(Hong Kong, 19 March 2024) - The Hong Kong Science and Technology Parks Corporation (HKSTP) and HSBC have entered into a three-year strategic partnership agreement to drive innovation and create a more effective bank-fintech collaboration ecosystem. This is the first of its kind public-private cooperation between the city’s largest innovation & technology (I&T) ecosystem and leading global bank. By harnessing the resources, expertise, and extensive networks of both organisations, this initiative seeks to bolster Hong Kong’s start-up, fintech and I&T ecosystems, along with Hong Kong’s broader digital economy aspirations, where fintech holds an important role.
The agreement was signed yesterday by Luanne Lim, Chief Executive Officer, Hong Kong of HSBC and Albert Wong, Chief Executive Officer of HKSTP. The signing was witnessed by Dr Sunny Chai, Chairman of HKSTP, and Surendra Rosha, Co-Chief Executive of HSBC Asia-Pacific, with Salina Yan, Permanent Secretary for Financial Services and the Treasury (Financial Services), as the guest of honour.
This collaboration will focus on five areas:
Albert Wong, CEO of HKSTP, said, “Today marks the beginning of an exciting journey as we are set to powering possibility in fintech by combining HKSTP's expertise in growing startups with HSBC's strength in banking and investment. We aim to create synergies to thrive on interdependence and scale up Hong Kong's fintech ecosystem. We stand ready to leverage our networks, offering tech ventures the crucial funding, mentorship and business matching to prosper. HSBC plays a pivotal role in equipping startups to capitalise on business and investment opportunities. Simultaneously, HKSTP champions the adoption of proven technologies to solve real-world problems. This underscores that innovation and collaboration are the driving forces behind the golden era of FinTech.”
Luanne Lim, Chief Executive Officer, Hong Kong, HSBC, said, “Bank-fintech partnerships unlock value for parties on each side of the equation, making banking better for consumers and businesses alike. Drawing on our banking expertise, experience operating in a highly regulated industry in 62 countries and territories and robust risk management practices, we can foster more productive collaborations with fintech companies. HSBC has been a customer, partner, banker, and investor to hundreds of fintech firms. Our global networks mean we are well-placed to connect fintechs with emerging opportunities in Hong Kong and beyond.”
Hong Kong has emerged as one of the world's leading fintech hubs, boasting over 1,000 fintech companies and nearly 4,000 start-ups1. It is home to over 10 unicorn companies, valued over US$1 billion. The 2023 Hong Kong Policy Address places a strong emphasis on technological innovation and development, reflecting the government's strategic vision to leverage technology and enhance Hong Kong's long-term competitiveness.
In the banking sector, Hong Kong has been actively promoting advancements in the fintech domains of Wealthtech, Insurtech, Greentech and Regtech, as well as exploring the potential of artificial intelligence, blockchain, tokenisation and virtual assets.
HSBC will continue to sponsor HKSTP programmes, such as the global mega startup event, Elevator Pitch Competition (EPiC) and API EcoBooster to drive open banking innovation. EPiC 2024 attracted over 600 leading tech startups from 47 economies globally. Such collaborations advance fintech innovation locally and globally, and drive Hong Kong’s digital economy.
Photo 1: HKSTP and HSBC sign a three-year strategic partnership agreement to drive innovation and create a more effective bank-fintech collaboration ecosystem. Albert Wong, Chief Executive Officer of HKSTP (front row, left) and Luanne Lim, Chief Executive Officer, Hong Kong, HSBC (front row, right) sign a three-year strategic partnership agreement. The signing ceremony is witnessed by (last row, left) Dr Sunny Chai, Chairman of HKSTP, Salina Yan, Permanent Secretary for Financial Services and the Treasury (Financial Services) (last row, middle) and Surendra Rosha, Co-Chief Executive of HSBC Asia-Pacific (last row, right).
Photo 2: The HSBC and HKSTP collaboration will focus on five areas, including international fintech corridor, investment opportunities, ecosystem growth and support, data collaboration, as well as solution scouting and co-creation. From left to right: Eric Or, Head of Partnerships, HKSTP; Albert Wong, Chief Executive Officer of HKSTP; Dr Sunny Chai, Chairman of HKSTP; Salina Yan, Permanent Secretary for Financial Services and the Treasury (Financial Services); Surendra Rosha, Co-Chief Executive of HSBC Asia-Pacific; Luanne Lim, Chief Executive Officer, Hong Kong, HSBC; Bojan Obradovic, Chief Digital Officer, Hong Kong, HSBC.
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