Hong Kong’s banking sector is facing a looming shortage of talent in artificial intelligence (AI), green finance, and expertise in the Middle East and ASEAN markets by 2030, according to new research by the Hong Kong Monetary Authority (HKMA).
Arthur Yuen Kwok-hang, Deputy Chief Executive of the HKMA, urged lenders to increase their investment in staff training to address the skills gap. Speaking on 16 August ahead of the survey’s official release, he said banks should focus on developing employees’ knowledge rather than competing for talent by offering higher salaries.
“We want to see local banks provide more training for their staff to upgrade their knowledge and skills to plug the talent shortage gap, instead of using higher pay to fight for talent from other banks,” Yuen said.
He stressed that a skilled workforce is crucial to Hong Kong’s position as a global financial hub. “A robust business environment supported by a sufficiently large and skilled talent pool is essential for maintaining Hong Kong’s status as a leading international financial centre,” he added.
AI and technology are seen as key drivers of growth
The study, titled “Capacity Building for Future Banking 2026-2030,” surveyed 147 banks in the first quarter of the year in collaboration with the HKMA, the Hong Kong Association of Banks (HKAB), and the Hong Kong Institute of Bankers (HKIB).
It found that 57 per cent of banks were optimistic about the sector’s prospects between 2026 and 2030, citing expanding technological capabilities and new business opportunities. In contrast, 11 per cent expected challenges due to geopolitical tensions.
Nearly all respondents, around 97 per cent, stated that AI adoption would be a major driver of growth over the next five years. Banks are particularly seeking professionals who can apply AI across business lines, including wealth management.
“Banks want talent who can help develop human-machine interaction so that bankers and customers can communicate using AI-related technology,” Yuen said.
However, he emphasised that AI would not replace human workers entirely. “There are many jobs that have to be done by humans which cannot be replaced by AI. However, the winners would be the bankers who know how to use AI best to enhance their productivity and services for customers,” he explained.
Expanding focus on global markets and sustainable finance
The latest findings mark a shift from a similar survey in 2020, which highlighted the need for talent focused on cross-border business in the Greater Bay Area. This year’s report revealed a growing demand for expertise in the Middle East, ASEAN, and Greater Bay Area markets.
Around 74 per cent of banks said the Greater Bay Area would remain a growth driver, while 64 per cent identified the Middle East and ASEAN as increasingly important.
“Many banks need talent who know the language, culture and regulations of markets in the Middle East and ASEAN, as the trade relationship between Hong Kong and these markets has been growing,” Yuen said.
Government figures show Hong Kong’s trade with Gulf countries surged by 50 per cent over the past four years, reaching US$20 billion in 2024. The United Arab Emirates accounted for the largest share at US$16 billion, followed by Qatar at US$1.6 billion and Saudi Arabia at US$1.4 billion.
To strengthen these links, the Hong Kong government and the HKAB have organised numerous business delegations to the Middle East and ASEAN. Yuen confirmed these initiatives would continue.
Meanwhile, nearly 90 per cent of lenders believe green finance will be another major growth driver. These loans and financial products are designed to address climate change and pollution.
“There is a consensus within the banking industry that sustainable finance will remain an essential component of Hong Kong’s core banking industry in the next five years,” Yuen said. He added that the sector urgently needs professionals trained in both sustainable finance and risk management.
The HKMA plans to work with the HKAB and HKIB to develop new training programmes for bankers, while also encouraging more university students to enter the financial sector.
