Hong Kong’s First Fintech Manpower Study Identifies 13 Most Needed Competencies

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The study receives support from over 80 fintech organizations.

The School of Business and Management of The Hong Kong University of Science and Technology (HKUST Business School) announced the major findings of an industry-wide study on “Fintech Talent Development, Competency and Manpower”. With a view to addressing the growing demand for fintech talent in Hong Kong, the intensive study outlines ten observations about the industry, makes ten recommendations on talent development, and identifies 13 core competencies for fintech professionals.

With the support and participation from over 80 fintech organizations – including banks, insurers, regulators and digital native organizations like virtual banks, this first-of-its-kind study in Hong Kong seeks to gain a deeper understanding of the supply of fintech talent in the city. The findings are summarized in a report detailing the key observations and recommendations relating to training and education, professional qualifications, regulatory framework and policy, among others. The study comprised three stages of engagement with fintech industry professionals in Hong Kong from August 2019 to March 2020, with (1) executive interviews conducted and (2) industry-wide surveys to organizations, followed by (3) validation sessions. A list of 13 core competencies has also been identified as being most critical and the keys to talent development for the local fintech industry.

“Our study looks to facilitate the industry, education institutions and policymakers to support Hong Kong in transforming into a global fintech hub,” said Prof. TAM Kar Yan, Project Leader of the study and Dean of HKUST Business School. “Thanks to the valuable inputs and views contributed by all participating individuals and organizations, the study offers perspectives and insights for Hong Kong to chart the route to a fintech future and to maintain the city’s competitiveness as an international financial center.”

Funded by the Research Grants Council’s Theme-based Research Scheme, this study is an integrated part of a four-year project that examines the interplay between technology and financial services in Hong Kong. The manpower study released today, in collaboration with Ernst & Young, is relevant to the unique context of Hong Kong and will contribute to the development of fintech talent in the future.

(From left) Prof. TAM Kar Yan, Dean of HKUST Business School was joined by Nelson Chow, Chief Fintech Officer of the Hong Kong Monetary Authority; and Jeff Tang, Partner, Ernest & Young People Advisory Services, in a discussion session of a webinar, moderated by Peter Yan, CEO of Cyberport Hong Kong.