CRI听力:HK, London FinTech Companies Look for Closer Cooperation

FinTech may not sound familiar, but if you are using Alipay for payment, Bitcoins for investment, or crowdfunding to start a business, you are actually a beneficiary of FinTech, which brings along with it innovative financial services.

Both Hong Kong and London boast strong resources and professionalism in financial services, and according to London & Partners CEO Gordon Innes, the two cities should grasp the opportunities presented by FinTech together.

"We see Hong Kong as a real collaborator. We are seeing incubators set up, accelerators programs, like Cyberport here that is supporting FinTech companies. We are seeing more and more people getting into this space recognizing the opportunities that exist. But also really important, collaborating with the financial services institutions, banks and insurance companies, who recognize that they need to be part of this revolution, because it's going to fundamentally change the way we manage and deal with money. They can either be part of that or to be left behind."

London's technology sector is booming with a record 2.3 billion US dollars of venture capital funding raised by tech companies last year, 70 percent up from a year before. And in the past five years, the number of digital technology businesses in London has increased by almost 50 percent to 40-thousand.

Herman Lam, CEO of Cyberport, home to more than 600 information technology and services startups in Hong Kong, says they are helping local companies to grow through frequent exchanges with London.

"One of the natural things that they need to do is try to expand the reach, look for more customers, investors or business partners. Definitely, London, UK, is one of the very interesting markets they are looking at. They would develop solutions, products, and services that would probably serve both sides."

Gavin Poole, CEO of Here East, a similar incubation center for creative and digital startups in London, says they will team up with Cyberport to provide platforms for companies looking to internationalize and get into new markets.

"Now if we have a network of a similar type of facilities, with a similar type of vision around the world, if a company in Here East wants to penetrate into the Asian market, actually if we've got friends here, say Cyberport would receive them and give them a landing point in Hong Kong, and that's perfect. And likewise, if there are companies coming out from Cyborport who also need a landing point, they can use Here East."

In recent years, Hong Kong has taken steps to emulate the success of London's co-working and accelerator model, and the two cities are committed to nurturing a culture of innovation and entrepreneurship.

For CRI, this is Li Jing in Hong Kong.