Chairman Statement

2000-2001

           Hong Kong Credit and Collection Management Association (HKCCMA), the Association 

dedicated to the credit and collection profession in Hong Kong, the Association with an objective 

in gathering the wise and knowledgeable in credit and collection profession for the betterment of every practitioners and the society.   For being the first Chairman of the Association, I am proud to announce that we are celebrating our 1^st year anniversary.

           To be honest, I must admit my anxiety in writing the first Chairman’s Statement on behalf of the Association.  A statement perhaps will pave a tradition for the many that we will see in the coming years.  With that comes significant accountability, not the least of which is to report to each member of the Association’s achievement in the past year.   

Members Recruitment

The first year achievement of the Association is stable and heading on the right direction. We have gained the registration and support of more than thirty credit and collection professionals in a vast range of business sector from banking, telecommunication, garment, shipping, insurance, manufacturing, trading to debt collection and credit reporting agency.  A stable achievement is of particular important to the future development of the Association.  Although the Association is only in its infancy, it is growing to be a significant part of the credit and collection profession.  The practitioners in the profession feel the need to talk with their colleagues, exchange experiences and ideas, and look for a voice to represent the interests of their own.  The Association is looked upon to be the forerunner of a very large and professional group of people in the credit and collection field.

The Association’s Web Site 

In March 2000, the web site of the Association was officially launched.  It was created with an ambition to serve as a newsletter, resources center, introduction of the Association and linkage to our worldwide counterparts. The web site has gained a hit rate of three hundreds time a month not only from its members but also from overseas Internet users, who are looking for information of our profession and industry.  Currently, our web site is listed in over one hundred major search engines in the Internet.  The continue support of members in sharing of credit and collection ideas and experiences through the Association’s web site is imperative to increase the popularity of the Association.

Media 

Besides the launching of the web site, the Association had also lined up interviews with the local media in promoting the official status of the Association.  South China Morning Post and Apple Daily, the two leading English and Chinese newspaper in the local community, had conducted interviews on the Association including the establishment of the Association and comments on various topics that are related to the debt collection industry and credit related subjects.  One of the missions of the Association is to develop professionalism within our industry; therefore, the Association is keen on expressing its views, concerns and possible correction on any misconception of our industry, especially on the debt collection sector, to the public.

The Hong Kong Monetary Authority 

In June 2000, the Hong Kong Monetary Authority invited the Association to provide recommendations to the latest review of the Code of Banking Practice first issued in 1997.  The Code is designed to set out recommended good practices on recovery of loans and advances of banks and Deposit Taking Company.  Other Associations that were invited to provide recommendations included the Hong Kong Association of Banks and the Deposit Taking Association.

In September 2000, the Association provided a response to the consultation paper of the  Hong Kong Monetary Authority on the proposal to set up a “Commercial Credit Reference Agency” (CCRA).  The consultation paper was issued to identify the needs, feasibilities and structure of establishing a credit bureau in Hong Kong within the banking sector.  The Association holds a favorable and supportive view to the issue and encourages the necessity of expanding the ideas to other business sectors other than the banks.

In October 2000, the Association responded to the Hong Kong Monetary Authority in seeking the Association’s knowledge of the general practices of “Commission Fee Structure” in the overseas debt collection industry.  The Hong Kong Monetary Authority was then, conducting a study on recommending alternative commission structures for the local banking industry when employing the debt collection service.

In November 2000, the Association wrote it concerns in response to a report on the “Business Practices of Authorized Institutions in Relation to Credit Cards”.  The report indicated that banks should require debt collection agencies to provide detailed account for the collection charges. The Association expressed it concerns to the difficulty of debt collection agencies in calculating actual charges on time and efforts of collecting debts under a contingency arrangement.

After all, the Association is eager to build a good rapport with the local authorities in connection with our profession.  It is beyond any doubt that the Association will continue this approach in order to bring up the image and professionalism of our profession among the local authorities.

The Consultation Paper of “Regulations of Debt Collection Practices”

          The most prominent issue happened to the credit and collection profession in year 2000 is the consultation paper that was issued by the Law Reform Commission (LRC) on “Regulations of Debt Collection Practices”.  The LRC proposed regulating the debt collection activities through introduction of new legislation governing the debt collection practices including credit providers, debt collection agencies as well as person-to-person collection.  The proposed regulation virtually affects all aspects in the society although a general misconception existed that it is a regulation designed to regulate the debt collection industry.  It is only the proposed licensing regime in the paper that is catered to the debt collection agencies and excluded the credit providers. 

In response, the Association had conducted a survey on over fifty different organizations from the credit provider and debt collection agency group in accessing the comment and view of the two sectors.  The responses were overwhelming and it sure had outlined the needs and concerns of our profession on the issues.  On September 30^th 2000, the Association tendered its thirty-six pages response to LRC together with the surveying results.  The response was also published in the News Forum of the Association’s web site.  In addition, the Association had also gained the support from its Honorary Advisor, the American Collectors Association, to respond to the consultation paper to present the view of an internationally recognized organization in the credit and collection profession.

“Navigator of Your Profession” 

In January 2000, the Executive Council approved the year 2001-2002 slogan of the Association.  The slogan is crucial in sending a message to each member and practitioners in the profession on the role that the Association is striving to play.  The Association will serve as the voice and forerunner of the profession to help identify and answer the needs and concerns of the entire profession. To be the “Navigator of your Profession” is the Association’s ambition in the coming year.

Two of our members in year 2000 were recognized with the highest international standards for their contribution to the local credit and collection profession and industry.             

In July 2000, the Association’s Chairman, Mr. Benedict Wong was awarded the “International Paul Bunyan” award, which is the American Collector’s Association highest international honor.  The award is to recognize the individual who, during the past year, has been judged to have the greatest contribution made to the association and the credit and collection industry outside the United States.

            In March 2001, the Association’s Vice-Chairman, Mr. Bobby Rozario was certified as a Master Credit Executive (MCE), the most prestigious certification offered by the Society of Certified Credit Executives (SCCE). The MCE designation is reserved for those credit professionals who have demonstrated extraordinary professional, leadership capabilities and made substantial contributions to the credit industry at the national or international level.

On behalf of the association, I hereby congratulate them for their achievements and wish them continued successes in the future.

 I would like to take this opportunity to acknowledge the Association’s Advisory Team and the Executive Councilors for their support, devotion and invaluable inputs in making the first year of the Association a successful one.

I would also like to express our greatest gratitude to Ms. Christine Loh, ex-Legislative Councilor of LEGCO and the Chairman of the Citizen’s party, who has mentored us all the way and provided us with unconditional support.  The Association would never be able to celebrate its 1^st anniversary in grand style at the Ritz Carlton if without the help of Ms. Christine Loh.

 The Association is heading into its second year of its establishment.  The election result of the new Executive Council will be announced on the Annual General Meeting to be held on March 30 2001 at the Ritz Carlton.  It is with no doubt the most imperative missions of the new team is to expand the membership base and continue our lobbying efforts with government units and political parties. A series of plan has been developed for the year 2001-2002.  It includes: 

Benedict C. K. Wong, FCCMA

Chairman of HKCCMA

March 30 2001