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 (RPs), 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 RPs;
(b)    Supporting relevant employees to attend training programmes and examinations that meet the ECF-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 Circular on 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

RPs 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-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)  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 Intelligence 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)    grandfathered pursuant to the criteria specified in the Grandfathering section below. 

ECF Affiliate:
Learners who have successfully completed a HKIB professional qualification programme (including training and examinations requirements) but yet to fulfil the requirement of Relevant Practitioners or required years of relevant work experience for certification will be automatically granted as ECF Affiliate. Ordinary Membership with membership fee for the awarding year waived will also be granted to learners.

For details about ECF Affiliate, please contact HKIB at (852) 2153 7800 or email at cs@hkib.org.

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 completed 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 Fee

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

Examination Format and Fee

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

^ HKIB student members can enjoy 25% off training fee discount and 50% off examination fee discount respectively. However, those student members will no longer be eligible for The Pilot Scheme on Training Subsidy for Fintech Practitioners offered by the Government of HKSAR in the future.

Training and Examination Enrolment

Applicants can submit the application via MyHKIB.

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

RPs 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

RPs 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. 

The one-off ECF-Fintech Grandfathering - Application arrangement is no longer applicable after 31 March 2023. 

For individuals who have sufficient relevant work experience but are not working in an AI during the grandfathering period from 1 April 2022 to 31 March 2023, they may submit their applications to HKIB for grandfathering within 3 months from the date of joining the relevant Fintech functions of an AI and becoming RPs. However, applicants should have met all the applicable grandfathering criteria as prescribed above on or before 31 March 2023. A one-off grandfathering fee will apply.
 

Annual renewal of certification and CPD Requirements

The ECF-Fintech certifications are subject to annual renewal by HKIB. Certification holders are required to meet the annual CPD requirements and pay an annual certification fee to renew the certification.

For both the Core Level and Professional Level qualifications,  the requirement is a minimum of 12 verifiable CPD hours  for each calendar year, of which at least 4 CPD hours should be earned from activities related to topics of 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.

For ECF Affiliate, at least 3-hours of CPD within the scopes mentioned in HKIB CPD Scheme is required annually for recertification.

Any excess CPD hours accumulated within a particular year cannot be carried forward to the following year. 

The CPD requirements will be waived for the first calendar year (ending 31 December) of certification and grandfathering. 

For details, please refer to the Overview of HKIB CPD Scheme and HKIB CPD Requirements webpage under HKIB website.

Integration of ECF in Certified Banker (CB)

Certified Banker (CB) is a professional banking qualification programme developed and offered by HKIB. This common qualification benchmark is intended to raise the professional competency of banking and financial practitioners in Hong Kong to meet modern demands, while providing a transparent standard with international recognition. The ECF-Fintech (Core and Professional Levels) have already been incorporated in CB (Stage II) and CB respectively. You may refer to the CB Programme structure as below to plan for your learning path. Learners who have obtained a pass at the relevant examination can then apply for an exemption for the elective module “ECF-Fintech (Core Level)” of the CB (Stage II) programme and the module “ECF-Fintech (Professional Level)” of the CB Specialist Stream programme.

Professional Qualification Programme Scholarship Scheme

Each year, HKIB selects the top two candidates from each competency level (Core/Professional Level) and award them with the scholarship as recognition. This is the way for HKIB to promote academic excellence and motivate future students to push themselves to achieve same high level of performance. The two top candidates in each competency level (Core/Professional Level), provided that all other granting requirements are met, can be awarded with a cash incentive (HKD5,000 for Core Level; HKD6,000 for Professional Level), and a study coupon which can provide candidates to study one more professional qualification offered by HKIB with all training and examination fees waived.

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