Unlike most accelerators and incubators in Hong Kong, FinTecubator is a Hang Seng based internal incubation programme enabling Hang Seng colleagues to become an intrapreneur. It empowers them to create new products and services to disrupt the way of banking through their innovative ideas.
The launch of FinTecubator, as a separate innovation division inside Hang Seng Bank, was a strategic move to engage in the Fintech development after the bank’s first attempt on leveraging its existing resources to sprout its first-ever internal Fintech start-up, which is Yours (Is a lifestyle banking app and is the pioneer of the Internal Start-up Programme)
The huge transition from being just a bank to an active player in the Fintech market gives us insights and experiences of how to embrace the technology revolution in the banking industry as well as how to achieve more by standing on the shoulder of the bank.
Aligning with the bank’s strategic, FinTecubator’s core mission is to source external partners from the whole industry to jam and sprout ideas with Hang Seng internal start-ups.
As an intermedium between the bank and the Fintech industry, undoubtedly, FinTecubator has considerable advantages in establishing an open start-up ecosystem across Hong Kong, Greater Bay Area and even expending to the whole continent of China.
The practices of the internal start-up programme, which consists of promoting innovation within the bank and bridging external partners to foster incubation process, distinguish FinTecubator from other incubators and accelerators in the market.
The unique style of the Corporate Innovation Programme enables internal start-ups to be fully tooled as a large company, but without losing the features of nimbleness and agility as an emerging new business.
How is like to be a Hang Seng intrapreneur
Joining FinTecubator and becoming an intrapreneur is different from being an entrepreneur. Through both of the two share similar qualities such as creativity, conviction and passion, there are several factors enabling intrapreneurs to be a step ahead in certain circumstance.
Being an intrapreneur means you can build your own business under a safer and a more secure environment.
As an employee in Hang Seng Bank, you are encouraged to highly engage in Fintech development and don’t have to worry if the business fails.
Regarding the fact that most entrepreneurs suffer from cash-flow issue from the early stage of their business, FinTecubator programme offers all intrapreneurs a safety net that secures their start-up journey, empowering them to freely explore the market.
Intrapreneurs are encouraged to run their business. FinTecubator endeavours to support start-ups along the way to its launching.
Through this programme, intrapreneurs are prompted to pursue big ideas that can stand on their own. Once it is spun off, you can share the ownership with your team members and truly become an entrepreneur.
Backed by Hang Seng’s resources
Internal start-ups have full access to Hang Seng’s network. By leveraging the existing resources both internally and externally, start-ups are espoused to sprout their idea and validate them into real products. With all the supports, intrapreneurs have more freedom and resources to innovate.
◆ Internal support: Start-ups who have successfully gone through a screening process in terms of its viability, scalability and profitability, will receive financial aid or initial seed fund to help them advance to the prototype stage.
FinTecubator team will then provide our intrapreneurs with the access to internal resources, such as mentorship, technology support, business matching service, marketing and branding assistance.
◆External: Powered by external resources, FinTecubator offers an open start-up ecosystem and a virtual space to pool all the partners together. Through this platform, Intrapreneurs can freely connect themselves with potential investors, enterprises, academia, tech innovators to facilitate their start-up journey.
FinTecubator team will also collaborate with external partners to deliver tailored events (e.g. Tech Talks, Skills Sharing, etc.) to our intrapreneurs, equipping them with innovation spirit and entrepreneur mindset.
◆Garage: A physical and exclusive co-working space where intrapreneurs can drop in seamlessly. It provides them with value-added services (e.g. 5G internet access) and start-of-the-art facilities (e.g. Mini-stage) to support their growth.
Thanks to Hang Seng Bank’s diverse talent pool, FinTecubator enables our intrapreneurs to source talents with different professional backgrounds coming from different geographic locations, such as Hong Kong, Guangzhou and Xi’an.
By forming a start-up community, we connect intrapreneurs with like-minded talents, and from where they can seek for partners to build their team.
Internal start-ups are encouraged to break through institutional structures that may limit their future growth. FinTecubator grants independent and freedom for internal start-ups to operate with no boundary, ensuring that their efforts are less likely to be inappropriately hindered.
There are fewer constraints for them to take a fresh and innovative approach in addressing business challenges, which may facilitate them to explore and embrace new market opportunities.