15 August 2022, Hong Kong - MTR Corporation (“MTR”) today signed a collaboration agreement (“agreement”) with Hong Kong Science and Technology Parks Corporation (“HKSTP”) to set up a three-year collaboration framework focusing on the application of innovative technologies, data collaboration and co-investment on tech ventures. MTR and HKSTP have been working closely for years, this collaboration between the two parties aims to further enhance MTR’s services and customer experience by adopting innovative technologies, while promoting an open innovation and technology (“I&T”) ecosystem in Hong Kong, as well as developing Hong Kong into an international I&T hub.
Following the signing of the agreement, both parties will explore the establishment of a Living Lab within MTR’s real life operations environment to validate solutions provided by tech ventures to find best-fit solutions for tackling different business challenges. The Lab will be set up in Hong Kong in the initial stage and MTR will look for a suitable venue such as a station, MTR Mall or property. The initiative may be extended to footprints of MTR outside Hong Kong in the future.
Exploring the application of big data is another focus of the collaboration, with an aim to foster big data collaboration environment. In addition, both parties will select and co-invest in potential start-ups of the I&T ecosystem.
Witnessed by Dr Rex Auyeung, Chairman of MTR Corporation and Dr Sunny Chai, Chairman of HKSTP, Dr Jacob Kam, CEO of MTR Corporation and Mr Albert Wong, CEO of HKSTP signed the agreement.
“The Corporation has actively adopted innovative technologies for its businesses. To strive for continuous service enhancement, we share our railway expertise with research institutes to collaborate and co-develop more smart solutions. By allocating resources to support the I&T ecosystem and nurture startups, we are also determined to help driving Hong Kong forward to becoming a ‘smarter’ city,” said Dr Rex Auyeung, Chairman of MTR Corporation.
“As a home-grown enterprise, MTR is committed to facilitating exchanges and collaboration with different I&T companies. HKSTP has been incubating abundant startups and expertise with promising prospects within its community, and we hope to join in and play a pivotal role to promote I&T as well. I look forward exploring more smart solutions under this collaboration to bring our passengers more new and enhanced experiences,” said Dr Jacob Kam, CEO of MTR Corporation.
“We are honoured to sign this agreement with MTR to advance the development of Hong Kong's I&T ecosystem through innovation. For the past 20 years, HKSTP has been actively supporting tech ventures at different stages, with infrastructure, talent development and connecting with investors. I hope this unique collaboration can help our partner companies translate their research ideas into market-ready solutions, further enhance MTR’s operational efficiency and benefit the many citizens who enjoy MTR services every day,” said Dr Sunny Chai, Chairman of HKSTP.
“HKSTP is strategically partnering with key industry leaders to accelerate impactful innovation by supporting the market needs from up and coming tech ventures. With MTR's extensive range of business activities, the co-creation of the ‘Living Lab’ provides tech ventures with real-life testing scenarios and a conducive data-sharing environment via our STP Platform, while injecting valuable industry expertise to our growing I&T ecosystem and ultimately delivering innovation with positive impact,” said Mr Albert Wong, CEO of HKSTP.
MTR has allocated over HK$300 million for investment in start-ups in the next few years, and more funding will be reserved for similar projects in the future. MTR will proactively collaborate with research institutes, start-ups and academies to continue the promotion of smart railway solutions and to contribute to local scientific research, with an aim to keep Hong Kong moving.
HKSTP will continue to deliver to support tech ventures, building and nurturing the city and globe’s I&T talent base, accelerating research-to-commercialisation, connecting high-growth tech startups with investors, and helping tech ventures capitalise the abundant opportunities in the GBA and overseas.
