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Category: Finance

Retail News Asia is committed to providing both local and global retailers with the latest Finance news throughout the Asian market. This on a daily base.

  • Coach, Kate Spade parent strikes strategic alliance with Tmall China

    Coach, Kate Spade parent strikes strategic alliance with Tmall China

    US-based luxury retail company Tapestry has entered into a strategic alliance with Alibaba’s Tmall platform to boost the sale of its Coach, Kate Spade, and Stuart Weitzman products online in China.

    The partnership, announced last week, will see Tapestry unveil flagship stores for its suite of luxury brands on Tmall later this month, where it will offer exclusive products and personalized content and services to Chinese shoppers.

    The partnership reflects a step forward in Tapestry’s ChinaNext strategy, which aims to grow the company’s China business and gather digital learnings that can be leveraged in other markets.

    Currently, less than 20 percent of Tapestry’s revenue comes from China. The company is looking to increase that figure by tapping into Tmall’s active user base of over 750 million shoppers.

    “Tapestry is committed to the Chinese market. We have a leadership position in China and all of our brands have a tremendous opportunity for further growth,” Jide Zeitlin, Tapestry CEO and chairman, said in a statement.

    “Given Tapestry’s focus on customer experience, creating innovative strategic partnerships with leaders such as Tmall helps us to connect our unique lifestyle brands with the important fashion and digitally savvy Chinese consumer,” he said.

    Beyond the new digital flagships, Tapestry is also working with Alibaba on intellectual property rights protection. Coach is a member of the Alibaba Anti-Counterfeiting Alliance and leverages the e-commerce company’s tools, technology and cooperation initiatives to protect its brand.

  • Singapore Among World’s Worst in Workplace Diversity

    Singapore Among World’s Worst in Workplace Diversity

    While Singapore might be the world’s most competitive economy, its workplaces have a long way to go, ranking close to bottom in terms of diversity and inclusion, and a quarter of employees reporting bullying, according to surveys by Refinitiv and Kantar.

    While Asia-Pacific counted 23 firms on the 2019 Diversity and Inclusion Index published by financial markets data provider Refinitiv, the only representative from Singapore was Singtel.

    The survey, published Tuesday, ranks over 7,000 companies globally and identifies the top 100 publicly traded companies on 24 separate metrics across four key pillars: diversity, inclusion, people development, and controversies.

    The increasing transparency in the reporting of social metrics will offer opportunities for investors to better integrate ESG principles into the investment and strategy decision-making process, Refinitiv chief revenue officer Debra Walton said.

    Singtel came in 79th on the list. Australia led the region, with nine companies in the top 100, followed by Japan with five.

    Singapore’s workplaces were ranked second-last in terms of diversity and inclusion practices by data, consulting and insights firm Kantar in its latest Inclusion Index, released Tuesday.

    According to the survey, which polled 18,000 people in 14 countries across 24 industries, Singapore was identified with the highest level of workplace bullying, along with Brazil and Mexico.

    Compared to the global peers, Singapore workers are the most likely to «feel uncomfortable» by their employers, and 44 percent said they experience «stress and anxiety» at work, compared to 39 percent globally, according to the survey.

    If you are serious about inclusion and diversity in your business, you need to get serious about measuring it. Diversity is the fact, while inclusion is the act, and until now inclusion has been much harder to measure, Mandy Rico, global director of Kantar’s Inclusion Index, said about the findings.

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  • HSBC Hires Former Deutsche Bank Southeast Asia Vice Chairman

    HSBC Hires Former Deutsche Bank Southeast Asia Vice Chairman

    HSBC continues to bolster its Southeast Asia business with the latest hire of a former Deutsche Bank vice chairman for the region to become its own Southeast Asia vice chairman of global banking.

    Philip Lee joins the bank as the new Singapore-based role reporting at the function level to Greg Guyett, group head of global banking, and at the country level to Tony Cripps, CEO, HSBC Singapore, according to a statement from the bank. Lee is also expected to work closely with Stephen Williams, head of global banking for Southeast Asia.

