Taking early retirement after a busy career spanning over two decades at a Big Four firm, Victor Ng could have been forgiven if he’d decided to slow down. But, far from doing that, he has opted to steer his professional journey in another direction by using his skills and knowledge to help drive innovation and technology in Hong Kong.
For Ng, who at just 47 retired from his role as partner and head of audit at Deloitte Hong Kong in 2010, innovation was a significant area of focus throughout his career. In his time at Deloitte, he supported many fast-growing startups with advisory and mentoring as well as facilitating clients’ fundraising. He initiated the ABBA (Audit Better – Better for All) platform in the firm to emphasise audit quality and efficiency, and was presented with Deloitte’s Standard of Excellence Award by the global firm in 2008.
‘Instead of complaining about life, we need to confront problems’
Today, he continues to bring his corporate governance and financial management insights to the table by acting as a non-executive director. He sits on the board of Hong Kong Cyberport Management Company – a government-owned digital technology community supporting more than 1,650 startups and technology companies – and chaired its audit committee until this year when he became chair of its finance and administration committee.
He is also a director at Logistics and Supply Chain MultiTech (LSCM) R&D Centre, which develops core competencies in logistics and supply chain-related technologies, chairing its finance and administration committee. Crucially, Cyberport and LSCM are playing a key role contributing to Hong Kong’s ongoing efforts in response to Covid-19.
For instance, Cyberport offered rent concessions to tenants during the pandemic and promoted the innovation and technology of Cyberport community startups. And LSCM is working closely with the Hong Kong SAR government to build up the home quarantine support system, the vaccination project and the universal community testing project.
‘Innovation and technology will drive Hong Kong towards becoming a smart city and enhance the community in every aspect of people’s lives, especially amid the current Covid-19 pandemic,’ he says.
He adds that working with these organisations – as well as with a charity called Diabetes Hongkong (he suffers from the condition) – ‘offers me a network to connect with the community and keeps me aware of the rapid changes in the market’.
Problem-solver
Throughout his career and beyond, Ng has followed a disciplined approach – a message instilled in him growing up in an impoverished family. ‘Without discipline, we can solve nothing,’ he says. ‘Instead of complaining about life, we need to learn to confront and solve problems.’
That discipline has been evident throughout Ng’s career with Deloitte, which he joined after graduating from the University of Hong Kong in 1984. ‘My original plan was to stay with Deloitte for some time, get an accounting qualification, and then move on to an industry that would provide a good career for me,’ he says. ‘However, it took some time for me to really understand my needs and career ambitions.’
‘Innovation and technology will drive Hong Kong towards becoming a smart city and enhance the community’
ACCA accolade
ACCA has featured heavily in Ng’s professional life. He has been involved with various committees since 1995 and served as president of ACCA Hong Kong from 2004 to 2005. As a mark of his commitment to the organisation, he was awarded the accolade of lifetime member in March 2021.
It is clear that he remains steeped in ACCA’s values. ‘I always maintain the highest level of independence and integrity to avoid conflict of interest and confidentiality,’ he says of his giving-back commitments. ‘The key is always looking after the public interest.’
His professional growth with the firm led him to rethink what he wanted out of a career and where he wanted to see his journey continue. ‘I began to appreciate my interest in the accountancy profession and my commitment to the Deloitte family. I realised that my long-term ambition would be better served by not changing track.’
In 1996, he became the Hong Kong firm’s youngest partner. In his tenure with the firm, he led more than 20 IPOs for companies listing on the Hong Kong, US and Singapore stock exchanges, taking a particular interest in the telecoms, media and technology sectors, which he saw as ‘the future of the business world’.
Key to his success, both within Deloitte and beyond, is, he believes, his ability to listen. ‘I realised the importance of listening and communication in discussing issues and resolving conflicts as well as inclusiveness in solving problems,’ he says.
Time to serve
Ng’s ambitions have also been realised in his support for the development of Hong Kong’s economy. In 2005, he helped to create the Hong Kong Productivity Council’s (HKPC) audit committee, which he chaired until his retirement. He also chaired HKPC’s finance and administration committee and served on its council until 2016.
Hong Kong’s government appointed Ng to work on several entities, with an emphasis on innovation and technology. These included serving at the Nano and Advanced Materials Institute (NAMI) as a director, and chairing its finance and administration committee.
In recognition of his commitment, in 2012 Ng was awarded the Medal of Honour (for his contribution to the work of HKPC and the development of the accounting profession) from the Hong Kong government. He received the Bronze Bauhinia Star in 2019 for his public and community services, particularly in the area of innovation and technology, and for advising on the corporate policies and direction of development of NAMI and HKPC. He has also been closely involved in the launch of the Innovation and Technology Venture Fund and has served on its advisory committee since its establishment.
Happy retirement
Ng says that putting the past behind him has been crucial for fully enjoying retirement. ‘Once we retire, we need to put down our past; no matter how high we can climb up the career ladder, we need to start from zero when we retire. A lot of people suffer from identity crises after retiring and become unhappy. We need to plan our lives and how to spend the time and resources.’
A keen traveller, since retiring he has visited more than 50 countries, averaging between six and eight trips a year before the Covid-19 pandemic. He exercises daily, switching to walking for two hours a day when gyms closed temporarily, and always takes his running shoes on his travels.
Retirement has also given him more time to develop his other great passion: coffee. ‘I love the aroma of fresh brewed coffee,’ he says, adding that the drink’s benefits go way beyond taste. ‘The warmth of coffee sets the tone of acceptance and understanding; I believe it is the most conversational beverage.’
More information
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