HKSTP launches BFSI Accelerator 2021 to shape the future of Banking, Financial Services and Insurance in Hong Kong through innovation and technology

(Hong Kong, 20 January 2021) Hong Kong Science and Technology Parks Corporation (HKSTP) has launched the Banking, Financial Services & Insurance Accelerator 2021 (BFSI Accelerator). The BFSI Accelerator is designed to shape the future of the BFSI industries by bridging corporates and innovators to deliver breakthrough technologies and create a wide array of new business opportunities in the world of banking, financial services and insurance. 

Eugene Hsia, Chief Corporate Development Officer of HKSTP, said: “At its very core, innovation allows you to unlock new business opportunities, especially when the pandemic accelerated the adoption of technologies by some 8 to 10 years. Organisations are realising that rapid innovation, now more than ever, is a must for surviving under the new norm. The BFSI Accelerator will take stakeholders beyond the existing boundaries of traditional banking, financial services and insurance. Building on one of our most well-tested models, the accelerator connects our wide network of prestigious partners, industry leaders, advanced research institutions and successful enterprises to share their valuable industry insights and trends. It further brings together the world’s best Fintech startups and technology ventures to create amazing business solutions that not only propel the industries and society to move forward, but also enable Hong Kong to remain at the forefront of Fintech.”

With the BFSI Accelerator 2021, HKSTP offers Hong Kong’s largest innovation platform for a host of leading BFSI partners to co-create curve-jumping solutions with innovators in Hong Kong and around the world. The BFSI partners include Bank of China (Hong Kong), China CITIC Bank International, China Construction Bank (Asia), Citibank Hong Kong, DBS Hong Kong, Fubon Asset Management, Fusion Bank, Hang Seng Bank, HSBC, Mastercard, Ping An Technology, Prudential Corporation Asia, SCOR, SC Ventures by Standard Chartered, The Bank of East Asia, WeChat Pay Hong Kong, and WeLab Bank (in alphabetical order by company name). 

Fintech solutions in the fields of Blockchain, Artificial Intelligence and Robotics, Cybersecurity and IoT are among those being targeted in the programme to help the BFSI partners enhance four focus areas – operational efficiency, customer experience, wealth management, and regulation and compliance. 

The BFSI Accelerator will commence in 25 January 2021 in three stages, with a view to building a win-win for the industry partners and innovators and making a greater impact in business and society.

Stage 1: Global Recruitment of Solutions 

The accelerator will recruit innovative solutions from Hong Kong and overseas that match industry needs and operational requirements set forth by the BFSI partners. 

Stage 2: Co-creation

The accelerator will connect the BFSI partners with a selection of potential solutions to evaluate for proof-of-concept (PoC) adoption. 

Shortlisted startups and technology ventures will be guided by mentoring from the BFSI partners. According to circumstances, HKSTP will provide a secured environment to test and validate cutting-edge technologies into market-ready applications that address specific BFSI needs and create sustained value for the industries.

Stage 3: Demonstration Day

Success stories and insights into corporate innovation will be shared at the conclusion of the programme with a Demonstration Day, scheduled for September 2021. 

Applications for the BFSI Accelerator 2021 are now open. The accelerator programme encourages innovative businesses and entrepreneurs in Hong Kong and overseas to sign up on or before 26 March 2021 via http://stp.hk/gaabfsi2021. 

The BFSI Accelerator has gained the extensive support of high-profile BFSI institutions and enterprises, including Invest Hong Kong, The Hong Kong Association of Banks, The Hong Kong Institute of Bankers, and Insurance Authority, as well as Hong Kong Monetary Authority through the HKMA-HKSTP Fin+Tech Collaboration Platform. 

Fintech is one of the key areas of strategic technology focus at HKSTP. The Corporation's Fin+Tech ecosystem connects regulators, the banking, financial services and insurance industry, and the academia (Fin) with startups and Fintech innovators (Tech) in Hong Kong and around the world. Through the Fin+Tech ecosystem, HKSTP strives to build a solid foundation for a new era of financial services in Hong Kong, the Greater Bay Area and the globe.

Key Dates for the BFSI Accelerator 2021