A PoC project is defined as a project which involves the following:

1. Development of viable technological ideas/concepts but shall not cover development areas which are deemed too early-stage, for example, basic research, generation of pure scientific and technological knowledge, and the development of research ideas, hypotheses and experimental designs without application; and
2. Validation of the commercial merit of the product/solution by seeking reference customers or external funding

The applicant company shall fill in the application form and submit the required information and relevant supplementary documents through online portal.

The applicant company must be a company or Research Institute registered in Hong Kong before application submission and conduct substantive Fintech activities in Hong Kong

The applicant company is required to partner with a regulated financial institution for sponsoring the support to conduct the PoC project. This also applies to the subsidiaries and associated companies of the financial institutions. (Please refer to the "Guide and Notes for Applicants" document for more details)

Upon receipt of full information including necessary supporting documents from the applicant, applicant company will be notified of the application result by email from Cyberport within six weeks after the end date of the application period. Eligible PoCs project will be reviewed and approved by the HKCMCL and the advisory panel and then sign a Funding agreement before the funding is granted.

The applicant company must start the project no later than 30 days after the signing date of the Funding Agreement.

Upon 45 days (90 days if it is six month project) after the commencement of the PoC project, the Grantee shall submit an interim project report. The report should review the work completed, work in progress, and work to be done on the project. Within one month after the end of the project period, the Grantee shall submit a PoC final report and user acceptance report. Audit report may be required upon request

Depending on circumstances, HKCMCL may at its discretion elect for a meeting or an interview with the Applicant and the sponsoring financial institution through online, telephone or other means in lieu of or in addition to a field visit.

Applicant company can apply a maximum of three PoC projects (maximum two for Phase 1)

Approved PoC project is 100% subsidised by the Scheme with funding up to HK$150,000. Deserving PoC project with greater complexity and broader usage involving cross-sector or cross-boundary/border application (e.g. Involving the Guangdong-Hong Kong-Macao Greater Bay Area or Association of Southeast Asian Nations) shall be funded up to HK$200,000.

For proposed projects having a wider impact on the industry, especially those solutions which address industry-wide bottleneck issues, the subsidy amount may go up to HK$400,000 at the discretion of HKCMCL

No limit.

Upon receipt of full information including necessary supporting documents from the applicant, the Applicant will be notified of the application result by email from HKCMCL within six weeks after the end date of the application period.

No. The project sponsor must be a License financial institution, which is governed by Hong Kong Monetary Authority (“HKMA”), Securities and Futures Commission (“SFC”), Insurance Authority (“IA”) or Mandatory Provident Fund Schemes Authority (“MPFA”) regulatory bodies.

Each approved PoC project must be completed in 3 months, or 6 months for project with greater complexity and broader usage.

Applicant company will be notified of application status via email. Applicant company might check their spam/junk mail folder to identify any email from Cyberport. Applicant company can also log in to the online portal with their company’s Business Registration number/other valid registration number and password to view the submitted information and latest status. The online portal is best viewed with the latest version of web browsers.

Evaluation is based on (1) Eligibility of applicant, financial institution and project, (2) Submitted documents & (3) Assessment criteria in the “Guide and Notes” document by HKCMCL and the advisory panel. Each eligible application will be assessed based on individual merits and considered on a case-by-case base. The decision from HKCMCL is final and conclusive.

The initial instalment for an approved project will only be deposited into the designated bank account of the Applicant after the signing of the Funding Agreement and HKCMCL’s verification of proof (eg. bank statement) showing the bank account belongs to the Applicant. The final instalment will be made to the Applicant upon project completion and HKCMCL acceptance of the final reports.

Qualifying PoC projects must:

• Directly relate to recognized Fintech fields;
• Address a practical issue, or a pain point faced by the financial industry (banking, securities, asset management, insurance, and others) with no prior used case in the market;
• Demonstrate originality and strong commercial potential

After project is approval, no change of project scope is allowed.

Applicant company must have valid Business Registration Certificate at the time of the application.

No, each application can cover only one PoC project.

No. A subsidy will not be granted if the company is receiving other subsidies provided by other local public funding programme.

The Sponsoring FIs does not necessarily have direct financial contribution in the PoC project but is required to sign up an agreement to exhibit active engagement and commitment to facilitate the project to complete.

To be eligible for financial support under the PoC Scheme, the PoC project must not have commenced before submission of the application.

Not recommended. Because they cannot make any claims from HKCMCL for any losses, risks and/or costs if their applications are eventually rejected or the applied-for funding is not granted in full.