Press Release

HSBC-ASTRI RESEARCH AND DEVELOPMENT INNOVATION LABORATORY FURTHER MOBILISES FINTECH IN HONG KONG AND ASIA

*** part of HSBC’s strategic initiative to drive technology innovation globally ***

*** keen to develop financial technologies in Asia and nurture future talents ***

The Hongkong and Shanghai Banking Corporation Limited (HSBC), together with the Hong Kong Applied Science and Technology Research Institute Company Limited (ASTRI), are launching the HSBC-ASTRI Research and Development Innovation Laboratory (RDI Lab) with a goal to encourage research and technology implementation within the financial industry as advocated by the Government of the Hong Kong Special Administrative Region (HKSAR).

Mr John Tsang Chun-wah, GBM, JP, Financial Secretary of the HKSAR Government, said: “The collaboration between HSBC and ASTRI is both timely and opportune. I have no doubt that it will expand Hong Kong’s Fintech world, creating innovative opportunities that will reward us all.”

The HSBC-ASTRI RDI Lab will be located at ASTRI’s facility at Hong Kong Science Park, supported by its research & development (R&D) team and hardware/software IT infrastructure. In Asia through HSBC’s international network, and in Hong Kong with ASTRI’s core R&D competences, the HSBC-ASTRI RDI Lab will mobilise financial technology (fintech) developments via exploratory activities along:

• Artificial intelligence on Chinese character recognition
• Behavioural biometrics authentication
• Big data analytics
• Blockchain
• Cyber security
• Facial recognition
• Internet finance

As part of the strategic initiative to drive technology innovation across our global business, HSBC has been focusing on the following innovation areas – security crime prevention and identity, data and artificial intelligence, and operational efficiency – with the aspiration to develop secure and comprehensible solutions for our valued customers and the banking system.

With ASTRI, HSBC can contribute further into the development of advanced authentication technologies, cyber security protection, next generation facial/voice recognition, behavioural biometrics with the use of Artificial Intelligence (AI) technologies and big data analytics. The HSBC-ASTRI RDI Lab will also advance the collaborative work on the Chinese character recognition system, which is required for the back-end system and other labour intensive process.

Mr Peter Wong Tung-shun, JP, Deputy Chairman and Chief Executive, The Hongkong and Shanghai Banking Corporation Limited, said: “For HSBC, technology is part of the bank’s DNA, comprising all areas of our global business. Today, the establishment of a Global Innovation Lab in Hong Kong is a testament to the importance of the territory to the bank. Combining HSBC’s international network with ASTRI’s core R&D capabilities. HSBC can utilise these in order to offer better, more secure leading edge products and services to our customers.”

The RDI Lab will seek to apply ASTRI’s latest technologies, systems and platforms to address domain specified requirements of HSBC’s various businesses – with the aim of enhancing productivity and service security. One area of application is artificial intelligence on Chinese character recognition. Based on deep learning, feature engineering and data science capabilities of the R&D team, ASTRI has already developed a system based on 4 million handwritten Chinese character images, which can be utilised by HSBC to enhance the efficiency of tedious and manual form processing tasks by accumulating machine learning knowledge and improving accuracy continuously.

Mr. Wong Ming-yam, BBS, JP, Chairman of ASTRI, said: “The development and application of FinTech is crucial to maintaining Hong Kong’s status as a global financial centre, and that is why ASTRI has dedicated lots of talent and resources to the research and development of FinTech. ASTRI is very proud to be working with HSBC on the RDI Lab. I am confident that the collaboration will not only help strengthen Hong Kong’s financial infrastructure, but also enhance business efficiency and customer experience in the finance sector.”

Other than partnering with companies and academic institutions that are at the forefront of the next wave of technological innovation, HSBC has also been sponsoring the Innovation and Technology Scholarship Award Scheme in Hong Kong since 2011 together with the Innovation and Technology Commission (ITC) of the HKSAR Government. The scheme nurtures outstanding local undergraduates in the science, technology and medical disciplines through tailored trainings and industry exposure locally and internationally. The HSBC-ASTRI RDI Lab would serve as a battleground for talents alike to play a part in guided research projects and unleash their career opportunities in the field of technology and innovation.

