ECF - Fintech (Professional Level)

Overview

With the aim of supporting capacity building and talent development for banking professionals, the Hong Kong Monetary Authority (HKMA) has been working together with the banking industry to introduce an industry-wide competency framework - "Enhanced Competency Framework (ECF) for Banking Practitioners.

Since the implementation of ECF in 2018, various programmes for different job functions in banking industry have been developed and integrated into The Hong Kong Institute of Bankers' ("HKIB") flagship Certified Banker (CB) Programme which offer generalist, specialist, and strategic topics. The rationale for putting all programme under one professional banking qualification is to promote an industry-based common qualifications benchmark. While ECF programmes offer "role-based" knowledge and certification to relevant practitioners, CB is offering a vocational qualification pathway for further career advancement, being continuously enhanced to nurture more holistic banking professionals and ultimately, supporting the industry to develop a continuous learning culture and a sustainable talent pool so as to maintain the competitiveness of Hong Kong as an international financial centre.

The Enhanced Competency Framework on Fintech (hereinafter referred to as “ECF-Fintech”) is a non-statutory framework which sets out the common and core competences required of Fintech practitioners in the Hong Kong’s banking industry. The objectives of the ECF-Fintech are twofold:

(a)    To develop a sustainable Fintech talent pool for the banking industry; and
(b)    To raise and maintain the professional competence of Fintech practitioners in the banking industry.

Although the ECF-Fintech is not a mandatory licensing regime, authorized institutions (AIs) are encouraged to adopt it for purposes including but not limited to:

(a)    Serving as a benchmark to determine the level of competence required and assess the ongoing competence of relevant practitioners (RPs);
(b)    Supporting relevant employees to attend training programmes and examinations that meet the ECF on Fintech benchmark;
(c)    Supporting the continuing professional development (CPD) of individual employees; and
(d)    Promoting the ECF-Fintech as an industry-recognised qualification, including for recruitment purposes. 

For more details, please refer to the HKMA’s Guide to Enhanced Competency Framework on Fintech. 

Scope of Application

The ECF-Fintech aims to develop an all-rounded Fintech competency framework to enhance the professional competencies of Fintech practitioners working in functions that involve technological innovation for financial services in the banking industry.  Specifically, it is aimed at RPs located in the Hong Kong office of an AI whose primary responsibilities are to performone or multiple job roles:
Role 1 – Fintech Solution Development
Role 2 – Fintech Product Design
Role 3 – Fintech Strategy and Management
Role 4 – Regtech

Competency Standards

The competency standards of the ECF-Fintech are set at two levels:   
1.    Core Level – applicable to entry level and junior level Fintech practitioners in AIs.
2.    Professional Level – applicable to Fintech practitioners taking up middle or senior positions in AIs.  In order to more accurately reflect the different areas of expertise, this level is further divided into two tracks: Management Track and Specialist Track.  

Certification

An RP may apply to the HKIB for certification with the following details.

Professional Level - Management Track 
Certified Fintech Professional (Management) (CPFinT(M))
(1)    has completed Module 5, Module 9, and Module 10 of the ECF on Fintech Professional Level training programme and obtained a pass in the relevant examination of each module on top of the Core Level qualification plus at least 3 years of relevant work experience in Fintech projects and/or any of Professional Level functions in Fintech Solution Development, Fintech Product Design, Fintech Strategy and Management or Regtech as specified in Annex 1 of the HKMA’s Guide to Enhanced Competency Framework on Fintech; or 
(2)    is grandfathered pursuant to the criteria specified in the Grandfathering section below 

Professional Level – Specialist Track
Certified Fintech Professional (Specialist - Artificial Intelligence and Big Data Stream) (CPFinT(S-AIBD))
Certified Fintech Professional (Specialist - Distributed Ledger Technology Stream) (CPFinT(S-DLT))
Certified Fintech Professional (Specialist - Open Banking and Application Programming Interface Stream) (CPFinT(S-OBAPI))
Certified Fintech Professional (Specialist - Regtech Stream) (CPFinT(S-RT)

(1)    has completed Module 5 and one of the following modules for fulfilling the technical specialist stream of the Professional Level training programme and obtained a pass in the examination of the relevant modules on top of the Core Level qualification plus at least 3 years of relevant work experience in Fintech projects and/or any of the Professional Level functions in Fintech Solution Development, Fintech Product Design, Fintech Strategy and Management or Regtech as specified in Annex 1 of the HKMA’s Guide to Enhanced Competency Framework on Fintech:
•    Module 6 for Artificial Intelligience and Big Data stream
•    Module 7 for Distributed Ledger Technology (DLT) stream
•    Module 8 for Open Banking and Application Programming Interface (API) stream
•    Module 11 for Regtech stream
      or
(2)    is grandfathered pursuant to the criteria specified in the Grandfathering section below 

Training and Examination

Core Level
Please click here to view Core Level

Professional Level 

A professional level certificate "Postgraduate Certificate for ECF on Fintech (Management)"/ "Postgraduate Certificate for ECF on Fintech (Specialist - Artificial Intelligence and Big Data Stream)"/ "Postgraduate Certificate for ECF on Fintech (Specialist - Distributed Ledger Technology Stream)"/ "Postgraduate Certificate for ECF on Fintech (Specialist - Open Banking and Application Programming Interface Stream)"/ "Postgraduate Certificate for ECF on Fintech (Specialist - Regtech Stream)" will be given to candidates who have successfully compelted the related professional level training modules and obtained a pass at the relevant examination of each module.

