FINTECH MANPOWER DEVELOPMENT IN ASIA-PACIFIC FINANCIAL CENTERS WITH A FOCUS ON ARTIFICIAL INTELLIGENCE AND BIG DATA PROFESSIONALS

57 56 Conclusion 5. CONCLUSION AI and big data have enabled Asia Pacific’s financial services sector to adapt and respond to the challenges posed by COVID-19. This will be critical to ensure that the financial industry continues to provide value to its customers and society at large. This Report has highlighted the rapidly evolving landscape for AI and big data talent in six Asia Pacific financial centers, identifying trends in the AI and big data talent pool, as well as the steps taken in other major cities across the region to fill the growing talent gap facing each market. It is clear that demand for AI and big data talent in the financial sector will continue to grow. Strategies to foster such talent development in Hong Kong will help narrow the skills gap and enable talent recruitment and retention. Hong Kong has already launched various AI and big data talent development initiatives to support financial innovation, create incentives and streamline procedures for overseas talent recruitment. Educational institutions have provided fintech training programmes, and accelerated careers by providing and promoting continued education. These steps will go a long way to ensure a steady supply of skilled AI and big data talent. This Report has also recommended that the Hong Kong Government should: 1. Better understand the existing and anticipated talent gap for AI and big data professionals in the financial services sector. 2. Increase the supply of AI and big data talent by delivering and incentivizing skills development opportunities and training. 3. Match students with AI and big data career opportunities by facilitating academia-industry collaborations, networking, and career matching. 4. Leverage AI to solve other sustainable development challenges in Hong Kong by exploring how AI can be applied to other economic, social, or environmental challenges. 5. Develop well rounded, multidisciplinary talent by promoting AI and big data skills development among financial professionals and vice versa. 6. Support the retention of AI and big data talent in Hong Kong by exploring other incentives to make Hong Kong an attractive location for AI and big data professionals. Ultimately, AI and big data talent development will be a critical priority for international financial centers and Hong Kong is no exception. Integrating AI and big data technology functions into the financial sector will be critical to keeping Hong Kong as a leading international financial centre. IDC (2020). | Worldwide Artificial Intelligence Spending Guide. OECD (2019). | Artificial Intelligence in Society. Census and Statistics Department of the Government of the HKSAR (Jan 2021). | Hong Kong Monthly Digest of Statistics - The Four Key Industries in the Hong Kong Economy. HKSAR (2019). | Report on Manpower Projection to 2027. Hong Kong Monetary Authority (2019). | Reshaping Banking with Artificial Intelligence. Hong Kong Academy of Finance (2020). | Artificial Intelligence in Banking - The changing landscape in compliance and supervision. Research Office, Legislative Council Secretariat (2019). | Study of development blueprints and growth drivers of artificial intelligence in selected places. Innovation and Technology Commission, Government of the HKSAR (2020). | Hong Kong: The Facts. Innovation and Technology. China Institute for Science and Technology Policy at Tsinghua University (2018). | China AI Development Report. Bureau of Industrial and Labor Affairs of the Tokyo Metropolitan Government (2019). | Industry and Employment in Tokyo. Netherlands Enterprise Agency (2020). | Artificial Intelligence in Japan 2020. SGS Economics & Planning (2018). | Economic Performance of Australia’s Cities and Regions 2017- 2018. Australian Government (2021). | Digital Economy Strategy – A Leading Digital Economy and Society by 2030. 猎聘 2019 年中国 AI&大数据人才就业趋势报告 . REFERENCES