The Monetary Authority today announced a plan to set up the Academy of Finance to reinforce Hong Kong's competitiveness as an international financial centre.

In his Budget Speech, Financial Secretary Paul Chan asked the authority to make plans to set up the academy.

A group of experts commissioned by the authority recommended the academy should perform as a centre of excellence for promoting financial leadership development and serve as a repository of knowledge and centre for monetary and financial research.

The experts added the academy should be established by revamping and expanding the existing Hong Kong Institute for Monetary Research.

The academy should also work closely with the Government, financial regulators, the Financial Services Development Council, the financial industry, tertiary institutions and professional training bodies.

The Monetary Authority will set up a preparatory committee to take the initiative forward and launch the academy in mid-2019. 

Mr Chan said: "With fast development in the global landscape of an increasingly knowledge and technology driven financial industry, the establishment of the Academy of Finance would help maintain Hong Kong's edge as the leading international financial centre in Asia."