Mr. Darryl West, Global Chief Information Officer, HSBC Holdings plc concluded by saying: “Banks must continue to embrace new technologies to be able to create the types of banking experiences our customers expect. ‎That is why, HSBC is investing and creating partnerships to drive innovation. Today’s partnership is an important way to apply leading academic research into a business environment, and to uplift out technology capability in Hong Kong.”

Media enquiries:

Maggie Cheung               +852 2822 4821              [email protected]

Jason Chan                      +852 2822 3110                [email protected]

Eunice Cheng                  +852 3406 2517               [email protected]

Notes to Editors:

The Hongkong and Shanghai Banking Corporation Limited

The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group, which serves around 46 million customers through four global businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking. The Group serves customers worldwide from over 4,400 offices in 71 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa. With assets of US$2,608bn at 30 June 2016, HSBC is one of the world’s largest banking and financial services organisations.

Hong Kong Applied Science and Technology Research Institute Company Limited (ASTRI)

Hong Kong Applied Science and Technology Research Institute Company Limited (ASTRI) was founded by the Government of the Hong Kong Special Administrative Region in 2000 with the mission of enhancing Hong Kong’s competitiveness in technology-based industries through applied research. ASTRI’s core R&D competences in various areas are organised under seven Technology Divisions, namely Communications Technologies, Electronics Components, IC Design (Analog), IC Design (Digital), Opto-electronics, Security and Data Sciences, and Software and Systems. Five areas of applications including financial technologies, intelligent manufacturing, next generation network, health technology, and smart city are identified for major pursuit. For further information about ASTRI, please visit www.astri.org

(From left) Mr. Raymond Cheng, Chief Operating Officer Asia Pacific, HSBC, Mr. Wong Ming-yam, Chairman, ASTRI, Ms Annie Choi, Commissioner for Innovation and Technology, HKSAR  Government, Mr. John Tsang Chun-wah, Financial Secretary, HKSAR Government, Mr. Peter Wong, Deputy Chairman and Chief Executive, The Hongkong and Shanghai Banking Corporation Limited, Mr. Howard Lee, Senior Executive Director, The Hong Kong Monetary Authority, Dr. Frank Tong, Chief Executive Officer, ASTRI, Mr. Darryl West, Global Chief Information Officer, HSBC Holding plc, officiating the launch of the HSBC-ASTRI Research and Development Innovation Laboratory.

Mr. Raymond Cheng (1^st from left), Chief Operating Officer Asia Pacific, HSBC and Dr. Frank Tong (2^nd from left), Chief Executive Officer, ASTRI, give live demonstration on FinTech Solutions.

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[Hong Kong, 28 October 2016] The Chinese University of Hong Kong (CUHK) and the Hong Kong Applied Science and Technology Research Institute (ASTRI) signed a Memorandum of Understanding (MoU) on Friday 28 October 2016 to set up the CUHK-ASTRI Joint Research Laboratory.

The signing ceremony for the Joint Research Laboratory was held at the Yasumoto International Academic Park, CUHK. Dr. Frank Tong, Chief Executive Officer of ASTRI and Professor Fanny Cheung _{(SBS, OBE, JP)}, Vice-President and Pro-Vice-Chancellor (Research) of CUHK signed the MoU, witnessed by Mr. Ming-yam Wong _{(BBS, JP)}, Chairman of the Board of Directors of ASTRI and Professor Benjamin Wah, Provost and Wei Lun Professor of Computer Science and Engineering at CUHK.

Through this Joint Research Laboratory, CUHK and ASTRI will collaborate in research and development (R&D) projects related to the next generation 5G mobile network, FinTech and intelligent manufacturing. Coinciding with the MOU signing ceremony, ASTRI announced that they will build a next generation 5G mobile network testing platform at the CUHK campus.

Professor Fanny Cheung emphasised that this collaboration was an indication that CUHK hopes to pave a new way to develop science and innovation in Hong Kong. She said, “This collaboration with ASTRI is a clear demonstration of the University’s intention to transfer its research ideas into products and services that will benefit the society. By building a joint platform with ASTRI, we are certain that more upstream researches can embark on the road to commercialisation and help businesses and industries in Hong Kong to revitalise and innovate.”

