Dr Lam Yat-fai

Cherish the chance to learn

By : Jacqueline Tang

Extensive range of applications

Dr Lam’s day-to-day job focuses on using big data to build machine learning models for consumer lending decisions, detecting financial frauds and formulating focused marketing campaigns. “I entered the field of data science several years ago after I had been inspired by one of the most representative cases in data science industry, in which Cambridge Analytica used big data to impact election results, such as the US presidential election, and events such as Brexit,” he says.

Connecting with CityU

After majoring in electronic engineering, Dr Lam worked in the Information Technology Department at the Hong Kong Monetary Authority (HKMA). “HKMA provided tuition subsidies for master’s courses at that time. I thought I could add value by finding a subject that I was interested in and was applicable to my job. I finally chose the Master of Science in Financial Engineering at CityU because of my foundation in mathematics and engineering,” he says. That’s when Dr Lam formed his binding bond with CityU.

More new opportunities

Dr Lam (left) and his DBA supervisor, Professor Lai Kin-keung. A fortuitous event occurred during a class on his master’s degree. When he solved a Monte Carlo simulation problem during the class, his talent was noted by the teacher of the course, Dr Michael Wong Chak-sham, Associate Professor in the Department of Economics and Finance, who then invited Dr Lam to teach a new course at CityU on credit risk management after graduation.

With his master’s degree, Dr Lam seized the opportunity to transfer to the Banking Policy Department at HKMA. His first task was to develop a methodology to derive the probability of default for IPO marginal financing. He flexibly applied knowledge from his master’s degree and established an approach that was adopted by the senior management at HKMA, bringing great satisfaction to his work.

Gaining knowledge from teaching

Knowledge about data science in textbooks is highly theoretical, missing a lot of practical details, Dr Lam suggests. During his more than ten years of teaching, Dr Lam has tried to absorb the latest industry practices from all sources, which has taught him a great deal. He has digested and reorganised materials found online and through professional networks. “It is not the students who learn the most from my classes, but myself,” he says.“

Dual identity

Dr Lam (right) and CityU’s DBA programme director, Professor Muammer Ozer. Dr Lam started teaching the credit risk management course at CityU before he had any plan to advance his academic qualification above master’s level. Nevertheless, his students kept on calling him “Dr Lam”. “That’s why I decided to enroll on CityU’s Doctor of Business Administration programme in order to qualify as a genuine ‘Dr Lam’,” he says.

As well as learning theories and knowledge, what is just as rewarding is that classmates stay connected for a long time after graduation. “We exchange stories about the fun and tears in different industries and life stages. CityU is actually a great platform for professional and friendship development. Graduation is just the beginning of the second stage of participation on this platform,” Dr Lam says.

Popularisation of data science

Dr Lam realised his mother’s dream at the CityU Commencement. Dr Lam believes explanatory aspects and the predictive power of data science are invaluable. Like the left and right hands, they link to and complement each other. “Our current era is flooded with information. If the university incorporates the foundation of data science into general education, students can learn to think objectively with data, and identify the reliability of messages effectively,” he says.

but not least, Dr Lam advises students to cherish their four years at CityU. “Although my results in my master’s and doctor’s degree were satisfactory, I regret that I was not serious about my undergraduate study. For students who have chosen to study at CityU, please treasure this opportunity. Study hard for your future!”