Brief History of Credit Union Movement in Hong Kong
The credit union movement spread to Asia in 1938 and was first started in Philippines. After the World War II, it began to spread to other Asian countries. It was until the beginning of the 1960's that Hong Kong people learned of this movement.
The Founder and Permanent Adviser of , Rev. Father John Collins, learned of the credit union movement through the seminar organised by the Socio Economic Life in Asia. With the assistance provided by the Asia Foundation of the Socio Economic Life in Asia, he visited Philippines, Australia and Fiji Islands to study the credit union philosophy. After his return to Hong Kong, he drafted a complete proposal to start promoting credit union movement in Hong Kong. He discussed with the Hong Kong Government to formulate the appropriate credit union ordinance. He also requested the financial assistance from the Asia Foundation to promote credit union movement in Hong Kong. In 1964, Father Collins finally established the first credit union in Hong Kong, the St. Francis Credit Union.
The Chronicle of Credit Union Movement in Hong Kong
| 1964 | St. Francis Credit Union, the first credit union in Hong Kong, was formed. |
| 1966 | Eight credit unions joined hands to form the Credit Union League of Hong Kong. They invited Father Collins to be the Permanent Adviser, elected Mr. Yam Tin-yau to be the first President and Mr. Andrew So Kwok-wing to be the first Managing Director of the League. |
| 1967 | All credit unions in Hong Kong celebrated the International Credit Union Day for the first time in the City Hall Theatre. Father Collins Guarantee Fund was set up on that night. The Credit Union League of Hong Kong joined the CUNA Mutual Insurance Society as a member. |
| 1968 | The Hong Kong Government announced the Credit Unions Ordinance. |
| 1970 | The Credit Union Ordinance became effective from 28 February. |
| 1971 | Mr. Andrew So Kwok-wing was elected the first President of the Association of Asian Confederation of Credit Unions. |
| 1972 | Hong Kong League Central Credit Union was formed. |
| 1976 | applied to the Hong Kong Government for tax exemption for credit unions. |
| 1979 | The appeal to the Board of Review of the Inland Revenue Department by St. Francis Credit Union for assessment for profits tax was upheld on 13 July. |
| 1980 | The Hong Kong Government announced the exemption of interest tax for all credit unions with effect from 1 April. |
| 1987 | The Registrar of Credit Unions started to present 'Outstanding Service Award' and 'Long Service Award'. |
| 1989 | To mark the 25th anniversary of the credit union movement in Hong Kong, the presidents of Hong Kong credit unions and the Board of Directors of the League elected St. Francis Credit Union to be the Model Parish Church Credit Union and Metro Credit Union to the Model Corporate Credit Union. They also presented the long service awards and outstanding awards to six members. |
| 1994 | To support the promotion of 'Tree-planting Activities' by the Agriculture and Fisheries Department and to mark the 30th anniversary of the credit union movement in Hong Kong, the League organised the Tree-planting Activity. It became an annual event afterwards. |
| 1995 | The amended Credit Union Ordinance became effective from 1 June. |
| 1996 | The Chinese version of the Credit Union Ordinance (Chapter 119) was gazetted on 16 January. |
| 1998 | President Charles Yip was appointed as the Treasurer of ACCU (1998-2000) |
| 2000 | President Charles Yip was appointed as the 1st Vice President of ACCU (2000-2002) |
| 2002 | President Charles Yip succeeded as the President of ACCU (2002-2004) |