Eddie Yue: Keynote speech - Greater Bay Area Fintech Talent Summit
Keynote speech by Mr Eddie Yue, Chief Executive of the Hong Kong Monetary
Authority, at the Greater Bay Area Fintech Talent Summit, Hong Kong, 27 November
2024.
* * *
Distinguished guests, ladies and gentlemen, good afternoon.
First of all, I would like to thank Bloomberg for inviting me to the GBA Fintech Talent
Summit and for their very strong commitment to equip our local students with fintech
knowledge and opportunities in the Greater Bay Area (GBA).
The HKMA is very pleased to have been partnering with Bloomberg and the Hong Kong
United Youth Association (HKUYA) on this landmark Initiative for the last two years.
This Initiative aims at cultivating fintech talent to meet local demand, and this year it has
successfully placed 300 students with more than 20 leading financial institutions in
Hong Kong.
I would like to extend my congratulations to all students for completing this programme
successfully. I hope you have taken the opportunity to deepen your understanding of
the industry and create useful connections with fintech professionals.
The financial industry has always placed great importance on developing a sustainable
supply of talent to support its long-term growth and success. With the vibrant
development of the fintech ecosystem in Hong Kong, the banking sector has seen
growing demand for skilled fintech professionals. In light of this, we will continue to
work with the industry to identify the potential skills gap in future, and to enable the
industry to adjust its talent development strategy in a timely way.
In this dynamic and rapidly evolving market landscape, it is important to cultivate a
sustainable pool of talent that can drive fintech development in Hong Kong, thereby
maintaining our city's status as an international financial centre. The HKMA has taken a
two-pronged approach in our talent development strategy: the first is to enhance the
skills of existing banking professionals and the second is to attract fresh talent,
including yourselves, to the industry.
On our initiatives to train and upskill existing practitioners, first, we have introduced the
Enhanced Competency Framework on Fintech (ECF-Fintech), and second, we have
supported the Government in launching the Pilot Scheme on Training Subsidy for
Fintech Practitioners, and thirdly we have developed a broader range of fintech-related
training courses with various training institutions.
Apart from training and upskilling our existing practitioners, we have also made
concerted efforts to attract and nurture future-ready new talent. As part of our "Fintech
2025" Strategy, we have been expanding the fintech-savvy workforce through a series
of internship and industry programmes such as the Fintech Career Accelerator Scheme
(FCAS) and the Industry Project Masters Network (IPMN) Scheme. These programmes
have nurtured more than 1,500 young talents so far, and we are pleased to see that the
majority of them have continued their careers in the finance and fintech industries upon
graduation.
The HKMA recognises the tremendous potential of collaborative efforts between the
industry and academia to develop a sustainable local talent pipeline. To this end, the
HKMA has cooperated with various strategic partners, including Bloomberg, to grow
allround talent, through a series of initiatives, including the GBA Fintech Talent Initiative.
When it comes to fintech and talent development, we should definitely leverage our
inherent strengths and opportunities, including our connection with Mainland China,
especially the GBA, which has been recognised as an emerging economic, financial
and technology powerhouse.
By capitalising on the connection with other GBA cities, Hong Kong can tap into new
opportunities by importing technology expertise, market experience and entrepreneurial
flair, while enriching our own talent pool. This GBA integration allows for seamless
collaboration, facilitating knowledge transfer and the sharing of best practices across
the boundary.
In recent years, cross-boundary collaboration has become a key driver of fintech
development. Our flagship project, the multi-CBDC platform mBridge is a very good
example. Launched in partnership with the Digital Currency Institute of the People's
Bank of China (PBoC) and two other central banking institutions, mBridge aims to
deploy blockchain technology to address key pain points in cross-border payments to
make them cheaper, faster and more transparent.
The HKMA is also working closely with the PBoC to establish a cross-boundary linkage
between Hong Kong's Faster Payment System (FPS) and the Mainland's Internet
Banking Payment System (IBPS) to facilitate instant small-value cross-boundary
remittances around-the-clock.
Beyond public sector partnerships, the private sector is increasingly engaged in
crossboundary collaboration, with fintech firms and financial institutions playing important
roles in innovative product development, cross-boundary payments, digital banking,
trade financing, and more.
With the GBA positioned as a hub for fintech, professionals in this field can anticipate a
dynamic job market, diverse career paths, and the opportunity to work on
groundbreaking projects that will shape the future of finance.
I've highlighted the opportunities arising from the growing demand for fintech talent, and
the market potential stemming from the GBA area. The next question is, how can our
younger generation, including the students here today, seize these opportunities?
The fintech ecosystem has undergone remarkable growth and development in the last
few years. As the financial services industry embarks on the next phase of digital
transformation and innovation, there is a pressing need to unlock the full potential of
fintech.
At this critical juncture in our fintech journey, the younger generation will be a vital
source of fresh ideas, driving further breakthroughs and advancing more innovation.
Here, I would like to offer three pieces of advice for you. First, you need to stay curious,
keep learning and remain adaptable. Things are changing fast, and you need to ensure
that you stay up-to-date with the latest trends and developments.
Secondly, you need an entrepreneurial mind-set to think creatively about applications
and explore innovative business models that can bring benefits to the real economy. It
is essential to remember that innovation is not an end in itself, but it is really about
using technology to make our life better, to make financial services either faster, more
efficient, or more accessible.
My third advice is that you need to stay open-minded about new, or even radical ideas,
and to stay global on fintech trends, so that you can find inspiration to turn them into
new ideas for local applications.
In closing, I would like to extend my best wishes for the success of this Summit, and my
appreciation for the dedication of every partner and participant in this Initiative. Let's
continue to grow our fintech talent together for a sustainable ecosystem.
Thank you.