The effects of the FinTech revolution are evident across the entire financial services industry, with technology transforming everything from payments and retail banking to trading and insurance. For young professionals with an interest in finance, these new digital ways of doing business make it an exciting time to enter the labour market. Not only are there more career paths to choose from, there is also strong demand for people with the right skills to thrive in tech-driven finance.

This is especially true in Hong Kong. The city is home to more than 800 FinTechs¹, as well as the regional headquarters of many global financial institutions that are integrating technology into their business.

There is also significant interest among Hong Kong’s university students. A survey conducted by the Financial Services Development Council (FSDC) found that 80.5% of students in a tertiary institution were likely to consider a career in FinTech, with respondents citing better opportunities, and better salary expectations as key motivations².

Choosing a career path

One of the first things that an aspiring FinTech professional needs to decide is what kind of company they would like to work for, as there are many different parties in the ecosystem – a range that stretches from small startups focused on technological solutions all the way to traditional financial institutions that are taking their first steps on their FinTech journey.

“There’s this entire spectrum of companies involved in FinTech, and a good place to start is by finding an area that you find interesting,” said Arthur Shek, Managing Partner, Hong Kong Office, McKinsey & Company, who was speaking on a panel at FSDC Career Day 2022.

Although it can be tempting to think that FinTechs are future and therefore offer the most opportunity, it is important to remember that there is a lot that can be learned by working at a large financial institution.

“Traditional banks are fantastic learning grounds,” said Maaike Steinebach, General Manager, Hong Kong and Macau, Visa. That said, she also emphasised the importance of technological experience, with Visa looking for talent in data science, engineering and user experience design.

Beyond the hard skills, a career in FinTech requires a wide range of soft skills, with EQ just as important as IQ. Ms Steinebach emphasised the importance of curiosity about technology and new ways of working, as well as different ways of working that will emerge after the pandemic. She also encouraged young professionals to think and operate out of their comfort zone.

Making a difference

One aspect of a career in FinTech that can be particularly attractive to a young professional is the potential to make a big impact early in one’s career. This can manifest itself as successfully helping an incumbent bank realise efficiencies by digitising manual processes, or it can come from contributing to the growth of a startup by developing an idea into a real business proposition.

These opportunities are evident in Web 3.0 – the next iteration of the Internet, and an area where young people often have a better understanding of the products than their older peers. Take non-fungible tokens (NFT) for example. Even teenagers have the potential to make valuable input on these popular virtual assets, said Alvin Kwock, Co-Founder and Group CEO OneDegree – a virtual insurer that uses technology to make insurance more accessible and innovative.

“There’s so much opportunity for young people to use their creative mind to make something valuable,” he said. “Some people might want to start their own company, while others might want to join a startup.”

The impact a FinTech professional can make is not limited to the business world, as there is real potential to make a positive change to society. Digital payment systems have delivered convenience and efficiency to countless millions of users, while smartphone-based banking has promoted financial inclusion by providing access to financial services to people who are typically underserved by the traditional banking system.

Jobseekers should look beyond a position’s salary or job title, and think about how they can make a difference with their career, said Tat Lee, Chief Executive and Executive Director at WeLab Bank – one of Hong Kong’sKong’s most successful virtual banks.

“Your career should empower you to make a change to society, because everyone has a responsibility to make our society an even better place,” he said.

¹FintechHK

²FSDC, P24