Hong Kong Association of Banks
Encyclopedia
The Hong Kong Association of Banks (Chinese language
:香港銀行公會 or 銀公會 in short) (HKAB) is an association created based on a series of Bank Ordinance
s enacted since 1948. In 1981 the association was established and replaced the Exchange Bank Association
. The ordinance provides a framework for the Hong Kong Government to exchange views with the banking sector for the further development of the industry.
Although banking license
s are granted by the Hong Kong Monetary Authority
, no fully licensed bank can operate in the Hong Kong
is thus subject to HKAB's rules. Its members are the banks, not their employees. HKAB is under the auspices of its member banks, which are represented by their designated representatives in general meetings. Each member bank must designate a senior executive to represent it vis-à-vis
HKAB at meetings.
Chinese language
The Chinese language is a language or language family consisting of varieties which are mutually intelligible to varying degrees. Originally the indigenous languages spoken by the Han Chinese in China, it forms one of the branches of Sino-Tibetan family of languages...
:香港銀行公會 or 銀公會 in short) (HKAB) is an association created based on a series of Bank Ordinance
Banking Ordinance
Banking Ordinance are a set of laws passed by the Legislative Council of Hong Kong to tighten restrictions for opening up or licensing a bank. Prior to the 1964 re-regulations, the government had no way to control bank's monetary effect on the economy. It also had no way of protecting the people...
s enacted since 1948. In 1981 the association was established and replaced the Exchange Bank Association
Exchange Bank Association
Exchange Bank Association was originally established in 1897 in Hong Kong as a bank association in dealing with the exchange business. It then became an organization that set interest rates on bank deposits to keep bank competition alive and balanced....
. The ordinance provides a framework for the Hong Kong Government to exchange views with the banking sector for the further development of the industry.
Although banking license
Banking license
Under most jurisdictions, a banking license is a prerequisite for a financial institution that wants to provide banking services, such as taking deposits from the general public....
s are granted by the Hong Kong Monetary Authority
Hong Kong Monetary Authority
The Hong Kong Monetary Authority or HKMA is Hong Kong's central banking institution . It is a government authority founded on 1 April 1993 via the consolidation of "Office of the Exchange Fund" and the "Office of the Commissioner of Banking"...
, no fully licensed bank can operate in the Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
is thus subject to HKAB's rules. Its members are the banks, not their employees. HKAB is under the auspices of its member banks, which are represented by their designated representatives in general meetings. Each member bank must designate a senior executive to represent it vis-à-vis
Vis-à-vis
Vis-à-vis may refer to:* Vis-à-vis * "Vis à Vis" , an episode of Star Trek: Voyager...
HKAB at meetings.