It aims to nurture financial leadership and encourage monetary and financial research.
The Hong Kong Monetary Authority (HKMA) officially opened the Academy of Finance as part of an effort to retain the city’s financial hub status.
First announced during the 2018-19 budget address, the academy aims to nurture financial leadership in its members, whilst encouraging monetary and financial research, particularly in applied, cross-sectoral research.
Financial secretary Paul Chan stressed the necessity of financial talent with an international perspective and insight into future development trends, exploring areas like green finance and fintech..
“The academy is a smart complement to a host of other financial initiatives, all designed to consolidate our strengths and create new competitive advantages for the economy, and the future of Hong Kong,” Chan said in a statement.
The existing Hong Kong Institute for Monetary Research will become a subsidiary of the academy where they will reach out to academics and researchers to analyse issues affecting financial developments in Hong Kong
The academy also has a Centre for Financial Leadership Development that will mostly target senior executives from a broad cross-section of the financial industry including banking, insurance, securities, law, accounting, academia and more. Membership is by invitation only, to be nominated by the academy’s membership committee.
“More than goals, they are indeed critical requirements, if Hong Kong is to maintain its standing as one of the world's most competitive financial centres,” Chan added.
“The Hong Kong Academy of Finance plays a vital role in helping the industry develop the skills we need to overcome the challenges we face, particularly sustainability, and to build the next phase of growth through innovation and collaboration across geographies and industries,” Peter Wong, Deputy Chairman and Chief Executive at HSBC, who also serves as one of the Fellows of the Academy said in a statement.
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