Hong Kong Banking Giant Hang Seng Bank Ramps Up Innovation Push With Cyberport Alliance

Hong Kong Banking Giant Hang Seng Bank Ramps Up Innovation Push With Cyberport Alliance

by June 16, 2021

Local banking giant Hang Seng Bank is ramping up its innovation push, teaming up with digital tech park Cyberport to empower young and promising startups, gain exposure within the innovation company community, and support those looking to expand across the Greater Bay Area (GBA).

The strategic partnership, announced on May 27, 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 CE, told Fintech News Hong Kong in an interview.

Gilbert Lee HangSeng bank

Gilbert Lee

“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 financing options 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 startups expands across the GBA

Hang Seng said it will be setting up a dedicated team which will be responsible for mentoring and assisting promising Cyberport startups 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 startups 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.

Eric Chan

Eric Chan

“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 startups 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 Greater Bay Area into an international innovation and technology hub.”

 

Featured image: Hang Seng Bank and Hong Kong Cyberport Management Company Limited announce the establishment of a strategic alliance. Pictured: Gilbert Lee, Head of Strategy & Planning and Chief of Staff to CE at Hang Seng Bank (first left), Donald Lam, Head of Commercial Banking at Hang Seng Bank (second left), Peter Yan, Chief Executive Officer of Cyberport (second right) and Eric Chan, Chief Public Mission Officer of Cyberport (first right).