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Tag: Finance

  • HSBC Announces Key Senior Appointments

    HSBC Announces Key Senior Appointments

    HSBC Private Banking has announced the expanded role of Cynthia Lee, appointed as Regional Head of Private Wealth Solutions (PWS), Asia Pacific, and the appointment of Steven Weekes as Head of Private Wealth Solutions (PWS), South East Asia.

    Cynthia Lee  is the new Regional Head of Private Wealth Solutions, Asia Pacific at HSBC Private Bank. In order to build on Private Wealth Solutions’ comprehensive regional support for a growing number of HSBC Group-connected clients, Cynthia Lee takes on an expanded role to cover Asia Pacific. The change means PWS’ structure will mirror that of Private Banking, the largest contributor of referrals for the business. Cynthia will continue to report to Alan Beattie, Global Head of Private Wealth Solutions.

    As we look to strengthen our position in Asia, a region where we continue to see an immense opportunity, Cynthia and Steven’s wealth of experience and deep expertise will help us bring the best of PWS to our Asian clients,” said Alan Beattie, Global Head of Private Wealth Solutions. Cynthia has over 20 years of wealth advisory experience, focusing on private clients and families. She joined HSBC as Head of PWS, North Asia, in January 2019. She was formerly at JP Morgan where she was most recently Head of Wealth Advisory for Asia.

    Steven Weekes has joined HSBC as head of private wealth solutions, South East Asia from Citi Private Bank, where he worked for 23 years. Most recently, Steven was Head of International Fiduciary Services based in Zurich, Switzerland, leading a global team of professionals with responsibility for International Trust companies in the Bahamas, the Cayman Islands, Jersey, Singapore and Switzerland.

    Prior to this, Steven was the Regional Trust Head for Asia, responsible for the delivery of wealth planning to Private Banking clients in Asia with a strong focus on Next Gen and Wealth Transfer Planning. Steven has also held other Trust, Private Banking and business advisory roles at Citi and KPMG in Switzerland and Australia.

    Weekes will be based in Singapore, reporting to Cynthia Lee, Regional head of Private Wealth Solutions, Asia Pacific. He takes over from Michelle Lau, who has been appointed to a new role within HSBC Private Banking as Managing Director, Ultra High Net Worth and Family Office Strategic Services, South East Asia. In her new position, Michelle will drive further development in South East Asia of HSBC Private Banking’s UHNW proposition, services for Family Offices, and global connectivity.

    HSBC is aiming to significantly expand its Asian Private Banking business over the next five years, including Private Wealth Solutions, with a key focus on Greater China and the ASEAN region.

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  • DBS Expands Transaction Banking

    DBS Expands Transaction Banking

    As trade flows around Asia are reconfigured amid an ongoing trade war, the bank is seeing brisk business in growth markets, and plans to grow its global transaction services business there.

    DBS is on track to achieve its five-year target of quadrupling its cash management business by 2020, one year ahead of time, said John Laurens, the bank’s group head of global transaction services (GTS) said.

    According to Laurens, China’s slowing economic growth and falling commodity prices have resulted in trade finance having a lower share of trade finance revenues – going from 70 percent to 30 percent in the past five years. However, cash management has conversely become the business’ main growth driver, now contributing to 70 percent of revenue, with a compound annual growth rate (CAGR) of 39 percent from 2015 to 2018.

    Overall, revenue for DBS’ global transaction banking business grew from S$1.59 billion ($1.16 billion) to S$2.45 billion during the same period, a CAGR of 15 percent.

    Laurens said the bank has plans to grow its GTS revenue in Vietnam and the Greater Bay Area by 30 percent and 55 percent respectively over the next five years, and will also ramp up its digital capabilities by tripling its tech investments in cash management solutions in Vietnam.

    Transaction banking will become one of the most fast-moving, technologically advanced aspect of banking – this is a good place to be, he said.

  • ANZ Appoints International Head of Sustainable Finance

    ANZ Appoints International Head of Sustainable Finance

    Australia and New Zealand Banking Group appointed a new international head of sustainable finance, as demand for ESG-related funding continues to grow especially in Asia.

