HKSTP and Hang Seng in New Collaboration to Accelerate Hong Kong’s Innovation Development

(Hong Kong, 22 June 2022) – Hong Kong Science & Technology Parks Corporation (‘HKSTP’) and Hang Seng Bank (‘Hang Seng’) are deepening their partnership to drive business innovation and digital development in Hong Kong through a series of new collaborative solutions in the coming three years, including the establishment of Hong Kong’s first ‘Living Lab for the Branch of the Future’, an initiative to support innovation companies to expand in the GBA, and various other investment and incubation activities. 

Over the past three years, Hang Seng and HKSTP have developed a diverse range of innovative digital banking solutions that have enhanced service experiences and outcomes for customers. The partners are leveraging the success as a springboard to take customer-centric banking to the next level, with a particular focus on further simplifying and expediting banking journeys for customers, and enhancing incubation support for innovation companies. 

One of the signature projects of the partnership to date is the large interactive digital wall at Hang Seng’s MOSTown Branch in Ma On Shan which came into operation in 2020. The interactive digital wall was developed in collaboration with IOIO Creative, a start-up that is part of the HKSTP ecosystem. The wall provides a wide range of real-time market and financial information. Customers can interact with the wall by using their mobile phones to scan any of the QR codes to immediately receive information on areas of interest via their mobile phones.

Albert Wong, CEO at HKSTP, said: “Our three-year alliance with Hang Seng is entering a new level of collaboration to drive more innovation with even greater impact for customers, businesses and the banking sector as a whole. The latest series of innovation initiatives between HKSTP and Hang Seng will define the future of banking for Hong Kong and the wider GBA region as innovation enables startups and banking industry to shape a new era of financial services.”

Gilbert Lee, Head of Strategy & Planning and Chief of Staff to CE at Hang Seng, said: “Given the many achievements of our strategic alliance with HKSTP in the past three years, we are delighted to forge the partnership further ahead by extending and deepening its involvement in high-potential areas in Hong Kong and the GBA. By combining the respective strengths of both parties, the partnership will not only help advance Hang Seng's innovation strategy, but also benefit all stakeholders in Hong Kong and the Mainland, and thus reinforce the leadership position of Hong Kong as the international innovation hub.”

Wendy Yuen, Head of Retail Distribution at Hang Seng, said: “Hang Seng is promoting the application of innovative solutions to provide customers with more seamless banking journeys. The interactive digital wall at MOSTown Branch in Ma On Shan is a good demonstration of how our alliance with HKSTP is advancing this objective. We are looking forward to stepping up our collaboration with HKSTP to develop and launch more innovative and smart solutions that further enhance online-to-offline banking services and branch efficiency in support of excellent service experiences for customers.”

One of the new collaborative initiatives, the ‘Living Lab for the Branch of the Future’ will provide a real-life commercial testing ground for technology trials and branch services to help develop customer-centric digital innovations. The Lab will bring together technology and industry partners to co-create banking solutions that facilitate seamless online-to-offline service experiences for customers. Other elements of the alliance include Hang Seng providing a range of targeted banking and finance support services to HKSTP companies that seek to expand their operations and coverage to the GBA.

Hang Seng was also the first among a number of market-leading corporations and start-ups that are now leveraging the benefits offered by HKSTP’s FinTech Centre at the Kowloon Tong InnoCentre. The dedicated fintech hub enables efficient and direct engagement with the fintech and technology community, enabling banks and other financial organisations to explore potential cooperation opportunities to advance fintech innovation in Hong Kong.