HKMA: Hong Kong Banks to Face Green Finance Talent Gap by 2030

A new research released by the Hong Kong Monetary Authority (HKMA) indicates that by 2030, Hong Kong’s banking sector will face a growing shortfall of talent in artificial intelligence (AI), green finance, and Middle East and ASEAN market expertise.

HKMA Deputy Chief Executive Arthur Yuen Kwok-hang encouraged banks to invest more time and resources in staff training as a solution to the talent gap. Speaking on 16 August prior to the survey publication, he said banks should be focused on creating a knowledge port at the employee level and not relies on attracting new talent with higher salary levels.

“We want to see local banks provide more training for their staff to upgrade their knowledge and skills to plug the talent shortage gap, instead of using higher pay to fight for talent from other banks,” Yuen said.

Key Highlights

• HKMA flags urgent AI and green finance talent gap in Hong Kong banks.
• 97 percent of HK banks see AI as key growth driver over next 5 years.
• Training over pay: HKMA urges up skilling to tackle talent shortage.

Yuen indicated that Hong Kong’s talent pool is critical to maintaining its position as a global financial center.

Almost all participants (97 per cent) identified AI as a primary growth opportunity over the next five years. Banks will especially seek professionals who can use AI skill shortage in banking, including wealth management and digital transformation.

 “A robust business environment supported by a sufficiently large and skilled talent pool is essential for maintaining Hong Kong’s status as a leading international financial centre,” he added.

“Banks want talent who can help develop human-machine interaction so that bankers and customers can communicate using AI-related technology,” Yuen said.

However, he emphasised that AI would not replace human workers entirely. “There are many jobs that have to be done by humans which cannot be replaced by AI. However, the winners would be the bankers who know how to use AI best to enhance their productivity and services for customers,” he explained.