The following is issued on behalf of the Hong Kong Monetary Authority:

     The Financial Secretary, Mr Paul Chan, announced today (February 28) in the 2018-19 Budget that he has tasked the Hong Kong Monetary Authority (HKMA) to study the idea of establishing an academy of finance (AoF) in Hong Kong.

     The HKMA has commissioned an Experts Group to study the feasibility of this proposition.  Members of the Experts Group include the former Chairman of the Securities and Futures Commission, Mr Anthony Neoh; the Chairman of the Securities and Futures Commission, Mr Carlson Tong; the Chairman of the Insurance Authority, Mr Moses Cheng; and the former Chairman of The Hongkong and Shanghai Banking Corporation Limited, Mr David Eldon.

     The initial view of the Experts Group is that it seems feasible to establish an AoF in Hong Kong as a centre of excellence for financial services by bringing together the strengths of the academia, the industry, professional training institutes and regulatory community to promote financial knowledge transfer, capacity building, and applied research collaboration.

     The Chief Executive of the HKMA, Mr Norman Chan, said "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 among 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.  Establishing an AoF will not only nurture top notch talents in the field of finance, but enhance Hong Kong's competiveness as an IFC."

     The Experts Group will complete its study by mid-2018 and submit its recommendations to the HKMA for follow up.

Ends/Wednesday, February 28, 2018
Issued at HKT 17:55

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