Blue Launches Blue Innovation Challenge 2020 in search for Entrepreneurs to Shape the Future of Finance and Insurance

Supported by MIT Hong Kong Innovation Node to invite funding bids from startups and social enterprises

25-08-2020

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HONG KONG, 25 August 2020 – Blue, the first digital life insurer in Hong Kong, today announced the launch of Blue Innovation Challenge 2020, an innovative fintech competition designed to foster the development of the financial industry in Hong Kong and beyond. The programme invites startups and social enterprises to share bold and creative technology solutions to transform the financial industry. Winners will share a prize of HK$650,000 and also opportunities to pilot test their business ideas.

Blue Innovation Challenge welcomes proposals that adopt one or more of five emerging technologies – artificial intelligence, blockchain, big data, the Internet of Things and 5G – to provide new financial services that help meet the evolving needs of consumers in the digital age. The programme is supported by MIT Hong Kong Innovation Node, a collaborative space that connects innovative enterprises with the general community in Hong Kong.

Mr. Charles Hung, CEO and Executive Director of Blue, said, “As a pioneer in the digital space, Blue is delighted to launch the Blue Innovation Challenge, which empowers entrepreneurs to push the boundaries of transformation with commercially viable technologies and innovative business models. The programme aims to create a hub where innovative startups and social enterprises can unleash their creativity to challenge the status quo of the financial industry, which echoes Blue’s vision to shape the future of insurance.”

“We are glad to collaborate with MIT Hong Kong Innovation Node, which has a stellar track record in spurring innovation and empowering entrepreneurs. We hope our synergies can further build the ecosystem to transform the financial industry in Hong Kong and beyond,” Mr. Hung continued.

Mr. Charleston Sin, Executive Director of MIT Hong Kong Innovation Node, said, “Blue, being the first digital life insurer in Hong Kong, demonstrates its passion and commitment to creating a new market and network for insurance. We are delighted to collaborate with Blue and support Blue Innovation Challenge to recognise pioneering solutions to disrupt the insurance industry.”

Programme Details

The Blue Innovation Challenge 2020 programme accepts online entries of proposed business ideas. Following the entry period, eight finalists will be chosen for final pitches. Each of these entrants will receive mentoring from renowned academics and senior executives from the financial services, technology, and insurance industries.

The final pitches will result in three winners with a joint prize of HK$600,000. The awards celebrate innovative projects that showcase the three principles of Blue: Pioneering, Empowering and Purposeful. Potential Proof of Concept opportunities will also be offered by Blue, allowing the winning teams to pilot test their business ideas and solutions. The competition will additionally include the chance for all entrants to win a community award cash prize of HK$50,000 based on a public vote. Terms and conditions apply.

The Blue Innovation Challenge 2020 programme is now open for applications and will accept online entries submitted till 18 September 2020. For details, please visit www.blue.com.hk/innovation-challenge/index.html.

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