A Guide of PoC Scheme

In early 2021, The Financial Services and the Treasury Bureau (FSTB) has announced a new financial subsidy – Fintech Proof-of-Concept Subsidy Scheme (PoC Scheme). It aims to encourage traditional financial institutions to partner up with Fintech companies to conduct Proof-of-Concept project on innovative financial service products. In this subsidy scheme, the government will provide early-stage funding support for the pre-commercialisation of leading-edge financial technologies. Since the application starts in late-Feb, WYND team is going to show you a guide to applying this PoC Scheme.

Eligibility

• A company with the Business Registration in Hong Kong and conduct substantive Fintech activities
• Partner with a regulated FI for sponsoring the IT supports to conduct the PoC project
• Apart from mother company, subsidiary and associate company of the Fls can also apply.
• An innovate, original and with a strong commercial potential

👉 Tips from WYND team: Setting up a company in a coworking space is always benificial to exchange business ideas with other entrepreneurs. Working with a bright and spacious workspace, with a balcony for some fresh air, our private office in Central location would be best option for fintech company to start the innvoative business.

Funding

• The PoC scheme will provide up to $100,000 funding and 100% subsidy
• If the project is with greater complexity and broader usage e.g. Involving the Guangdong-Hong Kong-Macao Greater Bay Area or Association of Southeast Asian Nations, the funding can be up to $150,000

Application

• Applicant can apply for a maximum of 3 projects
• Phase 1: From 26^th Feb to 30^th Apr 2021
• Phase 2: From 10^th May to 30^th June 2021 (If funding still available)
• There is a portal of PoC scheme, applicant can fill in the application form online. Once they receive required information and relevant supplementary documents, they will start processing.

👉 Tips from WYND team: If you are receiving other subsidies provided by other local public funding programme, there would be no grant to the applicant company.

If the fund is approved, the company must the project no later than 30 days after the signing date of the Funding Agreement. In addition, project report is also required to submit for review purpose. Moreover, audit report might also need to be submitted.

Given the current market, many of the industries are suffering in a difficult time. It is no doubt that this scheme can motivate the development of fintech industry. WYND team hope the government will continuously launch the fund to several industries in order to help them overcome the difficulties.

To gain further details, feel free to contact [email protected].