Dr Norman Chan Tak-lam has been one of the key architects of the city’s financial services sector. His journey from humble beginnings mirrors that of the city he was born into and the financial services sector he would go on to lead. His parents migrated to Hong Kong from mainland China after the second world war. He secured a place on merit at Queen’s College in Tin Hau, a prestigious government school, and went on to study sociology at Chung Chi College. He joined the government as an administrative officer upon graduating in 1976.

Rotating through various departments and honing his versatility by picking up new skills, as well as his ability to see the big picture, he landed eventually in the world of finance. In 1993, Dr Chan became executive director of the Hong Kong Monetary Authority (HKMA), an institution he helped found. Working with the authority’s then chief executive, Joseph Yam, he intervened in the market to defend the Hong Kong dollar during the Asian financial crisis in 1997. Taking up the position of chief executive of the HKMA in 2009, he sought to avert another dangerous property bubble through nine rounds of counter-cyclical macroprudential measures to tighten supply of mortgage finance by banks. An early adopter of fintech, he also led the HKMA’s launch of smart banking initiatives such as the Faster Payment System, while licensing eight virtual banks in a bid to spur digital innovation across the sector.

Retiring from the authority in 2019, Dr Chan has since founded two fintech companies and has recently launched the Institute of Web 3.0 Hong Kong, a non-profit, cross-sector organisation aiming to help Hong Kong develop the third-generation web technology capacity it needs to cement its leadership in the global digital economy. For his numerous contributions, he received the Gold Bauhinia Star in 2012 and the William “Bill” Seidman Award for Lifetime Achievement in Leadership in the Financial Services Industry in 2021. An alumnus of CUHK, he is now chairman of Chung Chi College’s board of trustees, vice-chairman of the University Council, member of the Global Alumni Advisory Board, and honorary professor in the Faculty of Business Administration.