To encourage traditional financial institutions to partner with fintech companies to conduct Proof-of-Concept projects on innovative financial services products, the Financial Services and the Treasury Bureau (FSTB) has launched the Fintech Proof-of-Concept Subsidy Scheme (PoC Scheme) to accelerate the growth and application of FinTech in Hong Kong.
Under the PoC Scheme, each approved PoC project will be provided a maximum direct 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 (e.g. 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. The Government has earmarked $10 million for the scheme.
Cyberport has been appointed to administer the PoC Scheme. Application will be opened from 26 February 2021.
Stay tuned for more details via the Cyperport website (pocsubsidy.cyberport.hk)!