Hang Seng Bank and HKSTP deepen AI adoption to transform HK finance

Hang Seng Bank has teamed up with Hong Kong Science and Technology Parks Corporation (HKSTP) once again for the second round of the “Living lab” programme, where they work together to create and test real-world digital banking solutions in a live environment.

Themed “Bank of the future” (未來銀行), the programme aims to advance the adoption of artificial intelligence (AI) and support the digital transformation of Hong Kong’s financial services sector.

The programme offers technology ventures from HKSTP’s ecosystem live operating environments to test and refine solutions, while enabling Hang Seng to assess business potential from a technology perspective. This cohort will focus on practical use cases across retail and commercial banking, leveraging AI to streamline frontline operations, improve service accessibility and unlock new business opportunities.

The programme will recruit solutions in two key areas. For retail banking, Hang Seng and HKSTP will explore an AI-powered validation agent that checks and manages the responses of a generative AI chatbot. This is aimed at helping improve accuracy and consistency, while also enhancing customer experience and risk controls. In terms of commercial banking, they will develop a next-generation customer service voicebot for business banking centres, leveraging multilingual speech recognition and natural language processing to deliver faster, more natural support for customer enquiries.

Applications for the second cohort will open from 14 April. Shortlisted candidates will be invited to take part in pitches, and the results will be announced in the second half of the year.

First introduced in June 2022, the “Living lab” programme brings together Hang Seng’s market insights and operational expertise with HKSTP’s innovation and technology (I&T) ecosystem and a deep pool of technology talent. The first cohort concluded in July 2024 and attracted participation from over 50 companies. The selected solution was an intelligent reception system, which was piloted at Hang Seng’s Tsim Sha Tsui branch.

Eric Or, chief ecosystem development officer of HKSTP, said: “Our partnership with Hang Seng aligns with the Budget speech 2026 that outlines the support for I&T development and the application of AI in Hong Kong."

Or explained that this collaboration enables tech companies to test and refine their innovations in real operations, narrowing the gap between research and practice.

"The success of the first cohort demonstrates the synergetic potential of bridging corporate insights with the local I&T ecosystem. With the second cohort, we anticipate more AI-empowered solutions to accelerate the digitalisation of financial services in Hong Kong," Or said. 

Forrest Chai, chief information officer of Hang Seng Bank, said: “We’re pleased to be collaborating with HKSTP again, as this programme is designed to accelerate forward-looking ideas and translate them into practical solutions that can reshape the next generation of banking experiences. Deploying AI at scale is no longer optional if we are serious about building the 'bank of the future'."

"We are aiming to identify high-impact AI capabilities that can be tested, industrialised, and scaled across the bank. This partnership also reinforces our commitment to strengthening Hong Kong’s competitiveness in financial services and setting new benchmarks for digitalisation across the sector," Chai added.

MARKETING-INTERACTIVE has reached out to Hang Seng Bank for more information. 

Don’t miss: Chinachem, CityUHK, and Hang Seng Bank join forces for sustainable future

Back in March, Back in Hang Seng Bank, Chinachem Group, and City University of Hong Kong (CityUHK), announced a cross-sector partnership aimed at advancing Hong Kong’s low-carbon transition and silver economy.

By combining the strengths of the financial sector, property industry, and academia, the collaboration seeks to spark innovative ideas and develop practical approaches that bolster Hong Kong’s long-term sustainability and community wellbeing.

Mark your calendars for 24 June! #Content360 Hong Kong returns with a dynamic, one-day event dedicated to pivotal trends—from the silver economies to breakthrough IP collaborations, sports, and beyond. Let's dive into the art of curating content with creativity, critical thinking and confidence!

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