Hong Kong Financial Secretary Paul Chan Mo-po speaks during the first meeting of the Task Force on Promoting and Branding Hong Kong on Jan 31, 2023. Chan said in his keynote speech that HK boasts a diverse and dynamic fintech ecosystem, with over 100 fintech startups offering innovative services such as virtual asset trading, intelligent financial consultancy, and blockchain technology. (PHOTO / HKSAR GOVERNMENT)
Hong Kong will “create a favorable environment” for fintech professionals and talent to scale new heights by leveraging its geographical advantage and dynamic fintech ecosystem, financial leaders and officials said.
They shared their perspectives on cultivating fintech professionals at the Greater Bay Area Fintech Talent Summit held in Hong Kong on Thursday.
Financial Secretary Paul Chan Mo-po said in his keynote speech that Hong Kong boasts a diverse and dynamic fintech ecosystem, with over 100 fintech startups offering innovative services such as virtual asset trading, intelligent financial consultancy, and blockchain technology.
The new licensing regime for virtual asset service providers will enable financial institutions to access government departments for credit assessments and other financial activities, said Paul Chan
“We will continue to enhance our fintech infrastructure”, as it is important to create a favorable environment for innovators to try new business cases and establish consistent and applicable regulations to mitigate risks, he said.
The finance chief said the new licensing regime to come into effect on June 1 for virtual asset service providers will enable financial institutions to access government departments for credit assessments and other financial activities.
ALSO READ: Fintech facilitates cross-border banking
“The Greater Bay Area is a huge market” and it presents vast opportunities, ranging from product development and asset management services, for fintech companies to expand and grow, especially given its population of 87 million and thriving economy, Chan said.
The event was a part of the Greater Bay Area Fintech Talent Initiative – a fintech talent training program organized by the Hong Kong Monetary Authority, Bloomberg and the Hong Kong United Youth Association.
Attendees of the summit included over 300 students selected from Hong Kong universities and financial pundits from the Greater Bay Area.
Chan urged future fintech professionals to bear in mind that the fintech industry is not just about finance and technology but can also help businesses address their incomes and improve financial accessibility for enterprises and individuals.
The impact of the industry extends beyond the financial sector to the community at large, he said.
Deputy Chief Executive of the Hong Kong Monetary Authority Howard Lee Tat-chi
noted during the opening remarks that the young generation is the major source of new talent and innovation, which is crucial for the financial industry to keep up with the accelerating pace of digitalization.
READ MORE: Stablecoin licensing regime new fintech milestone for HK
Lee highlighted that traditional careers in the financial industry are no longer exclusive to those with financial backgrounds. Talent from other disciplines, such as environmental studies, can also contribute to the industry as green tech or climate risk management experts.
With digital transformation continuing in the industry, opportunities for those with diverse skills will grow, he added.
Hong Kong Exchange and Clearing CEO Nicolas Aguzin advised young people to keep up with the latest trends to understand what’s happening in different industries, especially when it comes to technology.
It is important to find a niche or area of expertise and put in the work necessary to become an expert in that field, he said.