New subsidy scheme to promote fintech

January 07, 2021 10:28

The Fintech Proof-of-Concept (PoC) Subsidy Scheme will open for application from February 26, the government announced Wednesday.

The scheme aims to encourage traditional financial institutions to partner with fintech companies to bring innovative financial services.

“Through the PoC scheme, we hope that the fintech sector will grasp the opportunity to proactively put forth and test various innovative and practical fintech solutions and products, especially in areas that are increasingly mainstream and related to daily economic activities and people's livelihood, such as regtech, trade financing, cross-boundary/border payments and robo-advisory, so as to bring Hong Kong's financial services sector to a new level,” Secretary for Financial Services & the Treasury Christopher Hui said

Under the scheme, each approved PoC project will be provided a maximum one-off grant of up to HK$100,000.

PoC projects with greater complexity and broader usage may receive a grant of up to HK$150,000.

Cyberport has been appointed to administer the scheme.
Applications may be submitted via the Cyperport website by June 30.

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