ABOUT THE PROGRAM
INTRODUCTION
ELIGIBILITY
COMPETITION PROCESS
JUDGING CRITERIA
TIMELINE
AWARDS
WHY BLUE
WHO ARE WE WORKING WITH
FAQ

The Blue Innovation Challenge 2020 Fintech Competition (the “Program”) is inspired by the creative technology solutions currently transforming the financial industry, and the entrepreneurial minds behind them. Organized by Blue Insurance Limited (“Blue”) and supported by partner MIT Hong Kong Innovation Node (“MIT Node”), the Program aims to create a platform where startups and social enterprises can demonstrate their creative ideas and solutions to challenge the status quo of the financial industry.

There is an estimated population of 550+ FinTech companies & startups and 30+ InsurTech startups in Hong Kong*, an important financial hub which provides unique opportunity for startups to grow. This Program will seek to identify innovative ideas and solutions which could provide new financial or insurance solutions to meet the evolving needs of consumers in the digital age, with the adoption of one or more of the below emerging technologies - Artificial Intelligence, Blockchain, Big Data, Internet of Things and 5G. The Program will give entrepreneurs the chance to connect with industry experts, allowing the next generation of new ideas and solutions to be enhanced by professional knowledge and experience.

* Source: M. Mohan (2019, May 28). “Exploring the growth of Insurtech in Hong Kong”, Hong Kong FinTech Week, InvestHK. http://www.hongkong-fintech.hk/en/news/exploring-the-growth-of-insurtech-in-hong-kong.html

WHO ARE WE LOOKING FOR?

If your startup has bold new ideas and solutions that will help shape the future of the financial industry, we want to hear from you. Do you have fresh insights about the future of the insurance industry? Maybe you are developing a new technology that will meet clients' needs more effectively?

The Program is open to startups in GBA that meet the following requirements:

WHAT DOES THE PROCESS LOOK LIKE?

The Program offers an opportunity to showcase your startup's creativity and uniqueness. You will be able to get your idea and solution in front of domain experts, and senior executives in the insurance and fintech industries, gaining priceless feedback and mentorship as a result.

Application Process

When: Applications are open from 24 August 2020 until 30 September 2020

How: Application closed

What: Upload your Certificate of Incorporation and Business Registration and business plan. Tell us about your business ideas and solutions, technology, business model and team capacity with reference to the business plan template.

WHAT ARE THE AREAS OF FOCUS?

Blue is the first digital life insurer in Hong Kong. Technology is in our DNA. The Program welcomes startups with applicable ideas and solutions focusing on the following technologies:

AI
Block Chain
Big Data
IoT
5G

WHAT ARE THE
JUDGING CRITERIA?

Participants will be judged by seven criteria. Participants should describe how their startup meets each of these in their business plan and during the judging sessions.

1. Identify the market need
2. Good product market fit
3. Business model
4. Creativity and innovation
5. Technical achievement
6. Team capability
7. Presentation skill

Timeline

What are the prizes?

WHY BLUE?

Blue, the first digital life insurer in Hong Kong, aims to provide customers with simple and flexible insurance solutions. Here at Blue, we make your lives easier.

We are a joint venture between Hillhouse Capital and Tencent, creating an exceptional customer experience by leveraging the expertise of these two market leaders.

WhO ARE WE WORKING WITH?

Our partner MIT Hong Kong Innovation Node cultivates innovation capabilities through training and workshops, increasing opportunities and accelerating the path from idea to impact. Everything is done with the MIT philosophy in mind; Mens et Manus - Mind and Hand - for the benefit of all. The organization works alongside alumni, affiliates and friends in the community to help galvanize the region’s innovation ecosystem.

frequently asked questions

SUPPORTING ORGANISATIONS

in no particular order