Hong Kong Science & Technology Parks Corporation will earmark $50 million to set up a venture fund to co-invest in start-ups with private funds on a matching basis.
Financial Secretary John Tsang made the announcement in his Budget speech today.
He will also ask the Hong Kong Mortgage Corporation to expand and enhance its microfinance scheme, and proposed to inject $5 billion to the Innovation & Technology Fund.
The Government will also release free government information online digitally - for example, real-time traffic and weather information - which is useful for start-ups engaged in mobile application development.
The Secretary for Financial Services & the Treasury will set up a steering group to study how to develop Hong Kong into a financial technology hub.
On social enterprise, $150 million will be earmarked for a new phase of Enhancing Self-Reliance Through District Partnership Programme, which supports starting new social enterprises. The scheme will be enhanced to benefit more types of social enterprises and encourage greater commercial sector participation.
