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HKU Co-Launches New FinTech Study

Image Credits: HKU, Press Release

The FinTech Academy (HKU-SCF FinTech Academy) jointly announced recently a partnership to conduct a FinTech Talent Study (the Study), examining the current and upcoming demand of FinTech talents for the financial services industry in Hong Kong. The Study will also explore the challenges and supports needed from the market related to FinTech talents, and provide an overview of its current supply. The report is expected to be completed in the first quarter of 2022.

In synch with the “Fintech 2025” Strategy unveiled by the Hong Kong Monetary Authority, the Study will certainly double down the efforts to chart the route to a FinTech future and maintain Hong Kong’s competitiveness as an international financial centre.

This industry-wide Study is expected to engage over 200 organisations ranging from large enterprises to SMEs, covering not only “traditional” financial sectors such as Banking, Payment Solution and Cybersecurity, but also digital-native FinTech companies such as InsurTech, RegTech, FinTech for Environmental, Social, and Governance (ESG) companies and start-ups, and virtual banks. It will also conduct deep-dive focus groups with industry professionals and company executives to identify employers’ needs and support required for FinTech talent development, as well as their perception and preference to local FinTech talents.

FinTech is not only driving innovation in financial services globally but also changing the talent requirement and driving demand for FinTech talents. In light of the rapid technological advancement and shortage of talents in the sector, acquiring the right talent and expanding the talent pool becomes more essential to business growth.

The Study is expected to offer in-depth insights into the importance of technical and professional competencies to the FinTech talent development in the city. It will also serve as a guide for the financial industry and education sector to set up long-term talent development strategy and give direction to address the FinTech talent gap.

The Executive Director of the new Academy and Head of Department of Computer Science in HKU stated that the University has a world-class research team in FinTech and is devoted to grooming FinTech talents through interdisciplinary FinTech programmes and the HKU-SCF FinTech Academy. This Study will enable a deep dive into the core competencies in FinTech as demanded by the Financial industry and to gain the insights to develop better FinTech curricula and shape the future for FinTech talents.

The Chief Digital Officer of HKPC noted that FinTech has evolved as one of the most impactful digital transformation financial trends. Financial SMEs and start-ups have to reorient their strategies to attract, retain and nurture FinTech talents to benefit from this trend and seize opportunities for business growth.

Through this Study, HKPC aims to facilitate Hong Kong’s FinTech talent development and transformation into a global FinTech hub. HKPC is also committed to nurturing talents, providing FutureSkills development courses and training programmes for employees to achieve self-enhancement for innovation and transformation, and for companies to cope with future talent demand.

The Chief Public Mission Officer of Cyberport stated that Cyberport is committed to fostering the FinTech development of Hong Kong and supports FinTech talent nurturing. Their talent cultivation initiatives include the ‘Cyberport University Partnership Programme’, ‘Financial Practitioners FinTech Training Programme’, ‘FinTech Anti-epidemic Scheme for Talent Development’ as well as internship and training programs.

He noted that the Study will help the industry identify FinTech talent needs and ensure the effectiveness of their talent cultivation effort to better serve the industry. The insights will help higher education institutions and professional bodies develop respective curriculums. It will facilitate the talent acquisition of start-ups for their scale-up journey.

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