Hong Kong to launch subsidy scheme for green fintech start-ups to bolster sustainability data acumen, official says
- Proof-of-concept subsidy scheme to launch in first half of year to provide early-stage funding for pre-commercial companies
- Green fintech is one of the government’s top green finance priorities this year, along with sustainability disclosures and climate-transition finance
The Hong Kong government will soon launch a subsidy scheme for start-ups with expertise in the collection, analysis and reporting of sustainability data as part of an effort to connect the city’s financial acumen with a growing fintech field and support the climate transition, according to a senior official.
“We are working to combine our advantages in financial technology with green finance, aimed at building Hong Kong into a green fintech hub,” Salina Yan Mei-mei, permanent secretary (financial services) of the Financial Services and the Treasury Bureau, said at the Asian Financial Forum on Thursday.
Hong Kong has around 1,000 fintech companies that provide technological solutions on environment, social and governance (ESG) analytics, ESG reporting preparation and related subjects, Yan said.
“To practically support these budding companies … we are going to launch a proof-of-concept subsidy scheme for green fintech companies in the first half of this year, with the objective of providing early-stage funding for pre-commercial companies to help expand the green fintech ecosystem in Hong Kong,” she said.
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What is climate finance, and why is it crucial to the global energy transition?
Machine learning, internet-of-things technology, digital sensors and other digital technologies can greatly enhance the efficiency, timeliness and accuracy of the collection, analysis and reporting of corporate climate and ESG data – while also reducing the costs incurred.