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Hong Kong Expedites Immigration Process For Worldwide Blockchain Experts

Hong Kong has joined the race to attract the best worldwide talent with expertise in blockchain to the island via its Quality Migrant Admission Scheme (QMAS).

The government of the Chinese special administrative region released a talent list on August 28 which contains 11 in-demand professions, a number of which belong to the fintech industry.

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According to the announcement published on the Hong Kong government website, the city is eager to attract experienced professionals in fintech and innovation and technology experts in fields like distributed ledger technologies (DLT), biometric technology, robotics, artificial intelligence ,etc..

Alongside expertise in disruptive technologies, Hong Kong is also looking for experienced  professionals in asset management , data scientists, actuaries, marine insurance, naval architects, state disputes and lawyers with knowledge in cross-border transactions from investing or host states.

First launched in 2006, the QAMS is a quota-based entrant scheme. It sets an annual quota for 1,000 people, and tends to favor “high skilled or talented ”people only. Foreign nationals approved under the scheme are free to living in the city without having secured in advance local employment.

Blockchain enthusiasts who seek to settle down in Hong Kong must meet predefined criteria before being awarded points from a “General Points Test” or an “Achievement-Based Test”.Under the latest policy, people who work in one of the 11 specified fields can be awarded an additional 30 points.

The eligible persons in blockchain space must have bachelor’s degree or above with experience in the leading companies in the field, and the knowledge of how to apply blockchain in financial services.

The Chief Secretary for Administration and Chairman of the Human Resources Planning Commission, Mr Matthew Cheung Kin-chung, said, “Hong Kong welcomes talents from all over the world with valuable skills, knowledge and experience to work here, bringing their talent into full play and further developing their careers. The promulgation of the Talent List is one of our major initiatives to enhance our competitive advantages in attracting international talents, creating cluster effects, stimulating the development of local talents and propelling Hong Kong forward.”

Hong Kong has shown a strong affinity for blockchain technology and is seeking to gain the reputation as a global fintech hub. The Hong Kong Monetary Authority, the city’s de facto central bank, together with seven banks, including HSBC Holdings PLC and Standard Chartered PLC, sets to jointly launch a trade finance platform in September using blockchain technology.

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