Retail News CRM

Tag: bank

  • Unprepared for Tomorrow: Majority of Asia’s Wealthiest Lack Legacy Plans, HSBC Life Report Reveals

    Unprepared for Tomorrow: Majority of Asia’s Wealthiest Lack Legacy Plans, HSBC Life Report Reveals

    A report by HSBC Life reveals that a significant percentage of Asian high net worth individuals (HNWIs) do not have legacy plans in place, thereby exposing substantial wealth to potential vulnerabilities. This lack of planning is especially prevalent among those in Greater China.

    Survey Findings

    The HSBC Life report, which surveyed 900 HNWIs across nine markets in Asia and the Middle East, including Taiwan, Hong Kong, mainland China, Singapore, Indonesia, Malaysia, Thailand, India, and the UAE, found that approximately 60% of HNWIs in Asia lack legacy plans. Greater China’s HNWIs were the least prepared. Only 24% of HNWIs in Taiwan, 26% in Hong Kong, and 36% in mainland China had official legacy plans. Southeast Asia performed better, with Thailand leading the pack at 57%.

    Surprisingly, the report found that economic or financial market volatility was the primary motivator for implementing legacy plans for 45% of respondents. This outweighed traditional incentives like age or lifestyle milestones.

    Life Insurance as Legacy Solution

    The survey results indicated that life insurance was the favored legacy solution among participants, with 87% choosing it over other options such as wills (82%) or family trusts (76%).

    Edward Moncreiffe, the CEO of insurance at HSBC Group, commented on the matter, stating that the surveyed HNWIs are not only inadequately protecting their future wealth but are also missing out on potential wealth diversification and growth.

    Questions & Answers

    What percentage of high net worth individuals in Asia have a legacy plan in place?
    Less than 40% of high net worth individuals in Asia have a legacy plan according to the HSBC Life report.

    Which region had the least prepared HNWIs in terms of legacy planning?
    High net worth individuals in Greater China were the least prepared for legacy planning.

    What was the preferred legacy solution among the surveyed HNWIs?
    Life insurance emerged as the preferred legacy solution, surpassing other options like wills and family trusts.

  • Digital Assets Maintain Strong Long-Term Prospects, Asserts Sygnum Co-Founder

    Digital Assets Maintain Strong Long-Term Prospects, Asserts Sygnum Co-Founder

    Sygnum, a regulated digital asset bank, was conceived with a dual vision between Singapore and Switzerland. Gerald Goh, co-founder and CEO of Sygnum Asia-Pacific, has been a key player in establishing this transcontinental structure since 2017. Even with the fluctuating state of crypto markets, Goh reports a robust demand. According to Sygnum’s recent survey, digital assets are becoming increasingly popular among high net worth individuals (HNWIs) in Asia.

    Origins of Sygnum

    The concept of Sygnum saw its inception in Singapore in 2017 during the Singapore Fintech Festival. Goh, along with his three co-founders Luka Müller, Manuel Krieger and Mathias Imbach, were united by a shared vision: to provide a trustworthy platform for global access to digital assets.

    The founders envisioned Sygnum as a bridge between Singapore and Switzerland, two of the world’s most innovative and forward-thinking financial centers. Their goal was to leverage the openness of these regulatory environments to integrate digital assets into the financial services sector. However, they were unsure which jurisdiction would pioneer the regulation of digital assets.

    Dual Incorporation Strategy

    As a result, the founders decided to simultaneously incorporate Sygnum in both Singapore and Switzerland. This decision proved to be a prudent one, as it allowed them to engage with both regulatory environments from the outset. From its inception, Sygnum has had a strong presence in the Asia-Pacific region.

    Goh explains that the dual structure was driven by the recognition of Singapore and Switzerland as trusted financial hubs in their respective regions. The Swiss base was intended to serve Europe, while the Singapore base would cater to the Asia-Pacific region. The founders saw this as a strategic combination of the best of both worlds, given that both the Swiss Financial Market Supervisory Authority (FINMA) and the Monetary Authority of Singapore (MAS) were among the earliest regulators to recognize the potential of blockchain technology.

