Norman T L Chan: Remarks at the Hong Kong Academy of Finance
Inauguration Ceremony and fellowship conferment
Welcome remarks by Mr Norman T L Chan, Chief Executive of the Hong Kong Monetary
Authority, at the Hong Kong Academy of Finance Inauguration Ceremony cum Fellowship
Conferment, Hong Kong, 26 June 2019.
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The Honourable Paul Chan, distinguished guests, ladies and gentlemen,
1. A very warm welcome to all of you for joining us today to witness the Inauguration Ceremony
cum Fellowship Conferment of the Hong Kong Academy of Finance (AoF).
2. I strongly believe that the most crucial factor that differentiates an international financial
centre (IFC) from the other aspiring financial centres is its superior "soft infrastructure" or
"soft power". I am sure you will agree with me that the quality and professionalism of the
people in the financial services industry are the building blocks for the "soft infrastructure"
that determines the competitiveness of an IFC. The mission of the Academy is to serve as
a centre of excellence for developing financial leadership as well as a repository of
knowledge in monetary and financial research, including applied research.
3. The AoF will develop and run a Leadership Development Programme to nurture financial
leaders in Hong Kong. The Academy will invite senior management and promising talents
from financial institutions, regulators, professional firms and academia in the field of finance
to join as Members. AoF Members will be invited to participate in the Leadership
Development Programme through which they can interact with the Academy's International
Advisers, Fellows and other top financial leaders through seminars, workshops and small
group discussions. Although the Academy does not offer technical or professional training,
which is well served by many tertiary institutions and professional bodies such as the Hong
Kong Institute of Bankers, the Hong Kong Securities and Investment Institute, the Treasury
Markets Association, we will collaborate closely with these institutions as our partners to
achieve the maximum synergy in accomplishing our common goal of enhancing the soft
power of Hong Kong.
4. On the research front, the Hong Kong Institute for Monetary Research (HKIMR), which was
set up 20 years ago to undertake monetary and economic research, has become a
subsidiary of the AoF and will expand its ambit to cover Applied Finance Research and
Thought Leadership. The HKIMR will continue to have its own Board of Directors and, in
addition to the existing Council of Advisers for Monetary Research, a new Council of
Advisers for Applied Research has been set up to oversee the applied research work of
AoF.
5. The AoF is a cross-sectoral collaboration to achieve the goal of enhancing the
competitiveness of Hong Kong's financial industry. May I take this opportunity to thank our
fellow regulators for their support in the setting up of the Academy and in providing guidance
on its future work through the Board of Directors, which includes representatives from the
Insurance Authority, the Securities and Futures Commission, the Mandatory Provident Fund
Schemes Authority alongside the Hong Kong Monetary Authority.
6. Ladies and gentlemen, today the AoF will also confer Fellowship upon 10 distinguished
leaders in recognition of their outstanding achievements and contributions to Hong Kong in
the field of finance. May I take this opportunity to congratulate the Fellows and to express
our deep appreciation of their remarkable achievements and contributions to Hong Kong
over the years.
7. Before I conclude, let me express our sincere gratitude to the members of the Experts
Group, Preparatory Committee, Exchange Fund Advisory Committee and the Financial
Secretary, who is also the Honorary President of the Academy, for their support and
contributions that have made it possible for us to launch the AoF within a very short period of
time. Lastly, the Managing Director of the International Monetary Fund, Ms Christine
Lagarde, has asked me to convey her apologies for not being able to officiate at today's
ceremony as planned. Although not being able to join the occasion in person, she will deliver
a video message to us later on. Once again, I thank all of you for joining this ceremony
today. Thank you for your kind attention.