To promote partnership between financial institutions and FinTech companies to develop innovative financial applications, Cyberport is commissioned by the Financial Services and the Treasury Bureau to launch the Fintech Proof-of-Concept Subsidy Scheme (PoC Scheme) and is now calling for applications.

The Scheme comes with an earmarked budget of HK$10 million, aiming to match FinTech companies (including start-ups) with financial institutions so that they can conduct proof-of-concept projects of innovative and practical financial service products or Fintech solutions and help address practical issues or resolve industry pain points with no prior user case in the market.

Each approved project can receive up to HK$100,000 in grants. Projects that involve greater complexity and broader usage, such as those that encompass cross-sector or cross-boundary/border applications, may receive up to HK$150,000 each.

The Scheme would accelerate the digital transformation of traditional financial businesses and facilitate industry innovation.  All financial institutions that take part in the Scheme must be regulated by the Hong Kong Monetary Authority, the Securities and Futures Commission, the Insurance Authority, and/or the Mandatory Provident Fund Schemes Authority.  All of the FinTech companies must be engaged in the stipulated recognised fields.

Christopher Hui, Secretary for Financial Services and the Treasury, hopes that the Scheme can “inject new impetus for financial innovation in Hong Kong”. Peter Yan, CEO of Cyberport, said: “The Scheme can provide valuable data and technical support to facilitate collaboration and create win-win situations.”

Applications for Phase 1 of the Scheme opens now till 30 April 2021. Phase 2 application will be open from 10 May to 30 June 2021.

For details and applications, visit the Fintech Proof-of-Concept Subsidy Scheme portal.