The Exchange Fund Advisory Committee

Mr Eddie Yue was appointed Chief Executive of the Hong Kong Monetary Authority (HKMA) from 1 October 2019.  He began his career as an Administrative Officer in the Hong Kong Government in 1986.  He joined the HKMA upon its establishment in 1993 and was promoted to Division Head a year later.  He was appointed Executive Director in 2001 and subsequently Deputy Chief Executive in 2007 before taking up his current position.

Mr Yue has participated in numerous areas of the HKMA’s work.  During his tenure as Deputy Chief Executive, he steered major policies and initiatives relating to reserves management, research, external affairs and market development.  Mr Yue was also actively involved in tackling major financial crises and played an instrumental role in enhancing the Linked Exchange Rate System.

Mr Hung is the President, International for Standard Chartered. He sits on the Group’s Management Team and is the Chairman of both Standard Chartered Bank (China) Limited and Standard Chartered Bank (Singapore) Limited.

Mr Hung joined Standard Chartered in 1992 and has held a number of senior management positions spanning corporate, commercial and retail banking.  Prior to the current role, he was CEO, Asia, overseeing the Bank’s presence in 21 Asian markets.

Mr Hung has been appointed as the Chairman of the Financial Services Development Council in Hong Kong since January 2025. He is also a member of the Hong Kong Chief Executive’s Council of Advisers, Exchange Fund Advisory Committee, General Committee of the Hong Kong General Chamber of Commerce and the West Kowloon Cultural District Authority Board. He is the Co-Chair of B20’s Finance and Infrastructure Taskforce.  He also serves as an economic advisor at the International Consultative Conference on the Future Economic Development of Guangdong Province, Mainland China. He was previously the chairman of the Hong Kong Association of Banks, a member of the Financial Services Development Council, a board member of the Hong Kong Exchanges and Clearing Limited, the Hong Kong Airport Authority and the Hong Kong Hospital Authority, and a Council Member of the University of Hong Kong. 

He holds a Master’s degree in Business Administration and is married with two children.

Mr Lo started his career in Government service as an Administrative Officer in 1974. He served in various positions in both the New Territories Administration and the Government Secretariat. Prior to leaving Government service to join the private sector in 1987, he was the Deputy Secretary for Trade and Industry in the Trade and Industry Branch of the Government Secretariat. 

Since 1987, Mr Lo has served as Director of Italade Technology Holdings to set up and manage overseas manufacturing operations in precision electronic component parts. He has also served as the President and Chief Executive Officer of both Synnex Technology International (HK) Ltd and Synnex Distributions (China) Ltd for 26 years before his retirement from that post in December 2013.

Mr Lo graduated from the Hong Kong University with a B. Sc (Hons) degree. He has also studied MBA at the Chinese Univeristy of Hong Kong and attended various executive management courses at the Oxford University and the Henley Management College in the UK.

Mr Lo is active in community service and has been appointed by the HKSAR Government to serve on various advisory boards and committees in his personal capacity. He is currently a Non-Executive Director and the Chairman of the Remuneration Committee of the Securities and Futures Commission.  He is also a member of the Exchange Fund Advisory Committee and the Chairman of its Governance Sub-Committee.

His past appointments include Chairman of the Standing Commission on Civil Service Salaries and Conditions of Service, and Chairman of the Independent Commission on Renumeration for members of the Executive Council and the Legislature, and Officials under the Political Appointment System of the HKSAR.

Mr. Yiu is currently the Chairman of Insurance Authority, Treasurer and Council member of The Hong Kong University of Science and Technology. He is an Independent Non-Executive Director of two Hong Kong listed companies, namely China Mobile Limited and Anta Sports Products Limited, and a US listed company, Amer Sports Limited. He is also a member of Independent Commission Against Corruption Complaints Committee, International Advisory Council of the National Financial Regulatory Administration, Public Service Commission and Honorary Treasurer and Council Member of St. Paul’s Co-Educational College.

Stephen joined the global accounting firm KPMG ("KPMG") in Hong Kong in 1983 and was seconded to KPMG in London, the United Kingdom from 1987 to 1989. Mr. Yiu became a partner of KPMG in 1994, served as the Partner in Charge of Audit of KPMG from 2007 to 2010, and served as the Chairman and Chief Executive Officer of KPMG China and Hong Kong as well as a member of the Executive Committee and the Board of KPMG International and KPMG Asia Pacific from April 2011 to March 2015.