    Market Orientation

    While Sygnum Asia appears to be more consumer-focused (B2C), its Swiss counterpart is more oriented towards serving businesses (B2B). In Singapore, Sygnum utilizes both B2C and B2B channels, but Goh acknowledges the current tilt towards B2C. The company has more direct clients than banking partners in Singapore, whereas in Switzerland, Sygnum collaborates with over 20 Swiss banks and is a leading provider of B2B services.

    Goh believes that the slower institutional adoption of crypto in Singapore is due to the cautious approach of regulated intermediaries in the region. Despite years of engagement with local banks and external asset managers, the momentum to launch regulated digital asset services has been somewhat subdued compared to other regions.

    Questions & Answers

    How did the concept of Sygnum come into being?
    The idea for Sygnum was conceived during the 2017 Singapore Fintech Festival. The co-founders envisioned a platform that would offer global access to digital assets in a trusted manner.

    What was the rationale behind incorporating Sygnum in both Singapore and Switzerland?
    The decision to incorporate in both jurisdictions was driven by the recognition of Singapore and Switzerland as leading, innovative financial hubs. The dual structure allowed Sygnum to engage proactively with the regulatory environments of both regions.

    Why is institutional adoption of crypto slower in Singapore?
    The slower adoption rate is attributed to the cautious approach of regulated intermediaries in Singapore. Despite ongoing engagement with local banks and external asset managers, the pace to launch regulated digital asset services has been more measured than in other regions.

  • UBS Wins U.S. National Charter: Broadening Services for Wealth Management Clients

    UBS Wins U.S. National Charter: Broadening Services for Wealth Management Clients

    UBS is set to transform its U.S. entity, UBS Bank USA, into a nationally chartered bank following approval from U.S. regulatory bodies. The announcement was made via LinkedIn by Rob Karofsky, President of UBS Americas.

    A Significant Milestone for UBS

    Karofsky hailed this development as a significant achievement, reinforcing the bank’s enduring dedication to the U.S. market and its ongoing efforts to bolster the bank’s position as a global leader in wealth management.

    Expansion of Banking Services on The Horizon

    The new charter will empower UBS to broaden its banking services for its U.S. wealth management clientele. The bank plans to introduce payment services along with checking and savings accounts, among other offerings. The LinkedIn post emphasized that the new charter would reinforce the U.S. banking platform, improve client and financial advisor services, and put the bank in a favourable position for further expansion, all while upholding UBS’s high standards.

    The U.S. as a Crucial Market for Growth

    This move is part of a multi-year strategy by UBS to launch new products, systems, and technologies. The ambition is to create a state-of-the-art core banking platform with a focus on digitalization and artificial intelligence capabilities.

    UBS acknowledges the immense potential of the U.S. market. Despite U.S. clients having significant deposits, they often turn to other financial institutions for regular banking services. By enriching its service portfolio, UBS aims to deepen client relationships and fortify the position of its financial advisors.

    Questions & Answers

    What changes can UBS’s U.S. clients expect following this development?
    Clients can anticipate a wider array of banking services from UBS, including payment services and checking and saving accounts.

    What is UBS’s long-term goal with this transformation?
    UBS aims to fortify its position as a global wealth management leader, deepen client relationships, strengthen the role of its financial advisors, and establish a modern, digital, and AI-driven core banking platform.

    How does UBS view the U.S. market?
    UBS sees the U.S. market as crucial for its growth and plans to capitalize on its potential by expanding its service offerings to U.S. clients.

  • UOB CEO Faces 20% Salary Slash as Bank’s Profits Plummet

    UOB CEO Faces 20% Salary Slash as Bank’s Profits Plummet

    The Chief Executive Officer of Singapore’s UOB, Wee Ee Cheong, experienced a decrease in his total remuneration in a year that also witnessed a fall in the company’s profit. This comes as per the bank’s annual report, which highlighted his reduced earnings.

    Details of the Remuneration Package

    The CEO’s total compensation in 2025 amounted to S$12 million (equivalent to $9.4 million), indicating a downward trend of 20 percent on a yearly basis. The components of this remuneration package include a base salary of S$1.4 million, bonuses totaling S$10.6 million, and additional benefits worth S$42,629. It is noteworthy that 60 percent of the variable pay will be deferred and vested over the ensuing three years.

