HSBC & HKSTP join forces to fuel FinTech landscape in Hong Kong

By Gloria Mathias

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 cooperation between the city’s innovation & technology (I&T) ecosystem and global bank harnesses 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.

This collaboration will focus on five areas:

• International FinTech corridor
• Investment opportunities
• Ecosystem growth and support
• Data collaboration
• Solution-scouting and co-creation

Albert Wong, CEO of HKSTP, said, “Today marks the beginning of an exciting journey as we are set to power 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.”