Hong Kong Startups Set to Leverage Middle East Funding for Growth in AI and Green Tech
South China Morning Post•1 week ago•
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Hong Kong Startups Set to Leverage Middle East Funding for Growth in AI and Green Tech

Startups
hongkong
saudiarabia
investment
startups
technology
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Summary:

  • HKSTP partners with Beta Lab to boost fintech funding opportunities.

  • US$300 million investment fund available for Hong Kong startups.

  • Startups to share expertise in AI, biotech, and green tech with Saudi Arabia.

  • Over 1,200 startups to be introduced for investment consideration.

  • Collaboration includes marketing and resource sharing between both parties.

Hong Kong’s main technology park operator, Hong Kong Science and Technology Parks (HKSTP), has forged a partnership with Beta Lab, a Saudi Arabian startup incubator, to enhance access to financing for fintech companies in the region. This collaboration was announced during the Future Investment Initiative (FII) summit in Riyadh.

The agreement allows startups within HKSTP’s ecosystem to tap into Beta Lab’s new US$300 million investment fund. According to CEO Albert Wong Hak-keung, this initiative not only provides funding opportunities but also enables startups to contribute their expertise in artificial intelligence, biotechnology, and green technology to aid Saudi Arabia's efforts in diversifying its oil-dependent economy.

“HKSTP will introduce over 1,200 established startups to Beta Lab for investment decisions,” Wong stated, emphasizing the importance of showcasing innovation and product viability to attract financial support.

Attendees at the FII summit held in King Abdul Aziz International Conference Centre in Riyadh on October 29. Photo: Enoch Yiu

In addition to funding, both HKSTP and Beta Lab will collaborate on marketing and promotions, sharing resources effectively. HKSTP will promote Beta Lab to its 2,000+ tenants and provide value-added services to companies within Beta Lab’s investment portfolio.

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