A new survey of Hong Kong university students reveals that the Greater Bay Area is increasingly attractive as a dynamic and promising region for young, emerging professionals in the financial and technology sectors.
Bloomberg announced the survey results at the GBA Fintech Talent Summit 2024, themed “Connecting beyond borders: innovation and talent for the Greater Bay Area”which brings together more than 350 senior government officials and executives, financial regulators, financial institutions, technology companies and university students based in Hong Kong. Mr. Christopher Hui, Secretary for Financial Services and Treasury Bureau of the HKSAR Government (FSTB) and Mr. Eddie Yue, Managing Director of the Hong Kong Monetary Authority (HKMA) delivered keynote speeches at the summit.
The study surveyed more than 200 university students who participated in the Greater Bay Area Fintech Talent Initiativea collaborative effort between Bloomberg, the Hong Kong United Youth Association (HKUYA) and the Hong Kong Monetary Authority (HKMA) and supported by 22 strategic and corporate partners. Now in its second year, the initiative aims to equip participating university students with an understanding of the skills, concepts and trends needed for a career in fintech. Simultaneously, the initiative showcases the opportunities that exist for the next generation of fintech professionals within the GBA, leveraging Hong Kong’s central role in global finance.
The survey reveals that the GBA is highly recognized by Hong Kong students, with more than nine in 10 (92%) respondents indicating that they are very or fairly familiar with the GBA. Additionally, the GBA’s status as an innovation hub was well understood by respondents, with four in five (81%) respondents associating these topics with the GBA.
The GBA’s role as an innovation hub is attractive to young and aspiring fintech professionals, with 79% of students expressing interest in pursuing a career in fintech in Hong Kong and with connectivity across the GBA . Key attractions include strategic importance, innovation, career advancement, access to capital and government support. In contrast, only 18% expressed a preference to focus solely on Hong Kong.
However, students identified a need for additional support in accessing financial technology careers based in the GBA. More than three-quarters of respondents (76%) cited access to training programs as the support they need to enter the industry.
In terms of fintech skills, students expressed the greatest interest in developing expertise in the areas of data analytics and big data (57%), AI and learning (54%), financial product development (42%) and digital payments (42%).
Mr. Christopher Hui, Secretary of the FSTBsaid: “We are taking a multi-pronged approach to work closely with financial regulators and industry stakeholders to promote the development of fintech. Developing fintech talent is one of our top priorities, along with improving financial infrastructure; build a more active fintech ecosystem and strengthen cooperation with the continent and abroad. This underlines the importance we place on preparing the next generation to sustainably support our fintech development. He further cited the GBA Fintech two-way internship program for post-secondary students launched by the FSTB in October last year. So far, approximately 70 students and more than 30 fintech companies have participated in both cycles of the program, in winter 2023 and summer 2024.
“The HKMA recognizes the importance of collaborative efforts among industry stakeholders to develop a sustainable local talent pipeline. Given the enormous potential of the GBA, Hong Kong should capitalize on its links with regional cities to exploit new opportunities,” said Mr Eddie Yue, director general of the HKMA. “The younger generation should also adopt an entrepreneurial mindset and remain open-minded to contribute to the fintech sector. »
Dr Lam Ho Yi, Evelyn, President of HKUYAsaid: “At the heart of the Greater Bay Area Fintech Talent Initiative is empowerment: equipping the next generation of fintech leaders with the skills, networks and confidence to thrive in a rapidly changing global financial landscape. With the support of our partners at Bloomberg and the Hong Kong Monetary Authority, we are proud to have provided over 300 students with invaluable training and exposure to industry giants, preparing them to lead the future of financial innovation.
“At Bloomberg, we are committed to making a significant impact in the industries we are a part of,” said Mr. Bing Li, Head of Asia-Pacific for Bloomberg. “This initiative brings together Hong Kong’s financial community, providing a platform to share expertise with local students, who see the GBA as an attractive innovation hub and a potential place to build their careers. The growth opportunities within the GBA are substantial and we look forward to fostering career development and professional advancement in the region.
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About the Greater Bay Area Fintech Talent Initiative
In partnership with Bloomberg, the Hong Kong United Youth Association (HKUYA) and the Hong Kong Monetary Authority (HKMA), the initiative aims to provide university students with exposure to cross-border financial programs and critical fintech developments in the region, including the opportunity to connect with executives and experts from financial and technology companies. This includes professional training, career coaching and networking opportunities with industry professionals. The initiative is part of Bloomberg’s global corporate philanthropy program, which works with a network of nonprofit partners to ensure more people from underserved communities have the skills and experience they need for employment and entrepreneurship.
To learn more about the Greater Bay Area Fintech Talent Initiative, visit https://www.bloomberg.com/company/values/philanthropy/greater-bay-area-fintech-talent-initiative/.
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