HKSTP Launches Accelerator to Drive Banking Innovation

HKSTP Launches Accelerator to Drive Banking Innovation

by January 22, 2021

Hong Kong Science and Technology Parks Corporation (HKSTP) has launched the Banking, Financial Services and Insurance Accelerator 2021 (BFSI Accelerator).

The BFSI Accelerator aims to bridge corporates and innovators to deliver breakthrough technologies and create a wide array of new business opportunities in the world of banking, financial services and insurance.

The BFSI partners include Bank of China (Hong Kong), China CITIC Bank International, China Construction Bank (Asia), Citibank Hong Kong, DBS Hong Kong, Fubon Asset Management, Fusion Bank, Hang Seng Bank, HSBC, Mastercard, Ping An Technology, Prudential Corporation Asia, SCOR, SC Ventures by Standard Chartered, The Bank of East Asia, WeChat Pay Hong Kong, and WeLab Bank.

Fintech solutions in the fields of blockchain, artificial intelligence and robotics, cybersecurity and IoT are among those being targeted in the programme to help the BFSI partners enhance four focus areas; operational efficiency, customer experience, wealth management, and regulation and compliance.


BFSI Accelerator’s Areas of Focus

The BFSI Accelerator will commence in 25 January 2021 in three stages. The first stage is where the accelerator will recruit innovative solutions from Hong Kong and overseas that match industry needs and operational requirements set forth by the BFSI partners.

Moving on to the second stage, the accelerator will connect the BFSI partners with a selection of potential solutions to evaluate for proof-of-concept (PoC) adoption.

Shortlisted startups and technology ventures will be guided by mentoring from the BFSI partners. According to circumstances, HKSTP will provide a secure environment to test and validate cutting-edge technologies into market-ready applications that addresses specific BFSI needs and create sustained value for the industries.

The third and last stage will see success stories and insights into corporate innovation being shared at the conclusion of the programme during the Demonstration Day, scheduled for September 2021.


BFSI Accelerator Timeline

The BFSI Accelerator has gained the support from BFSI institutions and enterprises, including Invest Hong Kong, The Hong Kong Association of Banks, The Hong Kong Institute of Bankers, and Insurance Authority, as well as Hong Kong Monetary Authority through the HKMA-HKSTP Fin+Tech Collaboration Platform.

Applications for the BFSI Accelerator 2021 are now open and the deadline is on the 26 March 2021.

Eugene Hsia, Chief Corporate Development Officer of HKSTP, said:

Eugene Hsia, Chief Corporate Development Officer of HKSTP

Eugene Hsia

“Building on one of our most well-tested models, the accelerator connects our wide network of prestigious partners, industry leaders, advanced research institutions and successful enterprises to share their valuable industry insights and trends.


It further brings together the world’s best fintech startups and technology ventures to create amazing business solutions that not only propel the industries and society to move forward, but also enable Hong Kong to remain at the forefront of fintech.”


Featured image: HKSTP