Following the recent release of two reports on the study of the regulatory technology (regtech) sector, HKUST Business School organized the “Regtech Industry Dialogue: Talent as a Fuel for Growth” on February 24 to discuss the talent needs this sector in Hong Kong.
(From left) Prof. TAM Kar Yan, Dean of HKUST Business School; Mr. Arthur YUEN, JP, Deputy Chief Executive of the Hong Kong Monetary Authority; Ms. Irene LEE, Board Member of FinTech Association of Hong Kong; Mr. John HSU, Chief Information Officer, Asia Pacific of HSBC; and Mr. Simon AU YEUNG, Chief Executive Officer (Blockchain Finance) of ARTA TechFin Corporation Limited
This event provided a long-awaited opportunity for industry stakeholders to exchange and spark insightful discussions on the talent approach to develop the regtech sector in Hong Kong. Moderated by Professor TAM Kar Yan, Dean of HKUST Business School, the discussion panel shared the observation that people may hesitate to enter the regtech sector due to misperceptions and the lack of a professional career pathway despite the growing significance of regtech worldwide. Training and education would undoubtedly be the most effective ways to tackle the talent shortage, which is expected to remain challenging in the next few years and even beyond.
From the live polls with the event participants, talent retention and acquisition (63%) ranked second out of the three most pressing concerns facing Hong Kong’s financial industry in terms of regulatory processes and compliance policies. The top was digital transformation (69%), and regulation (56%) came third. Most participants identified artificial intelligence as one of the regtech trends that might shape the needs for talent in the next 3 to 5 years, which echoed the panel’s views.
This interactive event has brought together regtech stakeholders from different sectors for a constructive and open dialogue. The Business School will continue to facilitate effective exchange among industry practitioners to expedite Hong Kong’s transformation to a regtech hub.