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HKSTP and financial firm partner to drive banking innovation

Image Credits: HKSTP, Press Release

According to a recent press release, the Hong Kong Science and Technology Parks Corporation (HKSTP) recently announced a strategic alliance with one of the region’s leading financial services companies.

The partnership was established to help accelerate the development and deployment of fintech solutions for the banking sector in Hong Kong.

The multi-dimensional alliance will also create new benefits and support for fintech companies by providing access to business advisory expertise, mutual-learning channels and tailor-made banking solutions.

Under the alliance, the company and HKSTP have established a partnership to drive fintech innovation in four key areas: solution sourcing and development, corporate investment and acceleration, cultivation of innovators, and banking services.

  • Solution sourcing and development: HKSTP will work with the firm to identify fintech solutions from innovation and technology companies in the HKSTP ecosystem (I&T companies) that can help the firm create new business opportunities, strengthen its digital service capabilities and enhance its operational efficiency.
  • Corporate investment and acceleration: Working with HKSTP, The firm will provide financial and business advisory expertise to enable I&T companies to commercialise their fintech innovations and develop their businesses. The financial firm will also consider making direct investments in appropriate companies to create additional business synergy.
  • Cultivation of innovators: The firm and HKSTP will explore joint programmes – such as job rotations, job shadowing and exchanges, training and seminars – to build mutual-learning channels for employees of the firm and I&T companies, and to facilitate the exchange and sharing of entrepreneurial, business operations, risk management and commercial innovation skillsets.
  • Banking services: The firm today launched Inno Booster, a tailor-made banking and financing solution under which eligible I&T companies will enjoy pre-approved loans of up to HK$500,000, together with other preferential banking service offers. The firm will also arrange designated relationship managers and servicing channels to provide dedicated support to I&T companies.

This comprehensive collaboration between The firm and HKSTP will benefit developers and users of fintech and the I&T sector in Hong Kong. The firm’s access to fintech companies will catalyse the development of cutting-edge tech-based solutions that enable banks to enhance their performance by improving efficiency and better serving customers’ needs. I&T companies will benefit from The firm’s industry expertise and financial services as they work to develop, refine and deploy innovative fintech solutions.

The Vice-Chairman and Chief Executive of the firm noted that the strategic alliance with Hong Kong Science and Technology Parks Corporation aims to drive banking innovation in Hong Kong adding that FinTech is playing a pivotal role in transforming banking services in this new era of ‘smart banking’.

She noted that the firm’s active participation in various fintech initiatives will accelerate the application of innovative digital solutions in the banking sector, and support the development of fintech talents in the city.

The Chief Executive Officer of HKSTP stated that rapid development in technologies such as artificial intelligence, the blockchain, cloud and big data analytics will drive the digital transformation of the financial sector, create new consumer experiences, while also reinforcing Hong Kong’s position in the global financial market.

Through cross-sector collaboration, HKSTP will work closely with the firm to explore opportunities to further support HKSTP innovators and accelerate fintech innovation in Hong Kong.

The Park’s leadership is confident that the partnership will further enrich Hong Kong’s innovation and technology ecosystem, and will significantly boost the development and commercialisation of locally grown fintech solutions.

The firm and HKSTP’s collaboration, fuelled by their respective strengths – including the firm’s position and expertise as the leading domestic bank in Hong Kong and HKSTP’s extensive research and development ecosystem – will establish a partnership model for collaboration between the financial sector and the technology industry.

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