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Chairman Statement 2012-2013


I was cautious last year about 2013 in terms of the global economy because there were far too many uncertainties that could choke the global economic recovery. The global economy will still be volatile and we would need to prepare ourselves for high trading risks. However, there was hope that the global economy was consolidating and might slowly walk out of the shadows. This is certainly true for the US and latest unemployment rate of the UK has dropped to 7.1% and there is optimism on the European recovery as well!

The challenge for 2014 for APAC will come from China not only because they are the locomotive of the region's economy, but more on the political side of the equation. It will be interesting to see how China balances their economic and political priorities as they try to navigate the relationships with their neighbours without interrupting trade. The political tension might well be a welcome distraction because domestically China needs to transform its economy from export-oriented to the internal consumption model. However, to do that while keeping in line with their political agenda might sound like mental dexterity of the highest order.

The debt issues will continue to cast a shadow on China's economic development. While the latest number from the government's stress test shows that the debts are manageable, it is nevertheless a challenge to tackle the provincial debts as well as cleaning up the banking system in terms of loans and undesirable financial products.

The dominating topic of the global economy in 2014 will be the easing of the Quantitative Measures in the US. To some extent, the stock markets are reflecting the effects of such an action but it is still early days to determine the actual outcome. Common consensus has it that, the easing will put at least the US economy back in normal operations. However, the short-term economic adjustments will create volatilities in stock and foreign exchange markets. To this end, creditors would need to stay vigilant on their portfolio and risks.

In 2014 creditors would need to continue 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. The foreseen volatility in the global market in 2014 will be highly sectorial which means some products will fare much better while others will suffer. For example, capital intensive industries in 2014 will be affected by financial market volatility. A tight credit screening process together with strong understanding of your customer's business model will be the key to managing credit risk in 2014.

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:

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.

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 in 2013.

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 72 years.

Survey, Seminar & Exhibition

The Association published a survey on the Receivable Management status of 40 listed companies in Guangdong Province in China in the final quarter of 2013. 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 October 2013 the Association has organized a seminar at the Institute of Certified Management Accountants. The speaker was Jeremy Hampshire who is a highly experienced professional and the winner of the Credit Management Excellence Award 2012. The topic was on Credit Insurance which was an experience sharing session from Jeremy on modern credit risk transfer.

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 April and November 2013, 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 Bowling Night at the Hong Kong Cricket Club in September 2013 where members enjoyed a relax evening to flex their muscles while catching with each other on the current market developments in different industries.

If you have not attended these events before, we warmly encourage you to join to take advantage of this opportunity to get to know each other better and use it as a platform to build further co-operations.


Upon the completion of the AGM on 24th January 2014, the Association will step into the 15th 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 2013-2014 Executive Council has been completed in December 2013, prior to the AGM. The new Executive Councilors will officially assume duty after the Annual General Meeting & Dinner to be held on the 24th 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 2013-2014 are:

1) Philip Chan
2) Ricky Chan
3) Charmaine Cheng
4) Germany Heng
5) Stephen Lo
6) Bobby Rozario
7) Paul Tsang
8) Benedict Wong
9) 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 2013-2014 Executive Committee will consist of the Association’s Chairman and the Vice Chairman, and other Executive Councilors, by appointment and acceptance basis. The 2013-2014 Executive Committee will assume its duty concurrent with the conclusion of the AGM on the 24th January 2014. Results of the 2013-2014 Executive Committee appointments will be announced to all members via email and website by the Chair of the Election Committee. The 2013-2014 Executive Committee is set up 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.

2013 – 2014 Plans and Goals

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 coming year. As the Chinese New Year is rapidly approaching I wish you all fortune and prosperity in the Year of the Horse!

Stephen S.K. Lo

Hong Kong, January 2014

Created on 2014-03-05 15:43:04 by HKCCMA.

Last Edited on 2014-03-05 15:43:04 by HKCCMA.