China internet giant Tencent recently entered a MoU (Memorandum of Understanding) with HKSTP (Hong Kong Science and Technology Park) to promote the growth of fintech in Hong Kong, the South China Morning Post recently reported. Through the MoU, Tencent will share its technological capabilities in AI (Artificial Intelligence), blockchain, data security, payment and cloud computing with 100 Fintech startups in HKSTP to help them develop the application of fintech. Tencent will also foster innovations in robotics, health tech and smart city. In September 2018, the Hong Kong government stated that it would allocate HK$28 billion (US$3.6 billion; US$1 = HK$7.85) for R&D in both academic and industry sectors. This new funding will be consolidated into the government’s 2018 budget of HK$50 billion (US$6.4 billion) for R&D in biotechnology, AI, smart city, and fintech.