Mr. Ming-yam Wong, Chairman of the Board of Directors of ASTRI, said, “Smart City technologies and the Internet of Things (IoT) will be made possible only with the 5G networks, which will have a much larger capacity and provide speeds that are 100 times faster than the current 4G networks. ASTRI is the first to launch the test bed of 5G in Hong Kong, which is a ground-breaking R&D endeavor to pave the way for a wider application of the 5G network. It is our great honour to collaborate with CUHK in testing 5G in the pre-5G stage. In addition to the R&D efforts, the collaboration will also facilitate CUHK and ASTRI in technology transfers and talent development.”

This MOU is a long term strategic collaboration and many synergies will be created between CUHK and ASTRI. CUHK being a research-intensive university, has engaged in cutting-edge upstream research on high-tech development such as the 5G mobile network, network coding, big data, FinTech, robotics and intelligent manufacturing with potential for commercialisation.  On the other hand, ASTRI specialises in downstream applied research and has extensive experience working with industries. Collaboration between them will create a seamless value chain to support innovation in Hong Kong.

Another area in which the two institutions have synergy is the development of the talent pool of CUHK students. CUHK’s undergraduate and postgraduate programmes in science, engineering and business produce some of the finest students in Hong Kong if not in the world. With the practical training gained from ASTRI, CUHK’s students can be a source of innovative business as well as the R&D leaders of tomorrow.

About ASTRI

Hong Kong Applied Science and Technology Research Institute Company Limited (ASTRI) was founded by the Government of the Hong Kong Special Administrative Region in 2000 with the mission of enhancing Hong Kong’s competitiveness in technology-based industries through applied research.  ASTRI’s core R&D competences in various areas are organised under seven Technology Divisions, namely Communications Technologies, Electronics Components, IC Design (Analog), IC Design (Digital), Opto-electronics, Security and Data Sciences, and Intelligent Software and Systems. Five areas of applications including financial technologies, intelligent manufacturing, next generation network, health technologies, and smart city are identified for major pursuit. For further information about ASTRI, please visit www.astri.org

About The Chinese University of Hong Kong

Founded in 1963, The Chinese University of Hong Kong (CUHK) is a leading comprehensive research university with a global reputation.  Located in the heart of Asia, CUHK has a vision and a mission to combine tradition with modernity, and to bring together China and the West.  The University is a federation of nine colleges. College programmes and activities complement the formal curricula by delivering whole-person education and pastoral care.  The University has eight faculties: Arts, Business Administration, Education, Engineering, Law, Medicine, Science, and Social Science. Together with the Graduate School, the University offers over 300 undergraduate and postgraduate programmes. All faculties are actively engaged in research in a wide range of disciplines, with an array of research institutes and research centres specialising in interdisciplinary research of the highest quality.

Media enquiries:

Cherry Au of Hong Kong Applied Science and Technology Research Institute Co. Ltd.

Tel: (852) 3406 2993 |   Email: [email protected]

Fiona Ng of The Chinese University of Hong Kong

Tel: (852) 3943 8896| Email: [email protected]

Dr. Frank Tong, Chief Executive Officer of ASTRI (2nd left), Professor Fanny Cheung (SBS, OBE, JP), Vice-President and Pro-Vice-Chancellor (Research) of CUHK (2nd right), sign a Memorandum of Understanding to set up the CUHK-ASTRI Joint Research Laboratory, in the witnesses of Mr. Wong Ming-yam (BBS, JP), Chairman of ASTRI (1st left), and Professor Benjamin Wah, Provost and Wei Lun Professor of Computer Science and Engineering at CUHK (1st right).

[Hong Kong, 25 October 2016] The Hong Kong Applied Science and Technology Research Institute Company Limited (ASTRI) today had the great honour to host a presentation tour for a group of government officials and top executives from Hong Kong’s major financial regulators, led by Prof. K C Chan, Secretary for Financial Services and the Treasury. Amongst the senior leaders were Mr. Howard Lee, Senior Executive Director of Hong Kong Monetary Authority (HKMA), Mrs. Diana Chan, Managing Director of Mandatory Provident Fund Schemes Authority (MPFA), Mr. Ros Lam, Acting Commissioner of Insurance, and the Executive Committee of Securities and Futures Commission (SFC).

