The Internet Professional Association (iProA) and the Hong Kong Internet Finance Association have jointly launched the first Hong Kong Internet Finance Awards on today,13th May.

The award is being organised by the two associations in conjunction with the Y.Elite Association, the Chinese Big Data Society, the Hong Kong Professionals and Senior Executives Association and the Association of Cloud and Mobile Computing Professionals.

According to iProA's president Witman Hung, the establishment of the award is aimed at "identifying outstanding internet financial institutions in Hong Kong, promoting the technological innovation of financial institutions and commending distinguished pioneers in financial technology."

The competition is divided into three categories: financial institutions, financial startups and internet financial solution providers. It is also divided into five streams: business or technology innovation, product or service effectiveness, market potential, benefit and impact, as well as quality.

A judging panel chaired by David Wong, chairman of the Mandatory Provident Fund Schemes Authority, will be selecting the winners in each category.

Applications to enter the awards will be open until 17 November. The competition will include two rounds of adjudication (semi-finals and a final adjudication), to be held in November to December.