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  • Vietnam Gold Prices Defy Asian Trend with a Robust 18% Surge This Year

    Vietnam Gold Prices Defy Asian Trend with a Robust 18% Surge This Year

    On Saturday morning, gold prices in Vietnam experienced an increase, in contrast to the general slump observed across Asia. This increase occurred in spite of a lack of enthusiasm for jewelry in the market.

    Gold Prices in Vietnam

    Saigon Jewelry Company noted a rise of 1.12% in the value of their gold bars, bringing the price up to VND180 million (US$6,931.10) per tael. It’s worth noting that a tael is equivalent to 37.5 grams, or around 1.2 ounces.

    In addition, the price of gold rings increased by 0.56%, reaching a value of VND180.5 million per tael. Thus far in the year, gold prices in Vietnam have consistently been on an upward trend, rising by 18%.

    Asian Market Trends

    Across the broader Asian market, gold was trading at lower rates late Friday. For the first time in almost a month, gold began trading at a discount in India due to the volatility of its prices, deterring potential buyers. On the contrary, demand for gold was strong in China in the buildup to the Lunar New Year holiday.

    Last week Indian bullion dealers offered a discount of up to $12 per ounce on official domestic gold prices. These prices include a 6% import fee and a 3% sales levy, a decrease from last week’s premium of up to $70.

    One jeweler based in Hyderabad observed, “Jewelry demand has not recovered despite jewelers offering discounts on making charges. Retail buyers are not comfortable making purchases at current price levels.”

    Meanwhile, in China, bullion traded at a discount of $8 to premiums of up to $10 an ounce above the global benchmark spot price. This price shift happened in light of the nine-day Lunar New Year holiday starting on February 15.

    Questions & Answers

    What has been the trend for gold prices in Vietnam?
    Gold prices in Vietnam have been steadily rising this year, with an 18% increase noted so far.

    Why did gold start trading at a discount in India?
    The volatility of gold prices has been deterring potential buyers, resulting in gold trading at a discount for the first time in almost a month.

    How has the demand for gold been in China?
    There has been a robust demand for gold in China, especially with the approach of the Lunar New Year holiday.

  • Dollar Takes a Dip: Black Market Trends Reflect Dollar’s Decline Against Vietnamese Dong

    Dollar Takes a Dip: Black Market Trends Reflect Dollar’s Decline Against Vietnamese Dong

    The US dollar experienced a minor decrease against the Vietnamese dong in the informal market this past Saturday. The devaluation, at a modest 0.08%, saw the dollar trading at VND 26,250 at unauthorized exchange locations.

    Vietcombank, a significant player in the Vietnamese financial landscape, held its rate steady for the fourth consecutive day, maintaining a rate of VND 26,160.

    On the global stage, the US dollar remained largely unchanged against its counterparts on Friday. This stability follows an unexpected below-forecast rise in inflation for January, implying the US Federal Reserve may maintain its current rates for the near future.

    The Japanese yen, on the other hand, is on track for its most significant weekly increase in nearly 15 months.

    Statistics released by the US Labor department on Friday revealed a 0.2% increase in the consumer price index for the previous month. This is slightly lower than the 0.3% predicted by economists.

    The euro saw a small rise of 0.02% against the dollar, reaching a rate of $1.1873. If current trends continue, the euro is set to gain 0.5% this week.

    In comparison, the US dollar saw a dip of 0.22% against the Swiss franc, falling to 0.76785. If this tendency holds, it would equate to a weekly loss of 1% for the dollar.

    Analysts at Goldman Sachs, including Alexandra Kanter, attribute the relative weakness of the US dollar to several factors. These include the unpredictable nature of US policymaking in January, a recent reduction in market outperformance due to a sell-off in the software sector, and unique developments in Asia. Of particular note is the ongoing strengthening of the Chinese yuan.

    Questions & Answers

    What was the exchange rate between the US dollar and the Vietnamese dong on the black market this Saturday?
    The US dollar traded at VND 26,250 against the Vietnamese dong in the black market.

