+1-888-308-5802     
News Contact Us

Tencent to support startups in Hong Kong for development of fintech

Author : Pankaj Singh | Published Date : 2019-01-31 

Tencent will also look to boost innovations in robotics, artificial intelligence and health tech in the city

Tencent Holdings, the major tech corporation based out of China, has committed to working with the Hong Kong government to boost the growth of fintech in the city. Tencent will reportedly be sharing its technologies with startups established in the Hong Kong Science and Technology Park (HKSTP) to help them in developing financial technology.

Citing reliable sources, Tencent would be deploying its expertise in blockchain, data security, artificial intelligence, cloud computing and payments to assist HKSTP tenants with not only the development but also application of fintech. According to a memorandum of understanding signed between Tencent and HKSTP, the company will also support innovations in robotics, AI, health technology and smart cities.

A senior director at Tencent Financial Technology, Tim Leung, was quoted saying that HKSTP propagates Hong Kong government’s mission to nurture local startups, which is also aligned with Tencent’s mission. He informed that Tencent would help emerging companies to boost fintech talent through its Finance Academy initiative.

The sources commented that Hong Kong is aiming to diversify its economy by shifting away from relying on the property and finance markets, gradually become a regional hub for technology and innovation. The city’s Chief Executive, Carrie Lam, had made an announcement last year regarding an HKD 28 billion fund that will be used for research and development in universities as well as re-industrialization for innovation and technology.

The city also has a fund valued at HKD 50 billion, sources mentioned, which was earmarked for artificial intelligence, biotechnology, fintech and smart city in the 2018 budget of the government. Around 100 out of the 700 firms in HKSTP are fintech companies and through this collaboration, Tencent would also look to explore cross-border payment further via its own technology. The company supposedly wants to extend the reach of its WeChat Pay all over the globe for better serving outbound tourists from China.

About Author

Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

Related News

Owl Labs raises $15 million in Series B funding led by Spark Capital

Published Date: 2019-04-19         Author: Pankaj Singh

The funding will be used to speed up product manufacturing to meet increased demand, to grow the team, and increase its footprints in international market in the year 2019 and beyond. The video conferencing company Owl Labs has reportedly announced that it has raised $15 million in a Series B inv... Read More

Sensata to showcase its vehicle technologies at Auto Shanghai 2019

Published Date: 2019-04-15         Author: Pankaj Singh

The company would be showcasing its innovative portfolio of vehicle technologies at the event. Sensata would specifically be highlighting its innovations in vehicle electrification, connected & smart systems and vehicle & autonomy health monitoring. Sensata Technologies (Sensata), ... Read More

Paytm Mall to hire profusely, eyes Rs10,000 crore business in one year

Published Date: 2019-04-08         Author: Pankaj Singh

Paytm Mall claims it has expanded O2O platform across nation and observed 200% growth in the last 6 months. Paytm Mall, the Indian e-commerce firm, recently announced that it will be hiring 500 back end technical team members and is aiming for  a turnover of Rs10,000 crore in business in the... Read More

© 2019 Fractovia. All Rights Reserved