According to a report by the Hong Kong Economic Journal, the Hong Kong government’s funding for the “Innovation and Technology Fund” reached a new high in 2021, with actual expenditure doubling compared to 2017, reaching 4 billion Hong Kong dollars. The funding for the Technology Voucher Program (TVP) also increased to 590 million dollars, nearly 18 times higher than in 2017. TVP provides a maximum subsidy of up to 600,000 dollars to each company, aiming to support businesses in purchasing and implementing technology systems to enhance competitiveness and facilitate transformation. The maximum subsidy rate is 75%. TVP accepts applications throughout the year and allows projects to commence immediately after submission.

Read more: Introduction to the Technology Voucher Program (TVP).

The Director of the Innovation and Technology Bureau pointed out that during the pandemic, the Technology Voucher Program (TVP) has become very popular. In June 2021, the Innovation and Technology Bureau entrusted the Productivity Council to serve as the secretariat for TVP, which has helped expedite approvals. It is anticipated that approval rates should be more favorable by the middle of this year.

According to figures from the Innovation and Technology Bureau, in 2021, the Innovation and Technology Fund received over 11,300 applications, with 8,960 of them already approved. This represents a significant increase compared to 2017 when there were 3,000 applications and 1,500 approvals, marking an increase of 2.8 and 5 times, respectively. The actual expenditure of the Innovation and Technology Fund in the past year was approximately 4 billion dollars, which is more than twice the 1.33 billion dollars in 2017. The number of TVP applications and approved subsidies also saw a noticeable increase, rising from 577 applications in 2017 to 5,108 in 2021, with approved subsidies increasing from 31.7 million dollars to 590 million dollars, nearly 18 times higher.

Read more: Popular Projects under the Technology Voucher Program (TVP).

In 2020, during the pandemic, the government introduced the “Distance Business Program” to support businesses in continuing their operations through information technology. To date, the government has approved a total of 25,744 applications, involving over 21,000 companies, with 95% of them being small and medium-sized enterprises (SMEs), and the total funding amounting to approximately 1.7 billion dollars.

Hong Kong Funding Advisors Limited’s consultants for the Technology Voucher Program (TVP) have extensive experience. They can save businesses the time and reduce the chances of application failure when compared to self-application. Hong Kong Funding Advisors Limited has been specializing in TVP applications for many years, and their consultant team possesses senior-level experience. The most important guarantee they offer is a refund in case of an unsuccessful application.

Read more: 10 Common Questions About Applying for Technology Vouchers.