    Prior to HSBC and Deutsche Bank, where he worked for five years, Lee spent 18 years with J.P. Morgan as its Southeast Asia investment banking CEO and senior Singapore country officer. Currently, he is also chairman of the Singapore Health Promotion Board and Council Member and Investment Committee Chairman of the Institute of Banking and Finance Singapore (IBF).

    HSBC’s inroads into Southeast Asia continue to gain momentum as part of its three-year strategic plan with a series of hires in the past year. In addition to Lee, the bank has appointed Kanakanjan Ray as Southeast Asia head of financial institutions group and Mun Loong Choy as Southeast Asia head of multinationals.

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  • Ex-GIC Head Joins Fintech Arm of Razer

    Ex-GIC Head Joins Fintech Arm of Razer

    The fintech arm of gaming hardware manufacturer Razer has appointed the former group president of Singapore sovereign wealth fund GIC as an advisory board member.

    Lim Siong Guan joins Razer Fintech as an advisory board member as the firm enters its next growth phase to expand regionally and globally.

    Lim currently is a professor at the Lee Kuan Yew School of Public Policy; a senior fell at the Singapore Civil Service College; and chairs the board of directors of Swiss Re Asia. Previously, he was the group president of GIC Private Limited from 2007 to 2016 before subsequently acting as its advisor until March 2019.

    With Mr. Lim coming on board, we will be able to leverage on his extensive experience and network in the global financial markets to scale up and successfully execute on our strategic roadmap,” said Tan Min-Liang, co-founder and CEO of Razer.

    I am a firm believer in Razer Fintech’s strategy and vision of addressing the unmet needs of underserved people, particularly the youth and the millennials who are the future consumers of the world, through technology and product innovation, Lim added.

  • Women Take the Lead in Impact Investing

    Women Take the Lead in Impact Investing

    Banks and wealth managers tend to appoint women to spearhead their sustainability programs. we wanted to find out whether this was pure coincidence or sign of a trend.

    Ecological and sustainable investing has become very popular in wealth management and among investors. Almost every bank has invested in a high-powered division that devotes its resources on finding assets that are making the world a better place.

    It is striking that women hold a great many top positions in ESG and impact investing at banks and asset managers – in an industry, where women still aren’t equally represented in top management.

    Sallie Krawcheck, the American co-founder of Ellevest wealth manager, who used to work for Citigroup and Bank of America, doesn’t mince her words: women are better investors than men.

    Sounds pretty placative of course, even if some studies seem to back up her theory. And yet, her conclusion may not be too far from the truth, at least in respect to impact investing.

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  • Ping An Signs Fintech MoU with Indonesian Insurer

    Ping An Signs Fintech MoU with Indonesian Insurer

    Ping An’s OneConnect is rapidly making inroads into the regional fintech market including the latest signing of a memorandum of understanding with Indonesian insurer Asransi Sinarmas.

    The MoU, signed by OneConnection’s insurance division CEO Bi Wei and Asuransi Sinarmas director Njoman Sudartha, includes an initial phase that will enable the insurer to launch its Smart Auto Claims solutions on the Chinese platform.

    Sudartha cited technical strength and in-depth knowledge in AI and blockchain technologies as reasons to select OneConnect as its insurtech partner which is expected to help improve operational efficiency and reduce costs.

    Ping An’s statement also details a myriad of technology from OneConnect that will be leveraged to enhance the insurer’s business.

    It has a Smart Agent app that can help insurers with agent training and incentive programs. Its agent management app aims to improve talent retention and productivity. In terms of AI, its risk control solution suite includes the usage of image recognition and big data for quick completion of car damage claim assessments.

    Asuransi Sinarmas is part of the Sinarma Group, a local conglomerate owned by Indonesian Chinese Huang Yucong, with a global portfolio of businesses spanning pulp and paper; agriculture and food; finance; and real estate.

  • UBS Appoints Co-Head of Global M&A

    UBS Appoints Co-Head of Global M&A

    UBS appoints a new co-head of global mergers and acquisitions, based in Hong Kong.

