Nurturing fintech talents in Hong Kong

Nurturing fintech talents in Hong KongThe demand for fintech talents has been on the rise in recent years. To support Hong Kong’s growth into a global fintech hub, the local regulatory authority, banks and universities have rolled out different initiatives to nurture fintech talents.

The Hong Kong Monetary Authority (HKMA) and the Applied Science and Technology Research Institute (ASTRI) launched the FinTech Accelerator Scheme (FCAS) last December.

The scheme provides up to one-year internship for undergraduate and postgraduate students in designated disciplines in 10 universities to take part in the fintech projects of 12 banks and HKMA. There are about 100 openings in various positions and the internship will start this July. Each applicant is allowed to apply for several positions.

Over 400 applicants for fintech internship

According to a HKMA spokesperson, more than 3,000 applications from over 400 applicants were received. The participating banks and HKMA each received no less than 165 applications for the positions they have offered. They are expected to complete the selection process by end April.

The participating banks include Bank of China (Hong Kong), Bank of Communications Hong Kong Branch, The Bank of East Asia, BNP Paribas Hong Kong, China CITIC Bank International, Citibank (Hong Kong), DBS Bank (Hong Kong), Hang Seng Bank, HSBC, ICBC (Asia), Standard Chartered Bank (Hong Kong) and Wing Lung Bank.

The types of fintech projects offered by the participating banks include cybersecurity, distributed ledger technology, big data analytics, artificial intelligence, biometric authentication, mobile app development etc.

HKMA and ASTRI will also provide regulatory briefings and technical training to the interns respectively.

Talent cultivation with startups

One of the participating banks Standard Chartered noted talents help drive the Bank’s innovation towards the next generation of banking.

“Building human capital is important for our Bank’s fintech development,” said Paul Wan (pictured, second from right), Standard Chartered’s CIO for Hong Kong.

FCAS student internship aside, the Bank has also cultivated talents through supporting fintech startups.

As a founding sponsor of the local fintech accelerator program SuperCharger, Standard Chartered provides mentorship to eight fintech startups finalists this year—the second round of the program. The startups are focused in various areas including wealth management, artificial intelligence, cybersecurity, regulatory technology, mobile payments, big data and blockchain.

“SuperCharger is a major platform for us to cultivate fintech talents. The fintech finalists bring us innovative ideas while they could learn banking operations such as regulatory obligations,” said Wan.