Addressing the Fintech Talent Gap

Fintech provides unlimited opportunities for growth, and thus the demand for such talent across the world surges. To hear directly from industry players can promote discussion among policy makers, education institutions and industry stakeholders in setting out optimal strategies to retain, attract and nurture new talent.

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Published: 12:10am, 31 Aug 2020Updated: 9:35am, 31 Aug 2020

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There is broad consensus that fintech solutions will play an ever greater role in the movement and management of money. That is evident from the fast increasing use of e-wallets, cashless payment systems, and the spike in interest in new virtual banking licenses.

However, in the short term at least, one obstacle in particular may limit the natural growth of the sector. As things stand, there are simply not enough trained professionals in Hong Kong with the skills and proficiencies needed to meet burgeoning demand. And the lack of suitable talent may put a brake on developments just when employers should be gearing up for change and looking to capitalize on any first-mover advantages they can find.

With that in mind, HKUST Business School is undertaking a comprehensive research project, funded by the Research Grants Council’s Theme-based Research Scheme, on what's happening and why, with a view to putting forward practical recommendations for the various stakeholders on how best to proceed.

“This project looks to facilitate the industry, educators and policymakers to support Hong Kong in transforming into a global fintech hub,” said Professor Kar Yan Tam, the project leader and dean of HKUST Business School.

Key findings from the first phase of the project, conducted in collaboration with professional services firm EY, were presented in an instructive webinar on June 8.

(From left) Prof Tam Kar Yan, Dean of HKUST Business School was joined by Nelson Chow, Chief Fintech Officer of the Hong Kong Monetary Authority; and Jeff Tang, Partner, Ernest & Young People Advisory Services, in a discussion session of a webinar, moderated by Peter Yan, CEO of Cyberport Hong Kong.

In essence, this “Fintech Talent Development, Competency, and Manpower Study” had three main objectives: to understand the current labor situation for fintech in Hong Kong; to identify the major “talent gaps”; and to outline a set of core competencies that companies will need within their workforce to support long-term development strategies.

Altogether, more than 80 organizations contributed to the research, which began last August, with insights also obtained from online surveys and interviews with 28 influential executives. The aim was to hear from traditional and digital banks and insurers, as well as start-ups, regulators and “enablers” to pinpoint the industry’s driving forces and major areas of concern.

“We found that partnership building is one of the top business priorities,” said Christy Yeung, HKUST Business School’s senior manager for the Fintech Research Project. “That is between mature players and new entrants, also between fintech and lifestyle ecosystems, with the objective of building a seamless customer or user experience.”