Alibaba announced today that it has launched the $129 million non-profit organization, the Alibaba Hong Kong Young Entrepreneurs Foundation, to help young people who want to start businesses on the e-commerce giant’s online marketplaces. Given the rise of FinTech in Hong Kong and Alibaba's transition from e-commerce startup to FinTech giant, it will be interesting to see how this initiative spurs the next generation of Hong Kong entrepreneurs to drive innovation in global finance over the coming years.
Alibaba Group said this is its first initiative that will exclusively support Hong Kong entrepreneurs. The Alibaba Hong Kong Young Entrepreneurs Foundation will provide financial capital, technical assistance, and training to eligible vendors in Hong Kong who want to sell products to customers in mainland China. Profits made from investments will be re-invested in the foundation, which will also offer 200 internships to students from Hong Kong universities.