    A Reflection of the Company’s Performance

    The decrease in the CEO’s pay goes hand in hand with UOB’s overall performance. The bank recorded a 23 percent slump in its net profit in 2025, ending the year with a total of S$4.7 billion. This decrease in profit has been reflected in the reduced pay packet of the bank’s top executive.

    Questions & Answers

    What was the total compensation of UOB’s CEO in 2025?
    The total compensation of UOB’s CEO in 2025 was S$12 million, which translates to $9.4 million.

    What components made up the CEO’s remuneration package?
    The CEO’s remuneration package was made up of a base salary of S$1.4 million, bonuses amounting to S$10.6 million, and benefits worth S$42,629.

    How did UOB’s performance in 2025 relate to the CEO’s pay?
    UOB’s performance in 2025, which saw a 23 percent decrease in net profit, was reflected in the CEO’s reduced pay.

  • DBS Warns Investors: Traditional Stock Strategies May Falter Amid Ongoing Mideast Conflict

    DBS Warns Investors: Traditional Stock Strategies May Falter Amid Ongoing Mideast Conflict

    Historically, US equities have demonstrated strong performance following significant conflicts. However, DBS asserts that the current Middle East conflict may not follow this trend, warning investors against complacency in this situation.

    The Ongoing Conflict in Iran

    The war in Iran, now in its third week, has resulted in thousands of casualties with no definitive end in sight. DBS advises investors to exercise caution and avoid putting too much stock in historical trends concerning American equities.

    DBS states, “While history may suggest that US equities often yield positive returns after major conflicts, complacency is not advisable given the current Middle East conflict.”

    As the conflict continues to unfold, DBS encourages investors to implement risk management strategies in their portfolio construction. This could involve increasing their exposure to gold and partially substituting US equity exposure with the S&P 500 Low Volatility Index.

    Predicted Themes for Q2 2026

    DBS has identified three themes they believe will heavily influence narratives in the second quarter of 2026.

    Firstly, oil continues to be a significant factor due to the ongoing military crisis in the Middle East, especially considering Iran’s role as the fourth largest OPEC producer. Rising energy prices could pose problems for risk assets.

    Secondly, the policy stance of Kevin Warsh, the nominee for Fed chair, indicates a potential reset with an increased likelihood for “renewed quantitative tightening,” which could lead to a steepening of the yield curve.

    Finally, diversification beyond crowded trades is encouraged, with recent profit-taking seen as “transitory.” A “return to fundamentals” is expected, with a focus on pre-crisis themes like precious metals and technology. These are driven by “dollar debasement” and “AI supremacy”, respectively.

    Emerging Markets and Japanese Equities

    In terms of diversification, DBS suggests investors consider increasing their exposure to emerging markets (EM) and Japanese equities. EM equities are likely to benefit from Fed rate cuts, dollar weakness, robust earnings growth, and light positioning. Conversely, Japanese equities are set to gain from fiscal stimulus, governance reforms, and an attractive yield gap.

    DBS concludes, “Global markets are currently navigating through an unusual convergence of geopolitical challenges and technological opportunities. The paradoxical nature of this situation reflects the complex yet potentially rewarding market conditions investors are currently navigating—an era where traditional strategies may no longer apply.”

    Questions & Answers

    What is the advice from DBS regarding the current Middle East conflict?
    DBS advises investors not to rely excessively on the historical trends of stock market performances following major conflicts, warning that complacency is unwarranted in this instance.

    What are the three themes DBS identified for Q2 2026?
    The three themes are the role of oil in the military crisis in the Middle East, the potential policy reset implied by Fed Chair nominee Kevin Warsh, and the need for diversification beyond crowded trades.

    What are DBS’s recommendations for diversification?
    DBS suggests investors consider increasing their exposure to emerging markets and Japanese equities, which are set to benefit from several factors including Fed rate cuts, dollar weakness, robust earnings growth, light positioning, fiscal stimulus, and governance reforms.

  • DBS Broadens China Market Dominance: Secures Principal Bond Underwriting License

    DBS, a Singaporean financial institution, is expanding its operations in mainland China by acquiring a bond underwriting license. With this license, the bank’s China division is now permitted to function as a principal underwriter for non-financial corporate bonds in the mainland’s interbank bond market. This authorization has been granted by China’s National Association of Financial Market Institutional Investors (NAFMII). Consequently, DBS can now manage all onshore corporate bond deals, which involves coordinating syndicates.

