Newly licensed Hong Kong virtual lenders bolster banking hiring spree

They will be hunting for more fintech talents.

Bloomberg reports the newly licensed virtual banks have ‘unusually’ bolstered recruitment in Hong Kong’s banking sector which is one of the most staid areas of its financial industry.

Four ventures that won permits have about 200 people in the city, which may more than double by the time they start operating, said Carol Cheung, a director at headhunter Robert Walters.
WeLab has bared its plans to double its Hong Kong headcount to 200 in the next 12 months, whilst Standard Chartered revealed that it needs to boost its 100-strong venture team with another 40 people. Meanwhile, the virtual bank of ZhongAn Online P&C Insurance said it is also looking to add more to its current 100 headcount.

Also read: Hong Kong shapes up in heating virtual banking race

“There’s already a lack of fintech talent in Hong Kong’s banking industry as not every banking practitioner is a good fit,” said Simon Loong, founder of WeLab Holdings, which was granted a license earlier this month. “Some bankers who are experienced in doing traditional sales may not be suitable for fintech-driven services.”

Source: Hong Kong Institute of Bankers

Note: Based on more than 800 responses from groups including finance professionals, academics, university students and regulators

The Hong Kong Monetary Authority expects the virtual banks to begin offering retail and commercial services within nine months and is processing four more applications.

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