Hong Kong’s Talent Development Programme FAST Sustains the Fintech Industryby Fintech News Hong Kong June 9, 2022
Despite the heavy blow it has dealt the global economy over the past two years, the pandemic has accelerated digital transformation across multiple sectors. This has led to a spike in demand for talent in the fintech sector.
While talent development is an indispensable part of fintech’s future, the Fintech Anti-epidemic Scheme for Talent Development (FAST) received enthusiastic responses with the number of fintech applicants surpassing the initial target of 1,000 when the year-long application period ended in July.
FAST is administered by Hong Kong digital tech park Cyberport, which is wholly owned by the HKSAR Government.
Successful applicant companies received a monthly subsidy of HK$10,000 for a new position for a maximum of 12 months.
This industry offers promising opportunities for young talent, as evidenced by two recent graduates who have found a new arena within fintech to realise their potential.
Job creation incentives for fintech companies
Trevor Lau, a 2018 business graduate, joined iFinHealth last July. The company is a Cyberport startup specialising in enhancing efficiency and accuracy in credit assessment, as well as ongoing risk monitoring for financial institutions.
iFinHealth applies machine learning technology to help companies analyse potential business partners’ historical financial figures, producing an efficient financial assessment and assisting users in making informed business decisions.
As a credit analytic scientist, Lau is responsible for company financial analysis and R&D in process automation.
“In addition to building knowledge of financial and credit analysis, I also work closely with programmers to learn about system design technique. The ‘Fintech Anti-epidemic Scheme for Talent Development’ (FAST) offered me a great opportunity to enter the fintech industry.
I am excited to work at iFinHealth where I can have an accelerated career path with more exposure, as compared to opportunities within a more conventional company,”
said Trevor Lau, Credit Analytic Scientist at iFinHealth
Given its expansion plan, iFinHealth has been looking to hire more staff and the FAST programme provides the company with direct financial support.
William Lam, Chief Executive Officer and Founder of iFinHealth said,
“The documentation for FAST is more straightforward than other funding schemes, avoiding administrative burdens for small-scale fintech firms like us.”
When asked about iFinHealth’s plans moving forward, Lam said the company is developing new features for its regtech products and plans to expand its business to Singapore and Taiwan.
Self-sustaining fintech positions
Another FAST company, Bull.B Technologies, has retained its position beyond the subsidy period.
This is in line with FAST’s ultimate goal, with new positions creating value for the company as well as being self-sustaining, or even generating further job opportunities.
In view of the fast-growing digital asset market, the company launched an instant messaging program with a cryptocurrency wallet function last year.
“In addition to its communication functions, users can use the blockchain wallet function in the app to instantly buy cryptocurrencies online or send crypto to friends.
Our FAST candidate Pete, an engineering graduate, is heavily involved in this project and is largely responsible for the blockchain development and security settings. He is very passionate about the job and the blockchain industry, making a significant contribution to our team,”
said Stark Chan, Chief Executive Officer and Founder of Bull.B Technologies.
Pete told Fintech News that he is optimistic about the fintech’s potential and will pursue his future in the industry.
“B2B fintech solutions such as cybersecurity and blockchain-enabled financial services are a market with tremendous potential for Hong Kong.
The FAST programme’s progress review motivated me to perform better. I will be working my way up at Bull.B Technologies.”