Local fintech innovation in Hong Kong took a boost with the inking of a new partnership between Hang Seng Bank and Hong Kong Science and Technology Parks (HKSTP).
The strategic alliance hopes to accelerate the development and deployment of fintech solutions in a sector that often sees fintech as adversaries.
The announcement characterizes the alliance as “multi-dimensional” and sees it creating new benefits and support for fintech companies by providing access to business advisory expertise, mutual-learning channels and tailor-made banking solutions.
“Through cross-sector collaboration, we will work closely with Hang Seng Bank to explore opportunities to further support HKSTP innovators and accelerate fintech innovation in Hong Kong,” Albert Wong, chief executive officer of HKSTP
Four areas will be supported by the partnership:
- Solution sourcing and development: HKSTP will work with Hang Seng to select fintechs at HKSTP ecosystem that can help Hang Seng create new business opportunities, strengthen its digital service capabilities and enhance its operational efficiency.
- Corporate investment and acceleration: Hang Seng, working closely with HKSTP, will provide financial and business advisory expertise to enable I&T companies to commercialize their fintech innovations and develop their businesses. Hang Seng may even make direct investments where appropriate.
- Cultivation of innovators: Hang Seng and HKSTP will look into creating joint programs – such as job rotations, job shadowing and exchanges, training and seminars – for mutual learning between the bank’s employees and I&T companies.
- Banking services: HKSTP company will now be able to take advantage of the bank’s Inno Booster, a tailor-made banking and financing solution that features pre-approved loans of up to HKD 500,000
“Fintech is playing a pivotal role in transforming banking services in this new era of ‘smart banking’. Our active participation in various fintech initiatives, including our alliance with HKSTP, will accelerate the application of innovative digital solutions in the banking sector, and support the development of fintech talents in our city,” said Louisa Cheang, vice-chairman and chief executive of Hang Seng Bank.