The Fintech Talent Development,Competency, and Manpower Study

The Fintech Talent Development, Competency, and Manpower Study 24 Ten Observations About Fintech in Hong Kong Observation 1: Fintech Has No Universal Definition We observed a lack of consensus over the definition of “fintech”. Some participants of this Study use “fintech” exclusively for fintech disruptors who offer novel financial solutions. Others included traditional banking organizations and insurers who provide digital offerings. For the purpose of this Study, "fintech" refers to a broader perspective so that the findings will be applicable to a wider range of organizations, working professionals, and students. Therefore, for our Study, "fintech" is defined as a collection of organizations combining innovative business models and technology to enable, enhance, and disrupt financial services. This is not restricted to start- ups or new entrants, but includes scale-ups, maturing and mature companies, and even organizations traditionally not involved in financial services, such as telecommunication providers and e-retailers. Observation 2: People Who Can Innovate, Adapt & Engage In addition to technical and domain expertise, several personal attributes were also frequently mentioned by surveyed respondents as something they look for in a professional. • Belief in the value of fintech: People who have genuine enthusiasm in the value and prospects of fintech as the best solution for customers, the industry and society are highly sought. Those surveyed said that having a strong internal belief in the value of what they are doing helps individuals persevere through any setbacks, skepticism or outright opposition that he/she might encounter on the journey to transform one of the most established industries. They are looking for fintech professionals that are passionate about what they do and eager to make a difference in the organization. • Able to adapt quickly to volatility and pioneer new ideas: Those surveyed look for people who are able to cope with the unknowns in this constantly evolving industry. Not only should these people be comfortable with the lack of precedents and established processes, ideally, they see opportunities for new ventures in uncharted territory. They expressed an appreciation for innovators and pioneers who are willing to challenge how things are done, redefine the “rules” of the industry, and put forward new ideas. • Willingness for ongoing learning: Adapting to new demands and reinventing oneself was mentioned as a necessity for thriving in the fintech industry. As the fintech industry is a dynamic and evolving environment, specific talent