Module 5, 9 & 10 for "Postgraduate Certificate for ECF on Fintech (Management)"
Module 5 & 6 for "Postgraduate Certificate for ECF on Fintech (Specialist - Artificial Intelligence and Big Data Stream)"
Module 5 & 7 for "Postgraduate Certificate for ECF on Fintech (Specialist - Distributed Ledger Technology Stream)"
Module 5 & 8 for "Postgraduate Certificate for ECF on Fintech (Specialist - Open Banking and Application Programming Interface Stream)"
Module 5 & 11 for "Postgraduate Certificate for ECF on Fintech (Specialist - Regtech Stream)"

Entry Requirement for Professional Level

The Programme is open to members and non-members of HKIB. Learners must fulfil the stipulated minimum entry requirements:
•    Professional Certificate for ECF-Fintech awarded by HKIB; or
•    Grandfathered for ECF-Fintech Core Level Programme by HKIB

Training Duration and Training Fee

# Digital version of training material (e.g. PPT Slides) will be provided before training commencement. 

Examination Format

All examinations for Professional Level are open-book examinations, execpt Section A in Module 6, Module 7 and Module 10.

Training and Examination Enrolment

Applicants can submit the electronic application form to make online enrolment.

Late entries for training programmes are accepted up to 7 days after the stipulated application deadlines. An additional late entry fee of HKD200 applies.

Lae entries for examinations are accepted up to 14 days after the stipulated application deadlines. An additional late entry fee for HKD200 applies.

Exemption

An RP may be exempted from specified modules based on completion of eligible training programmes. Please refer to the detailed lists of eligible training programmes for modular exemption. Please note that the lists of eligible training programmes are not meant to be exhaustive. Other training programmes covering syllabuses that have significant overlap with that of the ECF-Fintech can also be considered for modular exemption on a case-by-case basis.

Grandfathering

An RP may be grandfathered on a one-off basis (i.e. within the grandfathering application period) based on the required work experience. Such work experience need not be continuous. The detailed grandfathering requirements are as follows:

Professional Level (Management Track / Specialist Track) 
•    At least 6 years of relevant work experience in Fintech projects and/or any of the functions as specified in Annex 1 of the HKMA’s Guide to Enhanced Competency Framework on Fintech, of which at least 3 years are gained from respective Professional Level job roles; AND
•    Employed by an AI at the time of application. 
Existing RPs who meet the above criteria can submit their grandfathering applications to the HKIB from 1 April 2022 to 31 March 2023.  A one-off grandfathering fee will apply.

Annual renewal of certification and CPD Requirements

The ECF on Fintech certifications are subject to annual renewal by HKIB. Certification holders are required to meet the annual Continuing Professional Development (CPD) requirements and pay an annual certification fee to renew the certification.
For both the Core Level and Professional Level qualifications, a minimum of 12 CPD hours is required for each calendar year, of which at least 4 CPD hours should be on topics related to innovative technology (e.g. artificial intelligence, big data, cloud computing, cybersecurity, distributed ledger technology, and/or open banking and API), product development, business strategy and marketing, finance and investment, and/or risk and compliance. The remaining hours should be on training topics related to banking and finance, Fintech, or the job function. Examples of appropriate training topics include: 

(a)   Compliance, code of conduct, professional ethics or risk management; 
(b)   Banking and financial knowledge;
(c)   Emerging technologies in financial services (e.g. machine learning algorithms, deep learning, network analytics, visualisation, voice recognition, natural language processing and generation); 
(d)   Economics; 
(e)   Accounting; 
(f)    Legal principles; 
(g)   Business and people management; 
(h)   Language; and 
(i)    Information technology.

Activities that qualify for CPD include:
(a)    Attending seminars or courses (both online and in-person) provided by AIs, financial services regulators, recognized professional bodies, academic and training institutions, and the HKIB;
(b)    Taking professional examinations; and
(c)    Delivering training and speeches.
Any excess CPD hours accumulated within a particular year cannot be carried forward to the following year. 
No CPD is required in the first calendar year when above certification(s) is granted. The CPD requirement starts in the following calendar year. 
The minimum CPD requirements will be subject to periodic review in light of the latest developments in the banking sector. For details, please refer to the HKIB website.
 

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