    What effect did the lower-than-expected inflation rise have on the Federal Reserve’s decisions?
    The less than expected increase in inflation suggests the Federal Reserve may continue to hold its rates steady in the near term.

    Which factors are contributing to the relative weakness of the US dollar?
    The relative weakness of the US dollar is attributed to unpredictable US policymaking in January, a recent reduction in equity market outperformance due to a software sector sell-off, and unique developments in Asia such as the strengthening Chinese yuan.

  • Bank of Singapore Boosts Ultra-High Net Worth Services with New Alternatives Expert Hire

    Bank of Singapore Boosts Ultra-High Net Worth Services with New Alternatives Expert Hire

    OCBC’s private banking division has appointed Bernard Heng, a seasoned expert in the wealth industry, to bolster its custom solutions for ultra-wealthy clients.

    Appointment of a New Leader

    The Bank of Singapore, the private banking arm of OCBC, has announced that Bernard Heng has joined the team as head of customized solutions. The move took effect from March 2, with Heng now reporting to Lim Leong Guan, the Global Head of Investment Solutions Group. In this capacity, Heng is responsible for spearheading the development, management, and implementation of intricate products and bespoke solutions, primarily for ultra-high net worth clients.

    Industry Veteran

    Bernard Heng brings with him a vast wealth of experience in wealth management and private banking. He has held key positions at global financial institutions such as UBS and Credit Suisse. His previous roles include that of Managing Director and Global Co-Head of the Private and Alternatives Group. Notably, Heng also served as the Principal and Head of Southeast Asia Private Financing at Apollo Management.

    Questions & Answers

    Who has been appointed as the head of customized solutions at the Bank of Singapore?
    Bernard Heng has been appointed as the head of customized solutions at the Bank of Singapore.

    What are Bernard Heng’s responsibilities in his new role?
    Heng is tasked with leading the development, management, and implementation of complex products and custom solutions, with a focus on ultra-high net worth clients.

    What past experience does Bernard Heng bring to his new role?
    Heng has extensive experience in wealth management and private banking. He has held senior roles at UBS and Credit Suisse and was also the Principal and Head of Southeast Asia Private Financing at Apollo Management.

  • Ex-UBS Tech Whiz Werner Schlossmacher Joins Barclays as COO for Asia Private Banking

    Ex-UBS Tech Whiz Werner Schlossmacher Joins Barclays as COO for Asia Private Banking

    Former UBS technology executive, Werner Schlossmacher, has taken on the role of Chief Operating Officer (COO) for Barclays Private Bank Asia. Barclays has confirmed his appointment in a recent statement. Schlossmacher will be stationed in Singapore, from where he will directly report to Leo Müller, COO of Barclays Private Bank & Wealth Management.

    Schlossmacher brings along with him over three decades of experience in wealth management, spanning regions such as Singapore, Hong Kong, and Switzerland. His most recent tenure was at UBS, where he spearheaded significant digital transformations in wealth operations. This included reworking mobile and e-banking experiences and the incorporation of generative AI capabilities. Prior to UBS, he had a long stint at Credit Suisse where he held senior roles across digital platforms, front office applications, and APAC wealth management leadership.

    Müller has expressed high hopes for Schlossmacher’s impact on the firm, recognizing his deep-rooted experience across Asia and Europe. “Werner is an exceptional operator. His leadership will be instrumental as we continue to scale our business in Asia and prepare for the launch of our booking center in Singapore,” shared Müller. He believes that Schlossmacher’s proven track record in digital transformation and platform design equips him well to help deliver a more modern, intuitive and scalable operating environment for clients and advisors.

    Questions & Answers

    Who is the new COO for Barclays Private Bank Asia?
    Werner Schlossmacher has been appointed as the new COO of Barclays Private Bank Asia.

    What significant experience does Werner Schlossmacher bring to Barclays?
    Schlossmacher brings over 30 years of wealth management experience across Singapore, Hong Kong, and Switzerland. He has significant experience in leading digital transformations, including redesigning mobile and e-banking experiences and introducing generative AI capabilities.

