In a landmark move aimed at fostering innovation and fortifying bank-fintech collaborations, the Hong Kong Science and Technology Parks Corporation (HKSTP) and HSBC have entered into a transformative three-year partnership agreement. This pioneering collaboration marks a significant milestone as the city’s largest innovation and technology (I&T) ecosystem joins forces with a global banking giant to drive Hong Kong’s fintech landscape forward.

The agreement, sealed by Luanne Lim, Chief Executive Officer of HSBC Hong Kong, and Albert Wong, Chief Executive Officer of HKSTP, underscores a shared commitment to leverage resources, expertise, and extensive networks to propel the growth of start-ups, fintech firms, and the broader digital economy in Hong Kong.

Witnessed by Dr Sunny Chai, Chairman of HKSTP, and Surendra Rosha, Co-Chief Executive of HSBC Asia-Pacific, alongside Salina Yan, Permanent Secretary for Financial Services and the Treasury (Financial Services), the collaboration is poised to deliver tangible benefits across multiple fronts.

The strategic alliance is set to focus on five key areas:

1. International Fintech Corridor: Facilitating collaboration between Hong Kong-based fintech firms and global partners, with a focus on attracting companies to establish a presence in the city. Initiatives such as the Elevator Pitch Competition (EPiC) and business matching events will be organized to connect fintech innovators with investors and corporate partners, enhancing their global footprint.

2. Investment Opportunities: Identifying and supporting promising technology companies by providing access to funding, investment insights, and mentorship, thereby fueling their growth trajectory. HKSTP will nominate no fewer than 50 fintech companies to collaborate with HSBC, offering tailored financing solutions and investment opportunities to nurture companies at various stages of development.

3. Ecosystem Growth and Support: HSBC will bolster HKSTP’s fintech ecosystem by providing coaching sessions, access to industry experts, and networking opportunities for tech companies. A series of workshops will be conducted to help fintech firms assess their solutions’ readiness for partnership with financial institutions, with HSBC offering customized financial services to businesses within the HKSTP ecosystem.

4. Data Collaboration: Enhancing cross-industry data collaboration capabilities to foster innovation and improve accessibility to products and services.

5. Solution Scouting and Co-Creation: Assessing and potentially adopting HKSTP’s fintech solutions into HSBC’s products and services, with opportunities for co-creation with fintech companies.

Albert Wong, CEO of HKSTP, said, “Today marks the beginning of an exciting journey as we are set to powering possibility in fintech by combining HKSTP’s expertise in growing startups with HSBC’s strength in banking and investment. We aim to create synergies to thrive on interdependence and scale up Hong Kong’s fintech ecosystem. We stand ready to leverage our networks, offering tech ventures the crucial funding, mentorship and business matching to prosper. HSBC plays a pivotal role in equipping startups to capitalise on business and investment opportunities. Simultaneously, HKSTP champions the adoption of proven technologies to solve real-world problems. This underscores that innovation and collaboration are the driving forces behind the golden era of FinTech.”

Luanne Lim, Chief Executive Officer, Hong Kong, HSBC, said, “Bank-fintech partnerships unlock value for parties on each side of the equation, making banking better for consumers and businesses alike. Drawing on our banking expertise, experience operating in a highly regulated industry in 62 countries and territories and robust risk management practices, we can foster more productive collaborations with fintech companies. HSBC has been a customer, partner, banker, and investor to hundreds of fintech firms. Our global networks mean we are well-placed to connect fintechs with emerging opportunities in Hong Kong and beyond.”

With Hong Kong emerging as a leading fintech hub, boasting over 1,000 fintech companies and nearly 4,000 startups, the collaboration between HKSTP and HSBC aligns with the city’s strategic vision to leverage technology for long-term competitiveness.

The partnership underscores Hong Kong’s commitment to advancing fintech innovation locally and globally, driving the city’s digital economy forward. As part of this collaboration, HSBC will continue to support HKSTP programmes, such as the EPiC and API EcoBooster, to foster open banking innovation and accelerate the growth of the fintech ecosystem.