Hong Kong Brings In Talent From Around the World for Blockchain With New Immigration Policy
The new Quality Migrant Admission Scheme (QMAS) from Hong Kong is a policy that would allow new people to immigrate into their country to work on innovative technologies. This policy is primarily designed for the government to start working with blockchain technology, but with individuals that have the expertise already. The government actually already released a talent list, accounting for 11 different professions that they want to bring in.
Based on the press release, the company specifically asked for “innovation and technology experts in, but not limited to, … artificial intelligence, robotics, distributed ledger technologies, biometric technologies and industrial/chemical engineering, etc.”
The QMAS regulations were actually setup in 2006, but the applicants that are in one of the named industries may have a better preference over others. The description to the program says,
“The Scheme is a quota-based entrant scheme. It seeks to attract highly skilled or talented persons to settle in Hong Kong in order to enhance Hong Kong's economic competitiveness.”
During the selection process, applicants are required to meet certain standards to qualify for the bonus points. There are two merit-based tests, which will also be applied during a competition with the other applicants the following year. The two tests are the General Points Test and the Achievement-based Points Test.
During the government release, the available details said,
“For applicants who meet the specifications of the respective profession under the Talent List, bonus marks will be given under the General Points Test of the QMAS.”
For the technology and innovation area, the applicant must hold at least a bachelor’s degree and have experience with multiple firms. They are also required to have specific knowledge of blockchain, as it applies to financial services. Much of the reason for these requirements has to do with China’s desire to be a leader in the competitive field of financial technology.
A distributed ledger network is planned to be launched by the Hong Kong Monetary Authority and will be implemented with several banks. This network is planned to go live by the end of September.