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Hong Kong set for Academy of Finance

Hong Kong’s finance sector is about to get a lot more academic after plans to set up an academy were boosted by the special administrative region’s monetary authority.
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Plans for an Academy of Finance (AoF) were first outlined by Paul Chan, financial secretary of Hong Kong, in his February budget speech.

On Tuesday, the Hong Kong Monetary Authority (HKMA) formally recommended it be set up.

“The HKMA concurs […] that an AoF in Hong Kong can reinforce Hong Kong’s competitiveness as an international financial centre,” it said.

A committee is to be set up shortly to take forward the initiative with a view to launching the academy around mid-2019.

Key purpose

The academy will have two key functions:

  • a centre of excellence for promoting financial leadership development; and,
  • a repository of knowledge and centre for monetary and financial research, in particular applied research in cross-sectoral areas.

“It is, however, not envisaged that the AoF would provide vocational or professional training to practitioners,” the HKMA stated.

International competitiveness

Paul Chan said on Tuesday: “With the fast development in the global landscape of an increasingly knowledge- and technology-driven financial industry, the establishment of the AoF would help maintain Hong Kong’s edge as the leading international financial centre in Asia.”

HKMA chief executive Norman Chan added: “Creating a centre of excellence that aims at promoting top notch talents in financial leadership and at upgrading our capability in applied and cross-sectoral financial research would strengthen Hong Kong’s soft power, which is crucial to the maintenance of Hong Kong’s position as the premier international financial centre.”

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