ASTRI to Collaborate with Thai Government on FinTech Research and Development

ASTRI to Collaborate with Thai Government on FinTech Research and Development

  • [Hong Kong, 7 October 2016] The Hong Kong Applied Science and Technology Research Institute (ASTRI) and Electronic Transactions Development Agency (ETDA), a public organisation in Thailand today announced the establishment of a strategic collaboration to support the implementation of electronic transaction development in Thailand.

    ASTRI and ETDA, an e-commerce agency under the Thai Ministry of Digital Economy and Society, signed a Memorandum of Understanding (MoU) in Bangkok to jointly carry out research and development (R&D) projects of financial technologies (FinTech). The signing of the MoU marks a major milestone for ASTRI, as this is for the first time that ASTRI works with an overseas organisation on R&D projects since its establishment in 2000. It also signifies ASTRI’s leading position in FinTech research and applications. For ETDA, the collaboration with ASTRI will facilitate FinTech R&D and put Thailand on track to be a leader in ASEAN.

    Under the MoU, experts from both ASTRI and Thailand will embark on FinTech R&D projects, covering areas such as cyber security, blockchain technology, etc. Talent nurture is also an important element in the collaboration. Training programmes will be conducted to nurture cyber security professionals. Both parties will also explore the possibility of cross-border sharing of cyber security intelligence through SecShare, a system developed by ASTRI and currently used by banking and financial institutes in Hong Kong to share vital information to defend against cyber threats.

    “While Hong Kong has been enhancing financial infrastructure to consolidate its status as an international financial centre, Thailand, one of the countries along the Belt and Road, has seen robust growth in e-commerce in recent years. We’re very glad to have this opportunity to exchange ASTRI’s technological expertise with ETDA, and there’re a lot of areas, such as e-payment, where we can learn from each other. I’m confident the collaboration will benefit both Hong Kong and Thailand,” said Dr. Frank Tong, Chief Executive Officer of ASTRI.

    Ms. Surangkana Wayuparb, Executive Director and Chief Executive Officer of ETDA, said, “The Thai government has recently launched a new national e-payment system, “Prompt Pay”, which aims to promote broader electronic payment adoption with the emphasis on ease and convenience. FinTech is one of the directions we are actively pursuing. We look forward to working closely with ASTRI in developing FinTech that would bring greater convenience as well as security to businesses and the general public.”

    About ASTRI

    Hong Kong Applied Science and Technology Research Institute Company Limited (ASTRI) was founded by the Government of the Hong Kong Special Administrative Region in 2000 with the mission of enhancing Hong Kong’s competitiveness in technology-based industries through applied research.  ASTRI’s core R&D competences in various areas are organised under seven Technology Divisions, namely Communications Technologies, Electronics Components, IC Design (Analog), IC Design (Digital), Opto-electronics, Security and Data Sciences, and Intelligent Software and Systems. Five areas of applications including financial technologies, intelligent manufacturing, next generation network, health technologies, and smart city are identified for major pursuit. For further information about ASTRI, please visit www.astri.org

    About ETDA

    Electronic Transactions Development Agency (Public Organisation) (ETDA) was set up under the Ministry of Digital Economy and Society (MDE). We are the main agency that responsible for developing, promoting and supporting electronic transactions in order to create trust, opportunity and equity for all. ETDA’s main mission is to conduct studies and research while providing support for the Electronic Transactions Commission and related agencies.

    Media enquiries:

    Ms Cherry Au               Tel : (852) 3406 2993              Email : cherryau @astri.org

    ETDA 1

    Dr. Frank Tong, Chief Executive Officer of ASTRI (right), and Ms. Surangkana Wayuparb, Executive Director and CEO of ETDA (left), sign a Memorandum of Understanding on FinTech research and development.

    ASTRI-ETDA 2

    Dr. Frank Tong, Chief Executive Officer of ASTRI (4th from right), and Ms. Surangkana Wayuparb, Executive Director and CEO of ETDA (3rd from left) announce the establishment of a strategic collaboration to support the implementation of electronic transaction development in Thailand under the witness of ASTRI and ETDA representatives.