Hong Kong’s fintech ecosystem must nurture young talent who ‘dare to fail’, says wealth platform leader

Yuen believes Hong Kong is a great place for the firm to expand its reach across Asia, but added that a shift in mindset needs to take place among the next generation.

“The mindset of ‘dare to experiment, fail and try again’ should be cultivated [among the] young,” Yuen said.

A study by recruitment firm Hays Hong Kong found that experienced professionals in middle management roles prefer careers with bigger brands with higher salaries and job stability.

Also, 90 percent of respondents in Hong Kong believed that salary or benefits packages were the most important reasons for staying in their current job.

However, young people are more willing to take risks when looking for jobs, according to Carol Cheung, director of financial services at Robert Walters Hong Kong.

Younger employees prefer the flexibility, including the ability to work remotely, offered by many startups today, Cheung said.

Endowus was co-founded in 2017 by CEO Gregory Van, who himself admits that it was not easy to bring new talent on board when the company started.

“It’s hard to get people to join a mission with a company and a brand that people are generally unfamiliar with. It was difficult in Singapore and it is equally difficult in Hong Kong,” Van told the Post.

Endowus expanded into Hong Kong earlier this year after receiving approval from the Securities and Futures Commission to offer wealth management and advisory services in the city.

Workers in Singapore tend to be more concerned that a new company might go bankrupt, while Hong Kong talent is more focused on whether their employer can match the premium salaries offered by traditional banks and firms, according to Van.

“Even companies with well-known employer branding can sometimes face challenges in hiring new talent,” said Rouella Landicho, director of legal, banking and financial services at Randstad Hong Kong.

Landicho said this was especially true as workers took a more cautious attitude toward changing jobs amid a looming recession and layoffs at high-profile companies in the technology sector.

Preliminary results from a Greater China Talent Expectations Survey conducted by Randstad showed that 59 percent of respondents in Hong Kong would still work for Western multinational companies.

However, 30 percent of respondents said they would prefer to work for unicorns, while 19 percent expressed an interest in jobs with start-ups.

Endowus co-founder Samuel Rhee, a former managing director of Morgan Stanley Asset Management in Asia, said new hires must share the firm’s vision.

“We’re trying to change the industry,” said Rhee, who is chairman and chief investment officer of Endowus. “We want the right people to come into the team, and a big part of that is buying into the mission and vision of the company.”

Endowus has pioneered a fee-based model in Hong Kong. There are no transaction fees and clients receive a discount on all ongoing commission fees from fund managers, allowing the company to offer low-cost investment options without conflicts of interest.

With a company-wide workforce of 140, Endowus hopes to expand its Hong Kong office.

So far, the Endowus formula seems to be working. The company won a “Great Place to Work” award in Singapore this year, with 98 percent of employees saying they were satisfied with the company.

“Many startups have successfully attracted experienced employees from top companies who want to work in a different environment where they can have the autonomy to conceptualize their ideas,” Landicho said.