Fung was born in 1949 in Hong Kong. He attended Princeton University in its class of 1970, majoring in electrical engineering. He subsequently earned a master in Business administration from the Harvard Business School.
Dr Fung served as the international chair of the Pacific Economic Cooperation Council from 1999 to 2001.
Fund endowed the "Fung Scholarship" at his alma mater, Princeton University. In 2009, he was appointed to the university's board of trustees.