Hong Kong is set to become the world's financial centre

With the number of financial services jobs expected to grow rapidly in the next few years, Hong Kong is set to overtake London and New York as the world's largest financial centre.

The dynamic growth of the Asian economies has created a booming demand for financial services in Hong Kong and this is creating new jobs in banking, insurance, and finance technology.

Hong Kong's open business environment, low tax rates, world-class airports, seaports, and other infrastructure, its close ties with Southeast Asia, and its proximity to China are all contributing to its success as a financial centre.

Many multinational companies already choose Hong Kong as the base from which to conduct business in the rest of Asia and the Government is keen to attract more foreign direct investment.

But this is not the only exciting development for financial services jobs in Hong Kong.

With the launch of the Shanghai-Hong Kong Stock Connect last November, there has been a surge in equities-related hiring at larger banks.

IT and compliance professionals are also being hired in preparation for the regulatory and technology requirements of stock connect, while brokerages have increased their office space in Hong Kong.

The combination of the Hong Kong and Shanghai bourses has already created the world's second-biggest stock exchange behind New York.

Further expansion is expected as a new stock exchange link between Shenzhen and Hong Kong is due to start this year, and when it does all quotas will be lifted on the HK-Shanghai stock connect.

The booming Shenzhen bourse has many more IT companies and start-ups than Shanghai, which lists mostly large state-owned enterprises in the energy, industrial, property, telecommunications, and financial sectors.

This is exciting news as the stock connect can bring Chinese retail investors to Hong Kong's international market, while introducing global investment opportunities to the mainland.

Meanwhile, the Chinese Government began cross-border sales of mutual funds on July 1, extending access to financial markets and capital in China. Most people expect Hong Kong's financial services industry to benefit from these developments.

Many brokers in Hong Kong will need to hire new teams to do research on mainland-listed A shares. Back office jobs will also continue to grow as financial institutions expand their compliance operations. Job opportunities are also expected to grow in hedge funds and private equity firms.