Fintech innovation is getting an uplift in Hong Kong thanks to the new investment by Finastra.
The Vista Equity Partners portfolio company is opening the new Future of Banking Center of Excellence at Cyberport, Hong Kong. It features an immersive lab environment for fintech to develop and test new apps and services.
The new Center is a strategic move for Finastra to continue to build its innovation ecosystem. It allows it to collaborate with strategic partners, including banks while working closely with regional and local Fintech leaders.
“Our connected corporate banking platform and digital capabilities are second to none, and we are well placed to help banks build an evolutionary approach to change in line with customer demand. We’ll be focusing on these areas to help banks make the leap towards a digital future,” Imad Abou Haidar, Managing Director, Asia Pacific at Finastra said.
Hong Kong, according to the firm’s press release, was chosen for its international financial center status, and as the “for the provision of financial services to global investors.” By providing an environment for innovation, Finastra is looking to drive “end-to-end digital transformation” at banks as they fight with technology to be competitive.
McKinsey & Company will be the Center's official Knowledge Partner. The firm will add its latest research and knowledge on banking trends for the Center partners to use and analyze.
“Fifty percent of private equity investment activity is concentrated in the Greater China region, with technology being one of the top three categories...This Center of Excellence will help the Fintech industry community in Hong Kong and Asia to immerse themselves in our latest thinking and experience first-hand what is possible with today's new banking technologies,” Chris Ip, Senior Partner, McKinsey said.
The Future of Banking Center of Excellence is slated to open its doors in Q1 2018. It will support Finastra and its customers and prospects in the APAC region as it continues to drive the next wave of innovation in the financial services industry, alongside partners and other Fintechs, the press release claimed.