In this Dec 20, 2012 photo, a woman walks beneath signage for the Hong Kong Monetary Authority (HKMA). The HKMA has set up the Fintech Career Accelerator Scheme (FCAS) 2.0 to enhance the fintech talent pool and meet growing industry demand. (DALE DE LA REY / AFP)
HONG KONG – The Hong Kong Monetary Authority (HKMA) on Monday launched a financial technology career fast-tracking program to create 260 training opportunities for aspiring fintech professionals.
The HKMA set up the Fintech Career Accelerator Scheme (FCAS) 2.0 to enhance the fintech talent pool and meet growing industry demand.
Besides university students, we can also help train those entrepreneurs who might not have a clear idea of blockchain or network security to meet the demands.
Toa Charm Ka-ieong, Cyberport Chief Public Mission Officer
Collaborating with the Applied Sciences and Technology Institute, Hong Kong Cyberport and Hong Kong Science and Technology Park (HKSTP), HKMA will offer four fintech talent-building programs, of which three are new.
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The four programs include a gap-year full-time placement at 20 participating banks and the HKMA. The placement program is comprise part of HKMA’s Smart Banking Initiatives proposed in September last year, which help improve technology in the banking sector.
Students will experience the fintech ecosystem in one of the Chinese mainland’s top fintech hubs through the Summer Internship Program in Shenzhen. Fresh or recent graduates will have an opportunity to work full-time for Cyperport and HKSTP tenants. Participants in scheme 1.0 could take part in a fintech-focused entrepreneurship boot camp at an overseas university.
“I hope FCAS could nurture 500 to 1,000 fintech talents in five years,” said Li Shu-pui, executive director of financial infrastructure department at HKMA.
“If there are 200 to 300 participants every year, we will have more than 1,000 talents in five years. Hopefully, half of them will stay in the fintech field.”
He reckoned faster fintech development will lead to larger demand for talents, especially for network security and big-data analytics.
“Besides university students, we can also help train those entrepreneurs who might not have a clear idea of blockchain or network security to meet the demands,” Cyberport Chief Public Mission Officer Toa Charm Ka-ieong added.
Looking towards future fintech development in Hong Kong, Li said the consultation paper on virtual banking would be released in the short-term. Currently 10 institutes have shown interest and he hoped the first virtual bank in the city would appear this year.
A virtual bank is defined as a company that delivers banking services primarily through the internet or other electronic delivery channels, according to HKMA’s guideline issued in 2000. Virtual-bank applicants in Hong Kong must maintain a physical presence in the city and establish policies to deal with associated risks.
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