Hong Kong faces acute shortage of fintech talent

Almost all (95%) of fintech companies in Hong Kong say that they are facing a major shortage of fintech talent, according to Michael Page Hong Kong’s latest report.

The survey shows that about 34% of the companies also view government policy as the crucial driver for sustained success in the industry.

“Hong Kong is one of the world’s most influential and active financial centres in the region with its location at the intersection of China, Asia and the rest of the world,” said Natalie Lau, Managing Consultant of Michael Page Hong Kong. “As such, it’s only fitting that, in recent years, a broad and diverse fintech community has been established here.”

Respondents predict that fintech will play a key role in Hong Kong’s economic future, with  91% anticipating a positive impact.

Also, Hong Kong’s fintech ecosystem is expected to grow significantly over the next three years, spurred by local regulators’ efforts to attract fintech-related investments to the region.

However, the survey finds that enlisting fintech talent is a challenge, with 64% of employers expressing difficulties. About 47% of respondents say that the biggest obstacle for them is the lack of professional skills available.

Keeping skilled employees is no easy task either, with 36% of those surveyed stating that they have switched jobs in the last 12 months. 

“With that said, we expect to see a large and sustained increase in demand for talent,” said Lau. “This is good news for professionals in the region, but it also has the potential to create a large talent gap, as there is currently a shortage within Hong Kong’s fintech community.”  

Candidates in this space state that their key motivators are a clear career path (24%), technological capabilities and future adoption (23%), as well as company culture fit (19%). 

Also, 34% of those surveyed say that they expect their salary to rise between 12–20% when securing a new role.