Hong Kong, Singapore, and Dubai have evolved into global financial clusters that attract cross-border capital, financial institutions, and highly skilled professionals. As the Kaohsiung Zone of Taiwan’s Asian Asset Management Center (AAMC) initiative approaches its first anniversary, policy priorities are gradually shifting from regulatory liberalization toward developing the talent capable of building new businesses, designing institutional frameworks, and leading high-performing teams. These cases can offer valuable lessons for Taiwan’s own ambitions to address this fundamental challenge.
Hong Kong has focused primarily on expanding its talent pipeline. Since 2016, the Hong Kong government has implemented the Pilot Programme to Enhance Talent Training for the Insurance Sector and the Asset and Wealth Management Sector, under which the Asset and Wealth Management (WAM) Pilot Programme concluded in March 2026. Led by the Financial Services and the Treasury Bureau (FSTB), and administered by the Hong Kong Securities and Investment Institute (HKSI Institute), the program integrated public outreach, internships, and professional training subsidies into a single framework. Government allowances covered up to 75% of internship expenses, while the participating financial institutions provided the remaining compensation, together with workplace mentoring. Existing professionals who completed eligible courses also received reimbursement for up to 80% of tuition fees. Taiwan can take reference from Hong Kong's integrated approach, combining internships, mentoring, and continuing professional development within a unified system.
Singapore, by contrast, has concentrated on building structured and cumulative career pathways. The Wealth Management Institute (WMI), established by GIC and Temasek, now enrolls more than 17,000 participants annually and offers over 150 courses. Its Investment Accelerator Programme, jointly designed by industry leaders, and supported by the Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance Singapore (IBF), combines professional certifications, industry networking, and career coaching to help young professionals secure internships and permanent positions. Once in the industry, participants can continue toward advanced diplomas, master’s degrees, and professional certifications, with several qualifications aligned to the industry’s competency frameworks. Singapore’s employer-recognized competency standards that seamlessly connect pre-employment education with lifelong professional development can likewise provide inspiration for Taiwan.
Dubai has adopted yet another model, integrating talent development directly into its international financial center. The DIFC Academy collaborates with global institutions such as the CFA Institute and MIT Sloan Executive Education to deliver internationally recognized courses, certifications, and faculty in fields including investment management and family wealth management. As of the end of 2024, DIFC had trained 41,000 participants. Rather than serving education alone, these programs directly support the business needs of Dubai's financial ecosystem. Taiwan’s regulators could adopt a similar approach, working closely with financial institutions to identify emerging talent requirements and introduce internationally recognized curricula and instructors.
Hong Kong, Singapore, and Dubai have different priorities – talent attraction, career progression, and international expertise, respectively – but they all share the common principle of a clearly designated institution to coordinate competency standards, job requirements, professional training, and industry demand.
Taiwan's aspiration to become a regional financial center dates back three decades. In 1995, the Executive Yuan approved the Asia-Pacific Regional Operations Center Plan, designating financial services as one of six strategic pillars. Although the policy has since evolved through multiple iterations, culminating in today's Asian Asset Management Center initiative, Taiwan has yet to establish a regional asset management hub capable of competing with Hong Kong or Singapore.
Historically, one of the primary constraints has been the slow pace of market liberalization in the asset management industry. New entrants remained limited, financial products and cross-border services faced considerable restrictions, and talent development was therefore largely oriented toward domestic market needs. Training was primarily undertaken by local financial institutions and domestic education providers, leaving few opportunities for professionals to gain exposure to global asset managers, international investment platforms, or family office businesses.
Meanwhile, international financial centers such as Hong Kong and Singapore have attracted many of Taiwan’s best financial professionals by offering broader career opportunities and more attractive compensation. This talent has accumulated extensive experience within globally leading asset management firms while retaining a deep understanding of Taiwan’s financial market, and therefore represents one of Taiwan’s most valuable and accessible sources of talent.
Having identified this overseas talent, Taiwan's semiconductor industry offers an instructive precedent for how to position them within Taiwanese financial institutions. In 1976, the Industrial Technology Research Institute (ITRI) signed an integrated circuit technology transfer agreement with RCA, sending Taiwanese engineers to the US for advanced training. Upon returning home, the participants staffed pilot production facilities, led research initiatives, and drove industrial commercialization, laying the foundation for Taiwan’s first generation of semiconductor talent. In 1985, the government recruited Morris Chang to serve as President of ITRI. Two years later, ITRI transferred its facilities, equipment, technology, and research team to the newly established Taiwan Semiconductor Manufacturing Company (TSMC), creating the world's first dedicated semiconductor foundry. This experience demonstrates that overseas talent can only drive institutional innovation when entrusted with positions carrying genuine authority, resources, and decision-making power.
