Representative from FinTecubator Joined Sharing Session at HKSTP x Brinc Fast Track Programme
The HKSTP Fast Track in collaboration with Brinc, is a comprehensive 10-day programme providing tailored support and guidance to international startups on how to setup and scale their business in Hong Kong and the Greater Bay Area. After a global application process, 11 RegTech startups were chosen as final participants in the programme.
Maisie Chau, Senior Programme Manager of Hang Seng Bank, was invited to speak at the programme. She introduced the bank and its strategic alliance with HKSTP in driving the development of FinTech solutions, also sharing her views on what international startups can expect during their growth in a new market.
Hang Seng/ FinTecubator's Tight Partnership with HKSTP
Hang Seng and HKSTP signed MoU in 2019 to foster FinTech development. Hang Seng also established the entity-wide innovations program “FinTecubator” in 2019 to develop new technology that fits the HASE business model digitization trend and breed Fintech talents. Since then, Hang Seng/FinTecubator has worked closely with HKSTP to boost the innovative culture and facilitate Fintech adoption. Earlier this year, Hang Seng was the first bank to support HKSTP with the launch of Banking Virtual Lab. With the strong support from HKSTP, Hang Seng connects with its vast global network of innovative technology ventures.
Points to Note for International Startups when Expanding
Having experience in collaborating with overseas companies, Maisie shared advice on what overseas startups can prepare for expanding to the HK and GBA market. Entering a new market requires the ability to adapt to Hong Kong’s industry baseline. In order to stay on top of the market trend, it is crucial to possess a comprehensive understanding of the Fintech landscape, as well as the culture, language and regulations requirements of the place. High solution flexibility is therefore essential to satisfy such list of demands.
Besides that, the financial sector is a complex area of business, we have to ensure there is well governance and control on various perspectives to mitigate risks, as well as to comply with requirements from regulators. Maisie reminded the participants that it is normal to require more time and effort in pre-implementation stages during collaborations. During the process of co-creation, having patience and persistence is important.
Mutual Communication among International and Local Collaborators
Maisie mentioned that the major advantage international startups have over local startups is having more experience in a vast variety of markets. With an abundance of different sets of knowledge and involvements, new perspectives can be brought to the table. She stressed the importance on mutual exchange of ideas during partnerships with local companies, for breakthrough and progress can’t happen in silos.
FinTecubator wishes all participating global tech talents the very best in their journey of expansion. With our central objective of fostering the development of Hong Kong Fintech ecosystem and future of banking, we look forward to continuing our close alliance with HKSTP in the future.