TLDR:
- HSBC and HKSTP signed a 3-year partnership to drive fintech development in Hong Kong.
- Partnership aims to create an international fintech corridor, offer financial services, and foster collaboration.
HSBC, Hong Kong’s largest bank, and the Hong Kong Science and Technology Parks (HKSTP) have teamed up to support the city’s goal of becoming an international hub for fintech technology. The partnership, spanning three years, will focus on building an “international fintech corridor” to facilitate collaboration between local and global fintech firms, as well as attract companies to establish a presence in Hong Kong. HSBC will provide financial services to companies nominated by HKSTP, including investment opportunities and customised services such as payment, lending, and trade finance support. Additionally, the bank will organize workshops to help fintech companies improve their products and operations in partnership with financial institutions.
The collaboration between HSBC and HKSTP also aims to enhance cross-industry data collaboration, promote innovation, and increase accessibility to products and services. By leveraging its global network and expertise, HSBC plans to connect fintechs with emerging opportunities in Hong Kong and beyond. HKSTP CEO Albert Wong expressed a commitment to providing tech ventures with funding, mentorship, and business matching opportunities to flourish within the fintech ecosystem in Hong Kong.
This partnership comes as Hong Kong recognizes the importance of a digital economy fueled by data and technological innovation, as highlighted in Financial Secretary Paul Chan Mo-po’s recent budget address. The city has also been making strides in the fintech sector, with collaborations with Saudi Arabia and the launch of a subsidy scheme for green fintech start-ups. With its growing number of fintech companies and start-ups, including several unicorn companies, Hong Kong is poised to further solidify its position as a leading fintech hub.
