- HSBC and HKSTP enter a three-year strategic partnership to drive fintech innovation and collaboration in Hong Kong.
- The collaboration aims to bolster the city’s startup, fintech, and innovation landscapes, leveraging the resources and networks of both organizations.
- Key areas of collaboration include fostering international fintech partnerships, supporting investment opportunities, and enhancing the fintech ecosystem’s growth and support mechanisms.
HSBC and the Hong Kong Science and Technology Parks Corporation (HKSTP) have inked a three-year strategic partnership aimed at spurring innovation and fostering a more effective collaboration ecosystem between banks and fintech entities.
The partnership, a first-of-its-kind collaboration between the city’s largest innovation and technology (I&T) ecosystem and a leading global bank, sets out to bolster Hong Kong’s startup, fintech, and I&T landscapes. By leveraging the resources, expertise, and extensive networks of both organizations, the initiative aims to advance Hong Kong’s broader digital economy aspirations, with fintech playing an important role.
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The agreement was formalized yesterday by Luanne Lim, Chief Executive Officer of HSBC Hong Kong, and Albert Wong, Chief Executive Officer of HKSTP. The signing ceremony, graced by Dr. Sunny Chai, Chairman of HKSTP, and Surendra Rosha, Co-Chief Executive of HSBC Asia-Pacific, witnessed Salina Yan, Permanent Secretary for Financial Services and the Treasury (Financial Services), as the guest of honour.
5 key areas of collaboration
International fintech corridor
The collaboration aims to foster partnerships between Hong Kong-based fintech firms and global counterparts, attracting companies to establish a presence in Hong Kong. Both HSBC and HKSTP will provide market insights and support services to facilitate tech companies’ global expansion. Initiatives such as the Elevator Pitch Competition (EPiC) and business matching events will serve as platforms for connecting fintech companies with investors and corporate partners.
Investment opportunities
The partnership seeks to identify and support promising technology companies by granting access to funding opportunities, investment insights, and mentorship to drive their growth trajectory. HKSTP will nominate a minimum of 50 fintech companies for collaboration with HSBC, offering tailored financing solutions and investment opportunities to nurture companies across different growth stages.
Ecosystem growth and support
HSBC will contribute to the growth of HKSTP’s fintech ecosystem by offering coaching sessions to tech companies, providing access to industry experts, mentorship, and networking opportunities. Additionally, a series of workshops will be organized to assist fintech companies in evaluating their solutions’ ability to operate safely in collaboration with financial institutions.
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Data collaboration
Efforts will be made to enhance capabilities for effective cross-industry data collaboration, fostering innovation and improving accessibility to products and services.
Solution scouting and co-creation
The collaboration aims to assess and potentially adopt HKSTP’s tech ventures’ fintech solutions within HSBC’s products and services. HSBC will also explore opportunities for product co-creation with fintech companies.
The partnership marks the onset of a journey to foster fintech innovation by combining HKSTP’s expertise in nurturing startups with HSBC’s strength in banking and investment. The collaboration endeavors to capitalize on synergies, scale up Hong Kong’s fintech ecosystem, and equip tech ventures with crucial funding, mentorship, and business opportunities.
Bank-fintech partnerships unlock value for parties on each side of the equation, making banking better for consumers and businesses alike.
Luanne Lim, CEO of HSBC Hong Kong
Luanne Lim, CEO of HSBC Hong Kong, emphasized the transformative potential of bank-fintech partnerships in enhancing banking services for consumers and businesses alike. Leveraging HSBC’s global networks and expertise, the collaboration is expected to connect fintechs with emerging opportunities in Hong Kong and beyond.
Hong Kong’s prominence as a leading fintech hub, boasting over 1,000 fintech companies, nearly 4,000 startups, and more than 10 unicorn companies totally valued over US$1 billion, underscores the significance of initiatives like this partnership in driving technological innovation and advancing the city’s digital economy agenda.