    Stella Saris was appointed to the Singapore-based role reporting to Nick Halkas, head of infrastructure, export and sustainable finance – international in the city-state; and to Katherine Tapley, head of sustainable finance in Sydney.

    Saris was most recently a director of resources, energy and infrastructure at the ANZ, where she first joined in 2004. Saris boasts a wealth experience in private-public partnerships in the Asia Pacific region including in Australia, Singapore, Indonesia and Papua New Guinea in both advisory and lending capacity.

    Sustainable finance continues to grow as investors build greater awareness about ESG-related risks, such as climate change. According to global ESG research firm Sustainalytics, social and sustainability bond issuances totaled nearly $59 billion in 2018, highlighting Asia as a growth driver for social assets due to greater flexibility for decision making amongst treasurers in the region.

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  • UOB Opens Bank Branch in Zhongshan City

    UOB Opens Bank Branch in Zhongshan City

    UOB has opened a branch in China’s Zhongshan City, furthering its commitment to the Greater Bay Area. It is one of the first foreign banks to do so.

    UOB (China) became the first foreign bank to open a branch in Guangdong’s Zhongshan City on Thursday, signaling the bank’s commitment to China and confidence in Greater Bay Area(GBA)’s development plan, the lender said in a media statement on Thursday.

    The new branch adds to six other branches that the bank already has in the GBA. «It strengthens our presence in South China and enables us to expand services to the west of the Greater Bay Area,» said Peter Foo, CEO of UOB (China).

    Following the announcement of China’s GBA Blueprint in February to create an IT-led powerhouse in Southern China, UOB made plans to deepen its presence in the region. The GBA region includes Hong Kong, Macau and nine cities in Guangdong province.

    Christine Ip, CEO of UOB Greater China, said that the new branch is an «important addition» to its GBA network, as the bank continues to enhance connectivity between Greater China and Southeast Asia.

    The UOB Shenzhen branch – UOB (China)’s flagship branch in the GBA – moved to bigger premises in October as it plans to add more professionals to the team. UOB also opened a Commercial Banking Centre in Hong Kong’s central business district of Causeway Bay in April to better serve the needs of its clients in the GBA.

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  • DBS Announces Integrated Wealth Management

    DBS Announces Integrated Wealth Management

    The bank hopes to serve the country’s growing high net worth demographic with its one-bank proposition, which provides access to offerings across wealth management, retail, investment and corporate banking.

    DBS Private Bank and DBS Vickers Securities (Thailand) have announced a partnership to provide a «one-stop» onshore and offshore wealth proposition in Thailand, allowing the country’s growing high net worth demographic to access offerings across wealth management, retail, investment and corporate banking from a single point of contact.

    To support this push, the bank aims to double its number of relationship managers in Thailand by 2023, and also hopes to double its assets under management to S$8 billion ($5.82 billion) during this period, DBS said in a statement published on Wednesday.

    We believe the Thai wealth market holds immense potential, having witnessed Thai investors’ growing sophistication and receptiveness to investment ideas, and the Bank of Thailand’s encouraging regulatory stance towards offshore investments, Sim S Lim, wealth management and consumer banking group head, said in the statement.

    Family-owned businesses drive much of the country’s economy, accounting for 80 percent of Thailand’s GDP and over one-third of listed firms on the Stock Exchange of Thailand, DBS said, citing PwC research.

  • SoftBank Doubles Stake in Brazilian Zero-Fee Digital Lender

    SoftBank Doubles Stake in Brazilian Zero-Fee Digital Lender

    SoftBank has reportedly agreed to double its stake in Brazilian online lender Banco Inter in the midst of the Japanese giant’s ongoing buying spree in Latin America.

    The deal will include acquiring stakes from controlling family members of the bank, unnamed sources said, adding that Banco Inter CEO Joao Vitor Menin, who owns 5.4 percent, isn’t among the sellers.

    In July, SoftBank bought an 8.1 percent stake in Banco Inter valued at around $186 million.

    Banco Inter aside, Tokyo-based SoftBank has been in the midst of an ongoing buying spree in Latin America with about 300 targets in the region. SoftBank launched a fund in March to back tech firms in the region and has already spent more than $1 billion of its $5 billion of capital.

