Most credit management managers in multinational companies found that it is relatively difficult to do credit management in Greater China (Hong Kong, Taiwan, and China). The challenge is mainly due to the dissimilarity of legal system, the business culture gap, and the lack of statistical data. The Greater China market is too important to be ignored, isn’t it?
You have heard that “Feng Shui” is a serious topic in the Chinese culture. Ever wonder this is superstition or science? How did the banks in Hong Kong practice Feng Shui?
Some Westerners find it is amazing that, in a Hong Kong restaurant, they always encounter 2 or more parties “fighting” to pay for a bill. What causes this kind of disputes?
For a Debt Collection Agency to operate in Hong Kong, does it need a license? If yes, to which Government department one has to apply?
In the West, a corporate purchase is normally initiated by issuing a purchase order. What is the common purchase procedure practiced in local Hong Kong companies?
Most Westerners know that "face" is very important among the Chinese community. Yet, how to put this in business interactions, particularly when practicing credit management?
Would a Westerner who do not speak any Cantonese (the most popular Chinese dialect spoken in Hong Kong) lives well in Hong Kong? How about practicing credit management without knowing Chinese?
When Western business people first come to Hong Kong, they always wonder why most companies are located in the prime area of the city. Is the office location related to a company's credit?
The Hong Kong Stock Exchange is the largest IPO fund raised exchange in the world, the eighth largest exchange in the world and the fourth largest exchange in Asia by market capitalisation as at December 2015. According to the statistics of the Hong Kong Stock Exchange (HKEx), the number of public companies listed as at the end of 2017 is 2118. How do these local large companies practice credit management in Hong Kong?
It is a known fact that it is not easy to obtain credit terms from Hong Kong companies. Any particular reason driving this credit practice? Does Hong Kong legal system helps to enforcing contracts fast? Why this must be taken into account when practicing credit management on Hong Kong based companies?
Alexander has over 25 years of experience in Business Information Management and Information Technology. Previously, he has held leadership positions in the world’s leading Business Information providers, including Managing Director of Thomson Reuters Asia, and General Manager of Dun & Bradstreet (D&B), Hong Kong and Taiwan. In addition, he personally managed Hong Kong's Commercial Credit Bureau while working with D&B, and the Consumer Credit Bureau through his directorship at TransUnion Limited.