Mr. Yiu formerly also served as a member of the Audit Profession Reform Advisory Committee and the Mainland Affairs Committee of the Hong Kong Institute of Certified Public Accountants (“HKICPA”). Mr. Yiu is a fellow member of the Association of Chartered Certified Accountants and the HKICPA. Mr. Yiu received a professional diploma in accountancy from The Hong Kong Polytechnic (now known as The Hong Kong Polytechnic University) in 1983, and holds a master's degree in business administration from the University of Warwick in the United Kingdom.

Mr Lui was a Partner of PricewaterhouseCoopers (“PwC”) in Hong Kong, a member of the Global Board of PwC International Limited and a Past President of the Hong Kong Institute of Certified Public Accountants. He is also a Deputy to the National People’s Congress of China.

Current appointments:

• Chairman, University Grants Committee

Past appointments:

• Chairman, Securities and Futures Commission
• Director, Hong Kong Academy of Finance
• Member, Public Service Commission
• Chairman, Education Commission
• Chairman, Standing Commission on Directorate Salaries and Conditions of Service
• Chairman, Employees’ Compensation Insurance Levies
• Chairman, Committee on Self-financing Post-secondary Education
• Chairman, Joint Committee on Student Finance

Ayesha is Chairman of the Mandatory Provident Fund Schemes Authority, and Chairman of its wholly owned subsidiary, eMPF Platform Company Limited. She is former Partner of KPMG China and former Managing Partner of KPMG Hong Kong.

Professional and industry experience:-
Ayesha is member of the Institute of Chartered Accountants in England and Wales and member of the Hong Kong Institute of Certified Public Accountants.

Ayesha is active in community service and has been appointed by the Hong Kong SAR Government to various advisory bodies.

Her current appointments include:

• Chairman (since 17 March 2021) and Non-Executive Director (since 17 March 2017), Mandatory Provident Fund Schemes Authority
• Chairman and Non-Executive Director of MPFA’s wholly owned subsidiary, eMPF Platform Company Limited (since 5 March 2021)
• Member, Exchange Fund Advisory Committee, Financial Infrastructure and Market Development Sub-Committee, Governance Sub-Committee of the Hong Kong Monetary Authority
• Director, Hong Kong Academy of Finance Limited

She is an Independent Non-Executive Director of MTR Corporation Limited, Member of Audit & Risk Committee and Finance & Investment Committee.

She had also served as member of various advisory bodies including:

• Chairman, Joint Committee on Student Finance
• Financial Leaders Forum
• Advisory Panel on BEPS 2.0 (OECD’s framework for international tax reform to address base erosion and profit shifting risks)
• Public Service Commission
• Legal Aid Services Council
• Council of the University of Hong Kong
• Lump Sum Grant Independent Review Committee
• Task Force on Economic Challenges
• Financial Reporting Review Panel of the Financial Reporting Council
• Market Development Committee and Policy Research Committee of the Financial Services Development Council
• Hong Kong Trade Development Council
• Independent Commission Against Corruption Advisory Committee on Corruption
• Harbourfront Commission
• Aviation Development Advisory Committee
• Standing Committee on Judicial Salaries and Conditions of Service
• Women’s Commission

Ayesha was appointed as a Justice of the Peace in July 2013, an Accounting Advisor of the Ministry of Finance of the People’s Republic of China in May 2016, a member of Chinese People’s Political Consultative Conference of Jiangsu Province in Jan 2018.  She was awarded the Bronze Bauhinia Star in July 2021.

Mr SUN has been re-designated as Executive Director and appointed as Vice Chairman and Chief Executive of BOC Hong Kong (Holdings) Limited (the “Company”) and Bank of China (Hong Kong) Limited (“BOCHK”) since December 2020. He is a member of each of the Strategy and Budget Committee as well as the Sustainability Committee, Chairman of BOCHK Charitable Foundation, and Chairman of BOC Group Life Assurance Company Limited (“BOC Life”) since February 2021. Prior to the re-designation, Mr SUN was a Non-executive Director and a member of the Risk Committee of the Company and BOCHK from March 2020 to December 2020.

Mr SUN joined Bank of China Limited (“BOC”) in 1998. He served as the Executive Vice President of BOC from February 2019 to December 2020, and as Chief Overseas Business Officer of BOC from September 2018 to February 2019. From March 2015 to November 2018, Mr SUN served as General Manager of London Branch of BOC, CEO of Bank of China (UK) Limited, and also served as General Manager of London Trading Center of BOC from December 2015 to November 2018. Mr SUN previously served as Director of Global Financial Markets Department, Director of Financial Markets Unit (Client Business), Director of Financial Markets Unit (Securities Investments) and Deputy General Manager of the Shanghai Branch of BOC. He served as General Manager of Global Markets of BOCHK from July 2012 to December 2014. He was also a Board Director of Bank of China (UK) Limited from March 2015 to September 2021, Chairman of the Board of Directors of Bank of China (UK) Limited from December 2018 to September 2021, Chairman of the Board of Directors of BOC Aviation Limited (listed in Hong Kong) from February 2019 to December 2020, President of Shanghai RMB Trading Unit of BOC from November 2019 to December 2020 and General Manager of Beijing Branch of BOC from December 2019 to December 2020.

