ENG-2017 — Page 106

4

Financial and Monetary Affairs

commitment of US$1 billion to the International Finance Corporation's special co-lending programme as a demonstration to attract more private-sector capital to emerging markets.

Bond Market

The Government Bond Programme promotes the development of the bond market in Hong Kong. It has a borrowing ceiling of $200 billion. Successful issuances of institutional bonds, retail inflation-linked bonds and Islamic bonds in the past testify to the vibrancy and robustness of the local bond market.

Bonds totalling $24.4 billion were issued to institutional investors under the programme in 2017. These included a third Islamic bond, launched in February with an issuance size of US$1 billion and a tenor of 10 years. The issuance attracted strong demand, reflecting the attractiveness of the local bond market.

In June, under the retail part of the programme, the government issued a $3 billion inflation- linked Silver Bond with a tenor of three years to Hong Kong residents aged 65 or above to encourage financial institutions to tap into the immense potential of the 'silver market' by introducing a larger spectrum of appropriate products.

Financial Technologies

The local financial technology (fintech) ecology has become increasingly vibrant with the concerted efforts of the government, financial regulators, innovation organisations such as Cyberport and industry players.

The Hong Kong SAR Government and the United Kingdom Government entered into a Fintech Bridge Agreement in September to foster joint collaboration in promoting financial innovation. The agreement allowed fintech firms on both sides to use the facilities and assistance available in the other place to explore new business opportunities.

InvestHK organised the second Hong Kong Fintech Week, the flagship fintech event in the city, in October to showcase Hong Kong's unique advantages in fintech. It drew some 4,000 attendees from over 50 countries and regions and more than 300 speakers.

Talent Training

The three-year Pilot Programme to Enhance Talent Training for the Insurance Sector and the Asset and Wealth Management Sector, launched in 2016, seeks to enable the community, particularly students, to better understand the wide spectrum of jobs available in these two sectors so as to attract new blood and enhance the professional competency of the sectors. The various initiatives included enhanced public education, summer internships for undergraduates, placements for graduates and a financial incentive for in-service practitioners to undergo training.

The HKMA works closely with the banking industry and professional bodies to develop modules under the Enhanced Competency Framework (ECF) for capacity building and talent development. In December, two ECF modules on treasury management and retail wealth management were launched to enhance practitioners' competency and enlarge the talent pool

62