Thomson Reuters, the news and market data giant, is partnering with a Hong Kong government-backed body to help the city’s banks and fintech firms develop new technology, cut costs and create new products.

The new arrangement will see Thomson Reuters offer its platform to financial firms to distribute their products as well as use its technology, tools and data to create products, for free.

Sanjeev Chatrath, its managing director and region head of Asia, financial and risk, said offering its platform is chiefly intended to allow Hong Kong finance firms to better distribute newly created products to clients around the world.

But a memorandum of understanding has also been signed between the global firm and Hong Kong Applied Science and Technology Research Institute (ASTRI), under which the former will also allow banks and financial firms to use its HKMA-ASTRI Innovation Hub, jointly created with Hong Kong Monetary Authority (HKMA).

“We would like to promote fintech development in Asia as a whole, of which Hong Kong has a very important role to play as a gateway for investors entering the China market,” said Chatrath.

Thomson Reuters...takes technology and innovation very seriously. We would like to promote fintech development in Asia as a whole, of which Hong Kong has a very important role to play as a gateway for investors entering the China market

“Our new partnership with ASTRI shows the strong commitment Thomson Reuters has to Hong Kong and the wider financial community, especially as Asia continues to invest in creating a dynamic fintech industry.”

ASTRI was set up by the government in 2000 to promote Hong Kong’s technology industry.

It first teamed up with the HKMA last year to introduce the innovation hub to allow big banks and smaller fintech companies carry out all types of suitability tests for new fintech products.

MeiKei Ieong, ASTRI’s chief technology officer, said Thomson Reuters’ expertise will come strongly into play by helping financial firms in Hong Kong develop new products using big data and blockchain technology.

“The ability to use Thomson Reuters’ latest market data, statistics and insights will benefit Hong Kong’s banking sector, and complement the innovation hub’s strategic goals,” Ieong said.

Ieong said since the hub was launched it has already been widely used by banks and financial firms to develop new apps, for instance, ways of helping banks identify customers quicker, and on enhancing cybersecurity.

The partnerships will also offer a programme of workshops and seminars to help attract then train more people in the expanding fintech sector.