Cyberport announced that upon the closing of the two application phases of the FinTech Proof-of-Concept Subsidy Scheme (“PoC Scheme”), a total of over 160 valid applications were received, of which 93 were approved with a total grant of HK$10 million. 

Approved projects range across categories including WealthTech, RegTech, InsurTech and payment systems. In particular, 14 approved projects involve cross-sectors as well as cross-boundary applications between Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), as well as the Association of Southeast Asian Nations.

Christopher Hui, Secretary for Financial Services and the Treasury, said: “The pandemic has accelerated digital transformation in the financial services sector. FinTech has become a sought-after tool for enhancing operational efficiency, and provides a key impetus for the growth of the sector. We are pleased to note that the PoC Scheme is succeeding in helping different types of financial institutions – including banks, Stored Value Facility licensees, securities firms, wealth management companies, and insurance companies – work together with FinTech companies, particularly start-ups, to test and implement various innovative and viable FinTech applications. We believe these new ideas and products will present new opportunities for the financial services sector, provide more convenient, expeditious, secured and reliable services for the general public, as well as promote FinTech in Hong Kong.”

Peter Yan, Chief Executive Officer of Cyberport, said: “As Hong Kong’s FinTech hub, Cyberport deeply appreciates the FSTB for commissioning Cyberport in the launch of the ‘PoC Scheme’. The Scheme not only promotes adoption of new technology within the financial industry, but also encourages financial institutions to partner with FinTech companies and start-ups to apply innovative ideas to real financial services scenarios. I look forward to seeing the long-term collaborations between financial institutions and start-ups continue to cooperate upon completion of the proof-of-concept projects, to create more innovative financial services and products and further strengthening Hong Kong’s leading position as a FinTech hub. Cyberport will continue to provide a variety of initiatives to help FinTech start-ups identify potential partners and expand into the GBA and overseas markets.”

The Scheme aims to encourage financial institutions to partner with FinTech companies, including start-ups, to conduct proof-of-concept projects with innovative financial services products. Each approved project is given a grant of HK$100,000, while projects with greater complexity and broader usage, such as those involving cross-sector or cross-boundary/border applications, receive a grant of HK$150,000.

 



About iStartup

[email protected], a one-stop platform run by Cyberport, is designed to connect tech start-ups to investors and users seeking innovative solutions. Through this virtual-pitching channel, tech companies can showcase their profile and products to attract funding and expand their business footprint.

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