Fintech Firms Can Apply for Salary Subsidy

July 9, 20205:22 pm1235 views
Fintech Firms Can Apply for Salary Subsidy
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Fintech companies based in Hong Kong are now eligible for a salary subsidy under a new scheme recently launched by Hong Kong’s FSTB (Financial Services and the Treasury Bureau). The scheme will be funded by the second round of Hong Kong’s Anti-epidemic Fund, approved by LegCo in April.

Worth HKD 120 million, firms can use the new ‘FinTech Anti-epidemic Scheme for Talent Development Scheme’ to fill a new full-time position for a maximum of 12 months. Under the scheme, fintech companies registered in Hong Kong can apply for a HKD 10,000 salary subsidy to fill a new full-time position, provided they have been in operation since at least before 1 January 2020, and are conducting substantive fintech activities at a fixed physical office in the city.

The Scheme offers a quota of 1,000 openings for application on a first-come-first-served basis, paying the HKD 10,000 per month for a maximum of 12 months to successful applicant companies, Regulation Asia reports.

Cyberport has been operated to administer the Scheme, which is open for online application until 2 July 2021 via a dedicated website.

Last month, the HKMA (Hong Kong Monetary Authority) and the banking industry announced the Banking Talent Programme, a HKD 10.8 million initiative to help 300 fresh university graduates to better prepare for careers in banking.

The Programme will subsidise up to 50 percent of their monthly salaries, set at 12,000 per month, for six months.

Read also: Govt to Extend 75% Wage Subsidy for Firms in All Sectors Till May

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