Witnessing the evolution of the China’s financial market; solving real-world problems with a DBA

Full Article in Chinese

• Doctor of Business Administration
• Member of the Executive Board; Chair of the Professional Membership Committee; Convener of the Disciplinary Sub-Committee, Treasury Markets Association

Dr Benny Luk has witnessed—and helped shape—the evolution of China’s financial markets over more than four decades. Beginning his career as a high school graduate in the 1970s, he rose from an administrative role in a foreign bank to become a senior executive in the international inter-dealer broker (IDB) industry. Committed to lifelong learning, he later earned a Doctor of Business Administration (DBA) from City University of Hong Kong (CityUHK), where his research examined how regulatory reforms affect market intermediaries. Today, he continues to contribute through teaching, mentoring and public service while pursuing a new passion for French cuisine.

After secondary school, Dr Luk joined a merchant bank in Hong Kong, where his aptitude for numbers quickly led to a promotion as head of the settlements unit. The role gave him first-hand exposure to financial operations and laid the foundation for a long career in finance. The fast-growing foreign exchange market soon attracted him to inter-dealer broking. "In the 1980s, Hong Kong's FX market was booming," he recalls. "Inter-dealer brokers formed the backbone of the market, connecting participants and supporting liquidity. It was an exciting industry to be part of."

His technical expertise and commercial insight saw him rapidly rise through the ranks. After completing his bachelor's degree, he became Chief Executive for the Asia-Pacific region of a leading international inter-dealer broking group, overseeing markets from India to the Middle East. He also joined the firm's London-based executive committee as its only ethnic Chinese member.

Dr Luk played a leading role in expanding the firm's presence across Asia. In 1994, he established its representative office in Shanghai during China's early financial opening. His team later helped create one of mainland China's first Sino-foreign joint-venture money-broking firms in 2005. He also led the successful establishment of South Korea's first wholly foreign-owned money-broking company, securing the country's inaugural full foreign broking licence.

Following his departure from the company, Dr Luk continued contributing to China's financial market development. He helped establish another Sino-foreign joint-venture broker in Shanghai in partnership with the China Foreign Exchange Trade System (CFETS). These initiatives supported the modernisation of Asia's foreign exchange and interest rate markets.

Despite his demanding executive responsibilities, Dr Luk never stopped learning. After completing postgraduate management qualifications, he enrolled in CityUHK's DBA programme to strengthen his strategic thinking and deepen his understanding of complex business challenges.

He believed doctoral research should tackle real-world issues rather than purely theoretical questions. Following the global financial crisis, the introduction of the United States' Dodd–Frank Wall Street Reform and Consumer Protection Act fundamentally changed the regulatory landscape for financial intermediaries. Encouraged by Professor Muammer Ozer and supervised by Professor Wu Xueping, Dr Luk focused his dissertation on how inter-dealer brokers could adapt strategically to the new regulatory environment. Combining academic rigour with decades of industry experience, he completed the DBA in just over three years and received the 2018 Outstanding DBA Graduate Award.

"If you set clear objectives, take every stage of the research seriously and focus on practical problems, it is entirely possible to complete the programme within four years while maintaining a high academic standard," he says.

Dr Luk has remained closely connected with CityUHK after graduation. He has served as a Visiting Professor, Adjunct Professor and advisory committee member in the Department of Economics and Finance, contributing to curriculum development and sharing his industry experience through guest lectures and career talks. He hopes to help prepare graduates for the technical and regulatory realities of today's financial markets.

Beyond academia, he has dedicated significant time to professional service. As a member of the Executive Board of the Treasury Markets Association, Chair of its Professional Membership Committee and Convener of its Disciplinary Sub-Committee, he advocates high professional standards and stronger collaboration between industry, regulators and educators. "Regulation and market practice must evolve together," he says. "Practitioners should actively engage with regulators and universities if we want to strengthen market quality."

After more than three decades as an international C-suite executive, Dr Luk embarked on a new chapter. In 2023, he completed a professional culinary programme and earned a diploma certified by the French Ministry of Education. He believes the precision, discipline and creativity of French cuisine offer valuable lessons that also apply to leadership and management.

Looking ahead, he hopes to continue contributing through executive education, policy advice, teaching and mentoring. Drawing on both industry and academic experience, he aims to help future leaders navigate increasingly complex financial markets.

Reflecting on his own journey, Dr Luk encourages professionals to embrace lifelong learning and pursue research that addresses genuine business challenges. For students entering the finance industry, he emphasises the importance of combining technical expertise with regulatory awareness, adaptability and leadership skills.

（Published at 9 July 2026）