Cross-sector collaboration aimed at creating opportunities for fintech companies.
Hang Seng Bank (Hang Seng) and Hong Kong Science and Technology Parks Corporation (HKSTP) announced a strategic alliance 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, Hang Seng 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 Hang Seng to identify fintech solutions from innovation and technology companies in the HKSTP ecosystem (I&T companies) that can help Hang Seng create new business opportunities, strengthen its digital service capabilities and enhance its operational efficiency.
- Corporate investment and acceleration: Working with HKSTP, Hang Seng will provide financial and business advisory expertise to enable I&T companies to commercialise their fintech innovations and develop their businesses. Hang Seng will also consider making direct investments in appropriate companies to create additional business synergy.
- Cultivation of innovators: Hang Seng 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 Hang Seng and I&T companies, and to facilitate the exchange and sharing of entrepreneurial, business operations, risk management and commercial innovation skillsets.
- Banking services: Hang Seng today launched Inno Booster, a tailor-made banking and financing solution under which eligible I&T companies will enjoy preapproved loans of up to HK$500,000, together with other preferential banking service offers. Hang Seng will also arrange designated relationship managers and servicing channels to provide dedicated support to I&T companies. For details of Inno Booster, please visit: hangseng.com/business/hkstp.
This comprehensive collaboration between Hang Seng and HKSTP will benefit developers and users of fintech and the I&T sector in Hong Kong. Hang Seng’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 Hang Seng’s industry expertise and financial services as they work to develop, refine and deploy innovative fintech solutions.
Louisa Cheang, Vice-Chairman and Chief Executive of Hang Seng Bank, said: “Hang Seng is delighted to have formed a strategic alliance with Hong Kong Science and Technology Parks Corporation to drive banking innovation in Hong Kong. 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.”
Albert Wong, Chief Executive Officer of HKSTP, said: “Rapid development in technologies such as artificial intelligence, 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, we will work closely with Hang Seng Bank to explore opportunities to further support HKSTP innovators and accelerate fintech innovation in Hong Kong. We are confident that today’s partnership will further enrich our innovation and technology ecosystem, and will significantly boost the development and commercialisation of locally grown fintech solutions.”
Hang Seng and HKSTP’s collaboration, fuelled by their respective strengths – including Hang Seng’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.