Green and Sustainable FinTech Proof-of-Concept Funding Support Scheme Now Open for Application Funding up to HK$150,000 to accelerate green transformation in Hong Kong

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Cyberport announced on 28 June 2024 that the Green and Sustainable FinTech Proof-of-Concept Funding Support Scheme (the Green and Sustainable FinTech PoC Scheme or the Scheme) commissioned by the Financial Services and the Treasury Bureau, is now open for applications. The Scheme aims to promote the research and development (R&D) and commercial adoption of innovative Green FinTech solutions across five key areas, including 1. Green & Digital Finance and Investment; 2. ESG (Environmental, Social and Governance) Disclosure, Compliance & Regulatory Reporting; 3. Carbon Trading, Analytics and Technology; 4. ESG Data, Intelligence and Analytics; and 5. ESG/Climate Risk Modelling & Assessment. Each approved project is entitled to funding up to HK$150,000.

The Green and Sustainable FinTech PoC Funding Support Scheme provides early-stage funding support for high-potential Green FinTech projects, aiming to facilitate the R&D of the Green FinTech projects and expedite their commercial adoption. The applicant must be a technology company or research institute registered and having commenced business in Hong Kong and conducts substantive Green and Sustainable FinTech or mainstream technology innovation activities. The applicant is required to partner with one or more local enterprises1 to develop the proposed Green and Sustainable Fintech PoC project through a co-creation collaboration model. The Scheme covers five key areas including 1. Green & Digital Finance and Investment; 2. ESG (Environmental, Social and Governance) Disclosure, Compliance & Regulatory Reporting; 3. Carbon Trading, Analytics and Technology; 4. ESG Data, Intelligence and Analytics; and 5. ESG/Climate Risk Modelling & Assessment. Each approved project is entitled to full funding up to HK$150,000. The application deadline is 20 September 2024.

To further implement green and low-carbon practices, the Scheme will plant 10 trees for each approved project applicant, with 600 trees expected to be planted throughout the initiative.

In terms of assessment criteria, the Scheme will examine whether the submitted green and sustainable fintech projects can bring breakthroughs for the existing Green and Sustainable FinTech services, address pain points faced by the different industry sectors, maximise green impact, or even create new business opportunities. Whether the submitted projects can be readily adopted in actual business scenarios is also an important factor for consideration.

Cyberport will select suitable projects in consultation with an advisory committee composed of members across different sectors. An approved PoC project is required to be commenced within one month from the date of approval and be completed within four months. Interested green and sustainable finance institutions or enterprises, please visit the dedicated website of the Green and Sustainable FinTech PoC Funding Support Scheme (http://greenfintechpoc.cyberport.hk) for more details.

Source: Cyberport

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