Alibaba Entrepreneurs Fund has partnered with InvestHK to launch the FintechHK Global Competition.
InvestHK is a government-led organisation which aims to strengthen Hong Kong’s status as the leading international business location in Asia.
Alibaba Entrepreneurs Fund is a not-for-profit initiative by Chinese tech behemoth Alibaba Group, which aims to provide entrepreneurs and young people with investment capital, strategic guidance and internship opportunities.
The investment programme aims to provide entrepreneurs from Hong Kong with the capital and advice necessary to grow and scale internationally, with Alibaba’s vast global network a key benefit.
The FintechHK competition offers entrepreneurs and startups the chance to “pitch your business idea to investors, corporate leaders, business partners and engage new connections”. To qualify, a startup must be less than five years old and have not raised more than $20mn (£16.6mn) in funding, at a maximum of Series C stage. Hong Kong must be part of the company’s plan for future growth.
Semi finals will take place worldwide across Toronto, San Francisco, London, Hong Kong and more. Winners stand to gain up to $500,000 (£414,000) in investment from the Alibaba Entrepreneurs Fund among others, as well as $20,000 (£16,574) in cash.
The competition has been launched under the Jumpstarter Global Pitch Competition, with entrants automatically put in the running for both prizes. Jumpstarter is a non-profit initiative launched by the Alibaba Group, with HSBC announced as the title sponsor for the 2020 iteration.