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How to get government funding support on digital transformation for free (with useful link pack)

Updated: Nov 21, 2023

two man look for government fund on AI digital transformation

In today's rapidly evolving digital landscape, it is crucial for businesses to embrace digital

transformation. This shift towards digitalization allows companies to unlock their potential, improve productivity, and stay competitive. Since 2016, the Innovation and Technology Fund has launched the Technology Voucher Programme (TVP) aiming to support local enterprises/organisations in digital transformation.

What is TVP? - Uncover the pulse of subsidized technological services and solutions

The Technology Voucher Programme (TVP) is an initiative by the Innovation and Technology Fund that aims to support local non-listed enterprises/organisations, regardless of their size and duration of operation, in improving productivity and upgrading business processes through the use of technological services and solutions. Funding Reach, as a leading FinTech solution provider in the field, is here to guide you through the TVP application process.

How Does TVP work? - Unlocking the possibility for technological advancements

Under the TVP, each applicant may receive cumulative funding of up to $600,000 for a maximum of six projects. To get qualified, successful applicants must contribute no less than one-fourth of the total project cost.

In this scheme, you may apply for the funding for covering the cost of the below items:

  1. Technology Consultancy (optional)

  2. Customised equipment/hardware, software and technological services or solutions (essential part of project)

  3. Off-the-shelf/readily available equipment/ hardware, software and technological services or solutions (essential part of project; ≤ 50% of total project cost)

  4. Auditing fee (if approved funding > $50,000; maximum fee: $3,000)

Who can apply for TVP?

The TVP Committee will assess applications based on specific criteria. Eligible applicants include :

  1. Enterprises registered in Hong Kong under the Business Registration Ordinance; or

  2. Companies incorporated and registered in Hong Kong under the Companies Ordinance; or

  3. Statutory bodies established in Hong Kong. It is important to note that listed companies, government subvented organizations, and their subsidiaries are not eligible, unless the subsidiaries themselves are not listed. Furthermore, applicants must have substantive business operations in Hong Kong at the time of application.

How SMEs can leverage the TVP Subsidy for success?

The TVP accepts applications for funding throughout the year. To initiate the application process, entities should register as users and submit their applications through the Technology Voucher Programme Funding Administrative System. This is a valuable opportunity for businesses to upgrade their business models through digital means. Get prepared to embrace digital transformation and enhance your competitiveness.

Professional assistance for TVP applications

At Funding Reach, our professional team is ready to assist you throughout the entire application process. Time to revolutionize your business by leveraging the AI-powered RegTech compliance, including AML transaction monitoring, AI AML automation, and credit assessmenty. You can now reach out to us and share your specific needs so that we can tailor the perfect solution for you. We are dedicated to providing the best solutions to redefine your compliance processes while optimizing operational efficiency.

Unlock the potential of your business through the Technology Voucher Programme (TVP) and join us in spearheading the future of technology-driven innovation in Hong Kong. To learn more about the Technology Voucher Programme (TVP) and how we can assist you, please visit our website or contact our team .

Useful links pack:

About Technology Voucher Programme (TVP) Apply for the Technology Voucher Programme (TVP)

Checklist of Documents Required for Submission of Applications

About FundingReach

Our platform offers advanced RegTech compliance solutions, including AI-enhanced 24/7 compliance monitoring and automated Customer Due Diligence (CDD) processes. We specialize in AML transaction monitoring, risk scoring, and credit assessment, helping organizations meet regulatory requirements while streamlining operations.

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