Monetary authority advancing plans to boost training of local financial professionals

The Monetary Authority of Macau (AMCM) announced that it will advance with training initiatives via the Institute of Financial Services (IFS) and is preparing a training plan to prepare professionals that can assist in the development of the local financial sector.

The lack of qualified personnel in the financial sector has been pointed by experts as one of the main obstacles in the Chinese government plans to develop the Macau SAR as a modern financial sector, a direction intended to help diversify a local economy heavily dependant on the gaming sector.

According to the results of a study carried out in the initial phase, the AMCM verified there is a “significant demand for talent with professional qualification in the financial area” and is preparing a training programme that can “in a targeted way” promote the training of qualified staff in this area.

At the beginning of this year, the AMCM created a consultancy committee, composed of the IFF and academic representatives of five higher education institutions with the aim of collecting their opinions on the work related to the training of qualified staff in the financial area in Macau.

The AMCM noted that since its creation in 2002, the IFF has been providing financial training of various kinds to around 130,000 people.

In recent years, in addition to training courses in the banking and insurance areas, courses focused on the securities market, wealth management, financial technologies, financial leasing, green finance and RMB operations were also added, so as to meet the needs for the development of modern financial activities.

“From 2019 to the first quarter of 2021, a total of about 250 training sessions were organized, with the participation of 8,500 trainees, including 80 training actions associated with the modern financial sector, having provided training to around 3,000 people,” the AMCM added.

The AMCM also indicate that in 2020 “more than 100 vacancies were made available to interns in the fields of financial technologies and leasing” with activities organised with local teachers and students, such as face-to-face visits and seminars, in order to present employment situations and perspectives in the financial sector.

The monetary authority has also cooperated with the Legal and Judicial Training Center to launch practical courses in the second half of the current year for legal professionals concerning with bonds market as the main topic.

Cooperation agreements have also been signed with the AMCM counterparts in the cities of Zhuhai and Shenzhen for financial training programs, with an agreement also established with the China-Portuguese-speaking Countries Development Cooperation Fund for two editions of a short-term training course for talent in the Macau financial area.

The AMCM is also looking to encourage local residents to obtain professional qualifications in the financial area, namely, the Licensing Examination for Securities and Futures Intermediaries” from the Hong Kong Securities and Investment Institute or as Certified Financial Planner, Chartered Financial Analyst, and the Shenzhen-Hong Kong-Macao Financial Technologist Professional Program

Experts present in a recent panel discussion held by Macau Business also considered that in order to develop the city as a financial hub required the importation of financial specialists and professionals from elsewhere and an easing in protectionist policies towards the hiring of qualified non-resident human resources.