HKAB was Highly Commended in the Industry Association of the Year category at the 7th Regulation Asia Awards for Excellence 2024.

The Industry Association of the Year award recognises financial industry associations that exhibit outstanding leadership in areas such as regulatory reform, compliance support, and financial stability. This category honours associations that help to drive and influence work to improve industry standards, provide resources to members and foster a collaborative environment for addressing emerging challenges.

HKAB was recognised for its outstanding leadership, dedication, and impactful contributions to promote the interests of licensed banks in Hong Kong, including in relation to regulatory matters, cross-border market connectivity, and best practices for the industry. HKAB was instrumental in introducing Credit Data Smart, Hong Kong’s first multiple credit reference agencies model in April 2024, and in coordinating industry efforts to combat scams and cyber risk, including the “Registered SMS Sender IDs” to prevent fraudsters from sending scam SMS messages masquerading as banks.

“HKAB’s leadership demonstrates the role of industry associations should play in promoting good governance, risk management and innovation in the financial sector,” said one judge on the Regulation Asia Awards panel. “The association’s collaborative approach to driving regulatory change and advocating for member banks has helped Hong Kong’s banking sector remains resilient and future-ready.”

“This award underscores the vital role industry associations play in creating a secure and progressive financial landscape,” said Bradley Maclean, Co-founder of Regulation Asia and Chair of the Awards Committee. “HKAB’s commitment to regulatory alignment, collaboration, and education sets a standard for resilience and readiness in the banking sector, paving the way for a stronger, more responsive industry.”

About the Regulation Asia Awards for Excellence 2024

The Regulation Asia Awards for Excellence recognises financial institutions, technology companies, legal and consulting firms, exchanges and other players that help ensure the highest regulatory compliance standards are upheld in the financial industry. Each year, senior industry practitioners serve on a judging panel to help assess and score each submission to determine the winning entrants.

For a full list of the award 2024 winners, visit www.regulationasia.com/awards.

About Regulation Asia

Regulation Asia is the leading source of actionable regulatory intelligence for Asia Pacific markets. With over 13,000+ subscribers, including regulatory bodies, exchanges, banks, asset managers and service providers, Regulation Asia plays a key role in shaping the regulatory agenda.

Visit www.regulationasia.com or connect via LinkedIn or Twitter.