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Hong Kong to provide funding for fintech research

Hong Kong is providing financial subsidies for research in financial technology (fintech). This as the Hong Kong Monetary Authority said the city lacks data analytics and fintech talent. Hong Kong’s Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said the administration attaches great importance to fintech development and talent cultivation and is active in those areas. He also remarked that financial science is not only the use the most advanced technology to develop financial products but also the improvement of operating efficiency. The administration has launched a fintech proof-of-concept subsidy scheme with plans to expand not only through financial institutions but to provide funding for research institutions amounting to HKD150,000 for a single approved project. Hui noted that there are now over 600 fintech companies operating in Hong Kong covering many different technologies.

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