ASTRI and Red Hat team up to accelerate HK fintech development

(L-R) Peter Man, regional director for Hong Kong, Macau and Taiwan, Red Hat and Meikei Ieong, CTO, ASTRI

Hong Kong Applied Science and Technology Research Institute (ASTRI) is collaborating with Red Hat to enable local startups working at the HKMA-ASTRI Fintech Innovation Hub (the Hub) to quickly develop, test and rollout fintech applications using open source software.

“We hope this collaboration with Red Hat will help members of the Hub to redeploy their solution almost anywhere in a much shorter time. This is a very important component in our innovation hub,” said Meikei Ieong, chief technology Officer of ASTRI.

The Hub is established in 2016 with the goal of harnessing local talents for the development of fintech applications in the city.

Red Hat will be providing the Hub with its enterprise-grade Kubernertes container application platform, which will be installed on 200 virtual workstations that are connected in a scalable segregated network designed to help emulate, validate and analyze different financial services and products before market launch.

Red Hat OpenShift Container Platform unites developers and IT operations on a single platform to build, deploy and manage applications consistently across hybrid cloud infrastructure.

“Based on a research done by IDC, Red Hat OpenShift Container Platform enables 66% faster application development lifecycles. It also allows 35% less IT staff time required per application development and 38% lower IT infrastructure and development platform cost per application,” said Peter Man, regional director for Hong Kong, Taiwan and Macau at Red Hat.

“With our OpenShift Container Platform, the Hub users can incubate ideas, and validate and orchestrate prototypes for new products or services efficiently on a single platform across different locations with minimal disruption,” he said.

Ieong said The Hub enables industry players, technology providers and fintech talents to work in tandem to develop the overall fintech ecosystem in Hong Kong.

“This collaboration with Red Hat provides a unique and reliable technology platform which the Hub users can leverage while developing market-oriented and disruptive fintech applications,” Ieong said.

“Cutting-edge fintech tools and applications not only enable the industry to offer better and safer banking experience to the consumers, but also help enhance the global competitiveness of Hong Kong’s financial services sector,” he said.