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Hong Kong's main technology park operator and Saudi Arabia's start-up incubator have agreed to collaborate, giving fintech companies in the city access to financing from a Middle East fund to pursue their growth ambitions.
Hong Kong Science and Technology Parks (HKSTP) and Beta Lab signed an agreement in Riyadh on Tuesday as the annual Future Investment Initiative (FII) summit kicked off in the Saudi capital. Financial Secretary Paul Chan Mo-po and Saudi Arabia's Minister of Investment Khalid bin Abdulaziz Al-Falih witnessed the event.
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"HKSTP will introduce over 1,200 established start-ups to Beta Lab for investment decisions," Wong said in an interview after signing the deal with its founder Abdulrahman Alolayan. "It is important for the start-ups to show that their innovation and products are worthy of financial support."
Attendees at the FII summit held in King Abdul Aziz International Conference Centre in Riyadh on October 29. Photo: Enoch Yiu alt=Attendees at the FII summit held in King Abdul Aziz International Conference Centre in Riyadh on October 29. Photo: Enoch Yiu>
Both parties will also work together in marketing and promotions and share their resources. HKSTP will promote Beta Lab to more than 2,000 tenants based in its tech park in Tai Po, and offer value-added services to companies in Beta Lab's investment portfolio.
Beta Lab will refer no fewer than 10 start-ups per year to the HKSTP Global Connect platform, a worldwide community of investors, service providers and start-ups.
The collaboration marks the first key accord by Hong Kong's delegation to the three-day FII Summit, which includes 25 start-ups from HKSTP's park. Interest among local small businesses and technology firms is growing as they scout for new investors and customers, Wong said.
In another deal, Hang Seng Bank will team up with SAB Invest, a unit of Saudi Awwal Bank, to create an exchange-traded fund (ETF) that will track the HK$1.66 billion (US$206 million) Tracker Fund of Hong Kong. The ETF, which mirrors the benchmark Hang Seng Index, has risen about 24 per cent this year through September 30.
Hang Seng Bank CEO Diana Cesar speaks a media briefing in Hong Kong in February 2024. Photo: Jonathan Wong alt=Hang Seng Bank CEO Diana Cesar speaks a media briefing in Hong Kong in February 2024. Photo: Jonathan Wong>