The Chinese Banking Association of Hong Kong held the inaugural seminar of the “Financial Opportunities and Challenges” lecture series in the afternoon of November 28. Professor Richard Wong of the University of Hong Kong and Mr. Wilson Peng, Lead Partner of China Special Situations Group at KPMG, were invited to share their viewpoints on the current economic situation and banking practices. Mr. Yue Yi, Chairman of the Chinese Banking Association of Hong Kong and Vice Chairman and Chief Executive of Bank of China (Hong Kong) Limited, addressed the event. Mr. Ronick Chan, Vice Chairman and Secretary General of the Chinese Banking Association of Hong Kong and a member of the Legislative Council, chaired the event. Also present at the event were approximately 110 guests from member organizations and other banks such as HSBC, Standard Chartered.
Chairman Yue Yi said that the “Financial Opportunities and Challenges” lecture series was a move to fulfill the objectives of the Association, which aim at strengthening communication and cooperation with banks and supporting economic and financial development of Hong Kong. It also marked the Association’s first public appearance. Currently, banks in Hong Kong face a variety of challenges, including the fragile global economic recovery, volatile financial markets, more stringent regulatory requirements and accelerating financial disintermediation. Meanwhile, banks also face huge development opportunities offered by the Belt and Road Initiative, RMB internationalization, the deepening reform in the Mainland and Hong Kong’s status as an international financial, trade and shipping centre. Against such a backdrop, the Association has chosen “Financial Opportunities and Challenges” as the theme of the lecture series, and invited experts and scholars to discuss issues of public concern. Chairman Yue Yi expressed his gratitude to all those who have offered support and assistance to the Association, pledging that the Association would move forwards steadily to organise events, serve members and strengthen communication between banks.
Prof. Richard Wong, delivered a speech titled “Common Law, Civil Law and Financial Development” to elaborate on how different legal systems influence financial supervision and innovation. He said that China has a unique advantage in combining the common law system (in Hong Kong) and the civil law system (in the Mainland). For example, financial institutions or corporates will “go global” more effectively when appropriate institutional arrangements are made in line with the civil law tradition in central and eastern European countries. The same conclusion can be drawn for common law tradition in the Southeast Asian countries along the Belt and Road. Mr. Wilson Peng shared KPMG’s cases in analysis and restructuring of distressed companies when talking about banks’ current practices in non-performing asset disposal. Banks should raise risk management to a strategically important level and seize new development opportunities in it, said Wilson Peng. Mr. Ronick Chan, Vice Chairman and Secretary General of the Association said that the “Financial Opportunities and Challenges” lecture series was just a beginning of the Association’s efforts to provide its members and other banks with a platform to exchange ideas, share information and work together to raise Hong Kong’s position as an international financial centre.