Mr SUN also holds a number of public offices in Hong Kong. He is Honorary President of the Hong Kong Chinese Enterprises Association, Chairman of the Chinese Banking Association of Hong Kong, and sits on the Exchange Fund Advisory Committee, the Banking Advisory Committee, and the Council of the Treasury Markets Association. Mr SUN sits on the Advisory Committee on the Northern Metropolis and the Advisory Committee on Attracting Strategic Enterprises of the Government of the HKSAR. He is a member of the Shenzhen-Hong Kong Financial Co-operation Committee, Co-Chairman of Guangdong-HK-Macao Bay Area Entrepreneurs Union, Advisor of Hong Kong Alliance of Technology and Innovation, and sits on the General Committee of the Hong Kong General Chamber of Commerce, the Belt and Road and Greater Bay Area Committee of the Hong Kong Trade Development Council, the Risk Management Committee of the Hong Kong Exchanges and Clearing Limited, and is also Vice President of the Hong Kong Institute of Bankers, etc.

Mr SUN has extensive experience in the banking and financial services industry with substantial knowledge in business management and strategy, corporate governance, risk management and sustainable development. He graduated from Nankai University with a Master’s Degree in Economics in 1998.

Professor Kar Yan TAM is Vice President (Administration and Business) and Chair Professor of Information Systems, Business Statistics and Operations Management at the Hong Kong University of Science and Technology (HKUST). Prior to being Vice President, he was Dean of the Business School and had assumed different leadership roles at HKUST.

Currently, he is the Chairman of the Hong Kong Committee for Pacific Economic Cooperation of the Hong Kong Government and serves on the Council of the Hong Kong Metropolitan University (MUHK), Board of Governors of Technological and Higher Education Institute of Hong Kong (THEi), and the Anti-Money Laundering and Counter-Terrorist Financing Review Tribunal.  He is a member of the Academy of Finance and a board member of the European Foundation for Management Development (EFMD) and was the Past President of the Association of Asia Pacific Business Schools (AAPBS).

Mr. Chao is the former Chairman of PwC Asia Pacific and the former Chairman and CEO of PwC China.  He was also one of the five members of PwC’s Global Network Leadership Team.

Mr. Chao is a firm believer in actively working to make a positive impact on society and the community. He is dedicated to fostering the growth of young talents, playing a role in promoting a healthy development of civil society, and thus contributing to Hong Kong’s economic and social progress through his various roles and appointments.

Mr. Chao is the Founding President of the Association of Hong Kong Accounting Advisors and a Director & the Treasurer of the Community Chest of Hong Kong. His other appointments include: 

• Member, The Chinese People’s Political Consultative Conference (CPPCC)
• Expert Advisor in accounting to the Ministry of Finance, PRC
• Member, Election Committee, HKSAR
• Member, Advisory Committee, Office for Attracting Strategic Investors, HKSAR
• Member, Exchange Fund Advisory Committee, HKMA
• Adjunct Professor, Hong Kong Polytechnic University
• Professional Fellow, Hang Seng University of Hong Kong
• Vice President, Shanghai Chinese Overseas Friendship Association
• Vice President & Treasurer, HK - Shanghai Economic Development Association
• Honorary President, Shanghai Hong Kong Association   

His past appointments include:                                                  

• Member, Mainland Business Advisory Committee, HKTDC
• Member, Civil Service Training Advisory Board
• Member, United Way China Advisory Council
• Member, Advisory Board of Duke Kunshan University
• Honorary Advisor, Hong Kong Business Accountants Association

Professional Qualifications:

• Chartered Professional Accountant in Canada
• Certified Public Accountant in Hong Kong

Dr. Victor K. Fung is Chairman of Fung Investments, the Fung Family’s private investment arm which invests strategically in companies poised to transform retail, supply chain, and logistics, and forms influential partnerships across these sectors. Previously, Dr. Fung played a pivotal role in driving the evolution of the supply chain ecosystem within the Family’s flagship company Li & Fung, enabling it to become the leading consumer goods design, development, sourcing, and logistics company for major retailers and brands around the world.

