Hong Kong Monetary Authority Recognized as Asia's Leading Bank Regulator
On March 16, the Hong Kong Monetary Authority (HKMA) was presented with "The Asian Banker Award for Achievement in Regulation in the Financial Services Industry 2007."
The annual Asian Banker Achievement Awards program has been organized by The Asian Banker magazine since 2005 to recognize individual excellence in the financial services industry. The award was based on a rigorous selection process chaired by David Eldon, Chairman of Dubai International Financial Centre Authority.
"Under the leadership of its founding Chief Executive, Mr. Joseph Yam, the HKMA has become a world class regulator that has helped Hong Kong establish its position as a highly respected and sophisticated regional financial hub," reported the Asian Banker.
The HKMA has been recognized by the judging panel as the foremost authority in overseeing the development of advanced issues in banking such as the Hong Kong deposit protection scheme and the implementation of the Basel II supervisory framework.
The assessment included the institution's major achievements in the year under review, the quality of its regulatory reports, its vision and strategy, and the operational guidance given by the institution to the financial industry.
"The HKMA was viewed as the clear leader as the region's most active regulator in supervising its banks in terms of active, on-the-ground issues. It is also the regional regulator that has the best understanding of using modern supervisory techniques to bridge the gap between big-picture macro issues and finer operational issues," the Asian Banker added.
At the presentation ceremony, Mr. Yam said the award recognized the professionalism and diligence of HKMA's staff.
Mr. Yam said since its establishment in 1993, the HKMA had been committed to promoting the safety and stability of Hong Kong's banking system through the regulation of banking business and the business of taking deposits, as well as the supervision of banks.
He added that HKMA staff will continue to make every effort to ensure that the HKMA is prepared for new challenges in the fast-changing financial environment.
Hong Kong Monetary Authority: http://www.info.gov.hk/hkma/
The Asian Banker Award for Achievement in Regulation in the Financial Services Industry: https://www.theasianbanker.com/ind/award.nsf/LeadershipAwards_index?OpenForm
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