Fintech
Hong Kong Launches Green and Sustainable Fintech Proof-of-Concept Financing Program to Promote Green Finance Solutions
The seminar on “Green Fintech: Catalyst for Scaling Sustainable Finance”, which focuses on green finance technology, was one of the key events of the Hong Kong Green Week held by the Government earlier this year. During the event, the Green & Sustainable Finance Cross-Agency Steering Group announced the prototype Hong Kong Green Fintech Map, which provides one-stop information on the current status of green fintech companies in Hong Kong and related services, aiming to raise the profile of the companies. Currently, more than 50 companies are listed on the map.
To encourage the industry to develop more fintech projects and promote their commercialization, we are launching the brand new Green & Sustainable Fintech Proof-of-Concept Funding Support Scheme, which is modeled after the Fintech Proof-of-Concept Subsidy Scheme. Operated by Cyberport, this scheme will provide early-stage funding to support technology companies or research institutions that have registered and established operations in Hong Kong and are engaged in green fintech activities, to collaborate with local businesses (such as financial institutions, listed companies, carbon credit institutions, etc.), who can benefit from adopting green and sustainable fintech solutions, to co-develop new projects in the market that can address the industry’s pain points. The scheme aims to facilitate interested solutions to complete the commercialization and proof-of-concept stage, so as to enable wider adoption of green and sustainable fintech solutions with potential in the Hong Kong business landscape.
The program covers five key areas that meet the goal of integrating fintech and sustainable development. They are (i) green and digital finance and investment; (ii) ESG (environmental, social and governance) disclosure, compliance and regulatory reporting; (iii) carbon trading, analytics and technology; (iv) ESG data, intelligence and analytics; and (v) ESG/climate risk modelling and assessment. The maximum grant for each approved project is $150,000.
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Technology and sustainable development are the major forces shaping the future of the financial industry. We are confident that the new scheme can accelerate the comprehensive development of green financial technology in Hong Kong, increasing the motivation of enterprises to adopt green financial technology, and further promoting Hong Kong as a green financial technology hub in Asia. The application period for the scheme will be from June 28 to September 20, and Cyberport will release the application details soon. I encourage eligible enterprises and green financial technology companies to join together to participate in the scheme, make the most of the financial support, and let your green and sustainable financial technology solutions drive the green transformation of enterprises.