October 31, 2020

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Hong Kong Institute of Bankers Inducts Six Virtual Banks

Hong Kong Institute of Bankers Inducts Six Virtual Banks

The Hong Kong Institute of Bankers (HKIB) announced that six virtual banks in Hong Kong have recently joined the Institute as Corporate Members.

Chief Executive Officer of the HKIB stated that launching virtual banks has marked a new era in the development of Hong Kong’s banking sector and underlines that professional training must advance to keep pace.

The HKIB now boasts a member base with 103 Corporate Members and Corporate Affiliates and over 6,000 Individual Members. With the exponential growth in the local Fintech sector, the institute believes that more virtual banks and Fintech companies will see the importance of joining its community in the years ahead.

Since the Hong Kong Monetary Authority has started issuing banking licenses to a number of local virtual banks in the first half of 2019, the HKIB has swiftly strengthened its training offering in the fields of Fintech, cybersecurity and digital banking.

The institute has launched more than 30 related courses and seminars, ranging in subjects from risk management, business development, blockchain, data security to global regulatory and compliance that has been attended by over 2,000 participants.

Over the next year, the HKIB will continue efforts to promote Fintech development in Hong Kong. As the Fintech ecosystem in Guangdong-Hong Kong-Macao Greater Bay Area continues to grow in prominence, the institute remains committed to improving the cross-border and cross-sector financial and market knowledge of banking practitioners through its professional training programmes to help local professionals sustain their competitiveness.

In addition, the institute will also continue to promote talent exchange and mutual recognition of professional qualifications in the region, while rolling out industry initiatives that encourage incumbents to participate in Fintech and innovation-related training programmes more actively.

Established in 1963, the HKIB is the first non-profit institution that provides training and certification services to the banking community in Hong Kong.

Playing an important role in talent development in the local banking industry for more than five decades now, the Institute is also proud to be the first professional body in the territory to offer banking qualifications equivalent to a Master’s degree level.

In view of the changing landscape of the banking and financial services industry in Hong Kong and mainland China as well as on a global scale, the importance of continuing to enhance the standards of professional development has gained increased attention.

The HKIB endeavours to provide and enhance its training and development products in order to equip its members with essential knowledge and skills that meet the industry’s needs.

According to an earlier report by OpenGov Asia, the Hong Kong Monetary Authority (HKMA) has stated that fintech development in Hong Kong has gathered remarkable momentum ever since the first FinTech Week three years ago.

In November 2019, the subsidiaries of Hong Kong Interbank Clearing Limited and Institute of Digital Currency of the People’s Bank of China signed a Memorandum of Understanding (MoU) aimed at connecting the digital trade finance platforms of Hong Kong and the mainland.

The HKMA said that once the connection has successfully been established, it will provide firms in both places with more convenient trade finance services and enable banks in Hong Kong to expedite the expansion of their trade finance business.

The HKMA’s CE noted that the HKMA’s fintech initiatives have successfully created a vibrant fintech ecosystem. He is looking forward to partnering with various partners including financial institutions, end-users, start-up firms, technology service providers, investors and regulators to walk towards the shared purposes of driving innovation, enhancing customer experience and facilitating financial inclusion.