New deal seeks to make China more accessible for AU businesses - and vice versa

The Australian Trade and Investment Commission (Austrade) is cooperating with the Commonwealth Bank of Australia to open the gates between Australia and Hong Kong, as well as Mainland China, to encourage the flow of business.

Austrade and Commonwealth Bank of Australia have signed a new agreement that will see the two entities collaborate to help Australian businesses access the Hong Kong and greater China market, as well as supporting the transition of Hong Kong businesses to Australia.

"Australia has a vibrant start-up and emerging technology community underpinned by the Australian Government's National Innovation and Science Agenda," comments Consul-General Michaela Browning.

"This agreement provides Hong Kong businesses with the opportunity to access the latest technologies in the Commonwealth Bank's Innovation lab and to engage themselves in the Australia market, while Australian companies can tap into Hong Kong's fast growing start-up ecosystem and access international funding and partnerships.

The agreement offers a range of support to Australian and Asian companies, including:

• introductions for companies – from start-ups through to large corporates – looking to establish in either market.
• trade missions bringing together leaders from Australia and Hong Kong.
• connection to a talent pool of experts in emerging technologies, including blockchain and robotics experts.
• the provision of temporary space in Commonwealth Bank's Hong Kong Innovation Lab.
• mentoring and coaching for Australian businesses in Hong Kong and Asia.

"With China having one of the highest fintech adoption rates in the world and Hong Kong a long tradition of entrepreneurship, it provides a good opportunity for Australian businesses looking at entering the Asian region," says Maaike Steinebach, CBA Managing Director Hong Kong.

"The new agreement complements the recent launch of The FinTech Association of Hong Kong and will support organisations beyond fintech, primarily in edtech and health and well-being.

Steinebach concludes, "we are already seeing value from a similar agreement signed with Austrade earlier this year in the UK.