Hang Seng Bank and Hong Kong Science and Technology Parks Corporation (HKSTP) have formed a strategic alliance to help accelerate the development and deployment of fintech solutions for the banking sector in Hong Kong and create new opportunities for fintech companies.
Louisa Cheang, Vice-Chairman and Chief Executive of Hang Seng Bank (left), and Albert Wong, Chief Executive Officer of HKSTP (right), officiated at the launch ceremony.
Hang Seng Bank and Hong Kong Science and Technology Parks Corporation (HKSTP) today announced their strategic alliance to help drive banking innovation. The event was attended by:
- Louisa Cheang, Vice-Chairman and Chief Executive, Hang Seng Bank (6th from left);
- Albert Wong, Chief Executive Officer, HKSTP (6th from right);
- Gilbert Lee, Head of Strategy & Planning and Chief of Staff to Chief Executive, Hang Seng Bank (5th from left);
- George Tee, Chief Technology Officer, HKSTP (5th from right);
- Eunice Chan, Chief Operating Officer, Hang Seng Bank (4th from left);
- Claudia Xu, Chief Commercial Officer, HKSTP (4th from right);
- Elaine Wang, Head of Human Resources, Hang Seng Bank (3rd from left);
- Peter Yeung, Head of Electronics & ICT Clusters, Smart City Platform, HKSTP (3rd from right);
- Amos Chan, Head of Business Banking, Hang Seng Bank (2nd from left);
- Raymond Wong, Head of Investment, HKSTP (2nd from right);
- Nike Kong, Chief Information Officer, Hang Seng Bank (1st from left); and
- Joshua Yau, Senior Director, Strategic Planning (1st from right)
Hang Seng Bank (Hang Seng) and Hong Kong Science and Technology Parks Corporation (HKSTP) today announced a strategic alliance to help accelerate the development and deployment of fintech solutions for the banking sector in Hong Kong.
The multi-dimensional alliance will also create new benefits and support for fintech companies by providing access to business advisory expertise, mutual-learning channels and tailor-made banking solutions.
Under the alliance, Hang Seng and HKSTP have established a partnership to drive fintech innovation in four key areas: solution sourcing and development, corporate investment and acceleration, cultivation of innovators, and banking services.
- Solution sourcing and development: HKSTP will work with Hang Seng to identify fintech solutions from innovation and technology companies in the HKSTP ecosystem (I&T companies) that can help Hang Seng create new business opportunities, strengthen its digital service capabilities and enhance its operational efficiency.
- Corporate investment and acceleration: Working with HKSTP, Hang Seng will provide financial and business advisory expertise to enable I&T companies to commercialise their fintech innovations and develop their businesses. Hang Seng will also consider making direct investments in appropriate companies to create additional business synergy.
- Cultivation of innovators: Hang Seng and HKSTP will explore joint programmes – such as job rotations, job shadowing and exchanges, training and seminars – to build mutual-learning channels for employees of Hang Seng and I&T companies, and to facilitate the exchange and sharing of entrepreneurial, business operations, risk management and commercial innovation skillsets.
- Banking services: Hang Seng today launched Inno Booster, a tailor-made banking and financing solution under which eligible I&T companies will enjoy pre-approved loans of up to HK$500,000, together with other preferential banking service offers. Hang Seng will also arrange designated relationship managers and servicing channels to provide dedicated support to I&T companies. For details of Inno Booster, please visit: hangseng.com/business/hkstp.
This comprehensive collaboration between Hang Seng and HKSTP will benefit developers and users of fintech and the I&T sector in Hong Kong. Hang Seng’s access to fintech companies will catalyse the development of cutting-edge tech-based solutions that enable banks to enhance their performance by improving efficiency and better serving customers’ needs. I&T companies will benefit from Hang Seng’s industry expertise and financial services as they work to develop, refine and deploy innovative fintech solutions.
Louisa Cheang, Vice-Chairman and Chief Executive of Hang Seng Bank, said: “Hang Seng is delighted to have formed a strategic alliance with Hong Kong Science and Technology Parks Corporation to drive banking innovation in Hong Kong. Fintech is playing a pivotal role in transforming banking services in this new era of ‘smart banking’. Our active participation in various fintech initiatives, including our alliance with HKSTP, will accelerate the application of innovative digital solutions in the banking sector, and support the development of fintech talents in our city.”
Albert Wong, Chief Executive Officer of HKSTP, said: “Rapid development in technologies such as artificial intelligence, blockchain, cloud and big data analytics will drive the digital transformation of the financial sector, create new consumer experiences, while also reinforcing Hong Kong’s position in the global financial market. Through cross-sector collaboration, we will work closely with Hang Seng Bank to explore opportunities to further support HKSTP innovators and accelerate fintech innovation in Hong Kong. We are confident that today’s partnership will further enrich our innovation and technology ecosystem, and will significantly boost the development and commercialisation of locally grown fintech solutions.”
Hang Seng and HKSTP’s collaboration, fuelled by their respective strengths – including Hang Seng’s position and expertise as the leading domestic bank in Hong Kong and HKSTP’s extensive research and development ecosystem – will establish a partnership model for collaboration between the financial sector and the technology industry.
About Hang Seng Bank
Founded in 1933, Hang Seng Bank operates around 270 service outlets serving both personal and business customers. The Bank also maintains branches in Macau and Singapore, and a representative office in Taipei.
Established in May 2007, wholly owned subsidiary Hang Seng Bank (China) Limited is headquartered in Pudong, Shanghai, and operates a mainland China network with outlets in the Pearl River Delta, the Yangtze River Delta, the Bohai Rim Region and Midwest China.
With total assets of HK$1,535 billion as at 30 June 2018, Hang Seng Bank reported a profit attributable to shareholders of HK$12,647 million for the first half of 2018. Hang Seng Bank is a principal member of the HSBC Group, one of the world’s largest banking and financial services organisations. For further information on Hang Seng Bank, please visit the Bank's website at www.hangseng.com.
About Hong Kong Science and Technology Parks Corporation
Comprising Science Park, InnoCentre and Industrial Estates, Hong Kong Science & Technology Parks Corporation (HKSTP) is a statutory body dedicated to building a vibrant innovation and technology ecosystem to connect stakeholders, nurture technology talents, facilitate collaboration, and catalyse innovations to deliver social and economic benefits to Hong Kong and the region.
Established in May 2001, HKSTP has been driving the development of Hong Kong into a regional hub for innovation and growth in several focused clusters including Electronics, Information & Communications Technology, Green Technology, Biomedical Technology, Materials and Precision Engineering. We enable science and technology companies to nurture ideas, innovate and grow, supported by our R&D facilities, infrastructure, and market-led laboratories and technical centres with professional support services. We also offer value added services and comprehensive incubation programmes for technology start-ups to accelerate their growth.
Technology businesses benefit from our specialised services and infrastructure at Science Park for applied research and product development; enterprises can find creative design support at InnoCentre; while skill-intensive businesses are served by our three industrial estates at Tai Po, Tseung Kwan O and Yuen Long. More information about HKSTP is available at www.hkstp.org.