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In a move set to reshape Hong Kong’s fintech landscape, the Hong Kong Science and Technology Parks Corporation (HKSTP) and an international bank have embarked on a pioneering three-year strategic partnership. This collaboration marks the city’s largest innovation and technology (I&T) ecosystem joining forces with a leading global financial institution, representing a significant step forward in fostering innovation and fortifying the bank-fintech collaboration ecosystem.
The agreement, inked by the Chief Executive Officer, Hong Kong from the international bank and Albert Wong, Chief Executive Officer of HKSTP, signifies a milestone in driving Hong Kong’s startup, fintech, and I&T ecosystems to new heights. This transformative partnership is poised to revolutionize Hong Kong’s fintech landscape through a strategic focus on five key areas:
International Fintech Corridor: Facilitating seamless collaboration between Hong Kong-based fintech firms and global partners, with a keen focus on attracting international companies to establish a presence in Hong Kong. Through insightful market analyses and supportive services, the partnership aims to empower tech companies to expand their global footprint. Notable initiatives include business matching events and participation in international delegations to foster global connections.
Investment Opportunities: Identifying and nurturing promising technology companies by providing access to funding opportunities, investment insights, and mentorship. The partnership aims to support a minimum of 50 fintech companies proposed by HKSTP, offering tailored financing solutions and investment opportunities to fuel their growth journey.
Ecosystem Growth and Support: Offering coaching sessions, access to industry experts, mentorship, and networking opportunities to foster the growth of HKSTP’s fintech ecosystem. Through a series of workshops, fintech companies will receive guidance to ensure the safe operation of their solutions in collaboration with financial institutions. The partnership aims to invite up to 20 fintech firms annually to these workshops and provide customised financial services, including payment, lending, foreign exchange, cash management, and trade finance support.
Data Collaboration: Enhancing cross-industry data collaboration capabilities to drive innovation and improve accessibility to products and services.
Solution Scouting and Co-creation: Evaluating and potentially integrating HKSTP’s tech ventures’ fintech solutions into the bank’s products and services. Additionally, the partnership will explore opportunities for product co-creation with fintech companies to drive innovation and enhance customer experiences.
Albert Wong, CEO of HKSTP, expressed enthusiasm about the transformative journey ahead, emphasizing the collaborative effort’s potential to propel fintech innovation and scale up Hong Kong’s fintech ecosystem. He highlighted the partnership’s commitment to leveraging networks, funding, mentorship, and business matching opportunities to drive fintech growth.
Hong Kong’s emergence as a leading fintech hub, boasting over 1,000 fintech companies and nearly 4,000 startups, underscores the strategic importance of fostering innovation in the region. With a strong emphasis on technological innovation and development, reflected in the 2023 Hong Kong Policy Address, the government’s vision aligns with the partnership’s objectives to enhance Hong Kong’s long-term competitiveness.
In the banking sector, Hong Kong’s proactive approach to promoting fintech advancements across various domains, including Wealthtech, Insurtech, Greentech, and Regtech, underscores the region’s commitment to embracing digital transformation. With ongoing initiatives to explore the potential of artificial intelligence, blockchain, tokenization, and virtual assets, Hong Kong is well-positioned to drive fintech innovation on a global scale.
Continuing its commitment to fostering open banking innovation, the international bank will sponsor HKSTP programmes such as the Elevator Pitch Competition (EPiC) and API EcoBooster. EPiC 2024, which attracted over 600 leading tech startups from 47 economies globally, serves as a testament to the collaborative efforts driving fintech innovation locally and globally, further solidifying Hong Kong’s position as a key player in the digital economy arena.
