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New HKUST study identifies 13 most-needed fintech competencies

Image Credits: HKUST, Press Release

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”.

Intending to address 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 thirteen 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 thirteen core competencies has also been identified as being most critical and the keys to talent development for the local fintech industry.

The Project Leader of the study and Dean of HKUST Business School stated that the study looks to facilitate the industry, education institutions and policymakers to support Hong Kong in transforming into a global fintech hub.

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 centre.

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 was released in collaboration with Ernst & Young; it is relevant to the unique context of Hong Kong and will contribute to the development of fintech talent in the future.

Hong Kong working to become fintech hub

Hong Kong is one of the world’s leading Fintech hubs, having experienced incredible growth in recent years. As of 2017, 48 of the world’s leading 100 Fintech companies are reaping rewards from the city’s technologically advanced ecosystem.

A trade finance platform based on Blockchain technology was recently developed by the Hong Kong Monetary Authority, signifying the city’s commitment to the future of Fintech.

Developments in these key areas are expected in the next few years:

  • Artificial Intelligence (AI) – AI has the potential to revolutionise financial services by increasing efficiency, reducing costs and helping clients make better financial decisions. Local banks and financial institutions are proactively including the technology as part of their modern financial strategy.
  • Blockchain – Hong Kong boasts a strong telecommunications industry and has attracted major cloud service companies from both the US and Mainland China to facilitate the growth of Blockchain technology.
  • Cyber Security – It provides the foundations for Hong Kong to grow its assets in Fintech while ensuring that the market stays safe.
  • Regtech – Hong Kong has a fundamentally strong practice in regulation technology. The University of Hong Kong is strongly committed to regtech research and are collaborating with partners in Europe and Australia to support the city’s future.
  • Insurtech – Many insurance companies are adopting the latest technology and innovation whilst having some of the brightest insurance technology practitioners from around the world.
  • Wealth Management – Hong Kong offers clear and straightforward regulations, for example, on robo-advisors and the distribution side of wealth management.
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