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Hong Kong’s main technology park operator and Saudi Arabia’s start-up incubator have agreed to collaborate, giving fintech companies in the city access to financing from a Middle East fund to pursue their growth ambitions.
Hong Kong Science and Technology Parks (HKSTP) and Beta Lab signed an agreement in Riyadh on Tuesday as the annual Future Investment Initiative (FII) summit kicked off in the Saudi capital. Financial Secretary Paul Chan Mo-po and Saudi Arabia’s Minister of Investment Khalid bin Abdulaziz Al-Falih witnessed the event.
“HKSTP will introduce over 1,200 established start-ups to Beta Lab for investment decisions,” Wong said in an interview after signing the deal with its founder Abdulrahman Alolayan. “It is important for the start-ups to show that their innovation and products are worthy of financial support.”
Both parties will also work together in marketing and promotions and share their resources. HKSTP will promote Beta Lab to more than 2,000 tenants based in its tech park in Tai Po, and offer value-added services to companies in Beta Lab’s investment portfolio.