The Hong Kong Monetary Authority (HKMA) was presented with the Asian Banker Award
for Achievement in Regulation in the Financial Services Industry 2007 on March 16th.
The annual Asian Banker Achievement Awards programme has been organised by
the Asian Banker magazine since 2005 to recognise individual excellence in the
financial services industry.
The award was made 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,"
Asian Banker stated.
The HKMA was recognised 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 Basel II.
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 magazine added.
At the presentation ceremony, Yam revealed that: "The HKMA is very honoured to
be presented with this award by The Asian Banker. It gives recognition to the
professionalism and diligence of all the HKMA's staff."
He went on to add that: “Since its establishment in 1993, the HKMA has 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. We will continue to make every effort to ensure that we are prepared
for new challenges in the fast-changing financial environment."
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