The Hong Kong Monetary Authority (HKMA) has announced the implementation details of the Pilot Scheme on Training Subsidy for Fintech Practitioners (the Scheme).
In the 2022-23 Budget, the Financial Secretary announced plans to implement the Scheme this year, so that practitioners who have attained fintech professional qualifications can receive reimbursement of up to 80 per cent of the training costs. The Scheme will provide around 1,500 places to promote the professional development of fintech talent and expand the fintech talent pool in Hong Kong.
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 (QF), the Financial Services and the Treasury Bureau (FSTB) commissioned the HKMA to implement the Scheme for the banking sector, with assistance from the Hong Kong Institute of Bankers (HKIB).
Following consultation with the FSTB and the industry, the HKMA has finalised the implementation details and officially launched the Scheme today.
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 Authorised 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 per cent 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.
Eddie Yue, chief executive of the HKMA, said, “The Enhanced Competency Framework plays a critical role in raising the professional competence of banking practitioners in Hong Kong. The HKMA is pleased that the ECF-Fintech has become the first set of fintech professional qualifications recognised under the QF, and welcomes the opportunity to implement the Pilot Scheme on Training Subsidy for Fintech Practitioners in collaboration with the FSTB.
“The training subsidies offered under the Scheme will increase the incentive for banking practitioners to pursue professional development in the fintech arena. Coupled with our 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.”