The asset management industry is similarly dependent on international experience and organizational expertise. Investment management, client relationships, cross-disciplinary collaboration, and cross-border risk management all rely heavily on capabilities developed through years of practical experience, rather than just classroom instruction or professional examinations. Taiwan’s most pressing shortage is therefore not in entry-level personnel, but experienced mid- and senior-level professionals who can immediately assume leadership roles, establish new business lines, and mentor the next generation.
Accordingly, it should prioritize recruiting experienced professionals from mature international markets into senior management positions, granting them the authority, teams, and resources necessary to lead new business initiatives. Priority candidates include overseas Taiwanese professionals with experience in international financial centers like Hong Kong and Singapore, as well as foreign specialists with expertise in areas such as international investment platforms, family offices, private markets, cross-border financial services, and risk management and compliance. The former combine international experience with deep familiarity with Taiwan and Greater China markets, while the latter can introduce globally established practices and business models.
Nevertheless, recruiting overseas professionals presents significant challenges. Compensation in Taiwan generally remains below that of Hong Kong or Singapore, while rigid organizational structures, salary systems, and delegated authority within some financial institutions make it difficult for professionals with international experience to secure positions commensurate with their expertise. To attract and retain high-caliber professionals, therefore, talent recruitment initiatives must therefore address not only compensation, but also organizational design, career progression, and management authority.
Such recruitment should also become institutionalized. Financial institutions should first identify their priority competency requirements and specific vacancies, after which the Financial Supervisory Commission (FSC) could establish a standing mechanism to identify overseas professionals and match them with suitable positions, working alongside training organizations. This matching process should encompass not only employment conditions, but also clearly defined managerial authority, ensuring that recruits can lead business units, oversee strategic projects, and participate meaningfully in decision-making. Ultimately, the willingness of senior professionals to relocate to Taiwan and remain over the long term depends as much on professional autonomy and career prospects as on family considerations.
Taiwan’s longer-term talent strategy should continue to operate through a two-tier model. Universities should focus on expanding the supply of entry-level talent, while TABF should concentrate on continuing education and advanced professional development. TABF should also become the central coordinating institution within Taiwan’s financial talent ecosystem, linking recruitment needs with university education, internship programs, and international expertise.
Universities can integrate finance, law, taxation, data analytics, and international markets into their curricula to build foundational capabilities, complemented by internships, industry mentoring, and international exchange programs to familiarize students with the structure and career opportunities of the asset management industry before graduation.
TABF, meanwhile, would focus on professional development for practitioners. The current AAMC Talent Development Program already provides foundational, intermediate, and advanced training covering wealth management, product development, risk management, legal affairs, and compliance. Going forward, the curriculum design, faculty resources, and certification standards should be continuously updated based on evolving competency requirements.
Both tiers should ultimately be connected through a common competency framework. Universities would align curricula and internships with these standards, financial institutions would define occupational requirements and recognize training outcomes, and TABF would bridge the two by providing continuing education and advanced professional development.
To fulfill this coordinating role, TABF’s talent development strategy should further incorporate participation from internationally experienced practitioners. Professionals with experience in global financial centers should contribute to the design of competency standards and curricula, faculty selection, and internship programs. Qualified professionals should also be entrusted with leadership positions overseeing specialized talent development. The experiences of Hong Kong, Singapore, and Dubai demonstrate that successful financial talent policies require an institution capable of connecting industry demand, competency standards, and professional training. TABF is well positioned to assume this coordinating role.
Meanwhile, the development of Taiwan’s semiconductor industry illustrates another essential lesson: overseas professionals must be granted positions, authority, and resources commensurate with their expertise if they are to establish new businesses and institutional capabilities. The next phase of the AAMC initiative should therefore adopt a dual-track strategy. In the short term, Taiwan should recruit experienced overseas professionals to address immediate capability gaps. Over the longer term, universities should expand the domestic talent pipeline, while TABF connects continuing education, industry demand, and international best practices into a coherent talent ecosystem.
Ultimately, the success of Taiwan's talent strategy should not be measured solely by the number of professionals trained, but by its impact on capital flows. In the near term, it should help retain domestic capital. Over the medium term, it should encourage overseas Taiwanese investors and entrepreneurs to bring assets back to Taiwan. Over the long term, the strength of its professional talent base should enable Taiwan to attract international capital and cross-border asset management business.