The Hong Kong Science and Technology Parks Corporation (HKSTP) and HSBC have announced a strategic partnership aimed at fostering innovation and enhancing bank-fintech collaboration.
The three-year agreement, marked as the city’s inaugural public-private initiative in this domain, aims to strengthen Hong Kong’s position in the fintech, startup, and innovation and technology (I&T) sectors, as well as support the city’s ambitions in the digital economy.
The partnership focuses on five areas including the establishment of an international fintech corridor as well as ecosystem growth and support.
The latter includes HSBC’s plan to organise a series of workshops aimed at helping fintech companies self-assess their solutions’ ability to operate safely in partnership with financial institutions and to identify and address any gaps. Up to 20 fintech firms will be invited annually to these workshops by HKSTP.
Additionally, HSBC aims to offer customised financial services to businesses within the HKSTP ecosystem, including payment, lending, foreign exchange, cash management, and trade finance support.
On top of that, investment in promising technology companies will also be a key focus with HKSTP proposing a minimum of 50 fintech companies to collaborate with HSBC.
Additional areas of focus encompass cross-industry data collaboration as well as the scouting and co-creation of fintech solutions. This will pave the way for HSBC to adopt HKSTP’s tech venture’s fintech solutions in its products and services.
HSBC has ongoing sponsorship of key HKSTP programmes such as the Elevator Pitch Competition (EPiC) and the API EcoBooster, which are designed to stimulate fintech innovation both locally and globally.
Hong Kong has established itself as a major fintech hub, hosting over 1,000 fintech companies and numerous startups, including more than ten unicorns.
The government’s focus on technological innovation, as highlighted in the 2023 Policy Address, aligns with this partnership’s goals to enhance the city’s long-term competitive edge in the fintech domain.
Albert Wong
Albert Wong, CEO of HKSTP, said,
“Today marks the beginning of an exciting journey as we are set to powering possibility in fintech by combining HKSTP’s expertise in growing startups with HSBC’s strength in banking and investment. We aim to create synergies to thrive on interdependence and scale up Hong Kong’s fintech ecosystem.
We stand ready to leverage our networks, offering tech ventures the crucial funding, mentorship and business matching to prosper. HSBC plays a pivotal role in equipping startups to capitalise on business and investment opportunities. Simultaneously, HKSTP champions the adoption of proven technologies to solve real-world problems.”
Luanne Lim
Luanne Lim, Chief Executive Officer, Hong Kong, HSBC, said,
“Drawing on our banking expertise, experience operating in a highly regulated industry in 62 countries and territories and robust risk management practices, we can foster more productive collaborations with fintech companies.
HSBC has been a customer, partner, banker, and investor to hundreds of fintech firms. Our global networks mean we are well-placed to connect fintechs with emerging opportunities in Hong Kong and beyond.”
Featured image: (From left to right) Eric Or, Head of Partnerships, HKSTP; Albert Wong, Chief Executive Officer of HKSTP; Dr Sunny Chai, Chairman of HKSTP; Salina Yan, Permanent Secretary for Financial Services and the Treasury (Financial Services); Surendra Rosha, Co-Chief Executive of HSBC Asia-Pacific; Luanne Lim, Chief Executive Officer, Hong Kong, HSBC; Bojan Obradovic, Chief Digital Officer, Hong Kong, HSBC.