In a bid to boost the fintech economy in Hong Kong, Tencent (OTCPK:TCEHY) has entered a memorandum of understanding with Hong Kong Science and Technology Park.
In the deal, Tencent will share its technologies around artificial intelligence, blockchain, data security, payment and cloud computing with start-ups in the Park.
Along with boosting innovations in AI, robotics, health tech, and smart cities, Tencent will nurture fintech talent via its Finance Academy initiative, it says. About 100 of the 700 park tenants are fintech companies.
Tencent’s Hong Kong version of WeChat Pay competes with AlipayHK, part of Alibaba’s (NYSE:BABA) Ant Financial.