Fintechs struggling to attract graduates, who still favour traditional banks
One experts says graduate roles at banks have fallen by 5-10 pc this year compared to last year as they are also finding it harder to retain staff
Financial technology (fintech) companies in Hong Kong say they are seeking to appoint more talented graduates – but the big brand appeal of traditional banks still remains strong for youngsters, and their parents, according to experts.
Arthur Hayes, chief executive of bitcoin derivatives trading company Bitmex, said it has struggled to hire locally for just four places on its new graduate programme, which will focus on financial derivatives, cryptocurrency bitcoin, and blockchain, the technology behind the digital currency.
“The initial goal was we’d like to hire all Hong Kong-based graduates – but if we can’t find the talent that we need, we may need to look to other regions,” Hayes said.
Two candidates have even turned down offers from Bitmex, Hayes said, in one case because of pressure from parents who viewed a job in a traditional financial institution as more stable.
But the former Citibank trader insists fintech start-ups can offer graduates faster career progression than banks.
John Mullally, director of financial services in Hong Kong for recruitment consultants Robert Walters, said the number of graduate roles at banks has fallen by 5 to 10 per cent this year compared to last year, but salaries for junior front office roles have risen 15 per cent.
