Hong Kong to introduce subsidies to attract fintechs

Hong Kong to introduce subsidies to attract fintechs

The Hong Kong government is set to bring in a number of financial incentives to address what has been termed as a skills shortage, especially in terms of the fintech sector.

A number of industry associations, such as the Hong Kong Investment Funds Association, and lobby groups have complained that Hong Kong has become uncompetitive as an international financial hub due to a teightening of immigration rules and stringent quarantine measures as a result of the Covid-19 pandemic. 

In addition, a survey conducted by Google, found that 64% of fintechs in Hong Kong arte facing a "severe talent gap" while 80% of respondents said they would welcome more supportive policies from the government. 

In comments reported by the South China Morning Post, Financial Services and Treasury minister Christopher Hui Ching-yu said that planned measures include up to HK$10m ($1.3m) in cash subsidies for fintech proof-of-concepts and an easing of immigraiton rules for qualified individuals.

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