    What is the significance of Werner Schlossmacher’s appointment according to Leo Müller?
    According to Leo Müller, Schlossmacher’s leadership will be instrumental in scaling Barclays’ business in Asia and preparing for the launch of their booking center in Singapore. His experience in digital transformation and platform design positions him perfectly to help deliver a more modern, intuitive, and scalable operating environment for clients and advisors.

  • HSBC Group COO Suzy White to Amplify Singapore Unit’s Strength as New Board Member

    HSBC Group COO Suzy White to Amplify Singapore Unit’s Strength as New Board Member

    Suzy White, the Global Chief Operating Officer (COO) for London’s HSBC, is set to join the board of HSBC’s Singapore branch. HSBC Singapore made this announcement recently, confirming White’s addition to their executive team.

    White’s professional journey has been marked by remarkable leadership roles and extensive experience in various sectors including global business, risk management, finance, operations, and transformation. With a career spanning 25 years at HSBC, she has held notable roles such as the COO for Global Banking and Markets, Regional COO for Global Markets in the Americas, and Chief Risk Officer for Global Banking and Markets and Commercial Banking in the US. Additionally, White was previously on the board of HSBC Securities and the Commodities Futures Trading Commission Market Risk Advisory Committee.

    HSBC Singapore has expressed optimism about her joining the board, stating their expectation to capitalize on her vast expertise and experience to amplify the bank’s standing in Singapore. They aim to solidify their position as a leading international bank in the domain of global wealth in Singapore.

    Singapore plays a pivotal role in the Group’s strategic positioning. It serves as an international hub for wealth, a regional hub for treasury infrastructure, and a global center for innovation and sustainability. With this appointment, the bank looks forward to reinforcing its strong presence in these areas.

    Questions & Answers

    Who is joining the board of HSBC Singapore?
    Suzy White, the Global Chief Operating Officer of HSBC, is joining the board of HSBC Singapore.

    What roles has Suzy White held in her career at HSBC?
    White has held multiple key roles at HSBC, including the COO for Global Banking and Markets, Regional COO for Global Markets in the Americas, and Chief Risk Officer for Global Banking and Markets and Commercial Banking in the US.

    What is the significance of Singapore for HSBC Group?
    Singapore is a priority market for HSBC Group – it serves as an international wealth hub, a regional hub for treasury centres, and a global center for innovation and sustainability.

  • StanChart CFO Transitions to Apollo, Peter Burrill Steps Up as Interim Successor

    StanChart CFO Transitions to Apollo, Peter Burrill Steps Up as Interim Successor

    The global finance chief of UK-based banking and financial services corporation, Standard Chartered, has departed to join an American alternative asset management firm.

    Executive Shifts at Standard Chartered

    Standard Chartered has announced the appointment of Peter Burrill as the interim Group Chief Financial Officer (GCFO), effective immediately. This follows the exit of Diego De Giorgi from his dual roles as Executive Director and GCFO.

    Burrill currently holds the position of Group Head, Central Finance, and Deputy Chief Financial Officer within the bank. Before his tenure at Standard Chartered, which began in 2017, Burrill worked as the Group Controller and Co-Head of Group Finance at Deutsche Bank.

    He initiated his professional journey at KPMG, spending almost two decades in the company. His time at KPMG was divided between 10 years in the United States and a subsequent 10 years in Germany. Additionally, Burrill is the chair of the SCB AG Supervisory Board, a role he has maintained since March 2025.

    Established Executive Heads to New York

    Diego De Giorgi, with a career spanning over 30 years in the industry, has taken on a new role at Apollo, an alternative asset management firm based in New York. He now serves as a partner and the head of the Europe, Middle East, and Africa (EMEA) region.

    Questions & Answers

    Who has been appointed as the interim Group Chief Financial Officer at Standard Chartered?
    Peter Burrill has been appointed as the interim Group Chief Financial Officer at Standard Chartered.

    Where did Peter Burrill begin his professional career and how long did he work there?
    Burrill started his career at KPMG, where he worked for nearly twenty years.

    What is the new role of Diego De Giorgi at Apollo?
    Diego De Giorgi has joined Apollo as a partner and head of the Europe, Middle East, and Africa (EMEA) region.

