Talent attraction is key in Hong Kong’s digital transformation
Hong Kong has ambitions to establish itself as one of the world’s leading digital hubs.
We see this digital hub ambition as a positive development for Hong Kong to future-proof its position as an international finance centre and also diversify its economy to create new opportunities for growth.
Having the right people with the right skills is a key building block for success in any venture, but in particular for cutting-edge innovation where there may not be well-trodden paths ahead.
If Hong Kong wants to achieve its digital ambitions, it must be selective and forward-looking in attracting and nurturing the right talent.
Hong Kong heritage
HSBC has a very long heritage here, and an important role now in helping Hong Kong move towards that vision in an audacious and sustainable manner.
The bank is collaborating with government officials, regulators, entrepreneurs, innovation and technology hubs, and experts in academia, and taking part in joint working groups with the likes of the Hong Kong University of Science and Technology (HKUST).
The aim is to promote technological transformation in the world of finance, with the projects we’ve been involved with ranging from digital assets and AI to fintech ecosystems.
Embracing transformation
When it comes to digital transformation, change needs to flow from the top. A strong ownership and accountability model is pivotal to the structure to get results.
HSBC has embraced transformation, and that makes all the difference. Our senior leadership team has consistently supported innovation and experimentation, with a view to fostering a culture which looks to the future.
This can be found in initiatives that include idea-sharing platforms, in-house competitions, recognition programs, and dedicated think tanks, which experiment with emerging technologies in separate, controlled environments.
This helps to attract, nurture and retain a broad range of tech talent from seasoned technical domain experts to emerging talent.
The secret sauce is a mix of individuals who bring experience, technical expertise, creativity and unique perspectives, working in an environment that fosters an innovation culture.
Strategic partnerships
Another way to build skills and expertise is through partnerships.
HSBC’s strategic partnership with HKUST’s School of Business and Management aims to accelerate the bank’s digital journey by connecting academic research to industry practice.
Through this partnership, researchers and professors from HKUST work on use cases together with subject matter experts from the bank.
Last year, the Hong Kong Science and Technology Parks Corporation and HSBC entered into a three-year strategic partnership agreement to drive innovation and create a more effective bank-fintech collaboration ecosystem.
Upskilling workforces
With technology advancing at what seems like lightning speed, companies should continuously upskill their workforces by investing in training to ensure that employees have the know-how to implement and work with new technologies. This also helps to get everyone on board with all the changes.
Introducing any disruptive and transformative technology has to be a gradual process as it is integrated into the everyday business.
There will be a number of challenges, but that is the nature of change. Having the right talent on board is the key to success.
A version of this article was first published in HKUST Business School Magazine (opens in new window) (opens in new window).