Representative from FinTecubator joins CUHK FinTech Webinar to share the role of API and data in open innovation
CUHK FinTech Webinar on API and Data
Co-organized by the CUHK Engineering FinTech Applied Research Academy (CEFAR) and the Asia-Pacific Institute of Business (APIB), the CUHK FinTech Webinar on the Role of API and Data in FinTech Ecosystem was conducted on 30th March, 2021.
Mr. Stephen Leung, Head of IT Wealth and Personal Banking of Hang Seng Bank, was invited to join and he shared his views on how Hang Seng leverages API, data collaboration and open innovation to boost FinTech development.
(From left: Prof. Chan Chun Kwong, Senior Innovation Advisor, Hang Seng Bank and Professor of Practice in FinTech, Department of Systems Engineering and Engineering Management, The Chinese University of Hong Kong; Mr. Stephen Leung, Head of IT Wealth and Personal Banking, Hang Seng Bank; Mr. Michael Au, Assistant Director, Corporate Engagement, Strategic Partnerships, The Hong Kong Science and Technology Parks Corporation)
As Hong Kong Monetary Authority (HKMA) launched Open API in 2018, the data and the Open API framework have become a more efficient way for the bank and external service providers to co-create new FinTech applications.
Riding this wave, FinTecubator of Hang Seng is the first party to contribute and support HKSTP’s Banking Virtual Lab to strengthen the Fin+Tech collaboration. And this seminar served as an opportunity to promote future collaboration opportunities and expand Hang Seng’s FinTech ecosystem to academia and other parties of the banking industry.
Three ways to accelerate Open Innovation
Stephen covered Hang Seng’s strategy in accelerating Open Innovation, which is Open Inside, Outside In and Inside Out, hoping to share Hang Seng’s successful story as well as attracting more practitioners from the community to join and contribute.
● Open Inside: Hang Seng proactively promote innovation culture, encouraging colleagues to challenge the status quo.
● Outside In: FinTecubator enables colleagues to engage with external innovation talents to hear and learn from them, and sources suitable external FinTech solutions to evolve the banking services.
● Inside Out: FinTecubator empowers colleagues to nurture their creative ideas through co-developing solutions with commercial partners from the FinTech ecosystem.
Michael from HKSTP elaborated the importance of Data Sandbox and Open API in terms of collaboration between the bank and its technology partners, for it could build trust for both parties and provide a safe and controlled environment for proof-of-concepts and collecting feedback. He expected there will be more successful collaboration cases through the “Banking, Financial Services & Insurance (BFSI) Accelerator 2021” to come under the supports from HKSTP and its Global Acceleration Academy (GAA) programme.
Reinforce Fin+Tech Collaboration
Innovation is more about problem solving instead of just coding and programming. As there is no boundary for innovation, FinTecubator will continually endeavour to provide an open platform for colleague to try, to testify, to learn and to develop.
By reinforcing the Fin + Tech Collaboration with our community partners, such as CUHK and HKSTP, we are dedicated to accelerate the FinTech adoption in the bank and foster the development of the Hong Kong Fintech ecosystem through combining theory and practice.