The two companies have signed a memorandum of understanding aimed at combining Tencent's technology capabilities with HKSTP's infrastructure, as well as its innovation and technology ecosystem.
Tencent will contribute resources and technology expertise in areas including payment systems, e-wallets, data security, the internet of things, blockchain, AI and cloud computing.
Meanwhile HKSTP will provide access to Hong Kong Science Park's R&D capabilities, act as a testbed for innovations using Tencent technologies, and develop case studies for the various initiatives.
The two companies also plan to collaborate on various initiatives aimed at supporting the growth of Hong Kong's startup ecosystem - such as a talent development program, joint investment opportunities and a joint incubation program - and to evaluate setting up an experience center at the park dedicated towards fintech R&D.
Hong Kong is becoming an international fintech hub with more than 100 Fintech companies and start-ups at Hong Kong Science Park conducting R&D in technologies covering artificial intelligence, blockchain, cybersecurity and other key technologies,” HKSTP CEO Albert Wong said.
“The addition of Tencent, a global technology powerhouse, will not only attract more technology companies and start-ups, but also allows our park companies and incubatees to benefit from their knowledge and expertise, which will accelerate their speed to the market.”