Austrade and Commbank co-operate to envourage innovation exchange between Hong Kong and Australia

Source: Austrade

Australian Trade and Investment Commission (Austrade) and Commonwealth Bank of Australia (CBA) to cooperate in supporting the flow of innovation between Australia and Hong Kong/Greater China.

Austrade and the Commonwealth Bank of Australia have signed a new collaboration agreement to help Australian businesses access the Hong Kong and greater China market, as well as to support Hong Kong businesses coming to Australia.

“Australia has a vibrant start-up and emerging technology community underpinned by the Australian Government’s National Innovation and Science Agenda,” said Consul-General Michaela Browning.

“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.”

The agreement offers a range of support to Australian and Asian companies that includes:
• introductions for companies - from start-ups through to large corporates - looking to establish in either market;
• trade missions bringing together leaders from Australia and Hong Kong;
• connection to a talent pool of experts in emerging technologies, including blockchain and robotics experts;
• the provision of temporary space in Commonwealth Bank’s Hong Kong Innovation Lab; and
• mentoring and coaching for Australian businesses in Hong Kong and Asia.

“With China having one of the highest fintech adoption rates in the world1 and Hong Kong a long tradition of entrepreneurship, it provides a good opportunity for Australian businesses looking at entering the Asian region,” said Maaike Steinebach, CBA Managing Director Hong Kong.

“The new agreement complements the recent launch of The FinTech Association of Hong Kong and will support organisations beyond fintech, primarily in edtech and health and wellbeing. We are already seeing value from a similar agreement signed with Austrade earlier this year in the UK.”

1 Ernst & Young Global Limited Fintech Adoption Index 2017 quotes the China market as having one of the highest fintech adoption rates (69%) compared to the average rate (33%).

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