The Fintech Talent Development,Competency, and Manpower Study

The Fintech Talent Development, Competency, and Manpower Study 47 Sources of Fintech Professionals Fintech is an emerging inter-disciplinary area that has been developing rapidly in recent years. It not only enhances efficiency in financial activities, but also brings a revolution to the traditional financial service sector. Its development in Hong Kong opens up new opportunities and drives the demand for financial technologists and entrepreneurs who are equipped with essential knowledge in both finance and technology. To meet the fintech talent needs of their firms, a combination of sources are reported as shown in Exhibit 17. Source Percentage of surveyed organizations Hire practitioners working in Hong Kong 61.0% Upskill existing staff 54.9% Hire graduates from universities in Hong Kong 51.2% Hire graduates from universities outside Hong Kong 40.2% Hire practitioners working outside Hong Kong 40.2% Hire another company (i.e. outsourcing) to provide that capability 37.8% Acquire another company that specializes in that capability 28.1% Partner with universities to influence the supply of in-demand skills 12.2% Others 8.5% The top three sources of talent are: 1. Recruiting locally; 2. Upskilling existing staff; and 3. Recruiting from local universities. Local Hiring As firms need to launch services and products swiftly to meet demand and fend off competition, they tend to recruit talent from the local market directly. Recruiters can hire people with the skills they need with a shorter lead time compared with overseas recruitment or wait until the end of the academic year for university graduates. The downside to the industry could be a high turnover rate, especially for talent with in-demand skills. Exhibit 17 Sources of fintech professionals