    Greg Peirce, was promoted to the new role after just becoming APAC head of M&A advisory at the bank two years ago. Peirce will co-head the global business alongside U.S.-based co-head Marc-Anthony Hourihan.

    Peirce’s 19-year career with UBS began in 2000 when he joined as a Sydney-based intern. Prior to moving to Asia, he was last jointly responsible for Australasia client coverage and advisory. He is also currently a member of the bank’s global management committee.

    It is understood the new promotion makes Peirce the most senior Australian in the UBS hierarchy offshore, the report added.

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  • Beijing Calls for More State Control

    Beijing Calls for More State Control

    China has called on its largest state-owned enterprises to take on more controlling stakes in Hong Kong’s companies, according to anonymous sources, adding that the city’s business elites were just not one of us.

    A meeting in Shenzhen was organized by China’s State-owned Assets Supervision and Administration Commission (SASAC) and attended by senior representatives from nearly 100 of the country’s largest state-owned enterprise (SOEs) including oil giant Sinopec and conglomerate China Merchants Group, citing two of anonymous executives.

    The business elites in Hong Kong are certainly not doing enough, one of the executives said. Most of them are just not one of us.

    Rather than just merely adding investments, Chinese SOEs were reportedly urged to gain controlling stakes to obtain more decision-making powers. The property and tourism sectors were two such areas that were highlighted, though no specific investments were discussed.

    Although the financial sector was not mentioned, it is worth noting that that the property sector plays a significant role in influencing local real estate prices and acting as non-bank providers of financing. In addition to decision-making, the report highlighted adding stakes to the two sectors as a means of creating jobs for local citizens and stabilizing financial markets.

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  • UBS Appoints Riyadh Desk Head

    UBS Appoints Riyadh Desk Head

    UBS’s wealth management arm further bolsters its onshore presence in the Saudi Arabian market with the latest appointment of a new Riyadh-based desk head.

    Ghassan Soufi joined UBS, effective as of yesterday, in what the bank calls a key role in its growth plans for the Saudi market. According to a statement from the bank, Soufi will be responsible for creating and leading a team of senior advisors to some of the most important clients and families in the Kingdom.

    Soufi has more than 25 years of experience covering the market most recently with the private banking arm of major Saudi lender Samba.

    Ghassan will be crucial in identifying and hiring top talent locally and leading our onshore client acquisition strategy, said Abdallah Najia, Saudi Arabia head of wealth management at UBS.

    Soufi will help us drive growth and further his successful track record of building excellent client relationships in the Kingdom,» added Ali Janoudi, UBS’s wealth management head of Central and Eastern Europe, Middle East and Africa; and vice-chairman of Saudi Arabia.

  • UBS Powers Singapore Offices with 10-Year Solar Energy Deal

    UBS Powers Singapore Offices with 10-Year Solar Energy Deal

    UBS inks a 10-year deal with Singaporean utilities and marine group Sembcorp which will supply renewable energy to power the bank’s Singapore offices.

    The deal includes the sale of 15,000 rooftop solar panels – exclusively bought by UBS – with 6.3 megawatt-peak in capacity. According to a regulatory update, the panels will be installed on top of UBS’s 40,000 square meter exhibition hall by December 2019.

    The deal aims to utilize solar power to run 25 percent of UBS’s annual energy consumption across its offices in the city-state replacing around 20 million kilograms of carbon emission in 10 years. And by 2020, UBS aims to fully power its Singapore operations with renewable energy.

    As a global firm, UBS strives to go beyond our duty to protect the environment and continually improve our systems to ensure responsible behavior in all aspects of our operations, said Singapore country head for UBS, August Hatecke.

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  • New Zealand payment firms roll out new technology to reduce fraud

    New Zealand payment firms roll out new technology to reduce fraud

    Payment firms in New Zealand have committed to rolling out the new payment technology credential-on-file (COF) tokenization to strengthen e-commerce security and enhance conversion rates.

