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Tag: Finance

  • UBS Appoints New CEO

    UBS Appoints New CEO

    Switzerland’s largest bank, UBS, has named Ralph Hamers as its new Group Chief Executive Officer, effective November 1, 2020, according to a media release. Hamers currently serves as CEO of Dutch ING Group.

    Ralph Hamers will join UBS as a member of the group executive board on 1 September 2020 in order to ensure a smooth leadership transition. Effective 1 November 2020, Hamers will become group chief executive officer (CEO) and president of the executive board of UBS.

    The 53-year-old Dutch banker Hamers will succeed group CEO Sergio Ermotti who has been with the bank for more than nine years. He joined ING Group in 1991. During his career, he progressed through a series of roles across business segments and geographies before becoming CEO in 2013.

    Under his leadership, ING Group has implemented a fundamental shift in its operating model and is now considered one of the best examples of digital innovation in the banking sector.

    Hamers holds a Master of Science in Business Econometrics and Operations Research from Tilburg University in the Netherlands and is chairman of the European Banking Group, the leading European banking association.

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  • UBS Hires a Proven Digital Transformer in Ralph Hamers

    UBS Hires a Proven Digital Transformer in Ralph Hamers

    Ralph Hamers brings with him a track record of not only profitability but also effective transformation to compete with tech giants that threaten to take the financial sector’s lunch.

    As expected, Sergio Ermotti stepped down from UBS’s top role succeeded by 30-year ING veteran Ralph Hamers. Though ending on a less than ideal note with 2019 results missing both profit and cost targets, Ermotti leaves behind a legacy of successfully transforming the business from being investment banking-focused to wealth management-focused.

    In Hamers, UBS has also hired a chief with a proven track record for transformation. His thoughts, speech and subsequent results at ING may very well paint him as the poster boy for the current zeitgeist in banking.

    In mid-2019, ING’s app was reportedly ranked 10th by daily usage in the Netherlands, behind mainstays like Facebook or Google. The reasons are almost purely non-financial. In addition to regular online banking, it was the biggest outlet for Philips products in the country through an e-platform that sells a vast array of non-food products including barbecues, TV sets, clothing and discount tickets for theaters.

    The Amazons, the Facebooks, the Googles of this world – knowing what people are looking for – are involved much earlier in this decision-making process, Hamers said. They know the trajectory of this customer going through that process and already have more intelligence than we will ever get. The question for me is whether I can build this platform, which is open, so I extend my activities into this decision-making process.

    Stemming from this strategic focus on mind share, the bank in 2018 purchased Makerlaarsland, a sizeable digital housing broker and agent (4-5 percent market share), precisely to be involved earlier in the decision-making process.

    While Europe does not house as many household tech names as the U.S. or Asia, its regulatory environment in finance is nonetheless in many ways more liberal and progressive. Since 2017, regulators leveled the playing field in payments through the Payment Service Directive 2 (PSD2), breaking banks’ monopoly on customer data.

    Fintechs force us to be more efficient, as a consequence of which we can deal more easily with low-interest rates and tougher regulations. If you open up to trends and try to make them yours, then it can still be fun to run a bank, Hamer said in a 2015 report with German newspaper Handelsblatt.

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  • HSBC’s Revamp Less Reliant on External Factors

    HSBC’s Revamp Less Reliant on External Factors

    HSBC’s overhaul this time will be different, said interim chief executive Noel Quinn, relying less on external factors such as the economic environment.

    Following disappointing results, HSBC made announcements to further restructure the business including through 35,000 job cuts. According to its interim head, the current revamp will be less dependent on assumptions based on the macroeconomic environment.

    I believe this plan is predicated on three things we can control, which are costs, simplification of the business, and capital efficiency, rather than being dependent on revenue growth assumptions influenced by the macroeconomic environment,” Quinn said.

    Meanwhile, the spotlight continues to shine on the issue of stability at the top as the bank’s appointment of a permanent chief executive remains unconfirmed. HSBC CFO Ewen Stevenson reportedly made a call to staff this week to provide assurance and inspire commitment.

    Internally, expectations had built up in the run-up to the strategy update that Quinn will be confirmed as the group CEO, the report said, citing an unnamed source that was on the call. But the way the whole thing is being handled … it has created more confusion about the strategy and whether the bank will stick to it for the next three years even if there is a change at the top.

