HSBC launches new R&D lab for fintech in Hong Kong
Financial secretary John Tsang says financial technology a priority for Hong Kong though Deloitte research puts city behind other financial centres
HSBC and the Hong Kong Applied Science and Technology Research Institute (ASTRI) launched a research and development innovation laboratory on Monday, the latest in a series of initiatives to boost the development of financial technology (fintech) in the city.
The hope is that collaboration between HSBC and ASTRI will develop solutions to real problems that affect the bank and its customers. These include development of advanced authentication technologies, cyber security protection and behavioural biometrics using artificial intelligence technologies.
Peter Wong, chief executive and deputy chairman of HSBC, said at the launch ceremony that technology comprised all areas of the bank’s global business.
“Today, the establishment of a Global Innovation Lab in Hong Kong is a testament to the importance of the territory to the bank,” he added.
Hong Kong’s Financial Secretary John Tsang, also speaking at the ceremony, said the city now had 12 fintech innovation labs, including initiatives from Accenture, Australia’s Commonwealth Bank and US university MIT. “Fintech is one of our major priorities,” Tsang added.
Next week Hong Kong will hold its first “fintech week” involving the participation of many government bodies and private organisations.
However, according to a new report released by Deloitte, Hong Kong currently ranks only fifth as a global hub for fintech, behind London, Singapore, New York and Silicon Valley.