The FSS 3.1 Pilot provides development-stage funding support to the leading financial technologies projects that have been approved and completed in Cyberport’s Fintech Proof-of-Concept Subsidy Scheme (PoC Scheme) 2021. The Pilot aims to promote commercialisation and wider adoption of the projects which fit into the HKMA’s regulatory mandate. It must also focus on project scope defined in the Guides and Notes documents available in this website.

Eligible applicants must submit their applications through the dedicated FSS 3.1 Pilot application portal of Cyberport with the required documents listed on the dedicated website for the FSS 3.1 Pilot.

Application period: 31st of Oct 2022 - 31st of Dec 2022

Applicants applying for funding subsidy under the FSS 3.1 Pilot must fulfil the following requirements:
a) Be registered in Hong Kong under the Business Registration Ordinance (Cap. 310);
b) Conducting substantive Fintech activities in Hong Kong. Eligibility of applicants will be separately verified and assessed where necessary;
c) Having participated in PoC Scheme 2021 with the PoC Scheme project successfully approved and completed; and
d) Have a bank in Hong Kong as a project sponsor.

Qualifying FSS 3.1 Pilot projects must:
a) Be directly related to i) Cybersecurity, ii) Regtech (e.g. AML / biometric authentication / remote account opening / transaction monitoring / credit assessment / other examples from “Regtech Watch” or “Regtech Adoption Practice Guide”, and/or iii) Risk Management;
b) Address a practical issue, or a pain point faced by the banking industry with no prior used case in the market;
c) Be governed by a sponsorship agreement or letter of intent in writing between the applicant and the project sponsor; and
d) Demonstrate strong potential for commercialisation. Please refer to the "Guide and Notes for Applicants" document for more details.

Applicants must submit their applications through the dedicated FSS 3.1 Pilot application portal of HKCMCL with the required documents within the application period. Applications are assessed by HKCMCL based on the stated qualifying criteria, the required information and documents and the assessment criteria stated in the "Guide and Notes for Applicants". Each application is assessed separately. Upon receipt of full information including necessary supporting documents from the applicant, the applicant company will be notified of the application result by email from Cyberport within six weeks after the end date of the application period. A successful Applicant is also required to enter into a funding agreement with HKCMCL before granted with funding subsidy.

An approved FSS 3.1 Pilot project is required to be commenced within one month from the date of approval.

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

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

Each application shall cover only one FSS 3.1 Pilot project. An Applicant can submit only one application.

Each approved FSS3.1 project will be granted with 100% of the approved subsidy up to HKD500,000, subject to fulfilling the required conditions specified in the "Guide and Notes" of the FSS 3.1 Pilot.

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 must have a bank in Hong Kong as a project sponsor.

Each approved project must be completed in 9 months.

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 FSS 3.1 Pilot projects must:
(a) Directly relate to i) Cybersecurity, ii) Regtech (e.g. AML / biometric authentication / remote account opening / transaction monitoring / credit assessment / other examples from “Regtech Watch” or “Regtech Adoption Practice Guide” with details listed on the HKMA Regtech Hub - https://www.hkma.gov.hk/eng/key-functions/banking/regtech-knowledge-hub/hkma-publications/), and/or iii) Risk Management;
(b) Address a practical issue, or a pain point faced by the banking industry with no prior used case in the market;
(c) Be governed by a sponsorship agreement or letter of intent in writing between the Applicant and the Sponsoring Bank; and
(d) Demonstrate strong potential for commercialisation.

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 FSS3.1 Pilot project is receiving other subsidies provided by other local public funding programme.

The Sponsoring Bank 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. The Sponsor should be involved in signing the acceptance letter, report, or email (signing of printed version is required) of the proposed project after the appropriate milestone is completed.

To be eligible for financial support under the FSS 3.1 Pilot Scheme, the 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.