  • UOB Extends Gold Trading Hours, Implements Appointment-only Policy Amid Soaring Demand

    UOB Extends Gold Trading Hours, Implements Appointment-only Policy Amid Soaring Demand

    As the demand for gold continues to escalate, United Overseas Bank (UOB), the sole local banking institution in Singapore that trades in physical gold bars and bullion coins, has announced plans to expand its operating hours and implement an appointment-only policy for the purchase and conversion of gold.

    New Operational Measures

    Starting from Friday, UOB has extended its gold counter service till 6:00 p.m. during weekdays, barring public holidays. Previously, the services were available until 4:30 p.m. The bank has also decided to discontinue walk-in purchases and conversions of gold.

    For patrons wishing to sell their gold back to UOB, the service will continue to be available without a prior appointment from 9:30 a.m. to 4:30 p.m. on weekdays, excluding public holidays.

    The bank anticipates that these new measures should decrease wait times for customers and allow them to be served at their preferred time slot.

    Appointment and Availability

    UOB has made provisions for customers to book their appointments via the bank’s official website. The booking feature will be available from 6:00 p.m. on coming Thursday. The bank is also encouraging its customers to verify the real-time availability of specific gold products online before scheduling an appointment or visiting the branch.

    Gold Demand and Price Fluctuations

    The demand for gold has been witnessing a surge, with people thronging the UOB headquarters to make their purchases whenever there is a dip in gold prices. This year has seen considerable volatility in gold prices, reaching a record high above US$5,500 per ounce in late January, later dropping below $4,500, and finally stabilizing above $5,000. Despite this fluctuation, market analysts are predicting a continuation of the rally, pushing gold prices to new highs in 2026.

    Last year, the demand for gold as an investment in Singapore reached a record 9.6 tonnes, denoting a year-on-year increase of a massive 48%, the highest in Southeast Asia, even as prices escalated by 64%.

    Performance Indicators

    Kelvin Ng, UOB’s Head of Global Markets Group, revealed that the bank’s physical gold business noted a significant increase of 59% in total transacted volume, calculated in kilograms, compared to the previous year.

    This performance aligns with a growing preference among a specific segment of investors for physical bullion, particularly as a means of long-term wealth preservation and portfolio diversification during periods of increased market volatility.

    Questions & Answers

    What changes has UOB announced for its gold trading services?
    UOB has extended its operating hours till 6 p.m. on weekdays and implemented an appointment-only policy for purchasing and converting gold.

    How can customers book an appointment for purchasing or converting gold at UOB?
    Customers can book their appointments using the bank’s official website and are encouraged to check the real-time availability of specific gold products before making an appointment.

    What has been the trend in gold prices and demand this year?
    Gold prices have seen significant volatility this year, reaching a record high and then falling before stabilizing. Despite this fluctuation, market analysts predict a continued rally. The demand for gold, particularly as an investment, has also seen a surge.

  • Bian Ximing: From Gold Tycoon to Silver Bear in $300M Shift Amid Market Fluctuations

    Bian Ximing: From Gold Tycoon to Silver Bear in $300M Shift Amid Market Fluctuations

    Billionaire Chinese trader, Bian Ximing, formerly famous for leveraging the gold rally, has now focused his attention on the dramatic ascent of silver. He has placed a significant bet on a price plunge, an investment currently worth almost $300 million.

    A Pivot from Gold to Silver

    Bian Ximing, a typically discreet individual who spends much of his time in Gibraltar, amassed nearly $3 billion from his bullish ventures in Shanghai Futures Exchange gold contracts, dating back to the start of 2022. He has since shifted his focus to silver, holding the exchange’s largest net short position, according to available data.

    However, this substantial short position is not without its risks, and Bian has been compelled to exit some trades at a loss due to the unstable silver price movements. His current short position is equivalent to approximately 450 tons of silver, or around 30,000 contracts.

    The notable drop in the value of the metal from the previous week has resulted in a potential gain of around CNY2 billion ($288 million). After factoring in previous losses, Bian is poised to make a net profit of about CNY1 billion.

