Hong Kong’s Monetary Authority Launches New Fintech Subsidy
The Hong Kong Monetary Authority has launched a new Fintech Subsidy known as the Pilot Scheme on Training Subsidy. It is available for eligible Fintech Practitioners.
The scheme is part of Hong Kong’s 2022-23 Budget allocation. The Government is planning to implement the new Fintech subsidy scheme next year.
What Does the Fintech Subsidy Scheme Mean for Practitioners?
Eligible Fintech practitioners will be eligible for reimbursements of up to 80% of training costs with the new scheme. This will be capped at $25,000. This is provided they have achieved the required Fintech professional qualifications.
There are 1,500 spots under this scheme. To be eligible, Fintech practitioners must be Hong Kong residents. They must also be employees working for licensed authorised institutions. Additionally, practitioners must have obtained at least one of the eligible professional qualifications under ECF-Fintech.
The Enhanced Competency Framework on Fintech (ECF-Fintech) will be the authority responsible for implementing the scheme in the banking sector. This is because the ECF-Fintech was the first set of professional qualifications that were recognised by the Government’s Qualification Framework.
ECF-Fintech will be assisted by the Hong Kong Institute of Bankers (HKIB).
Additional Requirements On the New Fintech Subsidy
Their institutions must sponsor eligible employees to undergo all the mandatory exams and training. It is then possible to submit the applications to HKIB within 3 months of obtaining the professional qualifications needed.
The aim of the Fintech subsidy is to help incentivise banking practitioners and encourage them to better themselves through professional development. When combined with recognised qualifications and professional training, equality becomes a possibility. In addition, the subsidy aims to bring more opportunities to Fintech professionals in the banking sector.