on October 14, 2020
The Xccelerate team is proud to announce our exclusive lineup of captivating tech-centric courses under the Innovation and Technology Commission’s RTTP program.
Launched in August 2018, the Reindustrialisation and Technology Training Programme (RTTP) subsidises local enterprises on a 2:1 matching basis for their staff to receive training in advanced technologies, especially those related to “Industry 4.0”.
What is RTTP and why does it exist? To put it in perspective:
In recent years, 40% of Hong Kong’s mobile app development companies have been forced to look externally for the right IT people, due to a lack of homegrown manpower.
Alarmingly, 95% of survey respondents to the Fintech Employment 2019 report agree that Hong Kong is facing an acute talent shortage in general.
RTTP is a fantastic initiative to close the tech-talent gap in Hong Kong, helping to stimulate the local job market by empowering companies and individuals alike to usher in a new age of innovation.
In August 2020, Xccelerate signed a partnership with the Hong Kong Productivity Council to co-create a series of captivating training courses targeting manufacturing industries to prepare for re-industrialization and technology advancement in the Fourth Industrial Revolution.
The Government of the Hong Kong Special Administrative Region has recently been promoting Emerging Technology Skills in order to boost the territories’ economic growth and reduce the reliance on the overseas subcontracting industry.
In order to enhance Hong Kong’s tech skills capacities and promote reindustrialisation, the government will focus on providing financial support to nurture local digital talents and facilitate knowledge transfer. Some focus areas of the policy include advanced A.I tech skills such as: Data Science, Machine Learning, RPA, Data Visualisation and Python Programming, etc.
The RTTP is administered by the Vocational Training Council (VTC) and overseen by VTC’s Innovation and Technology Training Board, which determines the types of technology training that can be funded.
As of February 2020, the RTTP has approved 388 applications for registering public courses and funding of about $13.67 million for 2,181 trainees to receive training in advanced technologies, with Xccelerate’s accreditation as an officially recognised RTTP course provider allows the the goals of the Innovation and Technology Council to reach x3 the number of trainees by 2021.
Course providers applying for public course registration are required to have two or more years of relevant experience in the provision of technology training.
An enterprise applying for training grant under the RTTP would need to fulfil the following requirements:
The maximum funding support of RTTP is quite large, to the tune of $500,000 for each enterprise, in each financial year.
Companies who participate receive reimbursement with an option for 50% partial advance payment of the training grant.
Both local and non-local training courses are supported by the RTTP.
RTTP supports two types of training courses:
The course proposals submitted by course providers (public courses) or by enterprises (tailor-made courses) will be vetted and approved by a Course Vetting Panel under the Innovation and Technology Training Board of the VTC. Technical experts will be consulted as appropriate.
The training grant applications submitted by enterprises for registered public courses will be vetted and approved by the VTC.
RTTP invites applications for funding all year round. The Vocational Training Council (VTC) is the Secretariat responsible for administering the Programme.
RTTP is a fantastic opportunity for companies in Hong Kong to upskill their non-technical and technical teams with direct funding from grants.
As of March 2020 the Innovation and Tech Council announced that they will provide 50% of the approved RTTP funding upfront to encourage more companies to upskill their teams for a new digital age.
Firstly check your Eligibility
Application for Training Grant for Public Courses
First - Identify relevant training courses for employees (type Xccelerate in search to see our offerings)
Second - Submit application form with supporting documents to the Secretariat at least TWO WEEKS before the commencement of the training
Wait - Vetting by Secretariat
Result - Receive confirmation letter from the Secretariat
Types of Training Courses Supported
All courses need to be:
Xccelerate for Business is registered under the Reindustrialisation and Technology Training Programme (RTTP), which is a funding scheme under the Innovation and Technology Fund that subsidises local companies 2/3 of the training cost to train their staff in Advanced Technologies.
Whether you are a decision maker within a company who is responsible for your teams learning and development or an individual who wants to drive innovation (show this to your boss!), the RTTP scheme is something that applicable organizations should fully utilize.
If you have any questions about Xccelerate’s RTTP courses or the entire program in general, feel free to get in touch with our team directly at email@example.com.