WeBank and HKUST establish innovation lab

Chinese digital bank and Hong Kong university join forces to form joint laboratory focused on tech innovation, promoting knowledge transfer and finding solutions to the pain points of SMEs and retail customers

21May

Hong Kong University of Science and Technology (HKUST) has teamed up with China's first digital bank WeBank to establish a joint laboratory which will explore cutting-edge technologies and aim to nurture talent.

The HKUST-WeBank Joint Laboratory will act as an innovation platform for enterprises, universities and research institutes, and marks WeBank's first research collaboration with a local university in Hong Kong.

The lab will aim to promote knowledge transfer under the GBA Development Framework and will lead to the creation of a scientific committee that will identify projects in the areas of machine learning, data privacy, blockchain, AI operations and data mining.

WeBank chairman and CEO David Ku remarked: "The joint lab is a hallmark of the collaboration between HKUST and WeBank. Being open-minded, open-source and collaborative, the lab shall be rooted in the GBA and grasp its development opportunity as well as embrace the world.

"The lab visions an inclusive collaboration with all types of potential partners in driving fintech underlying algorithms and technological research. We hope to see more use cases and innovative business models that tackle the existing pain points of SMEs and retail customers."

To date, nine research proposals have been summited to the joint lab focused on the fields of blockchain, risk management and AI.

HKUST president Wei Shyy remarked: "Hong Kong, being a progressive and in fact world-leading city, is ideal for such a collaborative platform.

"HKUST started collaboration with WeBank last year on public opinion analysis and anti-money laundering to enhance banks' performances and their abilities in handling crisis."

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