The financial industry has become more and more globalised and technology-driven. The traditional boundaries between different sectors within the financial industry and between the financial and non-financial industries are increasingly blurred. The ability to upgrade our professional talent pool by promoting the global and inter-disciplinary perspectives of our talents and strengthen our applied research capability is crucial to the maintenance of Hong Kong’s position as a premier international financial centre. The AoF was set up to enhance our soft power in a sustainable manner in these aspects.

The AoF is set up with full collaboration amongst the Hong Kong Monetary Authority, the Securities and Futures Commission, the Insurance Authority and the Mandatory Provident Fund Schemes Authority. The AoF brings together the strengths of the academia, the industry, professional training institutes and the regulatory community to develop financial leadership and promote research collaboration. The mission of the AoF is to serve as:

  • centre of excellence for developing financial leadership; and
  • repository of knowledge in monetary and financial research, including applied research.

Last revision date: 26 June 2019

Message from the Chairman

Hong Kong is the premier international financial centre (IFC) of Asia. We enjoy a leading position in many aspects in the financial sector. However, competition amongst IFCs is always fierce. The ability to expand and upgrade one’s professional talent pool and enhance soft power in a sustainable manner will differentiate the true winners. The establishment of the Hong Kong Academy of Finance (AoF) not only nurtures talents in the field of finance, but enhances Hong Kong’s competitiveness as an IFC.

In July 2018, following the Financial Secretary’s announcement in his 2018-19 Budget Speech, an Experts Group commissioned by the Hong Kong Monetary Authority recommended that the AoF be established in Hong Kong. While Hong Kong has been reasonably well served by the existing providers of training and accreditation, there is one obvious gap that the professional training and accreditation bodies essentially provide sectoral training and accreditation but little focus has been placed on leadership development. The AoF fills this gap by directing attention and resources to promoting and fostering the global and inter-disciplinary perspectives needed by persons in positions of leadership.

Besides leadership development, the AoF also undertakes the financial and monetary research function through expanding the Hong Kong Institute for Monetary Research (HKIMR). The expanded HKIMR covers applied research activities, especially across different financial sectors, while continuing its conventional academic research activities. It helps promote the study and practical application of the knowledge and technology in the field of finance, which has received little focus so far.

I envisage that the work of the AoF will greatly strengthen Hong Kong’s soft power, and contribute to the maintenance of our position as the premier IFC.

chairman

Norman T.L. Chan, GBS, JP

Chairman of the Board, Hong Kong Academy of Finance
Chief Executive, Hong Kong Monetary Authority

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