The Hong Kong Monetary Authority (HKMA) unveiled the Green Fintech Competition today, aiming to foster the assimilation of green fintech solutions within the city’s banking realm.
This competition aligns with HKMA’s commitment to buttressing the banking sector’s adaptability to climate risk. Green fintech enterprises, both domestic and international, are beckoned to demonstrate the viability of their solutions in transforming the banking domain.
These solutions should resonate with at least one of the four pivotal themes:
- Net-zero Transition or Transition Planning
- Climate Risk Management
- Green and Sustainable Finance
- Sustainability or Climate-related Disclosure and Reporting.
These themes, along with corresponding problem statements, emanate from insights collated from industry feedback, encapsulating the myriad challenges intrinsic to the Hong Kong banking landscape that could be alleviated through green fintech interventions.
Prospective participants are mandated to present market-ready solutions pertinent to any of the highlighted themes. Comprehensive problem statements and further nuances about the competition have been curated on the designated website.
Entrants are granted the latitude to either address the problem statements delineated on the platform or propose their unique problem statements tethered to the main themes. Submissions are slated to close by 20th October 2023.
The evaluation process will harness the expertise of a diverse panel, including luminaries from the banking, technology, professional associations, and academic sectors. The winners of this competition stand to gain a streamlined path to the Cyberport Incubation Program’s presentation phase, which offers robust business backing to nourish the evolution of green fintech solutions.
Furthermore, finalists will secure invitations to the forthcoming “Green and Sustainable Banking Conference,” scheduled for December 2023. Here, they will helm exhibition stalls, facilitating profound interactions with industry stalwarts and unveiling their groundbreaking solutions.
This platform will also serve as a conduit to broach potential collaborative ventures. Complementing this, finalists will benefit from bespoke consultation sessions orchestrated by InvestHK, ensuring their solutions are perfectly calibrated to satiate Hong Kong’s market demands.