    The Role of DBS in China’s Bond Market

    DBS is a substantial foreign participant in the issuance of panda bonds. These are yuan-denominated bonds that are sold onshore by issuers who are not Chinese. As of the close of the previous year, DBS held a 38 percent market share in panda bonds.

    In 2025, the issuance of panda bonds in China’s interbank market amounted to 173.3 billion yuan, or $25.1 billion. This represents a compound annual growth rate of 26 percent over the past five years, a clear sign of the bond market’s rapid expansion.

    Questions & Answers

    What is the recent development for DBS in mainland China?
    DBS’ China unit has received a principal underwriting license for non-financial corporate bonds in mainland China’s interbank bond market from the National Association of Financial Market Institutional Investors (NAFMII).

    What does this license allow DBS to do?
    This license allows DBS to handle all onshore corporate bond deals, including the coordination of syndicates.

    What is DBS’ current standing in the issuance of panda bonds?
    DBS is a significant foreign participant in the issuance of panda bonds with a market share of 38 percent as of the end of last year.

  • Swiss Financial Giant UBS Sparks Investment Insight at 14th ASEAN Summit in Singapore

    Swiss Financial Giant UBS Sparks Investment Insight at 14th ASEAN Summit in Singapore

    The global financial powerhouse UBS recently launched the 14th iteration of its Southeast Asia summit. The objective of the summit is to foster an exchange of insights and investment ideas for the upcoming year.

    The newly inaugurated UBS OneASEAN Summit has assembled in Singapore. The event has drawn an impressive crowd of over 850 individuals comprising institutional investors, influential policy makers, and industry leaders, the company revealed in a statement.

    The conference, spread over two days, is packed with panel discussions centered around various themes. These include global trade imbalances, investment prospects in China, Japan, and Europe, the future of gold and other precious metals, the rise of digital assets and artificial intelligence in the Association of Southeast Asian Nations (ASEAN), and the creation of new energy systems for the AI-driven economy.

    The distinguished panel of speakers at the summit includes Suahasil Nazara, Deputy Minister of Finance for Indonesia, Brad Setser from the Council on Foreign Relations, Alfred Schipke from the Lee Kuan Yew School of Public Policy, Ken Jimbo from the International House of Japan, Peter Conti-Brown from The Wharton School, University of Pennsylvania, and William Dalrymple, the acclaimed author.

    Robust Economic Growth

    As per Grace Lim, the Senior ASEAN and Asia Economist at UBS Investment Bank Global Research, the Gross Domestic Product (GDP) of the ASEAN-6 countries – Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam – is forecasted to grow by 4.9 percent in 2026.

    Lim explained that the region continues to benefit from strong integration into global manufacturing value chains, bolstered by a substantial domestic market. She stated, “The conditions for growth are still in place, with household consumption fueling momentum in Indonesia, a rise in private investment underway in Thailand and the Philippines, and a resilient tech-related export strength in Singapore and Malaysia.”

    Nicolo Magni, Head of UBS Global Banking South-East Asia & South Asia, added to this sentiment, saying, “Southeast Asia continues to be a strategic alternative for investors. We anticipate strong deal-making momentum to persist throughout 2026 and the capital markets will likely be more active in the healthcare, real estate, and consumer sectors.”

    Questions & Answers

    What is the objective of the UBS OneASEAN Summit?
    The objective of the summit is to foster an exchange of insights and investment ideas for the upcoming year.

    Who are the attendees of the UBS OneASEAN Summit?
    The event has drawn an impressive crowd of over 850 individuals comprising institutional investors, influential policy makers, and industry leaders.

    What is the predicted GDP growth for the ASEAN-6 countries in 2026?
    The Gross Domestic Product (GDP) of the ASEAN-6 countries – Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam – is forecasted to grow by 4.9 percent in 2026.

  • Standard Chartered Boosts Digital Assets Strategy, Appoints Karby Leggett as Asia Lead Amid Crypto Surge

    Standard Chartered Boosts Digital Assets Strategy, Appoints Karby Leggett as Asia Lead Amid Crypto Surge

    Standard Chartered, a leading UK-based financial institution, has recently announced the appointment of Karby Leggett as the regional head of digital assets. This move comes amidst the swift rise in the acceptance and adoption of digital currencies, tokenized assets, and stablecoins.

