BOC Hong Kong : BOCHK and ASTRI Establish FinTech Collaboration Centre To Drive Development of Financial Technologies in Hong Kong

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14 July 2016

BOCHK and ASTRI Establish FinTech Collaboration Centre To Drive Development of Financial Technologies in Hong Kong

Bank of China (Hong Kong) Limited (BOCHK) and Hong Kong Applied Science and Technology Research Institute (ASTRI) today signed a Memorandum of Understanding to establish the "BOCHK-ASTRI FinTech Collaboration Centre" (Centre), which aims to develop latest financial technologies (FinTech) which can be applied to the banking industry, fostering FinTech's development in Hong Kong.

A signing ceremony was held at 70/F of Bank of China Tower today, and was officiated by Mr John C Tsang, Financial Secretary; Mr Yue Yi, Vice Chairman and Chief Executive of BOCHK; Ms Annie Choi, Commissioner for Innovation and Technology; Mr Wong Ming-yam, Board Chairman of ASTRI; Mr Howard Lee, Senior Executive Director of Hong Kong Monetary Authority; Mr Zhong Xiangqun, Chief Operating Officer of BOCHK; and Dr Frank Tong, Chief Executive Officer of ASTRI.

Financial Secretary Mr John C Tsang said at the signing ceremony, "BOCHK has a century- long history of providing comprehensive and reliable financial services to citizens; while ASTRI established by the Government in 2000 aims to enhance the competitiveness of Hong Kong's industries through research and development. This collaboration, which marries the expertise of BOCHK in finance with that of ASTRI in technology, will surely achieve fruitful results."

Mr Yue Yi, Vice Chairman and Chief Executive of BOCHK, said, "Bank of China and BOCHK place great importance on the FinTech development. BOCHK has already set up the 'E-Finance Centre' and 'Innovation Lab', and has been working proactively with partners to strengthen its efforts on innovation of technologies, products and channels for FinTech development. The newly established Centre will integrate ASTRI's latest technologies, systems and platforms with BOCHK's business application concepts, scenarios and solutions. This combination will effectively apply FinTech to the different businesses of the banking sector, enhancing productivity and bringing faster and more convenient financial services to the general public and companies in Hong Kong."

"FinTech is one of the major areas of applications that ASTRI's R&D efforts are directed to. In the coming years, ASTRI will dedicate more than 100 R&D experts to FinTech-related projects. We are very glad to be able to work with BOCHK together to contribute to Hong Kong's FinTech development. The setting up of the Centre is a strong boost to the growth of FinTech. Experts from both parties will work closely together in the future. We are confident that FinTech will help raise operational efficiencies of local financial institutions and bring

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convenience and security to consumers, benefitting both the financial sector as well as consumers," said ASTRI's Board Chairman Mr Wong Ming-yam.

The Centre will embark on a number of projects. Focus areas include: blockchain technology, electronic payment technology, cyber security, big data analytics, behavioural recognition technology and so on.

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About Bank of China (Hong Kong) Limited

Bank of China (Hong Kong) Limited ("BOCHK") is a leading listed commercial banking group in Hong Kong with strong market positions in all major businesses. It has the most extensive local branch network and diverse service platforms, including about 220 branches, efficient e-channels of over 1,000 self-service machines, Internet and mobile banking services, as well as corporate banking centres. It offers a comprehensive range of financial, investment and wealth management services to personal, corporate, SME and institutional customers. BOCHK is one of the three note-issuing banks and the Clearing Bank for Renminbi business in Hong Kong. With its strong RMB franchise, BOCHK is the first choice for customers in this business. Through the deep collaboration with its parent bank, BOC, it provides a full range of high quality cross-border services to multinationals, cross-border customers, Mainland enterprises going global, central banks and super-sovereign organisations.

BOC Hong Kong (Holdings) Limited, BOCHK's holding company, is listed on the main board of the Stock Exchange of Hong Kong, with stock code "2388", ADR OTC Symbol "BHKLY".

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 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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