The Hong Kong government is planning to offer cash subsidies and simplify immigration requirements to lure global fintech and ESG talent said Christopher Hui, Secretary for Financial Services and the Treasury, according to a South China Morning Post report.
The perks: A new round of cash grants totaling $1.3 million is set to be available for fintech start-ups beginning September 10, the report stated.
A cash subsidy in the range of HK$150,000 to HK$400,000 will be provided to each approved project for fintech start-ups for building innovative financial products or services for banks, insurers or wealth management companies in Hong Kong and the Greater Bay Area, the report said.
Last year, grants worth HK$10 million were provided for 90 projects, it added.
Requirements: The government prepared a talent list in 2018 to attract high-quality professionals to support Hong Kong’s development into a "value-added and diversified economy."
In last year’s review, ESG was added to the list and immigration requirements have been relaxed, the report said.
Those intending to come to Hong Kong need to have a bachelor’s degree in ESG with relevant experience but do not require an employment offer from a local company. They can bring their dependents with them, it said.
“Being an ESG hub, we need to have the right talent. And that is why on this front, the government will provide support in terms of training the professionals in Hong Kong to allow them to acquire the ESG knowledge and standards,” Hui said.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Your update on what’s going on in the Fintech space. Keep up-to-date with news, valuations, mergers, funding, and events. Sign up today!