The Hong Kong Monetary Authority (HKMA) has announced the details of its pilot scheme on training subsidies for FinTech practitioners.
In the 2022-23 budget, Hong Kong’s financial secretary revealed plans to implement the scheme, which will enable practitioners who have attained FinTech professional qualifications to receive reimbursement of up to 80% of training costs.
According to HKMA, the scheme will provide around 1,500 places to promote the professional development of FinTech talent and expand the talent pool in Hong Kong.
As a part of the scheme, 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.
HKMA CEO Eddie Yue 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.”
The HKMA recently fined Cathay United Bank’s Hong Kong branch HK$11m following an investigation.
The HKMA completed the disciplinary proceedings for Cathay under the AML and CTF Ordinance of Hong Kong, with Cathay fined due to contraventions of the AMLO.
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