商機】活用創新科技!物流老手擲千萬,設平台救行業!,經濟日報 , http://www.etnet.com.hk/www/tc/lifestyle/digitalnewage/digitaltransform/67438