    This is a significant restructuring that is being driven by an interim CEO who may not be the person that delivers it, added another unnamed source that claimed to be a top-20 investor in the bank.

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  • Standard Chartered Hires Fintech Leader

    Standard Chartered Hires Fintech Leader

    The bank is bringing on board a fintech evangelist, who will focus on strengthening data analytics and channel capabilities at its transaction banking business.

    Standard Chartered has announced that fintech leader Kahina Van Dyke has joined its Corporate, Commercial and Institutional Banking division (CCIB) team in Singapore as global head, digital channels, and client data analytics. Her career in financial services spans more than two decades, during which she focused on the access and delivery of financial services worldwide.

    She previously spent just under two years at blockchain payments company Ripple, where she was senior vice president of business and corporate development. She also held executive roles at Facebook, MasterCard, and Citi.

    She moves to Singapore for her new role and reports to CCIB chief executive Simon Cooper. She will also be a part of the CCIB management team, the statement said.

    The move signals the bank’s continued commitment to building its digital capabilities as fintech players continue to encroach on its turf, especially in Asia. In January Standard Chartered announced the appointment of Rene Keller as a chief information officer, CCIB.

    Projects to boost its tech capabilities include a mobile token rolled out for corporate clients in more than 38 markets; the joining of the Enterprise Etherium Alliance to develop blockchain research and application in banking; and a new venture with five other banks to address unmet financing demand from the early stages of supply chains.

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  • AXA Names Asia Chief Strategy and Customer Officer

    AXA Names Asia Chief Strategy and Customer Officer

    AXA appoints a chief strategy and customer officer for Asian markets to place an even greater emphasis on the region including a doubling down on mainland China.

    AXA appoints Dongjun Choi in his newly expanded role in addition to the strategic development office. Choi will be responsible for finance and operations & technology alongside health and distribution, reporting to Gordon Watson, CEO of AXA Asia.

    Choi has over 20 years of experience in the insurance and financial sector. Prior to joining AXA, he was a managing director with Barclays U.K.’s Strategic Analytics Centre of Excellence responsible for optimizing the bank’s commercial performance. Previously, he had also worked for Cigna, Standard Chartered and McKinsey & Company.

    Choi brings vital expertise to this important function within AXA’s Asian Markets business as we focus on our strategic pillars ­– an enhanced health business, expanded distribution, building our brand and doubling down on mainland China, said Watson, commenting on the new hire.

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  • DBS Reports Second Staff Infected With Coronavirus

    DBS Reports Second Staff Infected With Coronavirus

    Another staff of DBS has tested positive for the novel coronavirus, according to a media report. This time around, the latest patient is based in one of the bank’s satellite offices, a DBS spokesman said in Singapore, without disclosing the location. The new case – Case 77 – is understood to be a staff at DBS’s Ngee Ann City office on Orchard Road.

    DBS Treasures has a branch on the fifth story of the property. This satellite office has been deep cleaned as per MOH and National Environmental Agency guidelines, the spokesman added. Case 50 involved a 62-year-old male DBS employee who works at Tower 3 of Marina Bay Financial Centre.

    Case 77 was a first-degree contact, which means he was in close contact with the first DBS employee infected, Case 50, the spokesman added.

    The Ministry of Health (MOH) had announced two more cases in Singapore on Monday evening, with one of them being Case 77, a 35-year-old Singaporean man with no recent travel history to China.

    The affected office space and floor in Tower A have been cordoned off, and common areas such as lifts and toilets are being deep-cleaned and disinfected.

    The DBS spokesman said the bank has a framework for contact tracing, which is done through a mix of physical interviews and data analytics. Through this, we are able to contact-trace up to three degrees of separation, said the spokesperson.

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  • Standard Chartered to Double Relationship Manager Headcount

    Standard Chartered to Double Relationship Manager Headcount

    In anticipation of the growth of international banking clients, Standard Chartered will look to double the number of relationship managers it houses over the next four years.

    With an existing affluent segment business (priority) and a high and ultra-high net worth segment business, Standard Chartered decided several years ago to pursue the mid-tier client segment, akin to major competitors like HSBC Jade, Citigold Private Client, and DBS Treasures Private Client.

    According to a release, the bank subsequently launched its «priority private client» segment in March 2018 which has since seen the client base more than double.

    Unsurprisingly, the segment also exhibits global tendencies and currently makes up about one-third of Standard Chartered’s international banking clients.