    Adyen, Bambora, Cybersource, Paystation by Trade Me and Windcave said they plan to introduce tokenization in the country, in partnership with Visa, which will not only reduce fraud but will also enhance conversion rates, resulting in savings for businesses and simpler payment experience for every-one that shops online.

    COF tokenization replaces card details such as account numbers and expiry dates with unique digital identifiers (‘tokens’) that are used for payment without exposing a cardholder’s sensitive information.

    Each token is merchant-specific, so it can only be used with the merchant where it is stored, removing any incentive for hackers to try to steal the account data and decreasing the risk of data breach attempts.

    Businesses usually store card numbers for direct debit, top-up, loyalty, subscription or account-based online shopping. This same technology is used to enable the various mobile wallets that are available to Kiwis today.

    Riaz Nasrabadi, Visa’s head of Product for New Zealand and the South Pacific, said this commitment to drive tokenization across the industry represents a win for New Zealand businesses, consumers, financial institutions and payments companies alike.

    “The technology enhances consumers’ experience, enables retailers to retain consumer loyalty and protects all businesses from fraud,” Nasrabadi said. “With the advent of open data and the creation of new experiences based on data, initiatives such as tokenization will ensure consumer data is protected and held securely.”

    According to Visa, in addition to enhancing security, COF tokenization enables businesses to have consumer payment details instantly refreshed when a card is lost, stolen or expires, meaning there is no need for the consumer to log in and update his or her details, or the business to lose out on that payment cycle.

    “This development will be welcomed by Kiwi consumers, with a YouGov survey finding that 44 percent identify updating pre-existing details with merchants and service providers among the most annoying consequences of losing a card or having it expire,” the company said.

    The automated process could also help prevent online merchants from missing out on subscription renewals, with 19 percent saying they would use the manual card update to try out an alternative, and 13 percent opting to stop using a service altogether.

    According to Visa, with tokenization in place protecting their card details, 37 percent of New Zealanders said they would be more likely to purchase from small retailers, 46 percent would be more trusting of online businesses, and 36 percent said they would buy from retailers they had not bought from in the past.

  • UOB Launches Entrepreneur Networking Initiative

    UOB Launches Entrepreneur Networking Initiative

    Banks in Asia continue to place strong emphasis on entrepreneurs, including UOB, which has launched a networking initiative for knowledge-sharing and collaboration opportunities within the segment.

    Members of «The Business Circle» will be able to tap into the bank’s network of entrepreneurs to learn from one another, facilitating cross-industry, cross-border connections and collaborations.

    Family firms are a significant contributor to Asia’s continued economic growth, accounting for 34 percent of the region’s gross domestic product, said Frederick Chin, UOB’s head of group wholesale banking and markets.

    Having worked with businesses across generations, we know that experience, expertise, and creativity can take any business to greater heights and we want to help them in that process.

    In addition to connections, The Business Circle will also run masterclasses and workshops covering topics such as diversification, digitalization, and cross-border expansion.

    Overseas trips will also be organized with the first one planned Chengdu and Chongqing in November this year. The trip will allow 50 members to visit Liangjiang New Area’s Digital Economy Industrial Park and Hema, Alibaba’s tech-driven supermarket.

    More than 300 business owners attended the launch of The Business Circle yesterday from Singapore, China, Indonesia, Malaysia, Myanmar, and Thailand.

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  • HSBC Life Singapore Makes Senior Appointments

    HSBC Life Singapore Makes Senior Appointments

    The bank has announced three senior appointments to support the growth of its insurance business, as it ramps up its manufacturing and distribution activities in Singapore.

    HSBC is boosting management oversight on key units of its insurance business in Singapore with the appointment of Lee Kah Jing as chief product officer, Gajan Yogaranandan as chief risk officer, and Kapil Arora as chief financial officer, the bank said in a statement on Wednesday.

    To meaningfully grow our business to scale, there’s a need for us to fire up all cylinders. This means having the support of a strong leadership team to drive key pillars of our business, be it at the product development and management aspect or oversight of key business risks and our financials, is critical, Carlos Vazquez, CEO, HSBC Life Singapore said in the statement.

