The Hong Kong government has decided to bring in financial incentives to boost the FinTech sector.
There is concern over a skills shortage in Hong Kong, especially in the FinTech and ESG areas.
Secretary for Financial Services and the Treasury Christopher Hui says resources have been dedicated to develop local talent.
US$1.3mn is being invested in cash grants for FinTechs as of next week.
What does this mean?
In addition to cash subsidies, the South China Morning Post says that immigration requirements will be eased to help diversify the economy, after concerns Hong Kong is losing its competitive advantage due to restrictions around immigration and Covid-19 requirements.