HKSTP, Hang Seng to collaborate on fintech innovation

HKSTP and Hang Seng Bank aim to collaborate on fostering fintech innovation (Image HKSTP)

HKSTP and Hang Seng Bank have announced a new strategic alliance aimed at accelerating the deployment and development of fintech solutions for Hong Kong's banking sector.

The new alliance will seek to drive fintech innovation in four key areas – solution sourcing and development, corporate investment and acceleration, cultivation of innovators, and banking services.

HKSTP will work with Hang Seng to identify fintech solutions from innovation and technology companies within the HKSTP ecosystem that will be able to help the bank create new business opportunities.

The two partners will work together to provide financial and business advisory expertise to these companies, and Hang Seng will consider making direct investments in appropriate companies.

In addition, the companies will explore joint programs such as job rotations, training and seminars to cultivate innovators in the space.

Hang Seng has also introduced a new banking and financing solution tailor made to eligible innovation and technology companies that will offer pre-approved loans of up to HK$500,000.

“Hang Seng is delighted to have formed a strategic alliance with HKSTP to drive banking innovation in Hong Kong. Fintech is playing a pivotal role in transforming banking services in this new era of ‘smart banking’,” Hang Seng Bank chief executive Louisa Cheang said.

“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.”

He said the two companies hope their collaboration will be able to serve as a partnership model for collaboration between the financial sector and technology industry.

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