Hong Kong Startup News Roundup - 2 June 2019

1. China becomes the world's second largest VC market

In recent years China has experienced exponential economic growth and technological development and is now the world’s second largest VC market with 3,500 firms. The large amount of Venture Capital and private equity flowing, has prompted investors to structure larger deals- the average deal size rose 7 times to $213 million in 2018 from 30 million in 2013. 

2. HKPC and MTR team up to develop smart railways 

The Hong Kong Productivity Council and MTR Corporation have teamed up to develop smart railway solutions to enhance the experience for Hong Kong commuters. Under the agreement, which was signed on May 27, HKPC and MTR will collaborate on the design and development of smart operating and maintenance solutions for the MTR system, leveraging HKPC's expertise in the areas of digitisation, image processing and mobile robots. 

The agreement aims to foster the development of Smart Railways in Hong Kong. The MTR Corporation regularly collaborates with academics and industry partners to explore new technologies and is excited to take advantage of the expertise and innovative ideas of HKPC to improve operational safety, reliability and customer service.  

3. Mount Parker launches accelerator programme for logistics startups 

Mount Parker Ventures has launched a one-day intensive accelerator programme for startups in the logistics and supply chain spaces. The accelerator, KineticOne, will mainly act as a deal sourcing unit for Mount Parker. Startups from anywhere in Asia can apply and the accelerator will evaluate the startups’ ability to solve a worthwhile problem and monetise the solution. 

KineticOne aims to help startups to set their core business model, establish their internal tracking metrics, and help them on customer development. The mentorship lineup is still being finalised, but will be made up of VCs and founders of later-stage logistics startups. 

 4. AFIN adds Hong Kong to the mix

Asian Financial Innovation Network, which connects banks in Southeast and South Asia with fin-tech companies worldwide, has added Hong Kong to the mix just weeks before going live. In addition to supporting financial inclusion, the addition of AMTD brings a Chinese-language presence to AFIN, and the company is encouraging Hong Kong based startups to get involved in the runup to APIX’s debut. 

The platform is an impetus for banks, insurers and other financial institutions in Asian markets to source fintech partners in a secure manner. AFIN was set up to help banks in emerging marketing that don’t have access to fintechs and aren’t sure how to carry out digital transformation; and for finte

5. Animoca brings blockchain to the masses  

Animoca brands has secured $2.5 million in funding for The Sandbox blockchain gaming platform. The Sandbox, which boasts 40 million downloads while receiving over one million monthly active users, offers everyone access to a new economic model where players and creators fully participate in the value creation chain.

The investment will accelerate the growth of Animoca Brand's user-generated content gaming platform that aims to empower creators through digital ownership and monetisation of 3D voxel creations made and shared by users globally.