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Local banking giant Hang Seng Bank is ramping up its innovation push, teaming up with digital tech park Cyberport to empower young and promising start-ups, gain exposure within the innovation company community, and support those looking to expand across the Greater Bay Area (GBA).
The strategic partnership, announced on 27 May, is part of Hang Seng’s broader innovation strategy to support local entrepreneurship, experiment innovative business models and develop business opportunities in the Greater Bay Area, Gilbert Lee, Head of Strategy and Planning and Chief of Staff to Hang Seng Bank’s CE, told FinTech News Hong Kong in an interview.
“Under the pillar of business model innovation, Hang Seng is keen on working with innovation partners for new ways of propositions and services,” Lee said. “The partnership with Cyberport, an innovative digital community with over 1,650 innovation companies, will help the bank reach its ambitions,” he said.
The partnership will see the bank jointly explore and collaborate with Cyberport on various fundraising rounds to early-stage Cyberport community companies. Cyberport will be referring investment opportunities within its community to Hang Seng on a regular basis, and the bank will be joining the Cyberport Investors Network.
Helping Hong Kong start-ups expand across the GBA
Hang Seng said it will be setting up a dedicated team which will be responsible for mentoring and assisting promising Cyberport start-ups looking to access to more GBA market opportunities, including innovative solution trial and adoption in the financial services sector.
In addition, Hang Seng will provide Cyberport community companies with cross-border commercial banking services and credit, thus becoming the first commercial Cyberport partner to offer services that facilitate the expansion of Cyberport start-ups into the GBA market.
Covering nine cities and the two special administrative regions of Hong Kong and Macau, the GBA is emerging as the next fast-growing economic zone and a global FinTech center with Shenzhen and Hong Kong at the forefront.
The GBA’s FinTech goals include building a cross-border digital identification system, a connecting infrastructure for wealth management and insurance, a cross-border trade finance blockchain platform, and a bay regulatory communication mechanism that supports mutual financial market access and in-depth FinTech collaboration.
These ambitious projects are expected to set a fertile ground for FinTech development, further propelling finance innovation to new heights.
“Under the partnership, Hang Seng will be joining Cyberport’s data service platform to offer data environment for the Cyberport FinTech community. The bank will also work alongside Cyberport on numerous initiatives focusing on promoting FinTech and open banking, as well as fostering talent”, said Eric Chan, Chief Public Mission Officer of Cyberport.
Hang Seng will participate in GBA-themed programs arranged by Cyberport to share experience and market knowledge, and will further take a proactive role in co-organizing and sponsoring GBA-focused events, like it did with Cyberport’s Road to GBA Challenge, a recent competition that supports promising Cyberport start-ups with training and business opportunities in the GBA.
Eric Chan concluded, “Cyberport has been actively supporting the development of start-ups in the Greater Bay Area and bolstering their access to the Mainland markets. Ultimately, we hope to build a more vibrant and diversified start-up ecosystem, and support the development of GBA into an international innovation and technology hub.”
Article link: HERE
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Hong Kong Cyberport Management Company Ltd
香港數碼港管理有限公司
Level 6, Cyberport 2, 100 Cyberport Road, Hong Kong
香港數碼港道100號數碼港二座6樓
Tel 電話:: (852) 3166 3800 Fax 傳真: (852) 3166 3118 Email 電郵: enquiry@cyberport.hk
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