Dr. Fung is Chairman of the Asia Global Institute at the University of Hong Kong, a multi-disciplinary think-tank contributing to international discourse on global issues from Asian perspectives. He is also Chairman of the 2022 Foundation, a non-profit entity focused on research into Hong Kong’s long-term competitiveness and Chairman of the Victor and William Fung Foundation, whose focus is the nurturing of human capital and supporting educational programmes.

In Hong Kong, Dr. Fung is Chairman of the Civil Service Training Advisory Board and the Global STEM Professorship Scheme Assessment Panel, and a member of the Chief Executive’s Council of Advisers. He is a director of the Hong Kong Investment Corporation as well as a member of Hong Kong Monetary Authority’s Exchange Fund Advisory Committee. He is a Fellow of the Hong Kong Academy of Finance.

Dr. Fung is a former Chairman of the Hong Kong Trade Development Council (1991-2000), a Hong Kong representative on the APEC Business Advisory Council (1996-2003), Chairman of the Airport Authority Hong Kong (1999-2008), Chairman of the Council of The University of Hong Kong (2001-2009), Chairman of the Greater Pearl River Delta Business Council (2004-2013) and Chairman of the Steering Committee of the Hong Kong Scholarship for Excellence Scheme (2014-2018).

In the Chinese Mainland, he is a member of the International Business Leaders Advisory Council for the Mayor of Beijing, a member of the Advisory Board of the School of Economics and Management of Tsinghua University, an Honorary Trustee of Peking University and an Honorary Professor of Renmin University. He is a former member of the Chinese People’s Political Consultative Conference (2003-2018), and Vice-Chairman of the China Centre for International Economic Exchanges (2009-2014).

Dr. Fung played a leadership role from 2007 in the Paris-based International Chamber of Commerce (ICC), of which he was the first Chairman from Asia (2008-2010). He co-Chaired the ICC’s Advisory Group on Trade Finance (2020-2021). From 2012 to 2013, he was a member of the World Trade Organisation’s panel on Defining the Future of Trade. He was also a member of APEC’s vision-setting Eminent Persons Group (1993-1995).

Born and raised in Hong Kong, Dr. Fung holds Bachelor and Master degrees in Electrical Engineering from the Massachusetts Institute of Technology. After gaining his Doctorate in Business Economics from Harvard University, he taught as a professor at Harvard Business School before returning to the family business in Hong Kong in 1976.

Dr. Fung is married with three adult children.

David Liao is Co-Chief Executive of Asia and Middle East alongside Surendra Rosha.

Mr Liao is a member of HSBC’s Group Operating Committee and serves as Executive Director on the Board of The Hongkong and Shanghai Banking Corporation Limited. He holds positions as Chairman of HSBC Bank (China) Company Limited and Non-Executive Director of Hang Seng Bank Limited.

After joining HSBC in 1997, Mr Liao was responsible for the local currency fixed income business in Greater China and Singapore. He was appointed Treasurer and Head of Global Markets, China in 2005; then became Head of Global Banking and Markets, China in 2013; and served as President and Chief Executive, HSBC China from 2015 to 2020. Prior to his current role, he was Head of Global Banking Coverage for Asia-Pacific.

Mr Liao serves on several government and regulatory bodies, including a member of The Exchange Fund Advisory Committee of Hong Kong Monetary Authority, Advisory Committee on the Northern Metropolis, Advisory Committee on Attracting Strategic Enterprises and the Task Force on Promoting and Branding Hong Kong. He is also a General Committee member of The Hong Kong General Chamber of Commerce. In 2022, he was conferred as an Honorary Certified Banker of The Hong Kong Institute of Bankers. He is appointed Justice of the Peace (JP) by the HKSAR Government.

He is a non-executive director and a member of the Personnel & Remuneration Committee of Bank of Communications, a member of the Beijing Municipal Committee of the 14th Chinese People’s Political Consultative Conference (CPPCC) and a council member of the Federation of Hong Kong Beijing Organisations.

Mr Liao holds an Honours degree from the University of London.

Mr Wong served as an Executive Director of Sun Hung Kai Properties Group up to 2009, and thereafter as a Non-Executive Director and also Group Principal Advisor until 2013. He resigned as a Non-Executive Director in 2015.

Mr Wong has been active in public and community services and has served on a number of Government advisory committees. Mr Wong was the Chairman of the Council of the Hong Kong Metropolitan University (2016 – 2022). He was also the Chairman of the Hong Kong Youth Hostels Association (2005 – 2014) and participated in the revitalisation project of Mei Ho House in Shek Kip Mei. Currently, he is a member of the Association’s Executive Committee, a member of the Board of Trustees of New Asia College, The Chinese University of Hong Kong, a member of the Land and Development Advisory Committee, a member of the Estate Agents Authority and a Non-Executive Director of the Securities and Futures Commission.

