New technologies key for Hong Kong CFOs in 2017, survey finds

PUBLISHED : Wednesday, 01 March, 2017, 4:46pm
UPDATED : Wednesday, 01 March, 2017, 4:46pm

Almost half of chief financial officers (CFOs) in Hong Kong say implementing new technologies to enhance their businesses would be a priority this year, according to a survey conducted by recruitment firm Robert Half.

Some 43 per cent of respondents cited adapting their business to new technologies as a key focus during the next 12 months, making it thesecond business priority of the year among Hong Kong’s financial decision-makers.

Looking further ahead, 46 per cent of the respondents said they would make new technologies their first priority in 2020, topping the list for that year, the survey found.

Updating internal financial policies and procedures is listed as the top priority for more than 48 per cent of CFOs in 2017 followed, after adopting new technologies, by talent management and driving overall company growth.

“Companies in the city who embrace technology and who are quickest to adopt innovative business practices will inevitably be able to drive their company growth and remain competitive in the market,” said Adam Johnston, managing director at Robert Half Hong Kong.

He said business leaders would need to recruit highly skilled finance professionals to manage these changes necessary amid the growing influence of technology and digitisation on finance function,

The study, devised by Robert Half, was conducted in January this year by an independent research firm and surveyed 100 CFOs and finance directors in the city.

With the rapid development of financial technology in recent years, Hong Kong has stepped up efforts to adopt them within the financial sector. However, the government has been criticised for not doign enough to encourage firms to embrace such technologies.