    In fact, international banking now makes huge contributions to the retail business, according to Standard Chartered’s retail banking head Dwaipayan Sadhu, which subsequently led to more investments not only in talent but a newly launched wealth center based in Singapore.

    Located in Ngee Ann City, the first-ever flagship center will focus on international banking and priority private clients. Standard Chartered’s priority private clients, defined as those with S$1.5 million ($1.1 million) or above in assets under management with the bank, will have access to an extended range of investment opportunities, preferential pricing, and an experienced relationship management team.

    International banking services include foreign investments, multi-currency payments or funding of child education. Sadhu noted that over 20 percent of its affluent clients are from around the world and the center could act as an oasis for them to catch up on their financial needs whenever they are in town.

  • UBS with a personal touch

    UBS with a personal touch

    One of the key challenges facing wealth managers today is how to gauge the needs of their clients. UBS has designed an app that will help its bankers to collect information going far beyond the core financial interests.

    What are you passionate about? Who are the people you care about most? What do you really want to do with your wealth and life?

    These are questions that the wealth management of UBS will put to its U.S. clients soon with the help of an app it designed together with Deloitte consultants. The new app is designed to help clients gain a more complete picture of their total wealth.

    The bank worked closely with clients and financial advisers in the launch of the application, it said in a statement. The clients can expect tailor-made insights through the use of the app.

    Apart from gathering information about the personal needs of clients with the help of algorithms, the app also introduces functionality that lets clients set and track financial milestones, alongside enhanced online account management features.

    In a bid to enhance the communication between client and relationship manager, the bank is introducing a one-click connection to the financial adviser. This feature sets the app apart from rival bids.

    The app will also help customers keep a view over their finances at UBS and other companies, something that UBS rivals also are keen to introduce as it would help them in advising their clients.

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  • Standard Chartered Robber to Face Charges in Singapore

    Standard Chartered Robber to Face Charges in Singapore

    The man, wanted in connection with the 2016 robbery of a Standard Chartered branch in Holland Village, will face charges in Singapore after his appeal against extradition from the U.K. was dismissed by a London judge.

    Canadian national David James Roach will face extradition to Singapore from London, where he is currently held, to face charges of robbery and money laundering, the Singapore Police Force said in a statement on Thursday.

    The Singapore authorities will do whatever is necessary and permissible within our legal framework to seek justice against those who commit crimes in Singapore, regardless of nationality and where they might have fled to, the statement said.

    The 28-year-old suspect took $30,490 in cash from the bank in a robbery that took place on the morning of July 7, 2016. By the time the police were able to establish his identity, he had already fled to Bangkok, Thailand. He was later detained by local authorities and found guilty of violating money-laundering laws by bringing money from the robbery into Thailand.

    After serving a 14-month sentence, he returned to Canada on January 11, 2018, but was detained in London during a stopover at the request of Singapore authorities.

    Robbery carries a 10 years’ jail and at least six strokes of the cane, while the money laundering charge comes with a 10-year sentence and a S$500,000 ($360,000) fine. For the extradition to proceed, Singapore authorities have agreed to the U.K.’s request to waive the caning if Roach is found guilty.

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  • AXA Investment Management Launches All China Strategy

    AXA Investment Management Launches All China Strategy

    AXA Investment Managers as launched its All China Evolving Trends strategy, which aims to provide investors with access to the growing pot of investable Chinese equities listed both in China and abroad.

    The strategy will invest in A-Shares listed on the Shanghai and Shenzhen stock exchanges traded via the HongKong Stock Connect, H-shares listed in Hong Kong as well as Chinese companies that are listed globally. It will be managed by William Chuang, who has over 18 years of investment experience and currently oversees the Greater China region research for AXA Investment Managers (AXA IM) Framlington Equities investment platform.

    We see that the Chinese equity market offers a diverse and attractive set of opportunities to investors. Our goal is to tap into those opportunities with a robust investment approach and the flexibility to invest across Chinese onshore and offshore equities,» said Chuang, portfolio manager at AXA IM in a media statement on Friday.

    We have been researching Chinese companies for many years, we felt this was the optimum time to launch an All-China strategy as the Chinese A-share market attracts greater interest following inclusion into various indices and importantly, there are plenty of high-quality companies which are benefitting from structural growth drivers including rising consumption, technology innovation and shifting demographics,» Chuang added.

