Hong Kong digital tech park Cyberport announced that it has approved a total grant of HK$10 million for 93 projects for the second phase of its Fintech Proof-of-Concept Subsidy Scheme.

The subsidy scheme which was commissioned by the Financial Services and the Treasury Bureau (FSTB) received a total of over 160 valid applications.

The scheme aims to encourage financial institutions to partner with fintech companies, including startups, 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.

Approved projects range across categories including wealthtech, regtech, insurtech and payment systems.

In particular, fourteen approved projects involve cross-sector as well as cross-boundary applications between Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area, as well as the Association of Southeast Asian Nations.

Christopher Hui, Secretary for Financial Services and the Treasury said,

“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 startups, to test and implement various innovative and viable fintech applications.”

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 startups to apply innovative ideas to real financial services scenarios.”

Featured image: Peter Yan, Chief Executive Officer of Cyberport