Cyberport has reached the next application stage for its FinTech Proof-of-Concept Subsidy Scheme, which could see companies given a total of HK 10m ($1.28m) in grants.
The first phase of the process received more than 160 valid applications. These have now been whittled down to 93, including WealthTechs, RegTechs, InsurTechs and payment systems.
Of those to reach phase two, 14 involve cross-sector and cross-boundary applications between Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area, as well as the Association of Southeast Asian Nations.
The scheme was launched to encourage financial institutions to partner with FinTech companies. Each company to get through the process will be rewarded with a HK 100,000 ($12,800) grant.
Companies. That have greater complexity and deal with broader usage, such as those involving cross-border operations, will receive a HK 150,000 ($19,254).
Cyberport is managed by Hong Kong Cyberport Management Company, which is wholly owned by the Hong Kong SAR Government
Christopher Hui, secretary for financial services and the Treasury, said: “The pandemic has accelerated digital transformation in the financial services sector. FinTech has become a sought-after tool for enhancing operational efficiency and provides a key impetus for the growth of the sector.
“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 start-ups, to test and implement various innovative and viable FinTech applications.”
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