Hong Kong to establish Academy of Finance by 2019

HKMA hopes it can serve as a hub for monetary and financial research.

The Hong Kong Monetary Authority (HKMA) is planning to set up Academy of Finance (AoF) in the city in an effort to promote financial leadership development and serve as a hub for monetary and financial research.

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A report proposes that the AoF can be established by revamping and expanding the existing Hong Kong Institute for Monetary Research which was established in 1999. However, the AoF is not aimed to provide vocational or professional training to practitioners.

The academy is envisioned to promote global and interdisciplinary perspective and facilitate close collaboration in applied research in cross-sectoral areas in the financial industry.

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“Creating a centre of excellence that aims at promoting top notch talents in financial leadership and at upgrading our capability in applied and cross-sectoral financial research would strengthen Hong Kong’s soft power, which is crucial to the maintenance of Hong Kong’s position as the premier international financial centre,” Norman Chan, chief executive of the HKMA said in a statement.

The HKMA will shortly set up a preparatory committee to take forward this initiative with a view to launching the AoF around mid-2019.