Purpose: This paper aims to trace the evolution of two initiatives--the direct subsidy scheme and independent schools initiative--their genesis, rationale, current form and take-up rate. It also analyses them as education reforms in terms of policymaking dynamics. The very notion of the term "privatization" will be examined. Design/methodology/approach: The article examines the two school privatization schemes in Hong Kong and Singapore, by putting into perspective a discussion of their policy implications, thereby reflecting on their similarities and differences in their agenda, implementation and implications. Findings: The findings indicate that the DSS and independent school schemes in both Hong Kong and Singapore are in line with the global trends of privatization. It is suggested that the governments of the two places have adopted different approaches in the implementations of their schemes. Originality/value: The paper shows how the direct subsidy scheme and independent schools initiative represent attempts over the past two decades by the governments of Hong Kong and Singapore, respectively to promote school privatization. (Contains 3 tables.)