Hong Kong wants to upgrade and deepen the city’s pool of financial talent through an Academy of Finance as China’s economic development continues to grow.
The Hong Kong Monetary Authority (HKMA) said it will set up a preparatory committee to launch the Academy of Finance around mid-2019.
The HKMA has submitted a recommendation to the Financial Secretary Paul Chan Mo-po to proceed with the setting up of the academy, the regulator said in a statement.
An experts group, comprising Anthony Neoh, Carlson Tong, Moses Cheng and David Eldon, presented its recommendations to the HKMA last month.
The group says that the academy should work as a center of excellence for promoting financial leadership development and a repository of knowledge and center for monetary and financial research, in particular applied research in cross-sectoral areas.
The experts also advocated that the new academy of finance should work closely with the Government, the regulators, the financial sector, tertiary institutions and professional training bodies in its work.
“By bringing together the best of what the academia, the industry and regulatory community can offer, we believe the Academy of Finance will go a long way in strengthening Hong Kong’s global leadership as an international financial centre,” Neoh, one of the experts and a former top adviser to ex-Chinese premier Zhu Rongji, said.
In February this year, during his budget speech, Hong Kong’s Financial Secretary Paul Chan tasked the HKMA with establishing an academy of finance.