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HK and UK to Collaborate on Accelerating FinTech Sector

Hong Kong Science and Technology Parks Corporation HKSTP

The Hong Kong Science and Technology Parks Corporation (HKSTP) recently signed a Memorandum of Understanding (MoU) with the United Kingdom’s Department for International Trade (DIT) to enhance collaboration in FinTech and encourage business growth and economic development in Hong Kong and the United Kingdom (UK).

Through the MoU, HKSTP and DIT will establish a cooperative framework and outline the foundations for a long-term and strategic relationship to enhance collaboration, with a view to helping homegrown FinTech start-ups and companies discover opportunities and develop business in Hong Kong and/or the Guangdong-Hong Kong-Macao Greater Bay Area and the United Kingdom, respectively.

The MoU follows the principles and mechanisms of collaboration in FinTech set out in the HK-UK Fintech Bridge (the Bridge), an agreement signed by the Hong Kong SAR government and the UK government in 2017, and includes the exchange of knowledge, talent, innovation, business and investment between Hong Kong and the UK.

For the next two years, HKSTP and DIT will both arrange not less than 10 FinTech start-ups and enterprises to visit or exhibit in Hong Kong and the UK, respectively, each year.

The two parties will provide its companies education and preparatory training before a visit, and the counterpart will offer the visiting companies tailored programmes of support, including education roundtables; business networking; pitching and investment matching opportunities, to increase readiness for landing and exposure to opportunities and investment.

In addition, HKSTP will partner with DIT on its annual DIT FinTech Awards and promote to businesses from Hong Kong and Mainland China an opportunity to explore the UK’s FinTech ecosystem, expose to potential opportunities in the UK.

Concurrently, DIT will become an industry partner of HKSTP’s Global Acceleration Academy (GAA), one of the longstanding and successful business acceleration programmes in Hong Kong, and promote an opportunity to the UK’s FinTech start-ups and enterprises for landing in the city’s flagship base for R&D and incubation.

The Director-General Trade & Investment at DIT’s stated that owing to its unique many geographical, cultural and infrastructural advantages, Hong Kong is an international financial centre.

Moreover, the city is also at the heart of the many exciting developments in FinTech and the financial sector, especially the Greater Bay Area.

The UK government is further encouraged by both the Hong Kong SAR government’s commitment to growing their I&T sector, and HKSTP’s ongoing efforts to cultivate Hong Kong’s I&T ecosystem, especially in FinTech.

The UK is eager to continue its relationship with HKSTP and hopes to see its affiliated start-ups achieve their full potential with the signing of this MoU.

The Chief Executive Officer of HKSTP stated that as one of the fastest-growing tech markets, Hong Kong is primed to become a world-leading FinTech centre, as a result of the enormous government support and the vibrant I&T ecosystem.

This enables companies to forge new partnerships, showcase the top talent and catalyse innovations with FinTech start-ups and companies at Hong Kong Science Park.

HKSTP is of full commitment to providing a fertile ground as well as new opportunities for best-of-breed innovations around the world.

The strategic partnership with DIT will further accelerate the development of FinTech in Hong Kong and UK i.e between the two world-class ecosystems.

Watching start-ups gain from the advanced and well-regulated FinTech ecosystem in the UK, while UK companies leverage the opportunities arising from the Greater Bay Area is eagerly anticipated.

The aim is to help them achieve new heights and find in Hong Kong the appeal of the deep talent pool, robust financial sector that could support commercialisation of R&D results, and the distinctive “East-meets-West” culture that sparks creative inspiration.

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