Briefing: Tencent to power Hong Kong startups amid its shift to enterprise

1 min read

Tencent works with Hong Kong’s science park to spur local fintech development – SCMP

What happened: Chinese tech giant Tencent signed a memorandum of understanding on Tuesday with the Hong Kong Science and Technology Park to share its technological capabilities with startups in the tech hub. The agreement gives tenants in the science park access to Tencent’s AI, blockchain, data security, payment, and cloud computing technologies in their development and application of fintech, AI, healthcare, and smart city services.

Why it’s important: Tencent, once known as the “startup killer,” is increasingly willing to help young companies succeed by strategically investing in them. In addition to funding, the current partnership underlines that the tech giant is adopting a more open attitude in sharing its tech capabilities in powering startups. The move comes as Tencent is shifting focus to enterprise-faced services. The company restructured to focus on enterprise services and cloud last year.