Hong Kong's banks have banded together to sniff out the island's top emerging financial technology talent, inviting more than 70 students to sign on to lengthy fintech internships.
Organised by the Hong Kong Monetary Authority (HKMA) and the Hong Kong Applied Science and Technology Research Institute (ASTRI), the fintech career accelerator scheme (FCAS) is being backed by 12 banks and 10 tertiary education institutions.
Of 421 students who applied for the scheme, 74 have been picked for internships of between six months and a year, working on various fintech projects at the participating banks and the HKMA. This week, the interns attended an induction day where they were introduced to the regulatory regimes they will be working under and given some foundation fintech technical training.
Hong Kong is vying with Singapore, Tokyo and Mainland China to become a regional hub for the fast growing fintech scene and hopes that it can steal a march by building up a production line of young talent.
Howard Lee, senior executive director, HKMA, says: "Through the FCAS, we hope to attract and train suitable talents in order to build a fintech talent pool for the banking industry."
Meikei Ieong, CTO, ASTRI, adds: "Hong Kong being the premier global financial hub in Asia, it is imperative for us to groom and attract more fintech talents in order to bridge the gap between the demand and supply of fintech talents."