    Fluctuating Silver Prices

    On February 5, silver reached a six-week low but has since rebounded to approximately $81.52 per ounce. This is around 43% lower than the historic high of $116.85 recorded at the end of January.

    Data from the exchange reveals that Bian, via his brokerage, Zhongcai Futures Co., began to significantly increase his silver short positions in the last week of January. Although the Shanghai Futures Exchange does not disclose the individuals behind brokerage accounts, sources suggest that Bian’s trades, in addition to the products he directly manages for a select group of clients, comprise the majority of Zhongcai’s precious metals exposure.

    Market Reaction and Bian’s History

    This shift in strategy from Bian takes place as recent severe price fluctuations force market players to reconsider their approach to precious metals. The rally of silver is increasingly seen as industry-led and primarily fueled by speculative positioning rather than fundamental economic factors.

    Bian first achieved prominence in China’s futures markets through aggressive bullish gold trades that began about four years ago. He is part of a small, elite group of high-profile commodities traders who have influenced the market. Compared to many of his peers, he is recognized for his privacy and the devoted online following attracted by his investment philosophy.

    Bian began amassing a long silver position in August of last year, a move that generated profits of over CNY1.3 billion, based on estimates from exchange data. However, by November, he started changing course, aiming to predict the peak of the rally with gradual position adjustments, which at times led to trading losses.

    Questions & Answers

    What is Bian Ximing’s current position in silver?
    Bian Ximing currently holds a short position equivalent to roughly 450 tons of silver, or approximately 30,000 contracts.

    How has the silver market fluctuated recently?
    Silver dipped to a six-week low on February 5 but has since recovered to around $81.52 per ounce, about 43% lower than its historic high of $116.85 at the end of January.

    What is Bian Ximing’s investment history with precious metals?
    Bian Ximing first rose to prominence through aggressive bullish trades in gold about four years ago. In August of the previous year, he started to accumulate a long position in silver, yielding profits of over CNY1.3 billion.

  • U.S. Dollar Flexes Strength Against Vietnamese Dong in Unofficial Markets: A Look into Currency Highlights of the Week”

    U.S. Dollar Flexes Strength Against Vietnamese Dong in Unofficial Markets: A Look into Currency Highlights of the Week”

    On Monday morning, the U.S. dollar exhibited an upward trend against the Vietnamese dong on the unofficial market, while maintaining relative stability against other major currencies. The U.S. dollar exhibited a 0.33% increase, reaching approximately VND26,637 at unofficial exchange locations. In contrast, Vietcombank maintained its exchange rate constant at VND26,140.

    Vietnam’s Reference Rate

    The State Bank of Vietnam adjusted its reference rate downward by 0.008%, setting it at VND25,063.

    Global Dollar Index

    Internationally, the U.S. dollar index, an indicator of the U.S. dollar’s value relative to a selection of six currencies, remained static at 97.629 as the week commenced. This week is expected to witness the release of several significant data sets from Washington, including statistics on retail sales, inflation, and the delayed jobs report scheduled for Wednesday.

    Performance of Other Currencies

    The yen experienced a fluctuation, initially declining by 0.3% to hit its lowest value in a fortnight, before strengthening by as much as 0.7%, and then subsequently reducing its gains. In its latest trading, it was 0.3% stronger at 156.76 yen against the dollar.

    Meanwhile, the Australian dollar saw a slight increase of 0.1%, reaching $0.7018. Similarly, the New Zealand dollar also increased by 0.1% to $0.6013. The euro displayed no change, remaining at $1.1818. In contrast, the pound was slightly down by 0.1%, trading at $1.3599.

    Questions & Answers

    What was the performance of the U.S. dollar against the Vietnamese dong on the unofficial market on Monday?

    The U.S. dollar increased by 0.33%, reaching approximately VND26,637 at unofficial exchange locations.

    How did the State Bank of Vietnam adjust its reference rate?

    The State Bank of Vietnam lowered its reference rate by 0.008%, setting it at VND25,063.

    What were some notable changes in the performance of other major currencies?

