HKMA launches Green Fintech Competition
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The Hong Kong Monetary Authority (HKMA) announced today (September 21) the launch of the Green Fintech Competition to promote the adoption of green fintech solutions in the Hong Kong banking industry.
The Green Fintech Competition is part of the HKMA's efforts to enhance the resilience of the banking sector to climate risk. Green fintech firms in Hong Kong and around the world are invited to participate and showcase how their solutions can be applied to the banking industry. Their solutions should be relevant to any of the themes below:
- Net-zero Transition or Transition Planning;
- Climate Risk Management;
- Green and Sustainable Finance; and
- Sustainability or Climate-related Disclosure and Reporting.
The themes and problem statements were developed based on feedback received from the industry, reflecting challenges faced by the Hong Kong banking industry which might benefit from green fintech solutions.
Interested firms will need to submit a market-ready solution for at least one of the above themes. Examples of problem statements for each theme can be found at the designated website for the competition. They can choose to tackle the problem statements listed at the website or other problem statements which they think are relevant to the four themes, and submit their solutions to the website above by October 20, 2023. Further details about the competition can also be found on the same website.
Solutions will be judged by a panel comprising representatives from both the public and private sectors, including the banking and technology sectors, professional associations and academia. Winners of the competition will be offered a fast-track opportunity to the presentation stage of Cyberport Incubation Program which provides comprehensive business support to facilitate the development of their green fintech solutions. Finalists will be invited to join and host exhibition booths in the HKMA event "Green and Sustainable Banking Conference" to be held in December 2023 for conducting in-depth exchange with and showcasing their solutions to the industry, as well as exploring opportunity for further collaboration. They can also enjoy tailor-made consultation services from InvestHK to gain further insight into the Hong Kong market so as to ensure their solutions meet the market needs.
Ends/Thursday, September 21, 2023
Issued at HKT 19:30
Issued at HKT 19:30
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