Gov't launches new round of Fintech training, subsidy scheme

Subsidy for each approved project increased to $150,000.

Financial Services and Treasury Secretary Christopher Hui announced a new round of the Fintech proof-of-concept subsidy scheme and a pilot scheme on training subsidy for Fintech practitioners.

According to a government statement, the new round of the subsidy scheme will expand its coverage to provide funding for research institutions to local fintech firms.

Institutions must work with financial institutions to implement and try innovative and practical fintech solutions that are unavailable in the market. The subsidy for each approved project will be raised from $100,000 to $150,000.

The grant may also be increased up to $200,000 “for projects involving cross-boundary applications or applications in emerging areas including regtech, technical solutions related to federated learning, open application programming interfaces as well as the environment, social and governance.”

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Meanwhile, grants could also be increased up to $400,000 for projects that have a higher impact on the industry and aid in bottleneck issues.

The first batch of fintech professional qualifications recognised under the qualifications framework for banking practitioners is expected to be launched in September.

Partnering with the Monetary Authority and the Hong Kong Institute of Bankers, the Pilot Scheme on Training Subsidy for Fintech Practitioners will be launched with the “goal of promoting the professional development of fintech talent and expanding the fintech talent pool in Hong Kong.”

Under this scheme, practitioners who have attained fintech professional qualifications can get reimbursement for 80% of the tuition fees subject to a ceiling of $25,000. Around 1,500 places will also be offered.

More details on the applications of the two schemes will be announced by Cyberport and the institute soon.