The School of Business and Management of The Hong Kong University of Science and Technology (HKUST Business School) has announced that it has signed a Memorandum of Cooperation (MoC) with a leading insuretech firm to open up a new stream of opportunities for faculty and students in the fields of Fintech and Insurtech.
The HKUST Business School aspires to become a major intellectual powerhouse of Fintech in Asia and is undertaking a major Fintech research project funded by the Research Grants Council under its Theme-based Research Scheme.
The project examines the impacts of Fintech on Hong Kong and looks into ways to contribute to the development of the city into a global Fintech hub.
The partnering firm is China’s largest online-only insurance firm and has been playing an active role in financial innovation in the new digital economy. The MoC with the firm provides a great opportunity for HKUST Fintech Research Team to understand, first hand from a key industry stakeholder, the interplay between technology and financial services.
It also outlines a framework for the two parties to strengthen collaboration on three major areas: Technology Research and Development, Training, and Entrepreneurial Incubation Program.
The Vice-President for Institutional Advancement of HKUST welcomed the collaboration and said at the signing ceremony that HKUST and the insuretech firm both see significant opportunities from the rapidly transforming financial industry in Hong Kong and beyond.
The university’s collaboration with the firm International will accelerate complementary initiatives in Fintech research, experiential learning, and student innovation and leadership development.
The President of the insuretech company noted that the firm believes that the new generation in Hong Kong has huge potential to bring changes to the Hong Kong market. The collaboration between HKUST and the company will help to encourage and help students to get well-prepared before graduation, especially if they have a passion for Fintech and other new industries.
The co-operation under the MoC will come in different forms, such as entrepreneurship competitions and incubation activities, joint research and forums, internship for students and employment opportunities for graduates, among others.
The online-only insuretech company and the university to explore international business development, collaboration and investment opportunities in the areas of fintech and insurtech in the overseas market.
In August 2018, the insuretech firm’s joint funding venture announced cooperation to boost ZhongAn’s technology solutions businesses outside China, with an initial focus on Asia.
In March 2019, the firm was granted the first batch virtual banking license by the Hong Kong Monetary Authority (HKMA) through its wholly-owned subsidiary. The license allows the company to offer a wide range of innovative online financial services to Hong Kong users.
The MoC is in line with the HKUST Business School’s vision of advancing global business knowledge. The School has forged an international reputation for world-class education programs and research performance and has received many top global rankings.
In addition to being one of the leading Asian business schools, the institution strives to contribute to the economic and social advancement of the region by developing future leaders who possess an innovative and entrepreneurial spirit as well as a strong sense of responsibility.
It is expected that this most recent MoC will help manifest these goals more rapidly.