    The yen initially declined by 0.3%, then strengthened by as much as 0.7%, before reducing its gains. The Australian and New Zealand dollars both saw a slight increase of 0.1%. The euro remained unchanged, while the pound decreased slightly by 0.1%.

  • DBS Wealth Management Hits Record-Breaking Asset Surge in 2025

    DBS Wealth Management Hits Record-Breaking Asset Surge in 2025

    DBS’ wealth management business achieved remarkable success in 2025, setting records in both assets under management and net new assets.

    Unprecedented Growth

    According to the bank’s Chief Financial Officer, assets under management soared by 19 percent, reaching an all-time high of S$488 billion ($384 billion). This significant growth was fueled by a remarkable S$39 billion in net new assets, also a record in the bank’s history.

    Rising Revenue

    DBS’ wealth business also reported its highest ever income, which increased by 9 percent to reach S$5.7 billion. Non-interest income saw an impressive surge of 27 percent, amounting to S$3.3 billion. The wealth management division played a major role in the bank’s revenue generation, contributing substantially to both fee income and treasury sales.

    Profitable Performance

    Overall, the bank’s pre-tax profit marginally climbed, setting a new benchmark at S$13.1 billion. This highlights DBS’ consistently strong and profitable performance, even in the face of uncertain market conditions.

    Questions & Answers

    What was the increase in DBS’ assets under management in 2025?
    In 2025, DBS’ assets under management rose by 19 percent, achieving a record high of S$488 billion ($384 billion).

    What was the total income for DBS’ wealth business in 2025?
    In 2025, DBS’ wealth business registered its highest income ever at S$5.7 billion, marking a 9 percent increase.

    What was the total pre-tax profit for DBS in 2025?
    DBS reported a pre-tax profit of S$13.1 billion in 2025, marking a new high in the bank’s history.

  • UBS Unveils New Managing Directors: A 11% Drop from Last Year Reveals Strategic Shift

    UBS Unveils New Managing Directors: A 11% Drop from Last Year Reveals Strategic Shift

    UBS, the banking behemoth based in Zurich, has unveiled its new cohort of managing directors. With a total of 155 appointments, this year’s list is smaller than the preceding year’s, representing an 11% drop from the 174 managing directors appointed last year.

    The geographic distribution of the new managing directors reveals a global spread. Switzerland had the highest number, with 43 individuals, closely followed by the Asia Pacific region, which had 40. Europe, the Middle East, and Africa had a combined total of 36, as did the Americas. In a noteworthy mention, 92 financial advisors in the Americas have been elevated to the position of managing director within the wealth management division.

    In a statement from the bank, it was noted that the new managing directors embody the robust culture of the institution, as well as uphold the three key tenets of success. The bank emphasized the pivotal role these directors will play in strengthening the firm. The efforts will focus on consolidating the bank’s industry-leading position and delivering superior value for its clients.

    Questions & Answers

    How many new managing directors have been appointed by UBS this year?
    UBS has announced the appointment of 155 new managing directors.

    How does this year’s number of new managing directors compare to last year?
    This year has seen an 11% decrease in the number of managing directors compared to the previous year, which had 174 appointments.

    Which regions have the most significant number of new managing directors?
    Switzerland leads with 43 appointments, followed by Asia Pacific with 40, and Europe, the Middle East and Africa, and the Americas, each with 36.

  • Vietnam Gold Prices Soar to Record High, Outpacing Global Bullion Rates

    Vietnam Gold Prices Soar to Record High, Outpacing Global Bullion Rates

    The price of gold has seen a notable increase in Vietnam, with a jump recorded on Monday morning. This rise further extends the difference between the local and global bullion rates, establishing a new record.

    Increase in Gold Prices in Vietnam

    Saigon Jewelry Company’s gold bars have seen a 1.06% increase in price, reaching VND181.2 million (US$6,985.08) per tael, equivalent to 37.5 grams or 1.2 ounces. Similar price adjustments have been mirrored by other sellers in the industry.

    At present, the price of local bullion is VND24 million per tael higher than the global prices, marking the most significant difference on record. Notably, the price of gold rings increased at the same rate, reaching VND180.7 million per tael.

