[Budget]Govt to further develop Innovation & Technology

    The Financial Secretary Chan Mo-po, Paul said in the 2017-18 Budget Speech that the Government will set up a new committee on Innovation and Technology (I&T) development and re-industrialisation to co-ordinate the I&T development and re-industrialisation of Hong Kong. 
  The tax policy unit will also explore enhanced tax deductions for I&T expenditure, said Chan.
  To encourage private investment in local I&T start-ups, the Government is setting up a HK$2 billion Innovation and Technology Venture Fund (ITVF). The ITVF will co-invest in local I&T start-ups with venture capital funds on a matching basis of about one to two, thereby injecting new capital and energy into technology start-ups in Hong Kong.
  To promote the use of I&T in daily lives, Chan said the Government will soon launch a HK$500 million Innovation and Technology Fund for Better Living to finance I&T projects that improve people's daily lives and benefit the elderly or the underprivileged.
  To further enhance the payment infrastructure, the HKMA is developing a new Faster Payment System (FPS).  When the FPS is completed next year, it will provide a round-the-clock inter-bank real-time payment platform allowing banks and SVF service providers to offer their customers faster, more convenient and comprehensive payment and fund transfer services. Meanwhile, the Government will actively explore new payment channels for settling government bills and fees.