The banking sector in Hong Kong should double down on training talent for fintech, sustainable finance, says HKMA deputy chairman
Hong Kong needs to nurture young talent and train its existing staff, especially in sustainable finance and fintech, to meet current and future challenges, the deputy chairman of the Hong Kong Monetary Authority (HKMA) said at a conference in Macau.
Both fintech and the related area of sustainable finance, which are needed to help companies meet China and Hong Kong’s commitments to achieve carbon neutrality, will require a significant build-up of trained people, said Arthur Yuen Kwok-hang, HKMA deputy managing director.
The remarks came on Thursday during the Global Talents Summit, a conference organized by the think tank CCGM-Asean GBA Cooperation Centre.
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Technology will also help the sector significantly improve the efficiency and effectiveness of business operations, such as risk management and compliance efforts, Yuen added. In addition, it will be necessary to improve the deployment of talent in the Greater Bay Area.
Arthur Yuen Kwok-hang, Deputy Managing Director of the Hong Kong Monetary Authority, photographed at the HKMA in Central on March 10, 2023. Photo: Xiaomei Chen alt=Arthur Yuen Kwok-hang, Deputy Managing Director of the Hong Kong Monetary Authority, photographed at the HKMA in Central 10 . March 2023. Photo: Xiaomei Chen>
Meanwhile, the banking industry needs to speak directly to young people to present a more accurate picture of modern banking, as well as offer more internships and traineeship programs, Yuen said.
“[Among] mostly younger generations, there is clearly a misconception and misunderstanding about the banking industry,” Yuen said. “They generally now [see] banking as boring and limited to product sales and service provision.”
In reality, banking offers a wide range of new job types, including AI and machine learning specialists, data analysts and more, Yuen said.
“As a banking regulator, we should really push banks to think about talent management and talent development very differently than what they have been doing,” Yuen said.
Existing talent is also facing the pressure of upskilling as a result of AI and machine learning, which will automate many of the processes carried out in banks today.
The Hong Kong government must continue to support workplaces to help upskill employees by offering subsidies for training, Yuen said.
Last year, Finance Secretary Paul Chan Mo-po announced a pilot scheme providing subsidies to fintech practitioners in the 2022-23 budget, which aims to promote the professional development of fintech talent and expand the fintech talent pool in Hong Kong.
Under the scheme, practitioners who obtain fintech professional qualifications can receive reimbursement of up to 80 per cent of the training costs.
Career growth is a very important factor for young people in China when it comes to choosing a job, said Siu Fung Chan, CEO and president of management consultancy Korn Ferry Greater China.
Regular wage increases are important to young workers, while providing other forms of monetary compensation, such as health insurance and other benefits, should also be a high priority for employers.
“It’s very important to remember that money is not enough,” Chan said. “There are all these variable benefits that you can provide to your employees.”
Speaking on a panel earlier at the summit, leaders from Hong Kong’s insurance industry agreed that Macau, Hong Kong and the greater Greater Bay Area must work together to tap and retain talent pools.
This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit SCMP’s Facebook and Twitter sides. Copyright © 2023 South China Morning Post Publishers Ltd. All rights reserved.
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