The Hong Kong government is preparing to introduce financial incentives to address the skills shortage in the fintech sector.
Several industry associations, including the Hong Kong Investment Funds Association, have expressed concerns that Hong Kong is losing its competitive edge as an international financial hub due to stricter immigration regulations and rigorous quarantine measures implemented during the Covid-19 pandemic.
Additionally, a survey conducted by Google revealed that 64% of fintech companies in Hong Kong are experiencing a significant talent gap, with 80% of respondents indicating that they would appreciate more supportive government policies.
According to comments reported by the South China Morning Post, Financial Services and Treasury Minister Christopher Hui Ching-yu announced that proposed measures include cash subsidies of up to HK$10 million ($1.3 million) for fintech proof-of-concepts and a relaxation of immigration rules for qualified individuals.
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