- A new Hong Kong government initiative aims to attract professionals in Distributed Ledger Technology (DLT) by simplifying the immigration policy.
- The government published its first Talent List, which seeks to attract highly skilled experts in fields including fintech, DLT, and cyber security.
- Successful applicants under the Talent List will be facilitated through the Quality Migrant Admission Scheme (QMAS).
- The QMAS has an annual quota of 1,000 people.
- The initiative is part of the government’s efforts to support Hong Kong’s development as a high value-added and diversified economy.
- Hong Kong is taking regulatory actions towards digital currencies and Initial Coin Offerings (ICOs) while aiming to become an international blockchain hub.
- The Hong Kong Monetary Authority (HKMA) recently announced the launch of its own blockchain trade finance solution with 21 banks.
- The HKMA has also signed a fintech collaboration agreement with the Financial Services Regulatory Authority of the Abu Dhabi Global Market to explore the opportunity of building a cross-border trade finance network using DLT.
- The Hong Kong University of Science and Technology Business School (HKUST) received a $20 million research grant to improve the security capabilities of electronic payment systems.
- The HKUST and the University of Hong Kong are planning to explore blockchain technology applications and discuss the possibility of Hong Kong’s transformation into a global fintech hub.
