So, we cannot just rely on attracting overseas talent to address the issue. 29. A more sustainable strategy is to build a large, deep financial talent pool locally. To do so, we have embarked on a new talent development strategy – “Connecting Talent to the Future” – and a range of new initiatives to address the talent gaps in a more structured and targeted manner. Our objective is to build a strong pipeline of future talent on the one hand, and develop a highly skilled local workforce on the other. 30. Our new strategy is built on three “connect” directions. First, we have to better “connect” our younger generation to the banking industry so that they have a better idea of the abundant 3/4  BIS central bankers' speeches  career opportunities out there, especially in fintech and ESG fields. We hope this would help attract more new blood to the industry. We are now organising a series of outreach and promotional events, like career talks and social media campaigns. We will also launch a virtual resource centre as a “one-stop directory” for various job types, career paths and training pathways in the industry. 31. It is never quantity over quality, as the quality of our future talent is also critical. To ensure our students are “future ready”, it is essential to enrich students’ real-world experience. This can be achieved by forging closer ties between universities and the industry. 32.
HKMA, as both a banking regulator and market facilitator, has the role of creating a conducive environment for this to happen. Therefore, we have launched a new Fintech 2025 strategy recently and will work hand in hand with the industry along this fintech journey. 18. Of course, we are mindful that technology can be a double-edged sword. If done properly, technology can enhance financial inclusion. But there are always risks. For example, the improper use of artificial intelligence and machine learning may lead to biased outcomes and even exclusion. Ill-constructed “model-based” lending could unfairly discriminate against some SMEs. And from a conduct risk perspective, customers could be advised to invest in products not in their best interests. Therefore, it is necessary to properly manage such risks and ensure fairness in the algorithms through rigorous validation and testing. 19. In other words, building a smarter financial system is not just about how much technology content we inject into it. What is more important is whether the outcome for customers is more inclusive and efficient, and whether banks can better manage the risks involved. 20. If we look at another key development priority pursued by the HKMA – Green and Sustainable 2/4  BIS central bankers' speeches  Finance – similar financial exclusion concerns could also arise. It is important that when we gear towards a greener financial system, we should also have financial inclusion in mind. This is the third role of the financial system that I want to talk about. 21.