Financial Technologies (Fintech) is burgeoning in global financial landscape in recent years. It changes the nature of commerce and hones in on the customers’ need for trust and an enhanced personal experience. As a global financial hub with well-structured financial regulations, world-class financial institutions, global investors, top-notch R&D talents as well as booming Fintech start-ups, Hong Kong is well-poised to be a premier Fintech hub in the region.

In his 2016-17 Budget, the Hon. John C Tsang, the Financial Secretary, announced a range of measures to further Hong Kong’s development as a Fintech hub, including establishing dedicated platforms at the HKMA, SFC and Office of the Commissioner of Insurance to enhance communications between regulators and the Fintech community. A pool of about HK$5 billion has also been set aside for ventures and research projects in various technology areas including Fintech.

Fintech is one of the key R&D strategies at ASTRI. ASTRI invests significant R&D efforts in developing new and advanced security technologies, applications and systems such as cyber-security information sharing platform and solutions, encryption technologies, behavioural authentication, blockchain technology and big data etc. to support financial institutions in embracing the Fintech age.

In this presentation tour, ASTRI offered an overview of its mission and its major initiatives in addressing the Fintech needs, followed by several detailed technology demonstrations including Security Intelligence Sharing Platform, Blockchain applications on securities, big data analytics for financial institutions and banks, Multi-model Authentication Technologies and Artificial Intelligence based Hand-written Chinese Documents Processing System.

Speaking after the visit, Mr. Wong Ming-yam, Chairman, ASTRI said, “We are very honoured to have Prof. Chan and the delegates from FSTB, HKMA, MPFA, OCI and SFC to visit us today.  It was a very meaningful visit as it helped us understand more about the perspectives of policy makers and regulatory bodies as well as the various needs for different financial sectors, based on which ASTRI can develop more efficient and effective Fintech solutions that suit their requirements.  We look forward to fostering more collaboration with the financial sector and regulatory bodies in the future.”

Dr. Frank Tong, CEO of ASTRI said, “At ASTRI, we advocate for a robust ecosystem for Fintech development in Hong Kong. Regulatory framework, infrastructure building, platform technology development, talent nurturing and development as well as collaborative efforts with regulatory, industry and universities are those key factors that would make Hong Kong a success in advancing in Fintech. We are very delighted to have the opportunity to showcase ASTRI’s Fintech R&D projects, which are designed and customised with the objectives of assisting regulatory bodies and financial institutions to streamlining procedures, enhancing security and efficiency as well as brining down transaction cost.”

The delegates also visited ASTRI Security Laboratory and Cyber Range Laboratory, the latter of which was opened in July this year to provide professional cyber security training for the Hong Kong Police Force.  The visit was concluded with a fruitful discussion on various aspects that help promote Hong Kong to become a global Fintech hub by leveraging on strengthened collaboration among regulators, the industry and R&D institutes.

About ASTRI

Hong Kong Applied Science and Technology Research Institute Company Limited (ASTRI) was founded by the Government of the Hong Kong Special Administrative Region in 2000 with the mission of enhancing Hong Kong’s competitiveness in technology-based industries through applied research. ASTRI’s core R&D competences in various areas are organised under seven Technology Divisions, namely Communications Technologies, Electronics Components, IC Design (Analog), IC Design (Digital), Opto-electronics, Security and Data Sciences, and Intelligent Software and Systems. Five areas of applications including financial technologies, intelligent manufacturing, next generation network, health technology, and smart city are identified for major pursuit. For further information about ASTRI, please visit www.astri.org

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Media enquiries:

Ms Cherry Au               Tel : (852) 3406 2993           Email : cherryau@ astri.org

Led by Prof. K C Chan, Secretary for Financial Services and the Treasury (6^th from left), delegates from financial regulatory bodies to visit ASTRI.

Prof. K C Chan, Secretary for Financial Services and the Treasury (2^nd from left) and Mr. Ros Lam, Acting Commissioner of Insurance (1^st from left) look at the technology demonstration of Multi-model Authentication Technologies.

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