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  • Hong Kong Millennials Drive Digital Banking Delays

    Hong Kong Millennials Drive Digital Banking Delays

    While most new recipients of Hong Kong digital banking licenses were planning to begin operations by 2019-end, higher priorities are in play for the city’s millennials – the key demographic for the sector – causing lenders to delay their launches.

    Some players were believed to be launching brand and marketing campaigns as early as this month before formally launching their services. The Hong Kong Monetary Authority previously said that digital banking launches could be expected in the fourth quarter of 2019 at the earliest.

    This form of banking service is mainly aimed at the youth, millennials, and many of them are out on the street these days joining the protests, citing an unnamed source with direct knowledge. It will be difficult to launch a brand campaign around them and attract their interest when their priority is clearly not having another bank account. The source added that the digital banks will now instead launch in early 2020.

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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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  • 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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  • 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.

  • 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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  • JD.Com and Thai Retailer Launch Financial App

    JD.Com and Thai Retailer Launch Financial App

    China e-commerce giant JD.com and Thailand’s top retailer Central Group have jointly launched a new financial services app, partnering with the largest Thai lenders to capitalize on the nation’s digital banking opportunity.

    The «Dolfin» app will include an e-wallet, digital lending platform, insurance and wealth management capabilities, according to a statement from the joint-venture, Central JD Fintech. A merchant version will be rolled out next year to target small businesses and Central’s mall tenants with merchant data to be used to further support bank lending.

    Major Thai lenders, Siam Commercial Bank, Kasikornbank and Bangkok Bank are currently partners with Bank of Ayudhya expected to join later.

    Central JD Fintech aims to reach 400,000 Dolfin users by year-end and 1.5 million next year.

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  • Australia Issues Full License to Digital-Only Xinja Bank

    Australia Issues Full License to Digital-Only Xinja Bank

    Independent internet-only Xinja Bank was granted full banking license by Australian regulators, furthering the growth of digital banking in the Asia Pacific region.

    We want people to have a real alternative to the incumbent banks, said Xinja Bank CEO and founder Eric Wilson in a statement, referring to major dominance of Australia’s Big Four banks: Commonwealth Bank of Australia (CBA), Westpac Banking Corporation, Australia and New Zealand Banking (ANZ) Group, and National Australia Bank (NAB).

    Prior to this approval, Xinja a restricted banking license. Following the new license approval, Xinja will develop its business beginning with pre-paid cards; to bank accounts; and then lending in the first quarter of 2020.

    Xinja enters the market under the oversight of a more proactive Australian Prudential Regulation Authority (APRA), which granted its first banking license to an internet-only startup Volt Bank. Other digital players to join include  Judobank and «86 400».

  • OCBC’s Voice-Based Virtual Assistant Logs 20,000 Requests

    OCBC’s Voice-Based Virtual Assistant Logs 20,000 Requests

    OCBC’s voice-based virtual assistant has successfully resolved over 20,000 requests since its launch in mid-August, the bank said, breaking down the request types received.

    According to OCBC, half of the requests were about spending categories and budgets with another 30 percent being on inquires about past banking transactions. Other popular voice-based requests include locating ATMs, paying bills and changing PINs.

    The «OCBC Banking Assistant» can be found in the bank’s mobile app and was developed over 13 months in partnership with U.S.-based fintech firm Clinc, engaged through the bank’s Open Vault fintech and innovation lab.

    The bank notes that the development of an effective voice-based solution required local considerations or, in its case, a consideration for Singaporean English. Unstructured phrases commonly used in Singapore such as How much I spend on dining?, Can show my spending pattern? or Can pay my bill?, were stumbling blocks that had to be ironed out.

    Ordering up and carrying out commonly-used banking services just by talking to their smartphones will make it much easier for our customers to manage, move and multiply their finances on their own terms,»said Aditya Gupta, head of digital business, Singapore and Malaysia, OCBC Bank.

    We are bullish on the conversational AI and natural language processing technology and will continue to invest in enabling more voice-activated interactions over time.