HANG SENG joined HKSTP’s Banking Virtual Lab to strengthen Fin+Tech collaboration
Hang Seng Bank is pleased to announce the latest collaborative initiative with Hong Kong Science and Technology Park Corporation (HKSTP) of being the first bank to join HKSTP’s Banking Virtual Lab. To support by contributing the synthetic bank data, Hang Seng aims to drive the development of Fintech solutions and the future of banking with the FinTech ecosystem in Hong Kong.
Building next generation of Banking Services
As the Banking Virtual lab’s first partners, Hang Seng provides synthetic banking data and input for relevant APIs, helping developers and the ecosystem to test, develop and validate Fintech solutions together.
Hang Seng and participating technology companies can now access the innovative sandbox, leveraging the synthetic banking data and APIs to conduct proof of concept and address specific business problems. With the Virtual Lab, Hang Seng can reduce the time for identifying potential partners and can establish data collaboration to verify new solutions. Backing by synthetic banking data, the participating technology companies can better understand banking services, which will unleash their potential and creativity in developing new Fintech products and solutions.
Albert Wong, CEO at HKSTP, said, “The Banking Virtual Lab and our pioneering collaboration with Hang Seng is great example of the growing strength of our Fin+Tech ecosystem and Hong Kong’s status as a world-leading fintech hub. Integrating leaders in finances, such as Hang Seng, with innovation from our network of fintech startups in the deep tech areas of AI, blockchain, cybersecurity and data analytics, will accelerate the sector’s ambition to build a new era of financial services in Hong Kong, the Greater Bay Area and beyond.”
Fast tracking corporate communication
To further boost the corporate innovation of the bank, Hang Seng will leverage the Global Acceleration Academy (GAA) of HKSTP to scout for promising and suitable Fintech companies and solutions that match Hang Seng’s needs. The evaluation and development of the tailored-made solutions for the bank will help various business units improve their services and enhance the ability to offer financial products and initiatives catering to the changing needs of customers.
In the meanwhile, Hang Seng will be the first batch of partners to leverage the FinTech Centre in InnoCentre to facilitate more efficient and direct communication with technology companies and explore potential cooperation opportunities to further promote fintech innovation in Hong Kong.
Mrs. Eunice Chan, Chief Operating Officer of Hang Seng Bank, said, "Hang Seng has been embracing new initiatives to drive innovation. Through our alliance with HKSTP, we have established a model of cooperation that can boost our development of technology. With our central objective of providing more customer-centric products, services and solutions for customers, we look forward to working closely with partners via HKSTP’s Virtual Lab and to generate more innovative ideas. We also welcome companies from different industries to join the platform so that we can all expand and diversify our business operations together.