HSBC and HKSTP join forces to drive fintech development

HSBC and Hong Kong Science and Technology Parks Corporation (HKSTP) have entered into a three-year strategic partnership agreement to drive innovation and create a more effective bank-fintech collaboration ecosystem.

According to the release, this is the first of its kind public-private cooperation between the city’s largest innovation and technology (I&T) ecosystem and a global bank. This initiative aims to bolster Hong Kong’s start-up, fintech and I&T ecosystems, along with Hong Kong’s broader digital economy aspirations.

As part of this partnership, HKBC and HKSTP will bring their collective strengths and capabilities across five segments. They will build an international fintech corridor that will facilitate collaboration between Hong Kong fintech firms and global partners, as well as attract companies to set up in Hong Kong.

Both organisations will offer market insights and supportive services to help tech companies expand globally, as well as launch events to connect fintech companies with investors and corporate partners.

In terms of investment opportunities, HSBC and HKSTP will identify and support promising technology companies, providing access to funding opportunities, investment insights, and mentorship. HKSTP will propose at least 50 fintech companies to collaborate with HSBC. Tailored financing solutions and investment opportunities will be made available to bolster companies within the HKSTP ecosystem at different stages of their growth.

When it comes to ecosystem growth and support, HSBC will offer coaching sessions to tech companies, including access to industry experts, mentorship, and networking opportunities. It will also organise workshops to help fintech companies self-assess their solutions’ ability to operate safely in partnership with financial institutions and address gaps identified.

HKSTP will invite up to 20 fintech firms annually to these workshops. HSBC aims to offer customised financial services to businesses in the HKSTP ecosystem, including payment, lending, foreign exchange, cash management, and trade finance support.

HSBC and HKSTP will also enhance capacities for effective cross-industry data collaboration to foster innovation and enhance accessibility to products and services. Additionally, HKSTP’s tech venture’s fintech solutions will be adopted in HSBC’s products and services, while HSBC will seek opportunities for product co-creation with fintech companies.

Albert Wong, CEO, HKSTP, said, “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.”

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.”

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The partnership comes in line with Hong Kong government's efforts in spurring the city's rise as an I&T centre. Most recently, around 20 additional overseas and mainland Chinese companies said they are setting up or expanding their businesses in Hong Kong this week.

This, along with the first batch of 30 major companies, is expected to invest over HK$40bn and provide 13,000 jobs in the city, including scientific research and management roles, Hong Kong's finance chief Paul Chan said in his blog.

“These companies will contribute to the clustering of related industries in the upstream, midstream, and downstream sectors in Hong Kong, driving the vibrant development of the entire innovation and technology ecosystem,” Chan said.

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