+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

ByteDance could lose $6 billion following recent TikTok ban in India

Published Date: 2020-07-03         Author: Pankaj Singh

The latest decision taken by the Government of India to ban 59 Chinese smartphone apps is trending worldwide, especially across China. As per a report by China’s Global Times, ByteDance, the parent firm of Helo and TikTok, is likely to incur a loss of about $6 billion after this imposed ban by... Read More

Oyo suspends MGB contracts for property owners due to reduced revenues

Published Date: 2020-07-01         Author: Pankaj Singh

The adverse impact of COVID-19 pandemic is becoming more and more evident across the world. It is being speculated that  nothing of this magnitude has been observed for more than 100 years since the 1918 Spanish Flu pandemic. Till now, over ten million people have been infected in over 200 nati... Read More

Universal Studios postpones the opening of Nintendo-themed area

Published Date: 2020-06-30         Author: Pankaj Singh

The ongoing COVID-19 pandemic has claimed the lives of over half a million people and affected more than ten millions around the world. As the current situation is worsening, many world events as well as the opening of theme parks have been canceled or postponed in order to reduce the spread of the ... Read More

© 2020 Fractovia. All Rights Reserved