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Subsidy scheme set for fintech sector


The Fintech Proof-of-Concept (PoC) Subsidy Scheme will open for application from February 26, the Financial Services & the Treasury Bureau announced today.

 

The scheme aims to encourage traditional financial institutions to partner with fintech companies to conduct PoC projects on innovative financial services products.

 

Secretary for Financial Services & the Treasury Christopher Hui said the ever-developing field of fintech has brought more diverse and convenient financial services to society, adding the COVID-19 pandemic has also spurred wide adoption of fintech.

 

As an international financial centre, Hong Kong is an excellent place to groom one's fintech business, he added.

 

?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.?

 

The Government has earmarked $10 million for the scheme. Under it, each approved PoC project will be provided a maximum one-off grant of up to $100,000. 

 

Deserving PoC projects with greater complexity and broader usage, such as those involving cross-sector or cross-boundary/border applications, like those involving the Guangdong-Hong Kong-Macao Greater Bay Area or Association of Southeast Asian Nations, may receive a grant of up to $150,000.

 

Financial institutions may provide additional financial resources for the subsidised PoC projects.

 

Applications must be submitted by a Hong Kong-registered company which has a fixed physical office in the city and with its main business being in the fintech field, jointly with a financial institution regulated by the Monetary Authority, the Securities & Futures Commission, the Insurance Authority and/or the Mandatory Provident Fund Schemes Authority.

 

The project must address practical issues faced by the financial institution concerned with no prior used case in the market.

 

Cyberport has been appointed to administer the scheme. It will publish details of the application procedures and supporting documents required on its website in due course.

 

Applications may be submitted via the Cyperport website by June 30.


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