Hong Kong is bent on becoming an international financial centre and is ready pull out all the stops to get there, according to a speech made by a senior finance minister. 

Speaking at the Hong Kong Institute of Bankers' annual conference, Professor KC Chan, the secretary for Financial Services and the Treasury, said that in order to keep pace with the rapidly changing market environment and international banking standards, all financial professionals must be conscientious in upgrading their knowledge, acquiring the necessary professional qualifications, and widening their exposure to regional and international affairs.

"With the rise of Hong Kong's market to the international stage, increasing the risks and challenges that comes with it, a higher level of expertise and proficiency is expected from banking professionals specialising in different functions," Professor Chan said. "We need more high-calibre business managers, competent retail or wholesale banking professionals, talented wealth management advisors, and experienced risk managers."

Hong Kong has fared relatively well through the global financial crisis and has not suffered systemic failures; however, the country is not without its share of problems. While the West had dealt with shutdowns, much of Hong Kong's attention was focused on handling complaints related to the mis-selling of products that resulted from the collapse of Lehman Brothers. The situation, therefore, calls for the maintenance of proper business standards and ethics.

"The government is pleased that both the Hong Kong Monetary Authority and authorised institutions have made significant and continuous steps in recent years to strengthen and implement the framework for a banking staff code of practice," Prof Chan continued.

For the past decades, the HKIB has been providing education and training services to Hong Kong's banking sector - an endeavour which Prof Chan is keen on further developing to be at pace with evolving practices and trends. To date, the country is enjoying not just organic growth, but also an expansion of its financial market from the increasingly affluent population coming out of China.

The goal, he said, is to establish Hong Kong as the best testing ground for Chinese high net worth individuals to establish RMB businesses outside of the mainland.

"Improving our market environment as a wealth management centre and having available a world-class talent pool of financial professionals go hand-in-hand in maintaining and strengthening Hong Kong as an international financial centre," he said.