The Hong Kong Financial Authority (HKMA) has introduced the implementation particulars of the Pilot Scheme on Coaching Subsidy for Fintech Practitioners (the Scheme).
Within the 2022-23 Funds, the Monetary Secretary introduced plans to implement the Scheme this yr, in order that practitioners who’ve attained fintech skilled {qualifications} can obtain reimbursement of as much as 80 per cent of the coaching prices. The Scheme will present round 1,500 locations to advertise the skilled growth of fintech expertise and develop the fintech expertise pool in Hong Kong.
Because the Enhanced Competency Framework on Fintech (ECF-Fintech) for banking practitioners turned the primary set of fintech skilled {qualifications} recognised beneath the Authorities’s {Qualifications} Framework (QF), the Monetary Companies and the Treasury Bureau (FSTB) commissioned the HKMA to implement the Scheme for the banking sector, with help from the Hong Kong Institute of Bankers (HKIB).
Following session with the FSTB and the trade, the HKMA has finalised the implementation particulars and formally launched the Scheme right this moment.
The implementation particulars of the Scheme are as follows:
- Eligible skilled {qualifications}: These check with the six skilled {qualifications} beneath the ECF-Fintech. Particulars might be discovered on the Scheme’s webpage.
- Eligible practitioners: Hong Kong residents who’re workers of HKMA-licensed Authorised Establishments (AIs) and have obtained one of many eligible skilled {qualifications} beneath the ECF-Fintech after finishing the required coaching and examinations.
- Subsidy quantity: For every eligible skilled qualification, 80 per cent of the coaching prices can be reimbursed, topic to a cap of HK$25,000.
- Subsidy software procedures: AIs will need to have sponsored their workers to endure the required coaching and examinations, after which submit their functions to the HKIB inside three months after these workers have attained the related skilled {qualifications}. The appliance procedures and detailed necessities can be found on the Scheme’s webpage.
Eddie Yue, chief government of the HKMA, stated, “The Enhanced Competency Framework performs a vital position in elevating the skilled competence of banking practitioners in Hong Kong. The HKMA is happy that the ECF-Fintech has develop into the primary set of fintech skilled {qualifications} recognised beneath the QF, and welcomes the chance to implement the Pilot Scheme on Coaching Subsidy for Fintech Practitioners in collaboration with the FSTB.
“The coaching subsidies supplied beneath the Scheme will improve the motivation for banking practitioners to pursue skilled growth within the fintech enviornment. Coupled with our broadly recognised skilled {qualifications} and well-structured skilled coaching beneath the ECF, this can assist nurture extra quality-assured fintech professionals within the banking trade to grab the big alternatives arising from the digitalisation of monetary companies.”
