The Hong Kong Monetary Authority (HKMA) officially set up the Academy of Finance last month. The plan was first revealed by the government in the address for the last financial year’s budget. The move is considered by the government to be a substantial step in their efforts to preserve the city’s standing as a major financial hub. There have been unprecedented changes in the financial landscape over the past few years and the financial markets have evolved at a rapid pace to be more technology and knowledge driven. It is hoped that the academy will assist in maintaining Hong Kong’s status of being one of the major global financial centers.
The goals that the Hong Kong government has set are quite ambitious but they seem to have a clear plan of action to achieve their aims. The idea behind setting up the financial academy is to encourage financial and monetary research, especially the cross- sectoral and applied financial research which is pretty much a need of the day to maintain an edge in the contemporary financial landscape which will focus particularly on knowledge-based developments and advancements.
Furthermore, it will serve as a center for learning and development. The academy will groom financial leadership that is capable to take on the challenges of the new financial economy and survive the paradigm shifts in the financial sector.
The Centre for Financial Leadership Development will largely focus on top and senior level executives from an extensive cross-section of the industry. This will include professionals belonging to the diverse financial fields of insurance, law, banking, securities, accounting, and even academics.
Membership will be limited to only the professionals that have been invited by the membership committee of the academy itself.
The finance academy perfectly complements a string of other initiatives taken by the government, all focused on enhancing and building upon Hong Kong’s strengths in the financial sector to generate new competitive advantages for the rapidly evolving financial economy.
Other initiatives include the push towards incorporating more technology in the financial sector as well as a green finance initiative. The first of its kind Green Bonds were issued a few months ago by the government and were received positively by both global and local investors. The Government Green Bond Program raised a billion dollars by issuing green bonds that have a term of five years.
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