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Significant Investment to Hong Kong Fintech by Red Hat and Astri

Hong Kong Applied Science and Technology Research Institute (ASTRI) collaborates with Red Hat to enhance the HKMA-ASTRI Fintech Innovation Hub (the Hub), using Red Hat OpenShift Container Platform to create a collaborative and open environment.

Founded by the HKSAR Government in 2000 with an aim to enhance Hong Kong’s competitiveness in technology-based industries through applied research, ASTRI set up the Hub in partnership with the Hong Kong Monetary Authority (HKMA) in 2016.

This collaboration allows ASTRI to install Red Hat’s enterprise-grade Kubernetes container application platform on its isolated virtual machines in the Hub, thereby benefiting the Hub users in the incubation process.

The Hub is intended to provide a collaborative and open space to develop more innovative financial solutions for the Fintech community in Hong Kong. The deployment aims to enhance the Hub’s facility where 200 virtual workstations connected in a scalable segregated network segment are designed to help emulate, validate and analyze different financial services and products prior to market launch.

Red Hat OpenShift Container Platform unites developers and IT operations on a single platform to build, deploy, and manage applications consistently across hybrid cloud infrastructures. This can help businesses to achieve greater value by delivering modern and traditional applications with shorter development cycles and increased efficiencies.

The platform is built on open source innovation and industry standards, including Red Hat Enterprise Linux and Kubernetes, and is trusted by many companies around the world.

With Red Hat OpenShift Container Platform, the Hub users, including Fintech solution providers, startups, and other potential users, can incubate ideas, and validate and orchestrate prototypes for new products or services efficiently on a single platform across different locations with minimal disruption to current processes.

Dr. Meikei Ieong, Chief Technology Officer, ASTRI shared,

Dr. Meikei Ieong

“The HKMA-ASTRI Fintech Innovation Hub enables industry players, technology developers and Fintech talents to work in tandem, developing the overall Fintech ecosystem in Hong Kong.

This collaboration with Red Hat provides a unique and reliable technology platform which the Hub’s users can leverage while developing market-oriented and disruptive Fintech applications.

Cutting-edge Fintech tools and applications not only enable the industry to offer better and safer banking experience to the consumers but also help enhance the global competitiveness of Hong Kong’s financial services sector.”

Mr. Peter Man, Regional Director, Hong Kong, Taiwan and Macau at Red Hat, said,

Peter Man

“By working with ASTRI, Red Hat aims to help accelerate the development of Fintech innovation in Hong Kong. We hope that by bringing together our technology and ASTRI’s Fintech expertise in Hong Kong, we can enhance the city’s global competitiveness as a modern financial powerhouse.”

This collaboration demonstrates the commitment of both parties to cultivate innovative Fintech ecosystems in an increasingly complex digital world, where participants can focus on delivering greater business value while addressing network operations challenges to meet ever-changing market needs.

Featured image via astri.org