    Utilizing a fundamental, bottom-up investment approach, Chinese companies will be selected through the lens of five long term investment trends which form the basis of AXA IM Framlington Equities’ evolving economy thematic range:

    • Aging and Lifestyle – the changing ways that people are living across the globe as life expectancies rise.
    • Connected Consumer – technological advancements that enable companies to engage their customers more deeply in a digital economy.
    • Automation – applications of robotics and automation to improve or optimize processes across various industries.
    • CleanTech – low-carbon economy solutions and sustainable resources management.
    • Transitioning Societies – economic inclusion and changing consumption patterns of the growing global middle class, particularly in the developing world.

    In addition to the launch, AXA IM has hired Natalia Mu as an Investment Specialist to provide further expertise in the region. She works closely with William and the AXA IM Framlington Equities thematics portfolio managers and assists sales teams across Asia.

    We are convinced that the secular themes we have identified will accelerate and evolve over the next decade and believe investors should be invested in active strategies that aim to capture those opportunities. China is a key strategic focus for AXA IM, and the launch of the strategy is a logical progression of the thematic range, said Matthew Lovatt, Global Head of AXA IM Framlington Equities.

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  • Standard Chartered Launches Singapore-Based Venture

    Standard Chartered Launches Singapore-Based Venture

    The bank is partnering with Australia-based start-up Assembly Payments to deliver next-generation payment solutions to merchants globally.

    Standard Chartered is launching a new payments venture to be headquartered in Singapore as part of a strategic partnership with Assembly Payments, the two parties announced on Tuesday.

    The joint venture will offer merchants globally a digital payment platform to manage transactions across multiple payment types and countries, including online, mobile and point-of-sale, digital wallets, debit and credit cards and real-time payments, a joint statement said.

    As the world moves towards platform-based e-commerce, the need for the next generation of tools to empower merchants and enable financial inclusion continues to grow, Alex Manson, head of SC Ventures, the bank’s innovation, fintech investment and ventures arm, said.

    The payments venture is the latest in a series of new business models the bank has launched recently, which include a strategic joint venture with PCCW, HKT and Ctrip Finance in Hong Kong to deliver a new standalone digital retail bank, virtual banking partnerships in Taiwan and Korea and SME-focused financial and business services platform Solv in India.

    Assembly, which already offers these services in its home market, said the partnership better positions it to capture a larger slice of the $29 trillion international payments market and exponentially grow its business.

    Since its founding in 2013, Assembly has already raised $70 million in equity financing. Its rapid growth has been spurred on by the introduction of the country’s fast payment network, the New Payments Platform.

     

     

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  • DBS Evacuates Staff as Covid-19 Case Detected

    DBS Evacuates Staff as Covid-19 Case Detected

    An employee at its headquarters, who was tested on 11 February, was confirmed to have been infected with the novel coronavirus or Covid-19.

    DBS has evacuated its staff from the bank’s Marina Bay Financial Center (MBFC) Tower 3 headquarters following confirmation that one of its employees there had contracted the Covid-19 virus.

    In a statement released on Wednesday, the bank said it is «providing the employee and his family with every support and guidance» and is conducting detailed contact tracing with all employees and other parties that the infected employee may have come into contact with. It is also deep cleaning and disinfecting the affected office space in accordance with Ministry of Health guidelines.

    In the meantime, staff on the affected floor have been instructed to work from home, and all employees will be provided a personal hygiene and protection care pack, the bank said.

    The news comes a day after two cases were reported in Singapore’s central business district, with one located just next door at MBFC Tower 1, where Standard Chartered is a key tenant. The other case is an employee of United Industrial Corporation (UIC), who works at Clifford Centre.

    Buildings in the area have stepped up preventive measures in recent days, requiring all tenants and guests to undergo a temperature screening before entering and to fill up forms with their contact information and recent travel history.

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  • Coronavirus Hits Singapore CBD

    Coronavirus Hits Singapore CBD

    Staff of major firms are being told to work from home and temperature screening and sanitation are being stepped up at many towers in the central business district as two cases emerge.

    The novel coronavirus outbreak in Singapore has spread to its financial district, with two employees at buildings in the area found to have been infected, «The Business Times» reported, citing circulars seen by the publication.

