In the 2022-23 Budget, the Financial Secretary announced the Pilot Scheme on Training Subsidy for Fintech Practitioners (the Scheme) to promote the professional development of fintech talent and expand the fintech talent pool in Hong Kong. Under the Scheme, practitioners who have attained fintech professional qualifications can receive reimbursement of up to 80% of the training costs.
As the Enhanced Competency Framework on Fintech (ECF-Fintech) for banking practitioners became the first set of fintech professional qualifications recognised under the Government’s Qualifications Framework, the Financial Services and the Treasury Bureau commissioned the HKMA to implement the Scheme for the banking sector, with assistance from the Hong Kong Institute of Bankers (HKIB).
The implementation details of the Scheme are as follows:
Eligible professional qualifications: These refer to the six professional qualifications under the ECF-Fintech. Details can be found on the Scheme’s webpage.
Eligible practitioners: Hong Kong residents who are employees of HKMA-licensed Authorized Institutions (AIs) and have obtained one of the eligible professional qualifications under the ECF-Fintech after completing the required training and examinations.
Subsidy amount: For each eligible professional qualification, 80% of the training costs will be reimbursed, subject to a cap of HK$25,000.
Subsidy application procedures: AIs must have sponsored their employees to undergo the required training and examinations, and then submit their applications to the HKIB within three months after these employees have attained the relevant professional qualifications. The application procedures and detailed requirements are available on the Scheme’s webpage.