MTR Corporation signed a Memorandum of Understanding (MoU) with Cyberport to set up a two-year collaboration framework for joint investment in digital technology start-ups. The collaboration marks a major step that the MTR Corporation has taken to expedite the innovative technology development with the establishment of the alliance between the Corporation and the I&T sector. The collaboration aims to bring smarter services for customers through the strategic alliance with start-ups and contribute to the development of Hong Kong into a smart city.
MTR Lab under MTR Corporation and Cyberport Macro Fund under Cyberport will select start-ups from Cyberport’s ecosystem that have potential and suit MTR’s rail and property business needs as investment parties in 6 areas - railway technology, smart city, financial and data services, Mobility-as-a-Service, new mobility modes, and new retail.
“As a home-grown enterprise, the MTR Corporation fully supports the vision of Hong Kong’s technological development and endeavours towards developing Hong Kong into a smart city. We also envisage that it will offer more opportunities for the young generation to unleash their creativity and innovative power,” said Dr Rex Auyeung, Chairman of MTR Corporation.
Dr Jacob Kam, CEO of MTR Corporation added that Cyberport plays a pivotal role by providing one-stop support services for start-ups, and the collaboration would reinforce MTR’s core businesses, with better travelling and shopping experience.
“Smart mobility plays an indispensable part as Hong Kong charges ahead in its smart city development, and railway networks are key to driving socio-economic growth. I am confident that this collaboration will pave the way to new milestones for start-ups with ground-breaking ideas, steering Hong Kong towards a sustainable future with technology,” said Simon Chan, Chairman of Cyberport.
Peter Yan, CEO of Cyberport added that Cyberport has been working closely with MTR on pairing with start-ups to introduce innovative solutions that help accelerating the digitalisation of railway system and elevate MTR’s competence in railway and property management.
The MTR Corporation has reserved over HK$300 million for investment in start-ups in the next few years, and more funding will be allocated for similar projects in the future.