    The first, who contracted the virus on February 8, works at Marina Bay Financial Centre (MBFC) Tower 1, where Standard Chartered is a key tenant. DBS has offices in Tower 3. The building’s management said that affected office space, lifts and ground floor common area have been deep cleaned and disinfected in accordance with Ministry of Health guidelines, according to the report.

    The other, an employee of United Industrial Corporation (UIC), works at Clifford Centre. No other UIC employee has displayed any signs of the virus as of February 7, a circular said, noting the building has since been disinfected.

    The Monetary Authority of Singapore (MAS) issued an advisory urging financial institutions to adopt additional measures and precautions on Friday, the same day the city-state raised its response level to Orange, the same level as during the Sars epidemic in 2003.

    They include maintaining effective internal controls across operations should split team arrangements be implemented, anticipating and preparing for an increase in demand for services such as cash withdrawal or online financial services, informing customers of the availability of services and operating hours, and supporting staff morale.

    It also warned of the heightened risk of cyber threats as actors take advantage of the situation to conduct email scams, phishing and ransomware attacks.

    As a precaution against the novel coronavirus, UOB has closed two banking outlets in Shanghai and Beijing, the bank said in a media statement on Monday.

    UOB’s Commercial Banking Centre in Kwun Tong, Hong Kong remains closed until 14 February. Corporate customers are encouraged to use the Tsim Sha Tsui and Causeway Bay branches during this time.

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  • HSBC Offers Buffer for Hong Kong SMEs

    HSBC Offers Buffer for Hong Kong SMEs

    HSBC continues to show support for small to medium-sized businesses hit by the coronavirus outbreak in Hong Kong with additional liquidity relief of $30 billion.

    The bank said during the weekend that it would extend $3.9 billion of additional liquidity relief to affected businesses as the coronavirus outbreak has led to 36 infected individuals and one death in Hong Kong.

    According to HSBC, the initiative will target taxi and public light bus operators; borrowers of property-secured commercial loans; trade finance customers; and borrowers of import trade loans. Relief measures include temporary interest-only repayments, extensions to repayment schedules and the creation of overdraft facilities. In addition to SMEs, the bank is now mulling additional initiatives to support individuals.

    Our community needs every bit of help at this unprecedented time, said HSBC’s Hong Kong chief executive Diana Cesar in a report. We are committed to supporting our customers and will introduce more initiatives that will provide near-term relief.

    HSBC becomes the seventh local lender to announce support for the relief efforts after ICBC Asia recently said it would provide temporary interest-only payment arrangements for mortgage loan borrowers, waited or reduced credit card late payment penalties alongside improved fees and rates for investment and deposit products.

    Other lenders that have publicly announced support include Bank of China (Hong Kong), Bank of East Asia, China Citic Bank International, Hang Seng Bank and Standard Chartered.

    Efforts in Hong Kong mirror that of mainland China’s which include support from both the local financial sector as well as global players like UBS and Julius Baer. Meanwhile, the coronavirus outbreak continues to worsen with reported infections now rising beyond 40,000 and deaths exceeding 900.

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  • OCBC Applies Analytics For Charity Work

    OCBC Applies Analytics For Charity Work

    Besides contributing $300,000 and manpower to a community shop, the bank will also leverage its data analytics to guide them on the distribution of food items.

    OCBC Bank will contribute S$300,000 and volunteer support for the operation of the first community shop in Singapore – Community Shop @ Mountbatten, set up by Food from the Heart (FFTH). The donation will spread over five years to fund the shop set-up, operations, and food supplies.

    We are committed to helping the needy in a strategic manner. This community shop is another good initiative to ensure that food donations match the needs of beneficiaries, and we will consider scaling up across other parts of Singapore if it is successful, said Koh Ching Ching, OCBC Bank’s head of group brand and communications in a statement.

    On top of the monetary contributions, the bank’s staff will volunteer at the shop when needed. Community Shop @ Mountbatten will enable close to 5,000 eligible households to obtain preferred food items instead of standard packages from charities and donors that may include items they do not require.

    to assist in a year-long exercise to capture data to guide the provision of food items that match the needs of families in need.

    In 2017, OCBC Bank started supporting FFTH by providing eggs to 2,500 households monthly. The on-going project has seen the distribution of close to 900,000 eggs to 3,800 households cumulatively.

    This will help minimize the stockpiling of unwanted food items and reduce food waste. The households that stand to benefit from this initiative include those from the Mountbatten, Macpherson and Marine Parade constituencies.