    Global Gold and Silver Market Trends

    Internationally, gold and silver have continued to make gains. This comes as the U.S. dollar weakens, making metals priced in the greenback more affordable for international buyers.

    Spot gold increased by 1.4% to $5,029.09 per ounce, following an almost 4% rise on Friday. Concurrently, U.S. gold futures for April experienced a 1.4% gain, reaching $5,051.0 per ounce.

    The U.S. dollar is currently at its lowest level since the 4th of February. In the near future, investors predict at least two 25-basis-point rate cuts in 2026, with the initial cut expected in June. Notably, non-yielding bullion performs well in low-interest-rate environments.

    Questions & Answers

    What percentage increase have gold prices seen in Vietnam?
    Gold prices in Vietnam have seen an increase of 1.06%.

    What is the current price of gold bars from Saigon Jewelry Company?
    The price of gold bars from Saigon Jewelry Company is currently at VND181.2 million (US$6,985.08) per tael.

    How has the U.S. dollar’s performance affected the global gold and silver markets?
    The weakening of the U.S. dollar has made metals priced in the greenback more affordable for international buyers, leading to an increase in the global prices of gold and silver.

  • DBS Shatters Records with Pre-Tax Profit Surge Despite Global Tax Impact

    DBS Shatters Records with Pre-Tax Profit Surge Despite Global Tax Impact

    DBS, a Singapore-based bank, has reported a record pre-tax profit despite the overall net profit experiencing a decrease due to the institution of the new global minimum tax.

    In the year 2025, DBS reported a 3% decline in net profit, amounting to S$11 billion ($8.7 billion). However, the bank’s return on equity and return on tangible equity saw growth, reaching 16.2% and 17.8% respectively.

    Growth in Total Income

    DBS also demonstrated a rise in total income by 3% to a record S$22.9 billion. Key factors contributing to this increase included fee income and treasury customer sales. The bank’s wealth management sector lead the way in these gains, and the markets trading income was the highest observed since 2021. Notably, the cost-income ratio maintained stability at 40%.

    Influence of the Global Minimum Tax

    When considering the impact of the recently introduced global minimum tax of 15%, the bank’s pre-tax profit was slightly higher, reaching an all-time high of S$13.1 billion.

    DBS CEO, Tan Su Shan, expressed confidence in the bank’s performance. He emphasized the bank’s adaptability in capturing market opportunities and meeting client needs as crucial to its successful performance. With ongoing rate pressures and geopolitical tensions, he acknowledged these challenges but was optimistic about the bank’s strong balance sheet and the quality of its franchise to provide a stable foundation for the coming year.

    Questions & Answers

    What were DBS’s net profits for 2025?
    DBS reported a 3% decline in net profits for the year 2025, amounting to S$11 billion ($8.7 billion).

    What contributed to the growth in the bank’s total income?
    The growth in the bank’s total income was largely due to fee income and treasury customer sales, particularly from the wealth management sector.

    What is DBS CEO’s outlook for the coming year?
    Despite acknowledging ongoing rate pressures and geopolitical tensions, DBS CEO, Tan Su Shan, remains optimistic about the bank’s strong balance sheet and the quality of its franchise as a solid foundation for the future.

  • Thailand Sparkles as Southeast Asia’s Gold Demand Hotspot, Dethrones Vietnam

    Thailand Sparkles as Southeast Asia’s Gold Demand Hotspot, Dethrones Vietnam

    In 2025, Thailand outperformed all Southeast Asian nations in the purchase of gold bars and coins, signaling a surge in demand. According to the World Gold Council, total purchases in the country amounted to 51.4 tonnes, which represented approximately 36% of the region’s overall demand. This significant uptake in gold was the highest the country had seen in seven years, valued at over US$6 billion. As a result, Thailand surpassed Vietnam, the previous leading gold market in the region, which had recorded a demand of 42.1 tonnes in 2024.

    Regional Uptake of Gold

    Collectively, five prominent Southeast Asian gold markets witnessed a more than 15% surge in the purchase of bars and coins last year. The total demand reached a new nine-year high at 139 tonnes. Vietnam trailed Thailand, securing second place with a demand of 36.1 tonnes. However, it was the sole country to report a downturn in gold sales, with a 14% decrease.

