ABOUT US

Launch of web-site of LMLA (www.lmla.com.hk) to enhance the transparency of the Industry, and to enable the public to better understand the Money Lending Business in Hong Kong. It also acts as a bridge for 2-way communication with the public.

Issue of the "Code of Money Lending Practice" which sets clear guidelines for Members to strictly follow with the aim to ensure that the running and daily operation of business is in strict compliance with applicable laws and regulations.

Submission of LMLA's views in response to the consultation paper on the review of the role of the Official Receiver's Office.

Fraud Alert Scheme launched. - The BWG (of which LMLA is a member) has adopted a standard reporting mechanism for financial institutions to raise alarm for suspected bankruptcy-related frauds to the Commercial Crime Bureau and the Official Receiver.

Alert the Registry of Money Lenders and the Police on the rising number of fraud cases related with bankruptcy. Simultaneously, alert was raised towards the improper advertisements released by some money lenders in the market.

On 29th August 2008, representative team headed by Ms. Ruining Zhuang, the Director of Finance Division of the Office of Financial Development Service of the People's Government of Shenzhen Municipality, together with representatives from the Office of Financial Development Service of the People's Government of Shenzhen Municipality, Shenzhen Bureau of Trade and Industry, the Central Sub-branch of People's Bank of China-Shenzhen, Shenzhen Office of China Banking Regulatory Commission, and Shenzhen Public Security Bureau, with the company of the Chairman and other representatives of The Hong Kong S.A.R. Licensed Money Lenders Association paid a visit to the Companies Registry and exchanged views on the licensing of money lending business in Hong Kong. On the same day, the honorable representative team joined the discussion forum organized by LMLA, with the presence of Executive Committee members of LMLA and senior executives from Aeon Credit Service (Asia) Co., Limited, Noble Fund Limited., Promise (H.K.) Co., Limited, South China Financial Credits Limited, and United Asia Finance Limited. Valuable views were shared and exchanged on issues ranging from industry development history, management model, risk management, challenges of the industry, regulation of the industry, etc.

Issue the enhanced framework for Debt Relief Plans, and rendered assistance on the implementation of which.

Issue of the "Guideline for Anti-Money Laundering and Counter-Terrorist Financing".

Submission of LMLA's views to the Company Registry on the consultation paper on Additional Licensing Conditions.

LMLA has held an Exchange and Sharing Session with the representatives from the Guangdong Association of Microcredit in Hong Kong.

Release of updated version of the "Code of Money Lending Practice".