Soft Power Makes Hong Kong an International Financial Centre

Norman Chan, Chief Executive, Hong Kong Monetary Authority

Norman Chan, Chief Executive, Hong Kong Monetary Authority

What differentiates Hong Kong as an financial centre from the rest of the aspiring financial centres is its superior soft power, Norman Chan, CEO of the Hong Kong Monetary Authority, said.

According to Norman Chan while the hard infrastructure is important, most financial centres have equally good hardware. However an International Financial Centre (IFC), just like a world class brand in merchandise goods, is all about good quality and high reliability, he said in a speech to the Hong Kong Institute of Bankers (HKIB) on Tuesday.

An IFC he says must be able to provide high quality and trustworthy financial services to customers in the neighbourhood and beyond.

Wealth and Fintech Hub

Chan said further: «Without people, Hong Kong has nothing. But people is exactly what it takes to build a brand for financial services. However, as competition from our neighbouring centers intensifies over the years, it is not only just people that we need. It's about how to turn people into 'good people' and from good people to great people.»

Chan went on to address Hong Kong's role as a wealth management hub when he said he believed there is very little disagreement that Hong Kong has a huge potential in capturing the wealth and asset management business in Asia. The demand for top quality private wealth management services arising from the rapid and sustainable growth of affluence on the Mainland is particularly promising. However, private wealth management requires special skill-set, not only in product development but also in customers interfacing, Chan noted.

Building a Talent Pool

To promote and support local talent Chan also announced initiatives including a new professional qualification, The Certified Banker (CB). The curriculum of CB encompasses programmes under HKMA’s ECF and combines the up-to-date industry knowledge, practical learning and professional competencies that are relevant to the banking environment that the Cybersecurity Enhanced Competence Framework (ECF) will be launched in December this year.

On Fintech, Chan announced in May this year that the HKMA would launch a «Cybersecurity Fortification Initiative.» A core part of this Initiative is the rolling out of an ECF on cybersecurity so as to enlarge the pool of talents in this increasingly important field of banking. 

With highly technical international standards on capital and leverage about to come, Hong Kong Monetary Authority (HKMA), in collaboration with HKIB, will roll out in December a new enhanced competence framework program for anti-money laundering and counter-terrorist financing.

 

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