Our research has found that Hong Kong financial institutions can find it hard to fill tech-related roles, especially when they rely on open recruitment. The most in-demand areas include big data, artificial intelligence, and data analytics. But these needs will only grow as technology becomes a more integral part of financial services.
To address these issues, Hong Kong recently announced the launch of the Greater Bay Fintech Talent Initiative. This is a new initiative that aims to close Hong Kong’s technology skill gap by giving students technical training, networking opportunities, and customized mentorship.
The Greater Bay Area is a city cluster in Southern China, consisting of nine cities in Guangdong Province, as well as the Special Administrative Regions of Hong Kong and Macao, with a combined economy worth USD1.96 trillion. The deepening cooperation between these cities creates synergies that promote further economic development across the whole bay area.
Hong Kong’s new fintech talent initiative does just this, as it allows Hong Kong to leverage the world-leading technological know-how in neighboring Shenzhen, as well as draw on a talent pool of 86.7 million people.
Convened by the Hong Kong Monetary Authority, the initiative brings together more than 20 leading financial institutions to help students acquire the skills they need to work in financial technology - including international investment banks and major Chinese FinTechs. The Hong Kong Financial Services Development Council (FSDC) as the Strategic Partner will provide training and mentoring resources while promoting the initiative through the FSDC network.
It is a good example of different parts of Hong Kong’s financial ecosystem working together to ensure that the industry has future access to the professionals it needs to thrive in an increasingly digital world. A deeper talent pool benefits all market participants, as it keeps Hong Kong internationally competitive.
At the FSDC, we recognize that nurturing Hong Kong’s talent is a key part of our mandate. Our Talent Amplifier Programme (TAP) aims to provide university students and early career professionals with access to the insights of senior industry figures. These are available via our regular Practitioner Speakers Series, where experts share their career journeys. In recent months, we have held sessions focused on the FinTech industry.
Our flagship career event is Career Day, an annual event that is now in its ninth year, which includes panel discussions on various subsectors of the financial industry, as well as one-on-one advisory services on interview techniques and how to write a good CV.
More broadly, our efforts align with the emphasis that our IFC peers across the world are placing on these important topics. This is made clear at the World Alliance of International Financial Centres’ recently annual general meeting, which was held in Dubai. The resulting white paper highlights the crucial role that human capital and FinTech will play for IFCs in the years leading to 2030 and beyond.
There will be no single approach that is applicable to all IFCs when tackling the issue of FinTech talent. Going forward, financial institutions, regulators, and industry organizations should look at what other IFCs are doing to develop and retain a digitally ready workforce.
That way we can all learn from each other, and I very much hope that the Greater Bay FinTech Talent Initiative provides a useful case study for our peers in other IFCs.