    Leadership in Digital Assets

    Karby Leggett’s new role will span across Greater China, North Asia, South Asia, and ASEAN as part of the Digital Assets Center of Excellence at Standard Chartered. This appointment is in addition to his existing position as the global head of the official institutions group, which is a part of the bank’s global research team.

    The expanded responsibilities have been introduced as digital assets and official sector engagement increasingly intersect across the bank’s markets. This trend is driven by clients who are exploring the transformative potential of these technologies for their business models and financial ecosystems.

    The Strategic Importance of Digital Assets

    Mr. Leggett’s vast experience in working with governments, multilateral organizations, and other official sector stakeholders will be critical in accelerating Standard Chartered’s digital assets strategy. His expertise will also contribute to reinforcing the bank’s leadership in this area and in delivering innovative solutions to its clients across Asia.

    This sentiment was echoed by Eric Robertsen, the global head of research and chief strategist, and Rene Michau, the global head of digital assets. They jointly stated, “Karby’s extensive experience positions him to accelerate our Digital Assets strategy, deepen our leadership, and support the delivery of innovative solutions for our clients across Asia.”

    Questions & Answers

    Who is the new regional head of digital assets at Standard Chartered?
    Karby Leggett was recently appointed as the new regional head of digital assets at Standard Chartered.

    What regions will Karby Leggett’s new role cover?
    Mr. Leggett’s role as the regional head will cover Greater China, North Asia, South Asia, and ASEAN.

    How will Karby Leggett’s appointment impact Standard Chartered’s digital assets strategy?
    Karby Leggett’s vast experience in working with governmental and official sector stakeholders is anticipated to accelerate Standard Chartered’s digital assets strategy, as well as strengthen its leadership and support the delivery of innovative solutions for its clients across Asia.

  • UOB Defies Profit Dip to Bestow 6,000 Junior Staff with Surprise Half-Month Salary Bonus

    UOB Defies Profit Dip to Bestow 6,000 Junior Staff with Surprise Half-Month Salary Bonus

    Despite a dip in 2025 net profits, the United Overseas Bank (UOB) of Singapore plans to award approximately 6,000 junior staff members with a half-month base salary payout. This one-time payment aims to recognize their hard work and contributions amidst trying external circumstances.

    A Rewarding Gesture

    UOB intends to distribute these payouts in the second quarter of this year. The total sum of the payouts will amount to roughly S$4 million (US$3.16 million), as disclosed in the bank’s recently released earnings report.

    In the report, UOB also reaffirmed its dedication to uphold a competitive and equitable wage structure for all its employees.

    Financial Performance in 2025

    This generous gesture comes in spite of UOB’s net profit experiencing a 7% year-on-year decline in the fourth quarter, closing at S$1.41 billion. This decrease resulted from margin pressures counterbalancing loan growth.

    For the entire year, UOB’s net profit was recorded at S$4.7 billion, showing a decrease from S$6 billion in 2024. UOB identified the primary cause for this decline as the precautionary general allowances it had allocated in the third quarter, intended to fortify provision coverage in response to increasing macroeconomic uncertainties.

    A critical profitability indicator for the bank, its net interest margin, decreased to 1.89% in 2025, down from 2.03% in the previous year. Simultaneously, net interest income saw a 3% decline, amounting to S$9.36 billion.

    A Trend in Singaporean Banking

    UOB is not the only Singaporean bank showing appreciation for its employees in such a manner. Another prominent bank in the country, DBS, also declared a S$1,000 bonus for its numerous junior employees upon the disclosure of its 2025 earnings earlier this month.

    Questions & Answers

    What is the total amount UOB plans to distribute to its junior staff as a reward?
    UOB plans to distribute around S$4 million (US$3.16 million) among approximately 6,000 junior staff members.

    What caused UOB’s net profit to decrease in 2025?
    The decrease in UOB’s net profit for 2025 is largely attributed to the bank setting aside precautionary general allowances in the third quarter, aimed at bolstering provision coverage due to escalating macroeconomic uncertainties.

