CBA has signed a memorandum of understanding with Austrade to facilitate collaboration between Australian and Hong Kong fintech companies.
A collaboration agreement between the Australian Trade and Investment Commission (Austrade) and Hong Kong will see business from both countries support and gain access into each other’s markets.
The agreement will see Austrade and CBA work together to help Australian tech companies expand into Asia as well as provide a platform for Asian businesses to explore opportunities in Australia, according to CBA head of Hong Kong Innovation Lab Liam Gilligan.
"Through our partnership with Austrade, our focus is on helping tech companies across fintech, health tech, edutech, and agtech," Mr Gilligan said.
"Our support for tech companies across these sectors will short-circuit the time it takes them to enter the ecosystem here in Hong Kong as well as across Asia and Australia."
Mr Gilligan said the agreement would provide support and opportunities for companies to "engage with incumbents, learn from other start-ups, as well as meet with VCs that are active and interested in the space".
Consul-general Michaela Browning said in a statement that Australia had a vibrant start-up and technology community.
“This agreement provides Hong Kong businesses the opportunity to access the latest technologies in the Commonwealth Bank’s Innovation Lab and to engage themselves in the Australia market, while Australian companies can tap into Hong Kong’s fast growing start-up ecosystem and access international funding and partnerships,” Ms Browning said.
The agreement will incorporate “introductions for companies” to move into either market; trade missions; “connection to a talent pool of experts”; providing use of space in CBA’s Hong Kong Innovation Lab; and mentoring and coaching for Australian and Hong Kong businesses.
CBA Hong Kong managing director Maaike Steinebach said the agreement complemented the recent launch of Hong Kong’s Fintech Association.
“With China having one of the highest fintech adoption rates in the world and Hong Kong a long tradition of entrepreneurship, it provides a good opportunity for Australian businesses looking at entering the Asian region,” Ms Steinebach said.
The agreement between Austrade and Hong Kong comes off the back of a fintech agreement inked between ASIC and Hong Kong that InvestorDaily reported about earlier this month.