Frank Chong

Chief Regulatory Officer (CRO)

"The measure of a society is not its wealth, but the way its people support each other, for in this support, we all thrive."

Frank Chong

Chief Regulatory Officer (CRO)

Frank Chong is BankLink’s Chief Regulatory Officer and the Senior Vice-President, Risk and Finance, at Stabilization Central Credit Union. Frank has extensive experience working closely with financial institutions on issues pertaining to mergers and acquisitions, risk management, governance, strategy, and regulatory compliance. Frank also leads a team that administers a specialized self-insurance program that provides fidelity bonds and cyber-crime coverage.

Frank has held senior executive and advisory roles at the BC Financial Services Authority (BCFSA) including Vice-President and Deputy Superintendent, Regulation. Frank played an instrumental role during the early creation and transition to the BCFSA when he served as the Interim CEO, Credit Union Deposit Insurance Corporation and Superintendent of Financial Institutions, with the Financial Institutions Commission (predecessor to BCFSA) between 2016 and 2019. During his time as a financial services regulator, he managed various financial institutions’ regulation and supervision teams. Frank was accountable for statutory approvals, policy initiatives, regulatory reporting, supervisory functions, and deposit insurance operations. Frank also served as the Chair and Vice-Chair of the Canadian Council of Insurance Regulators.

During the earlier part of his career, Frank held finance and management roles at Prospera Credit Union as well as a chartered bank and an insurance brokerage. At Prospera, Frank was a Financial Controller and worked on several corporate acquisition and divestiture transactions. Despite the twenty years of experience in the financial sector, Frank is most fond of his time as a branch teller where he gained his first positive experience in working with people.

Frank participates actively in his local community. He is currently the Chair of the Vancouver Police Board and Brightside Community Homes Foundation. Frank taught part-time with Langara College (Real Estate Program) and with the Insurance Institute of Canada (Business of Insurance).

Frank holds a Master of Business Administration and a Chartered Insurance Professional designation, and is completing PhD in Finance.

My vision of the future is one where traditional systems are reimagined to empower individuals. I see a world where decentralized organizations and technologies grant people greater autonomy and choice in all aspects of their lives, particularly their personal finances. This means breaking down barriers to entry, increasing transparency, and fostering ownership. Imagine a financial landscape where everyday people have the tools and knowledge to shape their financial destinies, free from restrictive practices and gatekeepers.

In this future, collaborative solutions and community-driven initiatives are key. People are not just passive consumers but active participants in shaping the systems that serve them. They have a voice in how resources are allocated, how decisions are made, and how value is created. This shift towards individual empowerment and collective responsibility will unlock a wave of innovation and prosperity, leading to a more equitable and sustainable future for all.

Throughout my career, I have been driven by a strong sense of purpose and a passion for making a positive impact on the world. I believe that we all have a responsibility to use our talents and skills to make a difference, and I am committed to working with others who share this same vision.

I have found that the most fulfilling work is that which is done in service of a greater cause. Whether it is through volunteering my time, mentoring others, or simply working hard to achieve my goals, I strive to make a difference in the lives of those around me.

I am particularly passionate about creating greater economic equality and enabling upward mobility for those with lower means. I believe that this is a critical issue that needs to be addressed, and I am committed to working towards pragmatic solutions. I have a strong track record of success in alternative financing structures for non-profits, and I am confident that I can continue to make a positive impact in financial services, and I am excited to work with others who share my passion.

My journey in finance has been profoundly shaped by the pioneering work of individuals who recognized the power of capital as a force for good. I am particularly inspired by Jacqueline Novogratz, the founder and CEO of Acumen. Her commitment to patient capital and her belief in the power of entrepreneurs to drive social change have deeply influenced my view of today’s world. Novogratz’s work has shown me that finance can be a powerful tool for addressing global poverty, and that by supporting innovative solutions and investing in social enterprises, we can create a more equitable and sustainable world.

