FSDC holds forum on digital banking and anti-money laundering (with photos)
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The Financial Services Development Council (FSDC) and the City University of Hong Kong jointly hosted a forum today (February 8) on career opportunities in digital banking and anti-money laundering.
Entitled "What Do You Know about Digital Banking and Anti-Money Laundering?", the forum was the 15th event under the FSDC's Practitioner Speaker Series. Today's forum featured the Senior Advisor of the FSDC, Mr Esmond Lee, and the Managing Director, General Counsel SIA Pacific of BlackRock, Mr Graham Turl, who also serves as a member of the FSDC Policy Research Committee.
Mr Lee introduced the development of the digital banking sector in Hong Kong. He said there is a trend in consumers' demand for an end-to-end experience and greater consistency when accessing their bank accounts via their mobile phone, tablet, personal computer, or even Smart TV. Modern banking is about connecting people to their money more quickly, accurately and efficiently than ever before, he added.
Mr Lee said, "Among the many advances in the 19th century, the one that brought the greatest convenience and comfort to human beings was probably the widespread introduction of the water closet and its seamless interface with the sewage system. As for the 20th century, aircraft and aviation was probably the most beneficial invention. Will digital technologies, including the smart phone, be the inventions in the 21st century that bring the greatest convenience and comfort to human beings?"
Mr Turl pointed out that money laundering has attracted increasing attention as the global economy has grown and became more integrated. He said, "Before the September 2001 terrorist attacks, career opportunities in anti-money laundering were either non-existent or limited in growth opportunities. Today, anti-money laundering roles have become very prominent in legal and compliance departments in international financial institutions. Lack of a niche talent pool to meet multinational firms' regulatory demands is allowing professionals, rather than employers, to control the job market."
The forum provided great insight into practitioners' day-to-day work, in particular on how money laundering and terrorist financing continue to be major concerns for bank regulators around the world, and was helpful for university students and young graduates preparing themselves for a career in the financial services sector. The growth of the industry has attracted talents from Hong Kong and overseas. Meanwhile, many jobs in digital banking as well as anti-money laundering have been created.
The FSDC's Practitioner Speaker Series is a project developed between the FSDC and local universities, with speakers from the financial services industry giving talks to university students about important industry facts and the skill sets required in developing a career in financial services.
About the FSDC
The Hong Kong Special Administrative Region Government established the FSDC in 2013 as a high-level, cross-sectoral advisory body to engage the industry in formulating proposals to promote the further development of Hong Kong's financial services industry and to map out the strategic direction for development.
The FSDC set up five committees, namely the Policy Research Committee, the Mainland Opportunities Committee, the New Business Committee, the Market Development Committee and the Human Capital Committee, as the five streams of its work.
Ends/Wednesday, February 8, 2017
Issued at HKT 17:00
Issued at HKT 17:00
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