Financial tech start-up programme to burnish Hong Kong's innovation credentials

A programme aimed at promoting innovative technologies that could reinvigorate Hong Kong's banking sector will be co-launched by 10 major financial institutions and Accenture today.

The financial services providers are lending support to FinTech Innovation Lab Asia-Pacific, an "accelerator" programme for start-up technology companies modelled after a similar initiative co-founded by global management consulting firm Accenture and civic group the Partnership Fund for New York City in 2010.

"By fostering the development of the next generation of financial technology companies, the lab will further strengthen Hong Kong's status as one of the world's leading financial capitals," said Sushil Saluja, the senior managing director of Accenture's Asia-Pacific financial services practice.

Facing more pressure to boost growth and slash costs, large banks are now seeking to engage with promising ventures that offer technologies specifically designed for their industry.

Highly sought-after solutions include analytics, mobile, risk management, payment, security, compliance, social media and collaboration technologies.

Saluja said start-ups "often lack the resources and capital to endure the typical two- to three-year sales cycle for selling solutions to financial institutions. The Lab helps close that gap," he said.

The institutions taking part in the programme are Bank of China (Hong Kong), HSBC, China Construction Bank (Asia), Ping An, DBS, JP Morgan, Barclays, UBS, Bank of America Merrill Lynch and Morgan Stanley.