Chinese English

Chairman Statement 2011-2012


At the last Annual General Meeting, I have given a rather grim outlook for 2012. At that time, all indicators were going south and confidence on the global economy was hampered by crisis after crisis. In short, everyone feared that a global recession was imminent.

Somehow the global economy hung on and from an overall prospective, this has been an intriguing year. In the beginning, markets have been saturated with gloomy news, from the Euro crisis to the growth stagnation in China. By the middle of the year, everyone has turned their attention to the changing of guards in China and the American election. All these events help to orchestrate a fast-moving year. The anticipated global recession did not quite materialize in 2012, instead there are encouraging signs which suggest the global economy is consolidating and might slowly walk out of the shadows.

The fact that China has finally stabilized in both economic and political terms injected new hopes on its recovery back to solid growth. By averting the fiscal cliff, the United States would have a brief reprieve to find ways to tackle their huge deficit. The Euro crisis seemed to have been contained and there are talks that Greece will be back to growth in the next two years!

Despite the fact that I am cautiously optimistic about 2013, there are still far too many uncertainties that could choke the global economic recovery. In light of this, the global economy will still be volatile and we would need to prepare ourselves for high trading risks. We need to be mindful on certain market segments where the credit risks are higher than others such as the consumer electronics from the emerging countries.

In 2013 creditors would need to be mindful on the financial status of their customers. You might say this is a standard approach but what I am referring to is in-depth understanding on the financial and business capabilities on your key customers. A tight credit screening process will be the key to managing credit risk in 2013.

Review and Achievements

Executive Council and Executive Committee

The Association is run by an Executive Committee of nine Executive Councilors with the support of three staff members. The following sub-committees are formed to run the Association's operation and strategic imperatives:

· Annual Award
· Certification
· Education
· Information Technology
· Membership
· Public Relations
· Survey
· Publication

On top of the sub-committees, our Secretary and Treasurer offer strong support in managing the Association in a financially healthy manner. All issues and decisions were the result of discussions, day-to-day communications and monthly focused meetings. The differences in perspective and opinions from committee and staff members are fully reflected in every single meeting, which has resulted in a productive consensus and continuous growth of the Association.

Members and Recruitment

Our members come from a wide spectrum such as accounting and auditing, electronics, telecommunications, banking and finance, legal practices, shipping and transportation, manufacturing, trading, debt collection agencies, credit reporting agencies, credit consulting and the world’s leading export credit agencies. This diversity continues to bring broad-based input and balanced suggestions or opinions on different issues. In this sense, I urge all the members to treat the Association as a centre of expertise when it comes to credit and collection management issues. This is certainly an area the Association will further work on to ensure valuable knowledge will be shared among members.

The Associations feedback to the Law Reform Committee

The Law Reform Society has published a consultation paper on Stalking in early 2012. The proposed legislation on stalking has profound implications on the professional practice of credit and collection management in Hong Kong. The Association also found it disturbing to see debt collection is being described in the paper as a form of harassment. If the proposed legislation is being passed as it is, then debtors may well use it as a legitimate means to avoid their obligations.

To this end, I have made a reply to the Law Reform Committee opposing this legislation until the grey area on establishing the act of harassments has been clarified.

Certification Program - Credit & Collection Professional

The examination of the Credit & Collection Professional ("CCP")* was under reviewed in 2012. The content and questions have subsequently been enhanced to reflect the current challenges on our industry.

One additional point that is worth mentioning is that the new edition of the resource book - "The Essential Guide to Credit Management and Debt Recovery" written by our Executive Councilor Bobby Rozario has been released in June 2012. This is a good reference book for practitioners who want to consider taking the CCP examination.

Details of the CCP and the related certification are listed on the Association's website . Alternatively, members can send an email to: to obtain more details about the program, application requirements and fees.

For non-members, please visit our site to download the membership application form, so as to take advantage of the opportunity to get certified. This is the only certification program available for credit and collection practitioners in Hong Kong and Mainland China to get certified, and be recognized.

*HKCCMA is the exclusive body of the CCP certification program in Hong Kong
#ACA International, USA (the world’s largest credit and collection industry association and has been established for over 71 years.

Survey, Seminar & Exhibition

The Association published a survey on the Receivable Management status of the Logistic Industry in China in the second quarter of 2012. The response from the industry was most encouraging and the results of the survey had been well-regarded within the industry. I would like to take this opportunity to thank Bobby Rozario on his meticulous follow up on this project.

Due to the overwhelming feedback we received over the years, the Association will continue to organize seminars and training programs to our members aiming raise the level of professionalism in the credit and collection industry.

