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HKUST and partner launch first HK-Guangdong joint tech lab

Image Credits: HKUST, Press Release

The Hong Kong University of Science and Technology (HKUST) and China’s leading digital bank have established the a joint laboratory. The aim is to nurture talent and explore cutting-edge technologies.

Leveraging on both parties’ advantages in research and knowledge transfer in the Greater Bay Area (GBA), the joint lab will collaborate on areas spanning artificial intelligence (AI), big data, blockchain as well as financial and regulatory technologies.

This collaboration also serves as a high-level collaborative innovation platform for enterprises, universities and research institutes to promote knowledge transfer under the GBA Development Framework.

The bank is China`s first private digital bank. This joint lab is not only the bank’s first research collaboration with a local university, it also signifies the first joint banking lab project between Guangdong and Hong Kong.

According to the agreement, a scientific committee will be set up to identify the most relevant projects to both parties in machine learning, blockchain, AI operations or data mining for in-depth research ventures.

The agreement was signed today by the Vice-President for Research and Development of HKUST, and the Executive Vice-President and Chief Information Officer of the bank.

The Chairman and CEO of the bank stated that the joint lab is a hallmark of the collaboration between HKUST and the bank. Being open-minded, open-source and collaborative, the lab shall be rooted in the GBA and grasp its development opportunity as well as embrace the world.

The lab envisions an inclusive collaboration with all types of potential partners in driving Fintech underlying algorithms and technological research. More useful applications and innovative business models are expected to be developed to help tackle existing pain points of SMEs and retail customers.

The HKUST President stated that this era of disruptive innovation, science, technology, business creativity, along with a human-centric approach are vital elements for advancing socio-economic development. Hong Kong, being a progressive and in fact world-leading city, is ideal for such a collaborative platform.

HKUST has started collaboration with the bank last year on public opinion analysis and anti-money laundering to enhance banks’ performances and their abilities in handling crisis.

As the two parties’ cooperation deepens, HKUST’s research capability, coupled with the bank’s experience in applying innovative technologies in mainland’s banking industry will enable the development of new banking technologies for transfer into products with social impact.

Possible research topics of the joint lab include ways to protect data privacy amid sharing of resources, and how to establish blockchain consortium or apply new technologies such as distributed commerce.

The lab will seek to boost banks’ risk management capability by monitoring bank transactions and assisting officers in risk analysis and system maintenance work through machine learning and data mining.

It will also strive to enhance the banking industry’s development through Fintech and other cutting-edge technologies. Nine research proposals have been submitted to the joint lab so far in the fields of blockchain, risk management and AI.

The bank is both the first privately-owned bank and the first digital-only bank in China. To date, the bank has launched a personal micro-loan product, an SME loan, a mobile app, a car micro-loan product, a consumer discount product, and a B2B2C wealth management platform, among many other products.

The bank was built with technology at its core, and with technology as a key driver behind its development. As such, the firm is committed to promoting innovative technologies, making it the perfect partner for this project with HKUST.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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