Proof-of-Concept Subsidy & FAST Program: Help FinTech Joint Traditional Financial Organizations | Reap

Proof-of-Concept Subsidy & FAST Program: Help FinTech Joint Traditional Financial Organizations

Hazel

1 min read

Hong Kong Government launched the latest Proof-of-Concept (PoC) Subsidy Scheme, its purpose is to encourage collaboration between FinTech and traditional financial organization to test out new techniques. Besides, the government also announced FAST program, which stands for FinTech Anti-epidemic Scheme for Talent Development. Then you may wonder how to claim that subsidy? For details, Reap integrated all information from these two subsidy schemes.

Proof-of-Concept (PoC) Subsidy Scheme

Proof-of-Concept (PoC) Subsidy Scheme is subsidized by the Hong Kong government and selected by Cyberport. Its purpose is to encourage collaboration between FinTech Startup and traditional financial organizations in order to test out new techniques. FinTech would be able to grant HK$10,000,000 subsidy in each selected project. If the related project involves overseas collaboration, which is suitable for Bay Area or East regions in Asia. The subsidy amount could be added up to HK$150,000. The whole project contains a HK$10,000,000 budget, so there would be a maximum of 100 projects from different companies that would be granted a subsidy. Although the subsidy from each project isn’t that much, this program hopes to bring the concepts and products invented from FinTech Startup to the traditional financial market in order to launch financial products and services to accommodate market demands. This program will accept applications starting from 26 February 2021, stay tuned, Reap will then update this article.

FinTech Anti-epidemic Scheme for Talent Development (FAST) Program 

Besides the previous PoC Subsidy Scheme, the government now also launched FinTech Anti-Epidemic Scheme for Talent Development, FAST program in the short term, for different FinTech startups to participate. FAST program aims to subsidize FinTech to hire relevant employees in order to promote FinTech development in Hong Kong. Each participating company could obtain HK$10,000 monthly subsidy for paying that employee’s salary, the whole beneficial period lasts up to 1 year. But please remember, this program has limitations and there are only 1,000 quotas. First come first serve, please visit the program website for application if you are interested.