OFCA’s new 5G deployment subsidy scheme to bolster start-ups innovation development
As 5G infrastructures continue to be deployed around the world and telcos begin rolling out 5G services, the technology is set to bring about transformative enhancements to connectivity and unleash unprecedented opportunities for innovation and technology of every kind.
To accelerate the development and adoption of 5G innovations, the Office of the Communications Authority (OFCA) has launched the Subsidy Scheme for Encouraging Early Deployment of 5G. This initiative is a part of the Hong Kong Government’s second round Anti-epidemic Fund to stimulate economy and expedite business recovery. By providing financial incentives, the Scheme seeks to encourage tech companies and start-ups to develop 5G innovations and smart city applications and to spur organisations in public and private sectors to adopt and deploy 5G solutions. Ultimately, the programme hopes to accelerate Hong Kong’s digital transformation, improve efficiency, productivity, and quality of services, and boost Hong Kong’s overall competitiveness.
Cyberport will support start-ups to join the Scheme and foster collaborations between start-ups and enterprises through the Cyberport Enterprises Network. Eric Chan, Cyberport’s Chief Public Mission Officer, welcomed the Scheme as it brings substantial benefits to start-ups from major clusters like FinTech, smart living and digital entertainment leveraging 5G technology.
All approved projects will receive the government’s subsidy of 50% of the actual cost directly relevant to the deployment of 5G technology subject to a ceiling of HK$500,000. OFCA expects that around 100 5G projects can benefit from the scheme. The Scheme is now open for applications until 30 November 2020 and on first-come-first-served basis.