Hong Kong Science and Technology Parks Corporation

HK, UK collaborate on fintech start-up exchange

Built upon the HK-UK Fintech Bridge signed in 2017, HKSTP and the UK’s DIT sign pact to exchange at least 10 fintech start-ups over the next two years

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Mr. Albert Wong, Chief Executive Officer of Hong Kong Science and Technology Parks Corporation (1st row, left) and Mr. Paul McComb, Director General, Department for International Trade (1st row, right) signed a Memorandum of Understanding to establish a long-term and strategic relationship, witnessed by Mr. Andrew Heyn OBE, British Consul General to Hong Kong and Macao ( 2nd row, right) and Dr. Sunny Chai, Chairman of Hong Kong Science and Technology Parks Corporation (2nd row, left).

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Published: 12:00am, 22 Oct 2019Updated: 11:14am, 22 Oct 2019

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In efforts to help homegrown start-ups gain access to overseas markets and global entrepreneurs explore opportunities in Hong Kong and the region, Hong Kong Science and Technology Parks Corporation (HKSTP) has signed a bilateral agreement with the UK’s Department for International Trade (DIT) to promote and support cross-border exchange of innovative fintech start-ups.

Signed on October 11, the Memorandum of Understanding (MoU) establishes a co-operation framework between Hong Kong and the UK to bring together fintech start-ups from both places and support their ventures into Hong Kong and/or the Guangdong-Hong Kong-Macao Greater Bay Area as well as the UK and broader EU markets.

As well as a long history with Hong Kong, there are a lot of trade relationships between Hong Kong and the UK. Apart from trade, it is estimated that about 90 per cent of investment from the UK into mainland China is channelled through Hong Kong, and vice versa. The UK has long been an international financial centre and with unprecedented levels of capital investment, the country’s innovative fintech sector is thriving, said Paul McComb, Director General, Trade & Investment for Hong Kong and Macau at the DIT.

“Our job is to help create an environment for UK entrepreneurs to flourish globally. In Hong Kong there is a huge amount of talent, interest and appetite. The signing of this MoU is our commitment to setting measurable objectives and delivering solid results,” he said.

Hong Kong Science and Technology Parks Corporation joins hands with the United Kingdom’s Department for International Trade to enhance collaboration in FinTech and encourage business growth and economic development in Hong Kong and the United Kingdom through the signing of MoU.

Not only does Hong Kong have plenty of room for collaboration between its world-class financial sector and global fintech companies, it remains as a springboard into the Chinese mainland and Asian markets. While the business-to-consumer (B2C) and peer-to-peer (P2P) payment marketplaces are crowded and competitive in the region, there are significant opportunities in the business-to-business (B2B) space, McComb added.