Hong Kong Science and Technology Parks Corporation (HKSTP) announced on Tuesday it signed a Memorandum of Understanding (MoU) with Tencent to accelerate the R&D development and deployment of Fintech in Hong Kong by using Tencent’s revolutionary and advanced technology capabilities with HKSTP’s infrastructure and vibrant innovation and technology (I&T) ecosystem.
HKSTP reported that through the MoU Tencent will bring its resources and technological expertise in areas such as payment systems, electronic wallets, data security, Internet of Things (IoT), blockchain, artificial intelligence and cloud computing to HKSTP to benefit the park companies and incubatees as they foster various Fintech innovations.
“HKSTP will provide access to the park’s Research & Development capabilities, serving as a testbed for innovations powered by Tencent’s technologies, and developing case studies for the initiatives. The two parties will also consider setting up an experience centre at HKSTP’s premises for Fintech R&D. The cooperation will strengthen the innovation of artificial intelligence, robotics, healthtech and smart city.”
HKSTP also revealed that it and Tencent will work together to nurture and support the growth of start-ups in Hong Kong through exploring investment opportunities; establishing a talent development programme to facilitate and promote knowledge exchange among programme participants; launching a joint incubation programme and setting up an open technology innovation platform to support Fintech innovation and R&D.
Speaking about the partnership, Howe Zheng, Vice President of Tencent Financial Technology Group, stated:
“As a leading provider of Internet value-added services in China, Tencent is excited about the collaboration with HKSTP to foster the Fintech development in Hong Kong, as well as to cultivate the local start-up community. At Tencent, we provide advanced financial technologies which make daily tasks easier, simpler and more secure. With our expertise and insights in a range of innovations such as payment, electronic wallets, data security, artificial intelligence and cloud, as well as our strengths, experience and network in the local Fintech industry and startup community, we look forward to working hand-in-hand with HKSTP and contributing to the Fintech growth and success in Hong Kong.”
Albert Wong, CEO of HKSTP, added:
“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. 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.”