introduction
According to recruitment information disclosed on the official website of the Hong Kong Monetary Authority, the Fintech Promotion Office under the regulatory agency has launched the position of Associate Fintech Director. According to the recruitment information, this position requires assisting in the development of innovative projects including central bank digital currency (CBDC) and other fintech initiatives, monitoring and regularly updating international and domestic technology trends and the development of central bank digital currency and other key fintech initiatives, and developing strategic partnerships with the financial industry to ensure the successful adoption of projects and initiatives.
In addition, the HKMA is recruiting senior fintech staff to assist in researching the latest technological trends and developments in central bank digital currencies and other key fintech initiatives.
The rise of fintech
The Hong Kong Monetary Authority (HKMA) is the central bank and financial regulator of the Hong Kong Special Administrative Region, responsible for maintaining the stability of Hong Kong's monetary and banking systems and promoting Hong Kong's development as an international financial center. In response to the rapid changes and challenges of financial technology, the Hong Kong Monetary Authority established the Fintech Facilitation Office (FFO) in 2016 to promote the innovation and development of financial technology in Hong Kong.
Recently, the Hong Kong Monetary Authority released two fintech-related recruitment information on its official website, namely Associate Fintech Director and Senior Fintech Officer. The main responsibilities of these two positions involve assisting in the development of innovative projects including central bank digital currency (CBDC) and other fintech initiatives.
Central bank digital currency refers to legal tender in digital form issued by the central bank or its authorized institutions, which can be used to replace cash or bank deposits. The emergence of central bank digital currency is to meet the needs of the digital age, improve the efficiency and security of the monetary system, enhance financial inclusion and competitiveness, and respond to potential stability risks. At present, many countries and regions around the world are studying or experimenting with the issuance and application of central bank digital currency. The most eye-catching one is China's digital renminbi (DCEP), which has been internally tested in many cities.
As part of China, Hong Kong has also actively participated in the research and exploration of central bank digital currencies. In 2017, the Hong Kong Monetary Authority, in cooperation with the Digital Currency Research Institute of the People's Bank of China, launched the "Xiong'an-Hong Kong Infrastructure Connectivity" project to explore the feasibility of using central bank digital currencies for cross-border payments. In 2019, the Hong Kong Monetary Authority, in cooperation with the Bank of Thailand, launched the "Lion Rock" project to explore the use of distributed ledger technology (DLT) to establish a direct exchange mechanism between the central bank digital currencies of the two places. In 2020, the Hong Kong Monetary Authority, in cooperation with the Shenzhen Branch of the People's Bank of China, the Bank of Thailand, the Central Bank of the United Arab Emirates, and the Innovation Center of the Bank for International Settlements, launched the "Multilateral Bridge" project (m-CBDC Bridge) to explore the feasibility of using central bank digital currencies for multilateral cross-border payments.
Mission of the Hong Kong Monetary Authority
As the central bank of the Hong Kong Special Administrative Region, the Hong Kong Monetary Authority is responsible for maintaining monetary stability and the healthy operation of the financial system. With the rise of FinTech, HKMA recognizes that financial innovation is crucial to Hong Kong's competitiveness as an international financial center. Therefore, they actively participate in the research and development of central bank digital currencies and other FinTech initiatives, aiming to ensure that Hong Kong's financial industry can adapt to future changes.
The recruitment of fintech experts, including a deputy director of fintech and senior fintech staff, is an important step in HKMA's efforts to promote fintech innovation. These professionals will play a key role in assisting in the development of central bank digital currency and other fintech innovation projects, monitoring technology trends, and working with strategic partners in the financial industry to ensure the successful adoption of projects.
Fintech refers to the field of improving and enhancing financial services through technological means. With the rapid development of digital technology, Fintech has changed the way traditional financial businesses operate, providing more efficient, convenient and innovative financial products and services. The field of Fintech includes digital payment, blockchain, artificial intelligence, big data analysis and other aspects, among which central bank digital currency is one of the areas that has attracted much attention.
Central bank digital currencies are digital forms of money issued and managed by central banks. Unlike traditional currencies, they do not rely on the banking system but are directly managed by central banks. The rise of central bank digital currencies has provided new opportunities and challenges for currency issuance, payment systems and financial stability. They have the characteristics of instant settlement, traceability and security, which have a profound impact on the development of the financial system.
Responsibilities of the Candidate
According to the recruitment information, the deputy director of financial technology and senior staff recruited by the Hong Kong Monetary Authority will be responsible for assisting in the development of the above-mentioned and other central bank digital currency innovation projects that may be involved in the future. They will also be responsible for monitoring and regularly updating international and domestic technology trends and the development of central bank digital currency and other key financial technology initiatives, and developing strategic partnerships with the financial industry to ensure the successful adoption of projects and initiatives. In addition, they also need to have the following qualifications and skills:
Deputy Director of Fintech: Have at least 15 years of fintech-related work experience, of which at least 5 years were in senior management or leadership roles; have a PhD or master's degree in finance, computer science, engineering or related disciplines; have deep expertise and experience in central bank digital currency and other fintech fields, as well as keen insight into international and domestic fintech developments; have excellent communication, coordination, leadership and management skills, as well as innovation and problem-solving capabilities.
Senior FinTech Staff: Have at least 5 years of FinTech-related work experience, of which at least 2 years were in project management or leadership roles; have a master's or bachelor's degree, majoring in finance, computer science, engineering or related disciplines; have solid expertise and experience in central bank digital currency and other FinTech fields, as well as a good understanding of international and domestic FinTech developments; have good communication, coordination, analysis and problem-solving skills, as well as the ability to work in a team and be self-driven.
The Hong Kong Monetary Authority's recruitment of these two positions shows its emphasis on and investment in central bank digital currency and other financial technology innovation projects, and also reflects Hong Kong's active participation and contribution in the field of central bank digital currency as an international financial center. These two positions will provide a rare opportunity for talents who are interested in engaging in central bank digital currency and other financial technology innovation projects, and will also add new impetus to the development of the Hong Kong Monetary Authority in the field of central bank digital currency.
The future of Hong Kong’s financial sector
Hong Kong has always been an international financial center with a strong financial foundation and an international financial market. However, with the rise of global financial technology, Hong Kong has to actively adapt to this change in order to maintain its competitiveness.
The development of central bank digital currency is an important milestone for Hong Kong's financial industry. It can improve the efficiency of the payment system, strengthen the transmission of monetary policy, promote financial innovation, and strengthen supervision of anti-money laundering and counter-terrorist financing. By recruiting fintech experts, especially deputy directors of fintech and senior fintech staff, the Hong Kong Monetary Authority is actively promoting the development of central bank digital currency and innovation in fintech.
At the same time, the efforts of the Hong Kong Monetary Authority will also have a positive impact on the international financial system. As an international financial center, Hong Kong's financial initiatives and practices have a demonstrative effect on the global financial market. Therefore, the Hong Kong Monetary Authority's fintech initiatives will attract widespread attention around the world.
