By Chris Hollingworth 
A new initiative by the Hong Kong government aims to attract professionals in Distributed Ledger Technology (DLT) by streamlining the immigration policy, as revealed in a press release on August 28. The government unveiled its inaugural Talent List on Thursday, targeting “highly skilled” experts in 11 different fields, including fintech, DLT, and cyber security, from across the globe. This move underscores the government’s commitment to bolstering Hong Kong’s development as a high value-added and diversified economy.
Successful applicants falling under the Talent List will benefit from facilitation through the Quality Migrant Admission Scheme (QMAS), which holds an annual quota of 1,000 individuals. Matthew Cheung Kin-chung, the Chief Secretary for Administration and Chairman of the Human Resources Planning Commission, emphasized that the Talent List’s introduction is a key initiative to strengthen Hong Kong’s competitive edge in attracting international talents, fostering cluster effects, nurturing local talents, and propelling the city’s progress.
While Hong Kong has been proactive in implementing regulatory measures concerning digital currencies and Initial Coin Offerings (ICOs) due to associated risks, it is also positioning itself as an international blockchain hub. In a significant development, the Hong Kong Monetary Authority (HKMA) announced the launch of its blockchain trade finance solution in collaboration with 21 banks in August. This initiative aims to significantly reduce paperwork, costs, and security risks for all participants involved.
In another strategic move, the HKMA inked a fintech collaboration agreement with the Financial Services Regulatory Authority of the Abu Dhabi Global Market in June to explore the potential of building a cross-border trade finance network using DLT. Concurrently, Ant Financial, a subsidiary of Alibaba, conducted its first blockchain remittance trial in Hong Kong, completing a transaction in three seconds between its AliPayHK app and the Filipino payment app GCash.
Further enhancing the city’s fintech landscape, the Hong Kong University of Science and Technology Business School (HKUST) secured a $20 million research grant earlier this month to bolster the security capabilities of electronic payment systems. Moreover, HKUST, in collaboration with the University of Hong Kong, is gearing up to delve into blockchain technology applications and deliberate on the feasibility of transforming Hong Kong into a global fintech hub.
