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.