Image courtesy of HKUST
HR cultures combine as London-style finance meets San Francisco start-ups
On Friday 12 June, InvestHK, The Hong Kong Applied Science and Technology Research Institute Company Limited (ASTRI), The Hong Kong University of Science and Technology (HKUST) and Shenzhen Fintech Association jointly hosted an online webinar. Experts from the Hong Kong Monetary Authority (HKMA) and JETCO also joined the panel discussion on the future of talent development in the FinTech industry. Leaders shared key attributes aspiring FinTech talents need to acquire, and how a more significant FinTech presence in Hong Kong will benefit businesses throughout the Greater Bay Area (GBA) and beyond.
Leveraging GBA opportunities
To fully leverage opportunities within the emerging Industry 4.0, it is necessary to analyse key constituent elements of AI, data science, blockchain and outlier virtual retail banking operations. Building more robust bridges between academia, industry and the Government is top of mind in facilitating the growth of the GBA as a regional and global hub for FinTech innovation. Regulatory engagement is also a key challenge, with a need for a more collaborative regulatory approach to facilitate industry expansion across the GBA.
Mr Nelson Chow, Chief Fintech Officer, Fintech Facilitation Office HKMA, noted, “To help speed up this process, academia and industry are working closely with the HKMA to ensure policymakers are kept up to date with the latest developments so they can create regulations that are proactive, rather than reactive.” He added, “Better regulatory engagement will ensure a solid regulatory foundation is put in place, the groundwork from which the nascent sector can flourish. The focus now turns to how the higher education sector can equip graduates with the skills they will need to become FinTech professionals.”
Defining talent
To address the growing demand for FinTech talent in Hong Kong, Prof. Tam Kar Yan, Dean, HKUST Business School commissioned HKUST’s Fintech Talent Development, Competency and Manpower Study. The Study outlines ten key observations about the industry, makes ten recommendations on talent development and identifies thirteen core competencies for FinTech professionals.
Prof. Tam explained, “The Study aims to facilitate the industry, education institutions and policymakers to support Hong Kong in transforming into a global FinTech hub.” Funded by the Research Grants Council’s Theme-based Research Scheme, the Study is an integrated part of a four-year project to examine the interplay between technology and financial services in Hong Kong. The workforce study released today, in collaboration with Ernst & Young, is relevant to the unique context of Hong Kong and will contribute to the development of fintech talent in the future.
“Whether fresh grads or experienced talent, HR need to hire those who are passionate about FinTech.”
HR critical in developing FinTech talent
In terms of establishing core competencies for FinTech and boosting technical readiness, the panel highlighted the critical nature of HR’s role in terms of recruiting the right talent and training and developing their talent pools to meet the growing demand for FinTech services. Ms Christy Yeung, Senior Manager (Fintech Research Project), HKUST Business School, noted, “Many organisations consider their technical capability as being behind the curve. As well as being tech-savvy, departments need to be knowledgeable in the business.” Yeung continued, “Whether fresh graduates or experienced talent, HR need to hire those who are passionate about FinTech, as people capability has lagged even further behind technical capability.”
With a view to re-skilling talent with a mix of people skills and industry experience essential to growing the people capacity within organisations, HKUST launched a dedicated FinTech job board in May 2020 to allow companies to post job openings and view applications from HKUST graduates who are interested in FinTech careers.
“HR needs to develop apps and better leverage blockchain recruitment technology to reach out to overseas FinTech talent.”
Leveraging tech for FinTech talent acquisition
Mr Angus Choi, Chief Executive Officer, JETCO Hong Kong, gave more insight about the acquisition conditions in the market, reiterating Yeung’s sentiments about talent shortages in the local FinTech pool. Choi said, “There is an urgent need for overseas FinTech talent to supplement the supply of local graduates. However, since local talent is in limited supply, HR needs to develop apps and better leverage blockchain recruitment technology to reach out to overseas FinTech talent for interview. We then need to think about how we can attract them to work in Hong Kong.”
Fintech recruitment growing
On the future of FinTech recruitment, Prof. Tam noted, “While the recruiting situation is expected to improve over the next 4 – 5 years, FinTech talent will still only make up a small percentage of the workforce in the financial industry as a whole. As well as attracting new FinTech talent, HR also needs to think about how they can upskill the existing workforce—updating their knowledge base to meet the skillsets currently required by the industry.” He added, “The best long-term strategy lies with creating enough local demand for virtual banking and related services and ensuring competition is healthy. This diversity will generate more interest for newcomers and make an attractive career area for graduates to enter.”
GBA talent pool
Rather than seeking to compete directly in recruitment with overseas FinTech hubs like London and San Francisco, Prof. Tam sees Hong Kong companies as ideally placed to embrace mainland China as a good source of talent with FinTech opportunities continuing to open up throughout the GBA.
Paul Arkwright
Publisher
