Financial Technology
87. The HKMA and the People's Bank of China (PBoC) signed a Memorandum of Understanding (MoU) in October last year. Under the MoU, the two authorities agreed to develop a one‑stop platform in the form of a "network link‑up" to allow eligible financial institutions and technology firms to conduct pilot trials of cross‑boundary financial technology (Fintech) projects concurrently in Hong Kong and the Mainland. At present, more than 10 local banks have expressed interest in using the platform. The HKMA and the PBoC are implementing the operation details of the platform.
88. The Fintech Proof‑of‑Concept Subsidy Scheme has received overwhelming response from the industry since its first launch last year. We will allocate a funding of $10 million for launching a new round of the scheme this year. The aim is to promote continuous innovation by encouraging the financial industry to conduct Proof‑of‑Concept projects on more financial services and products. Besides, we propose to provide subsidies to research institutions under the new round of the scheme, so that they can put forward solutions as to how to remove development bottlenecks faced by the Fintech industry in Hong Kong.
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