To advance the adoption of AI-driven technologies in financial services, Hong Kong Science and Technology Parks Corporation (HKSTP) joins hands with Hang Seng Bank to launch the Second Cohort of the “Living Lab” programme, themed “Bank of the Future”.
Under the “Living Lab” programme, tech ventures from HKSTP’s ecosystem will get a chance to develop innovative solutions with real-world testbeds for technological trials and at the same time, unleash business potential for Hang Seng Bank from a technological perspective.The programme combines Hang Seng Bank’s market insights and operational expertise together with HKSTP’s I&T ecosystem and its deep pool of technology talent, bringing a win-win situation for all, and further supporting the digital transformation of Hong Kong’s financial services sector.
The Second 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.
Specifically, for retail banking, it will explore an AI‑driven validation agent to verify and govern the outputs of a generative AI chatbot, improving response accuracy and consistency while strengthening customer experience and risk controls. Secondly, for commercial banking, it 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 newly launched cohort haven been opened. Shortlisted candidates will be invited to take part in pitches, and the results will be announced in the second half of the year.
Eric Or, Chief Ecosystem Development Officer of HKSTP, pointed out that this collaboration with Hang Seng 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,” said Or.
Forrest Chai, Chief Information Officer of Hang Seng Bank, said: “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.
Hang Seng Bank representatives from both Retail Banking and Commercial Banking highlighted the importance of enhancing customer experience through AI innovation in partnership with HKSTP and local tech ventures. Rannie Lee, Head of Retail Banking and Wealth, highlighted the co-development of innovative AI solutions that seamlessly integrate retail banking and wealth services into customers’ daily lives. Regina Lee, Head of Commercial Banking emphasized that clients need commercial banking services that keep pace with their businesses. She added that the team will explore how AI can support customer service in a live Business Banking Centre environment.
The First Cohort was concluded successfully in July 2024, gaining overwhelming response from over 50 tech companies. The selected solution was an intelligent reception system, which was piloted at Hang Seng’s Tsim Sha Tsui branch.
Under the “Living Lab” programme, tech ventures from HKSTP’s ecosystem will get a chance to develop innovative solutions with real-world testbeds for technological trials and at the same time, unleash business potential for Hang Seng Bank from a technological perspective.The programme combines Hang Seng Bank’s market insights and operational expertise together with HKSTP’s I&T ecosystem and its deep pool of technology talent, bringing a win-win situation for all, and further supporting the digital transformation of Hong Kong’s financial services sector.
The Second 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.
Specifically, for retail banking, it will explore an AI‑driven validation agent to verify and govern the outputs of a generative AI chatbot, improving response accuracy and consistency while strengthening customer experience and risk controls. Secondly, for commercial banking, it 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 newly launched cohort haven been opened. Shortlisted candidates will be invited to take part in pitches, and the results will be announced in the second half of the year.
Eric Or, Chief Ecosystem Development Officer of HKSTP, pointed out that this collaboration with Hang Seng 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,” said Or.
Forrest Chai, Chief Information Officer of Hang Seng Bank, said: “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.
Hang Seng Bank representatives from both Retail Banking and Commercial Banking highlighted the importance of enhancing customer experience through AI innovation in partnership with HKSTP and local tech ventures. Rannie Lee, Head of Retail Banking and Wealth, highlighted the co-development of innovative AI solutions that seamlessly integrate retail banking and wealth services into customers’ daily lives. Regina Lee, Head of Commercial Banking emphasized that clients need commercial banking services that keep pace with their businesses. She added that the team will explore how AI can support customer service in a live Business Banking Centre environment.
The First Cohort was concluded successfully in July 2024, gaining overwhelming response from over 50 tech companies. The selected solution was an intelligent reception system, which was piloted at Hang Seng’s Tsim Sha Tsui branch.