    During the last quarter of 2025, Vietnam’s gold trading shrank for the sixth consecutive quarter, hitting its lowest point in almost half a decade. Supply shortages were identified as a principal reason for this downturn. The country experienced a scarcity of gold bars and a sudden increase in 24K ring demand, causing prices to escalate dramatically and widen the disparity with international rates. Consequently, Vietnam’s gold prices soared by 81% in the previous year and 13.5% in the current year.

    Regional Gold Demand

    Despite these circumstances, Thailand and Vietnam combined accounted for two-thirds of Southeast Asia’s gold demand. The third highest demand was from Indonesia, which saw a 29% surge in sales to 31.6 tonnes, marking an unprecedented volume in 12 years.

    Malaysia claimed the fourth position, with a demand increase of 37% to 10.3 tonnes, likewise a 12-year record. Singapore, ranking fifth, marked the most significant growth in the region at 48%, with a record volume of 9.6 tonnes sold.

    Globally, the demand for gold bars and coins reached 1,374 tonnes or $154 billion. China and India consistently remained the two primary gold markets. There was a 28% rise in demand for gold bars and coins in China in 2025 compared to 2024, while India registered a 17% increase during the same period. Together, these two nations represented more than half of the total global demand for bars and coins.

    Questions & Answers

    Which country led Southeast Asia in gold demand in 2025?
    Thailand led Southeast Asia in gold demand in 2025, with purchases totaling 51.4 tonnes.

    What factors contributed to the decline in Vietnam’s gold trading?
    A shortage in the supply of gold bars and an increase in demand for 24K rings were key factors that contributed to the decline in Vietnam’s gold trading.

    Which countries were the two largest global markets for gold in 2025?
    China and India were the two largest global markets for gold in 2025, accounting for more than half of the total global demand for bars and coins.

  • DBS Hong Kong Welcomes Xu Qing as New Credit Chief for Booming North Asia Market

    DBS Hong Kong Welcomes Xu Qing as New Credit Chief for Booming North Asia Market

    DBS Hong Kong, a subsidiary of Singapore’s DBS Bank, has announced the appointment of Xu Qing as the Chief Credit Officer for North Asia and Managing Director, Senior Risk Executive for Hong Kong. Mr. Qing’s appointment came into effect on February 1st.

    In his new roles, Mr. Qing will be responsible for overseeing all credit and risk functions across Hong Kong, mainland China, and Taiwan. He will also serve as a member of the Hong Kong management committee. To assume these roles, Qing has relocated from mainland China to Hong Kong.

    Mr. Qing brings a wealth of experience to these roles, with a career spanning over 20 years covering markets, credit, and operational risks, as well as business development. His journey with DBS began in 2015 when he joined DBS China. His exceptional performance saw him rise to the position of Chief Risk Officer for the unit, and subsequently, he also served as the Deputy CEO of the unit since November 2019. Prior to his engagement with DBS, Mr. Qing held senior positions at the ING Group and Standard Chartered.

    Reacting to the appointment, Sebastian Paredes, CEO of DBS Hong Kong and Head of North Asia expressed his delight. He said, “We are thrilled to have Xu Qing as part of the Hong Kong management team. His deep expertise in risk management, strong international perspective, proven leadership, and extensive experience across the North Asia markets will be invaluable to the team.”

    Questions & Answers

    Who has been appointed as the new Chief Credit Officer for North Asia at DBS Hong Kong?
    Xu Qing has been appointed as the new Chief Credit Officer for North Asia at DBS Hong Kong.

    What are the key responsibilities of Mr. Qing in his new roles?
    Mr. Qing will oversee all credit and risk functions in Hong Kong, mainland China, and Taiwan. He will also serve as a member of the Hong Kong management committee.

    What is Mr. Qing’s background prior to this appointment?
    Mr. Qing has over 20 years of experience across markets, credit, and operational risks as well as business development. He joined DBS China in 2015 and has held senior roles at ING Group and Standard Chartered.