Mr Wong obtained his Bachelor of Business Administration and Master of Business Administration degrees from The Chinese University of Hong Kong.

Mr. Jack Chan is Chairman of EY China, Regional Managing Partner of EY Greater China and a member of the EY Global Executive. He oversees all business functions of EY in Greater China, managing 34 offices and over 24,000 employees in the region to offer clients professional services that help them navigate this transformative age.

With over three decades of experience in financial services consulting and auditing, his area of knowledge spans from Initial Public Offerings , listing reporting, due diligence to consulting services for Chinese, Asian and European financial institutions. Jack’s experience also covers markets outside Greater China. During his early years of professional career, he was deployed to help establish audit procedures for financial institutions in the United States.

Jack is a Fellow of the Hong Kong Institute of Certified Public Accountants, the Association of Chartered Certified Accountants, the Institute of Chartered Accountants in England and Wales, the American Institute of Certified Public Accountants, the Institute of Internal Auditors and the Hong Kong Institute of Directors. He is also a member of the Hong Kong Securities and Investment Institute and the Hong Kong Academy of Finance.

Jack is dedicated to China’s economic development and integration. In 2021, he was appointed by China’s Ministry of Finance as one of the accounting advisors in Hong Kong and has become the Vice President of the Association of Hong Kong Accounting Advisors. Over the years, he has been promoting investment in Guangdong and enhancing the business environment in the Greater Bay Area. Currently, Jack is a member of the Guangdong Provincial Committee of the Chinese People’s Political Consultative Conference (CPPCC), Vice President of the Guangdong Overseas Friendship Association and Investment Advisor of Shenzhen. 

Jack is an active member in the community. His public appointments include: member of the Standing Committee on Directorate Salaries and Conditions of Service of HKSAR, member of the Standing Committee on Company Law Reform, Chairman of the Process Review Committee under the Payment Systems and Stored Value Facilities Ordinance in Hong Kong, advisor of Our Hong Kong Foundation, Chairman of the Financial & Treasury Services Committee of The Hong Kong General Chamber of Commerce, the Vice Chair of the Chinese Financial Association of Hong Kong, Vice Chairman of the Venture Capital Committee of The Investment Association of China, Honorary Advisor of the Hong Kong Business Accountants Association, Expert Member of the Shanghai’s Pudong New Area Think Tank for High Quality Development of Private Economy, Council Member & Treasurer of the Hong Kong Hebei Friendship Association and Member of the Expert Advisory Committee for the Implementation of the Qingdao World City Strategy.

Dennis is the Chair of Deloitte Asia Pacific and Deputy Chair of Deloitte Global. He was previously the Chair of Deloitte China and was also the lead client service partner of several blue-chip companies, overseeing all services to these key clients.

Outside of Deloitte, Dennis participates in the followings:

• Member of the Exchange Fund Advisory Committee and member of Deposit-taking Companies Advisory Committee of Hong Kong Monetary Authority
• Treasurer and Council member of the Chinese University of Hong Kong
• Governing Committee member of the North Lantau Hospital, Hospital Authority
• Board Member of Hong Kong Tourism Board
• Member of the Hong Kong Committee of the Institute of Chartered Accountants in England and Wales
• Council Member of Association of Hong Kong Accounting Advisors
• Hong Kong Accounting Advisor to the Ministry of Finance of China
• Shenzhen CPPCC Member

Professional Qualifications

• Member of Hong Kong Institute of Certified Public Accountants
• Fellow of the Institute of Chartered Accountants in England and Wales

James is a Senior Partner of Davis Polk & Wardwell, the international law firm. He has over 25 years of experience advising on some of the most complex capital markets and mergers and acquisitions transactions.  He is an expert on securities regulation, financial markets and corporate governance.

James serves on numerous public bodies in Hong Kong, including as a Director of the Hong Kong Investment Corporation and as a Non-Executive Director of the Accounting and Financial Reporting Council.  He previously served as a Non-Executive Director of the Securities and Futures Commission.  He is a member of the Hong Kong Academy of Finance.

He holds a J.D. degree from Harvard Law School and A.B. degree from Harvard University, where he graduated with summa cum laude honors. He also holds M.Phil and D.Phil degrees in International Relations from the University of Oxford (St. John’s College), where he was a Rotary Foundation Scholar.  He is a Lecturer on Law at Harvard Law School.