“Blue Innovation Challenge 2020” Draws to a Close

48 Startups Competed for a Total Prize of HK$650,000 Fostering Startups and Their Innovative Technology Solutions to Transform the Financial Industry


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HONG KONG, 2 December 2020 – Blue Innovation Challenge 2020, organised by Blue, Hong Kong’s first digital life insurer and partnered with MIT Hong Kong Innovation Node (“MIT Node”), ended on a high note on 21 November 2020. The competition attracted 48 startups vying for 3 major prizes, and the list of winners includes:

  • Best Solution Award - Magnum Research Limited ("Aqumon")

  • Best of Tech Award – CoverGo Limited

  • Innovation Award – MediConCen Limited

The three winning teams received a joint prize of HK$600,000. Furthermore, the Community Engagement Award with a cash prize of HK$50,000 went to Albacastor Technology Limited which received the highest number of public votes.

Blue Innovation Challenge 2020 aims to create a platform where startups can unleash their creativity and develop bold and innovative technology solutions to challenge the status quo of the financial industry. A total of 48 startups submitted proposals utilising different emerging technology including artificial intelligence, blockchain, big data and the Internet of Things. In addition to the attractive cash prizes, Blue will also offer the winning teams the opportunity to pilot their business ideas and solutions.

Mr. Charles Hung, CEO and Executive Director of Blue, said, “We are incredibly delighted that Blue Innovation Challenge 2020 has received a large number of submissions from startups this year. The overall quality of entries were exceptionally high and the competition was fierce. Three winning teams were chosen after rounds of rigorous selection. We believe these innovative solutions will bring new business ideas to the financial market.”

“Innovative technologies play a pivotal role in the future development of the insurance industry. As a pioneer in the digital field, Blue is committed to integrate emerging technologies into areas such as product design and user experience to ensure the best in class service for our customers and to make their lives easier. The programme not only demonstrates Blue’s passion and determination to open up new possibilities for insurance, but also inspired us to explore new directions for shaping the future of the insurance industry,” Mr. Hung continued.

Mr. Charleston Sin, Executive Director of MIT Node, said, “We are very pleased to see the success of Blue Innovation Challenge 2020. Through the collaboration with Blue, we are able to discover startup talents and allow them to put their innovative concepts into practice, ultimately fostering the development of the financial industry in Hong Kong and beyond.”

The event would not have succeeded without the enormous support of professional judges from different sectors as well as partners in the innovation and technology industry from across Hong Kong and the Greater Bay Area, including MIT Hong Kong Innovation Node, Hong Kong Science and Technology Parks, Hong Kong Cyberport, Hong Kong Productivity Council, Hong Kong Startup Council, StartmeupHK, TusPark and the Institute of Financial Technologists of Asia (IFTA).

Mr Charles Hung, CEO & Executive Director of Blue (5th from right) along with judges presented awards to the winners at the contest day of Blue Innovation Challenge.