In March 2012 the Association has organized a seminar at the Institute of Certified Management Accountants. The speaker was Spencer Lam who is a highly experienced professional and the winner of the Credit Management Excellence Award 2011. The topic was "Getting to know spencer Lam" which was an experience sharing session from Spencer on modern credit management.

The seminar was well-attended by more than 20 members and their guests and they were fascinated by the work life experience of the speaker and the session were highly interactive where views were exchanged in a fun and yet candid manner.

Mix At Six

The Association held two "Mix-At-Six" functions respectively in July and August 2012, which provided "mix-and-mingle" social evenings for members and non-members.

"Mix-At-Six" has been a relaxing business and intelligence exchange, and friendship build-up function since its inception. It is also a function to welcome the new-members and has been a networking platform where the credit and collection practitioners can have relaxing moments to meet, chat and exchange intelligence and opinion.

Additionally, we have organized a Poon Choi lunch in Ping Shan in March 2012 where members enjoyed a relax day in the New Territories with family and friends.

If you have not attended these events before, we warmly welcome you to join.


Upon the completion of the AGM on 4th January 2013, the Association will step into the fourteenth year of its establishment. I take this opportunity to thank each of the executive councilors, sub-committee chairs and members for their leadership and contributions during the past year. With their invaluable support along with those from existing and new members, they have provided the utmost support to the Association, leading to our continual growth.

As the only credit and collection industry association in Hong Kong and China, one of HKCCMA’s core principles is to preserve a healthy credit environment through regulation, maintaining and developing the highest ethical standards, practices and professionalism within our industry, and of our fellow practitioners.

I would like to thank our staff, Betty Huen, Andrew Kwok and Eddie Chan. In addition, I would like to give my thanks to our Executive Committee Members, Ricky Chan, Benedict Wong, Bobby Rozario, Grace Wong, Francis Yeung, Germany Heng, Paul Tsang and Philip Chan.

On behalf of the Association, I would like to thank our Honorary Patrons ACA International; Mr. Patrick J. Morris (CEO of ACA International) and Mr. Neil Wood (Past Chairman of the International Unit of ACA International and Chairman of GCS Group); our Honorary Legal Advisors Mr. Victor Chan (Partner of Tang, Wong, Cheung & Co) and our Honorary China Legal Advisor Mr. Ricky J. F. Li (Partner of Alpha and Leader Law Firm).

Way Forward

The Executive Council

The election result of the 2012-2013 Executive Council has been completed in January, prior to the AGM. The new Executive Councilors will officially assume duty after the Annual General Meeting & Dinner to be held on the 4th January 2013 at the Club Lusitano. The current Executive Councilors will retire at the close of the AGM and the newly elected Executive Councilors for the 2012-2013 are:

1) Philip Chan
2) Ricky Chan
3) Germany Heng
4) Stephen Lo
5) Bobby Rozario
6) Paul Tsang
7) Benedict Wong
8) Francis Yeung

The Executive Committee

In line with the Articles of Association of HKCCMA and for the purpose of transacting the day-to-day business of the Association, the coming 2012-2013 Executive Committee will consist of the Association’s Chairman and the Vice Chairman, and other Executive Councilors, by appointment and acceptance basis. The 2012-2013 Executive Committee will assume its duty concurrent with the conclusion of the AGM on the 4th January 2013. Results of the 2012-2013 Executive Committee appointments will be announced to all members via email and website by the Chair of the Election Committee. The 2012-2013 Executive Committee, to administer and manage the day-to-day business of the Association, will be reporting to the Executive Council, and ultimately to the members of the Association.

2012 – 2013 Plans and Goals

-Continue establishing domestic and global recognition and affiliation with international industry associations and professional bodies

-Organize and exchange seminars and training programs with industry associations within Hong Kong and in mainland China, to develop the professionalism in the credit and collection industry

-Review, develop and organize functions and events for members and non-members, such as through sponsorship of mix and mingle functions like "Mix-At-Six", "Member's Outing" and other recreational activities.

-Continue to provide free educational courses, seminars and workshops for members and non-members (including tutorial class for CCP examination to assist candidates in achieving their certification)

The HKCCMA is the only industry association in Hong Kong with members comprising of experienced credit and collection practitioners, managers and executives from small to large enterprises. It will continue to encourage and maintain a healthy credit environment through the continuing development of the highest ethical standards, professionalism and practices within our industry.

On behalf of the Association, I wish you all the happiness, the best of health and prosperity, in the forthcoming year.

Stephen S.K. Lo

Hong Kong, January 2013

Created on 2013-01-28 07:29:56 by HKCCMA.

Last Edited on 2013-01-30 15:29:56 by HKCCMA.