FINTECH SUBSIDY INVITES APPLICATIONS

The Pilot Scheme on Training Subsidy for Fintech Practitioners was launched today, the Monetary Authority announced.

In the 2022-23 Budget, the Financial Secretary announced plans to implement the scheme this year. Practitioners who have attained fintech professional qualifications can receive reimbursement of up to 80% of the training costs. The scheme will provide around 1,500 places.

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 & the Treasury Bureau commissioned the authority to implement the scheme for the banking sector, with assistance from the Hong Kong Institute of Bankers (HKIB).

Eligible practitioners must be Hong Kong residents who are employees of licensed authorised institutions and have obtained one of the eligible professional qualifications under the ECF-Fintech after completing the required training and examinations.

For each eligible professional qualification, 80% of the training costs will be reimbursed, subject to a cap of $25,000.

The institutions 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 authority's Chief Executive Eddie Yue said the training subsidies offered under the scheme will increase the incentive for banking practitioners to pursue professional development in the fintech arena.

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, Mr Yue added.

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