Friday, June 22, 2018
Martin Hennecke

Banks see opportunities in financial technology
Financial technology is regarded as a threat by scores of local frontline banking staff, but most bank officials see it as an opportunity for the industry, according to a Hong Kong Institute of Bankers survey.

HKIB chief executive Carrie Leung Ka-lai said 15 percent of the survey respondents, about half of them frontline staff, regard fintech as a threat due to lack of training and appropriate education.

But after undergoing relevant training, 73 percent of survey respondents changed their view and saw fintech as an opportunity.

Over 90 percent of the respondents said it was hard to assess professional qualifications in fintech in the absence of a unified system as Hong Kong does not have one.

About 400 bank staff and financial services employees responded to the survey. The poll showed that 80 percent of the respondents plan to keep working in the banking industry over the next five years due to reasonable remuneration and promotion prospects.

Meanwhile, Hongkong and Shanghai Banking Corp chief executive Diana Cesar said the bank has been gathering updated client information to screen out potential financial crimes, including money laundering and fraudulent e-mails.

The bank is inviting local tertiary students and start-up firms to submit by the end of October entries to its HSBC Safeguard App competition.

The bank will provide up to HK$300,000 in cash prizes to winners as well as seed funding.

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