Search giant Baidu launches fintech incubator in Hong Kong with Standard Chartered, TusPark Global to open gateway to China

2-MIN READ2-MIN

Fireworks are seen over the Hong Kong skyline as part of China's national day celebrations on Thursday. The city has seen an explosion of incubators recently as it channels its energies into becoming a hub for fintech start-ups. Photo: AFP

Published: 5:00pm, 6 Oct 2015Updated: 3:17pm, 21 Jun 2018

Standard Chartered Bank has teamed up with Chinese online search giant Baidu and co-working space operator TusPark Global Network to launch an international start-up accelerator programme in Hong Kong focused on financial technology.

"Hong Kong's vibrant international financial ecosystem as well as strategic location as a gateway to China ... makes it the perfect place to co-create the future of financial services," Ericson Chan, the regional information officer for Standard Chartered Greater China and North Asia operations, said on Tuesday.

Chan touted the "SuperCharger FinTech Accelerator" as the first programme of its kind in Hong Kong to be established by major partners in the fields of banking, internet technology and financial technology innovation.

The initiative also marks a new milestone in Hong Kong's efforts to build up its credentials in financial technology innovation. It has been a busy year so far in the city as it earlier welcomed separate financial technology accelerator programmes led by global management consulting firm Accenture and a dozen financial institutions, New York-based Citibank, and DBS Bank (Hong Kong) with local venture capitalist Nest.

With increasing pressure to boost growth and cut costs, many large banks are seeking to engage with promising ventures that offer technologies designed to improve efficiency in their industry.

"Hong Kong is fast becoming the fintech hub of Asia," said Egidio Zarrella, the clients and innovation partner at professional services firm KPMG China.