(Hong Kong, 5 January 2021) – Organised by Hong Kong Science and Technology Parks Corporation (HKSTP), the API EcoBooster (the Programme), a first-of-its-kind programme in collaboration with HSBC, has resulted in close to 30 Hong Kong and overseas start-ups and technology ventures showcasing their innovative open banking solutions at the Demo Day.
To drive smart banking innovation in Hong Kong, the Programme, launched in mid-July, has provided start-ups and the developer community with the opportunity and resources to co-create a range of solutions in the areas of transactions and operations, loans, credit card, digital payments or customer records management for commercial and retail banking sectors in Hong Kong.
These shortlisted companies from Hong Kong and overseas markets like the UK and France, were provided with mentorship and coaching from HSBC’s digital banking specialists during the six-week programme. HKSTP’s technology partner beNovelty, an API development company, offered dynamic support from technical clinics to sandboxes for the innovators to conduct trials by making use of more than 100 banking APIs and mock data from the bank.
Eugene Hsia, Chief Corporate Development Officer of HKSTP, said: “The success of API EcoBooster highlights the enormous opportunities for both start-ups and established enterprises to jointly pilot various ideas and solutions in a fast and risk free environment. As we embrace the new normal, the transformative power of innovation becomes even more apparent and effective. Open APIs propel us towards an era of rapid evolutions within the Fintech ecosystem and as an international financial centre, Hong Kong is at the forefront in driving such adoptions.
HKSTP is a tale of more than 1,000 technology companies, as well as the stories of over 9,000 R&D entrepreneurs, who are driving Hong Kong's innovation using our various platforms and infrastructure. We will continue to unlock new opportunities for innovators and business partners and together we will cement Hong Kong as a global centre of Fintech innovation.”
Terence Chiu, Head of Commercial Banking, Hong Kong, HSBC, said: “HSBC and HKSTP have forged strong partnerships to support the innovation and technology ecosystem for years. Committed to driving digital banking innovation for our customers, we are thrilled to see the enthusiastic response and inspiring submissions to this meaningful programme. This new level of crossover between banks and tech ventures has opened up many new possibilities. This paves the way for more co-creation to bring continuous breakthroughs to the financial services industry, making banking more accessible for customers in the long term.”
The Demo Day featured a fireside chat titled “Driving Innovation in Open Banking” with HKSTP and HSBC representatives, who shared the challenges and opportunities arising from the API developments. It was followed by a series of pitch presentations from the 28 teams about their respective innovations, as well as on-and-offline one-on-one demonstration on site.
Shortlisted tech ventures at API EcoBooster Demo Day:
