Hong Kong to Review Their Immigration Policy to Attract DLT and Fintech Experts

Hong Kong government has reviewed its immigration policy to attract highly skilled fintech experts and professionals in Distributed Ledger Technology (DLT).

Hong Kong Government is planning to facilitate the immigration of talented professional from all over the world who can support the economic development of the country. The initiative of simplifying immigration policy will help attract talent and fulfill the intentions of the government to support the development of the Hong Kong as a diversified and high value-added economy.

As part of the effort, the Hong Kong authorities have released its first Talent List of 11 in-demand professions including DLT, cybersecurity, asset management, fintech, etc. Hong Kong authorities are planning to publicize the list under the banner “Hong Kong Talent Hub- Unlimited Opportunities.”

According to Chairman of Human Resource Planning Commission and Chief Secretary for Administration, Mathew Cheung Kin-chug, the initiative will offer a competitive advantage to Hong Kong in attracting international talents, stimulating the development of local talent, creating cluster effect, and propelling Hong Kong forward. Quality Migrant Admission Scheme (QMAS) has an annual quota of 1000 talented professionals. Successful applicants under the Talent List of 11 professions will be facilitated by Hong Kong’s QMAS.

Hong Kong believes that there is a risk associated with new technology such as digital currencies and Initial Coin Offerings (ICOs) that is why the Hong Kong government is taking regulatory actions towards these technologies. A $20 million research grant has been given to Hong Kong University of Science and Technology Business School (HKUST) to improve the security capabilities of the electronic payment system. The University of Hong Kong and HKUST are also planning to explore the applications of blockchain technology. The universities are also exploring the possibilities of transforming Hong Kong into a fintech Hub.

In August 2018, Hong Kong Monetary Authority (HKMA) has launched its own blockchain trade finance solution with 21 banks. The main goal of blockchain trade finance solution is to reduce the security risk, paperwork, and cost.