    Lee, whose appointment was effective on 1 July, joins from  Sun Life Financial Indonesia, where he was head of Product Actuarial. He brings more than 10 years of life insurance experience across key areas including analytics, enterprise risk management, product development, and actuarial pricing.

    Arora, who joined HSBC Group in 2007, brings more than 15 years in the field of finance and accounts. He was most recently head of Financial Control at HSBC Insurance (Hong Kong). His appointment is effective on 19 August.

    Yogaranandan, also with more than 15 years of sector experience, joined HSBC Group in 2011, and was most recently a manager of Global Market and Credit Risk. He was previously the lead Market and Credit Risk Manager for HSBC’s Europe insurance business. His appointment is effective on 26 August.

    HSBC rebranded its Singapore life insurance business to HSBC Life Singapore and widened its distribution channel to include independent Financial Advisory (FA) firms, in a bid to capture a slice of Asia-Pacific’s booming insurance market as a result of an ageing and wealthier domestic population, and a rise in international citizens seeking more sophisticated wealth and insurance solutions.

    It has since ramped up its offering with new products and expanded distribution arrangements. HSBC Life said that it has grown its overall headcount by 25 percent in the past year.

  • HSBC Launches Digital Credit Card in Mainland China

    HSBC Launches Digital Credit Card in Mainland China

    HSBC continues to expand its capabilities in mainland China with the latest launch of a digital credit card – the first foreign bank to do so.

    The card will allow HSBC customers to access credit card information via the HSBC Mobile App or WeChat Banking service in addition to the same privileges and benefits as the plastic card.

    The bank also leveraged facial recognition technology to allow easy activation of credit cards or unlocking of details. Mainstream online payment tools, such as Alipay, WeChat Pay and UnionPay, can also be added through the credit card.

    We have invested in data analytics capabilities and AI-powered risk control systems to provide a digital credit card solution that caters to the spending needs of customers looking for ease, convenience, value and security, said Richard Li, EVP and head of retail banking and wealth management for HSBC in China.

    HSBC continues to build momentum in mainland China, having also crossed the one million credit card issuance mark since it first began in late 2016. It had also recently launched its first onshore high net worth client center focusing on clients with a minimum account size of $1 million.

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  • Hong Kong Launches Initiatives for Financial Hub Status

    Hong Kong Launches Initiatives for Financial Hub Status

    Hong Kong officials announced various plans to further promote the city’s status as a global financial center and corridor for Greater Bay Area opportunities.

    According to Hong Kong’s financial secretary Paul Chan Mo-po, measures would be introduced to encourage more private equity funds to set up and conduct fundraising for Shenzhen-based tech startups. The government will also seek to introduce measures that attract more family offices to establish in Hong Kong.

    Attracting private equity funds and family offices to come to Hong Kong will be the two future developments to allow the city’s financial sector to capture the opportunities arising from the development of the Greater Bay Area, Chan said, during a recent event, Connect Hall, hosted by 10 financial services industry bodies.

    Chan also highlighted Greater Bay Area opportunities including the expansion of «connect» programs which have thus far included stocks and bonds.

    The Greater Bay Area is going to provide more opportunities to Hong Kong,» Chan shared. «There will be more cross-border connect schemes in future. After the stock connect and bond connect, we continue to look at insurance connect and wealth management connect in future.

    Also present at the event was local chief executive Carrie Lam Cheng Yuet-ngor who underlined at the same event that there was «no reason to change the credit rating of Hong Kong.

    Even though Hong Kong faces overseas markets’ uncertainties and local social unrest over the past three months, the banking and financial markets work well and the exchange rate is stable,” she said. «The rule of law and free flow of capital and talent have not been affected by the recent incidents.

    Chan added to Cheng’s statements, noting that a lesson has been learned by the Hong Kong government. «The government has learned a lesson from the social events over the last two months,» he said. We will listen to different sectors to improve the economy and society.

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