Hong Kong digital tech park Cyberport has announced that the application stage for the first phase of its Fintech Proof-of-Concept Subsidy Scheme has closed and received over 80 applications.

The scheme was commissioned by the Financial Services and the Treasury Bureau with the Hong Kong government earmarking HK$10 million for it.

54 applications were approved following detailed vetting by the advisory panel, involving a total grant of around HK$6.1 million.

Each application will be submitted to an advisory panel composed of the Hong Kong Monetary Authority, the Securities and Futures Commission, the Insurance Authority and the Mandatory Provident Fund Schemes Authority.

Each approved project will be provided with a maximum grant of HK$100,000, while more complex projects with broader potential, such as those involving cross-sector or cross boundary/border applications, may receive a grant of up to HK$150,000.

The approved projects range across categories including regtech, wealthtech, payment systems, insurtech, open API for the banking sector, cross-sector as well as cross-boundary applications between Hong Kong, the Greater Bay Area and ASEAN.

Phase 2 is now open for applications and will close on 30 June.

Eric Chan, Chief Public Mission Officer of Cyberport said,

“We are very pleased that the scheme has been well received by the industry, and that the approved projects represent a wide spectrum of innovations.

 

We look forward to seeing these financial institutions and start-ups continue to cooperate upon completion of the proof-of-concept projects, developing more innovative financial services and products and further strengthening Hong Kong’s leading position as a fintech hub.”