    Did other banks in Singapore also provide bonuses for their junior employees?
    Yes, DBS, another prominent bank in Singapore, also announced a S$1,000 bonus for its junior employees when it released its 2025 earnings.

  • “HSBC Eyes $1 Billion Windfall from Hang Seng Privatization: A Bold Step in Hong Kong’s Financial Future”

    “HSBC Eyes $1 Billion Windfall from Hang Seng Privatization: A Bold Step in Hong Kong’s Financial Future”

    HSBC, with headquarters in London, has expressed optimism following its decision to take Hang Seng, a Hong Kong bank, private, with projected cumulative benefits nearing $1 billion.

    Anticipated Financial Benefits

    According to the bank’s strategic report, HSBC anticipates that the privatization of Hang Seng Bank will yield a total of $900 million in benefits. This figure includes $500 million in synergy realization and an ambitious $400 million in added revenue and cost-saving opportunities by the year’s end in 2028. The bank also forecasts restructuring expenses amounting to approximately $600 million.

    Leadership’s Outlook

    HSBC’s CEO, Georges Elhedery, spoke positively of the decision to privatize Hang Seng Bank. He noted that the $13.7 billion privatization merges 255 years of history and heritage, uniting global reach with local depth. Elhedery stated that the move allows for the scaling of capabilities across both banks to the benefit of all customers. He went on to say that the decision to privatize Hang Seng Bank demonstrates the company’s confidence in and commitment to Hong Kong’s future growth.

    Prior Ownership and Recent Changes

    Before finalizing the privatization deal on January 26, the British bank already owned a 63% stake in Hang Seng. The privatization was completed following approval from both shareholders and the court.

    Questions & Answers

    What are the financial benefits anticipated by HSBC from the privatization of Hang Seng Bank?
    HSBC projects total benefits of $900 million from the privatization, including $500 million in synergies and an additional $400 million in revenue and cost-saving opportunities by the end of 2028.

    What costs does HSBC expect to incur due to the restructuring?
    The bank estimates that associated restructuring costs will be around $600 million.

    What was HSBC’s stake in Hang Seng Bank prior to privatization?
    Before the privatization, HSBC already held a 63% stake in Hang Seng Bank.

  • 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.

  • 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.

  • BNP Paribas Boosts Philanthropy Efforts with New Donor-Advised Fund Platform in Asia

    BNP Paribas Boosts Philanthropy Efforts with New Donor-Advised Fund Platform in Asia

    BNP Paribas Wealth Management has bolstered its philanthropic operations by unveiling a new donor-advised fund (DAF) platform in Asia. The platform, dubbed the “BNP Paribas Bridge Foundation,” is dedicated to assisting Asian entrepreneurs, affluent individuals, and family-run enterprises seeking a robust, well-governed method for conducting philanthropic activities.

    The Foundation operates within the framework of Singapore’s financial and legal system, supervised by a governance board comprising both internal and external professionals. The team’s expertise spans philanthropy, impact investing, and the Asian charitable sector.

    A DAF is a specialized structure intended for philanthropic contributions. Its primary advantages include potential tax benefits and the retention of advisory rights.

    The rise of philanthropy as a key aspect of the entrepreneurial journey in Asia is notable, shifting the focus from wealth accumulation to creating a lasting legacy. The Bridge Foundation caters to this vision by offering a secure and efficient platform for philanthropic donations, adhering to the highest standards of governance and compliance. Arnaud Tellier, BNP Paribas Wealth Management’s CEO in Asia-Pacific, emphasized this point in his remarks on the launch.

    Questions & Answers

    What is the BNP Paribas Bridge Foundation?
    The BNP Paribas Bridge Foundation is a newly launched donor-advised fund platform in Asia by BNP Paribas Wealth Management. It aims to assist Asian entrepreneurs, high net worth individuals, and family offices in their philanthropic activities.

    What are the advantages of a donor-advised fund (DAF)
    A DAF is a vehicle specifically designed for charitable giving. The main benefits include potential tax advantages and the retention of advisory privileges.

    How does the BNP Paribas Bridge Foundation operate?
    The Foundation operates within the framework of Singapore’s financial and legal system. It is governed by a board consisting of both internal and external professionals with experience across philanthropy, impact investing, and the Asian charitable sector.

  • 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.

  • 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.