In addition to Novogratz, I have been greatly influenced by Sir Ronald Cohen, a true visionary in the field of impact investing. His dedication to building a robust impact investing ecosystem and developing standardized metrics to measure social and environmental impact has been instrumental in moving the field forward. Cohen’s work has demonstrated that financial returns and social impact are not mutually exclusive, and that by aligning capital with purpose, we can create a more just and prosperous society.

I believe that integrity is the cornerstone of any successful and meaningful endeavor. It is not merely about adhering to ethical principles, but also about acting with transparency, honesty, and accountability in all my interactions. This commitment to integrity guides my decision-making, fosters trust with colleagues and partners, and ultimately contributes to building a more ethical and sustainable financial system.

Beyond integrity, I am driven by a deep-seated belief in the power of finance to contribute to the social good. I believe that capital can be a catalyst for positive change, and that by directing investments towards initiatives that address social and environmental challenges, we can create a more equitable and prosperous world for all. This commitment to social good informs my investment philosophy and motivates me to seek out opportunities that generate both financial returns and positive impact for society.

My commitment to social good extends beyond my professional life and into active community involvement. I am deeply invested in contributing to the well-being of my community and believe in the power of collective action to effect positive change. Currently, I serve as Chair of the Brightside Community Homes Foundation, where I work alongside dedicated individuals to advance affordable housing. This experience has instilled in me the importance of stable housing as a foundation for individual and community well-being.

Furthermore, I am honored to hold the position of Chair of the Vancouver Police Board. In this role, I am committed to fostering a strong and collaborative relationship between public safety and the community, ensuring public safety while promoting transparency and accountability within the police department. This role has provided me with invaluable insights into the complexities of community safety and the importance of building trust between government agencies, private sector and the broader public.

Adding to my community engagement, I also serve as Vice-President of Community Housing Coverage. This sector-led initiative, in collaboration with the regional housing association, is focused on providing stable and accessible property insurance for the non-profit housing sector. I am passionate about ensuring the long-term viability of affordable housing sector and believe that by working together, we can create a more resilient and equitable housing sector. My involvement in these organizations reflects my dedication to public service and my belief in working collaboratively to create a stronger, more inclusive community.

Reflecting on my journey, my biggest regret is not realizing sooner the profound impact I could have by dedicating more of my time and resources to helping others. While I’ve always been community-minded, I now recognize the urgency and scale of the challenges facing our society, particularly in areas like affordable housing and income inequality. There’s a sense that I could have amplified my impact, engaged with my community more deeply, and contributed to even greater positive change.

This realization has fueled a renewed sense of purpose and a commitment to maximizing my contributions moving forward. I am driven to leverage my skills, experience, and resources to make a lasting difference in the lives of others and contribute to a more just and equitable society. This includes seeking new opportunities to serve, mentoring future leaders, and advocating for policies that uplift those most in need. I believe that it’s never too late to make amends and dedicate oneself to a greater purpose.

I am fascinated by the power of finance to shape not only individual lives but also the trajectory of communities and entire societies. It’s this fascination that drives my pursuit of a deeper understanding of the field through my PhD studies in finance. I am particularly interested in exploring how financial mechanisms can be leveraged to address pressing social issues such as income inequality, access to affordable housing, and sustainable development.

My academic pursuits are driven by a desire to contribute to the development of innovative financial tools and strategies that promote inclusive growth and social well-being. I believe that rigorous research, combined with practical application, can unlock new possibilities for utilizing finance as a force for positive change. This pursuit of knowledge is not just an intellectual exercise, but a commitment to equipping myself with the tools to make a tangible difference in the world.

A quote that truly resonates with me is by Dr. Martin Luther King Jr.: ‘Life’s most persistent and urgent question is, ‘What are you doing for others?” This simple yet profound question serves as a constant reminder of my responsibility to contribute to the well-being of my community and to use my skills and resources to make a positive impact on the world.

People are often surprised to learn that I only picked up road cycling a month before participating in my first Gran Fondo! It was a whirlwind experience of intense learning and training, pushing myself to quickly master the skills and endurance needed for such a challenging event. Not only did I successfully complete the ride, but I discovered a newfound passion for cycling that continues to this day. This experience speaks to my determination and my willingness to embrace new challenges head-on, even if it means jumping in the deep end!