The Fintech Talent Development,Competency, and Manpower Study

The Fintech Talent Development, Competency, and Manpower Study 32 Ten Observations About Fintech in Hong Kong Three forms of partnership are commonly observed in the industry: • Partnership Between Mature Players and New Entrants of the Industry: While mature institutions leverage the innovation and niche expertise of new entrants, new entrants benefit from the partnership in the forms of capital, brand recognition, distribution network, and regulatory knowledge. • Partnership Between Fintech and Lifestyle Ecosystems: With the advancements in open API, opportunities are opening up for non-financial services organizations to connect to financial transaction data. This form of partnership promotes the convergence of lifestyle and finance to create a seamless experience for customers. • Partnership Between Competitors, or “Co-opetition”: Industry players are embracing the notion of co-opetition. They are joining forces with their competitors to pursue common interests with better efficiency than they could alone. 80% of surveyed banks and 86% of digital-native organizations identified building partnership, developing ecosystem, and forming strategic alliance as top strategic priorities. ≥80% Exhibit 9 Building partnership, developing ecosystem, and forming strategic alliance are top strategic priorities Observation 8: Partnership Building a Top Priority for Growth Partnership building is another key growth driver frequently cited by the industry players. Instead of operating in a relatively closed ecosystem in the past, fintech players are actively forging partnerships within and outside of the industry to leverage the strengths and capabilities of other organizations. The importance of partnership building to the industry is evident from our survey, in which over 80% of traditional banks and digital-native organizations indicated partnership/alliance/ ecosystem development as one of their top business priorities.