Hong Kong opens application for fintech subsidy

The pilot scheme will reimburse up to 80% of the training cost.

The Hong Kong Monetary Authority (HKMA) announced it has started accepting applications for the pilot subsidy scheme for the training of Fintech Practitioners. 

Under the 2022-23 budget, the Financial Secretary provided that practitioners who have attained fintech professional qualifications may be reimbursed by up to 80% of their training cost. It will have a cap of $25,000.

Eligible practitioners cover Hong Kong residents working in licensed authorised institutions. They must have obtained eligible professional qualifications under the Enhanced Competency Framework on Fintech (ECF-Fintech). 

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

The HKMA also provided that the subsidy will apply to those who were sponsored by their institutions to undergo training.

The institutions must also submit their applications to the Hong Kong Institute of Bankers within three months after these employees have attained the relevant professional qualifications.

“The training subsidies offered under the scheme will increase the incentive for banking practitioners to pursue professional development in the fintech arena,” Chief Executive Eddie Yue said. 

“Coupled with widely recognised professional qualifications and well-structured professional training under the ECF, this will help nurture more quality-assured fintech professionals in the banking industry to seize the enormous opportunities arising from the digitalisation of financial services.”