According to a recent report, a Hong Kong firm that provides industry-focused assurance, advisory and tax services to the public, private and government clients in all markets announced that it was holding its first big data competition in Hong Kong.
The event brought together 41 teams of students to compete for cash prizes and work placements.
The Data-lympics competition saw 147 students converge at the company’s Hong Kong office for a two-day event that concludes today.
The 41 teams are competing for head-to-head in data analytics challenges related to machine learning and artificial intelligence.
The teams were evaluated on their technical capability, innovative thinking and business acumen. The top three teams were awarded cash prizes as well as two-month internships or a one-year placement program at the firm’s Risk Assurance unit, within its data analytics team.
The firm’s global risk assurance data and analytics leader and Risk Assurance China/Hong Kong digital risk solutions leader noted that the Data-lympics competition offered an ideal platform for students interested in pursuing a career in data science to gain new insights, while testing their skills at translating data into actionable and useful insight through practical challenges.
She added that by inspiring a data-driven mindset among young students and grooming the region’s next generation of digital talents, the firm aims to foster a culture of innovation and advocate the wider adoption of data analytics in businesses over the longer run.
The competition appears to be an excellent way to push the HKSAR Government’s push to make the region into a global FinTech hub.
A report by OpenGov Asia noted that the FinTech sector in Hong Kong is likely to make some radical changes to the world’s financial industry. This can be attributed to a team of devoted government officials.
It was noted that with regards to promoting financial technology, there is no shortage of initiatives taking place in Hong Kong; there are now some 550 FinTech companies based in Hong Kong – a steady increase from about 140 in 2016. Of these, 52 per cent are from abroad while the remainder is local.
As new technologies lead the world into a new era, FinTech, Blockchain and Artificial Intelligence (AI) will create a wealth of new careers with diverse opportunities.
With part of InvestHK’s portfolio of activities making FinTech more visible to students, the Head of the agency noted that educational events organized by universities and academic institutions during Hong Kong’s 2018 FinTech Week at the end of October 2018, which included HKUST-supported speaker presentations, are prime examples of collaboration between business and academia.
It was noted that the HKSAR government and regulators always try to facilitate the trade for new existing businesses, which is why companies want to come to Hong Kong where the commercial opportunities are numerous.
It is, thus, clear that the Hong Kong Government is pulling out all the stops to ensure that their plans to make the region a FinTech hub are manifested.
Moreover, OpenGov Asia also reported that the citizens of the region are optimistic about the direction technology is taking and what that means for their employability. 81% of the Hong Kong population believes that digital tech presents them with new opportunities.
In addition, 63 per cent of the respondents are taking matters into their own hands, and investing in themselves to learn about AI.
