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Tag: Standard Chartered

  • Digital Channels to Drive Standard Chartered’s Retail Growth

    Digital Channels to Drive Standard Chartered’s Retail Growth

    Standard Chartered’s digital banking and investment platforms have been given a boost by the Covid-19 pandemic, as digital adoption rates in Singapore hit historic highs in the first four months of 2020.

    Digital sign-up for credit cards growing by 71 percent year-on-year, while wealth and investment-related transactions more than doubled during the same period. The number of digital transactions grew by 30 percent in March, and the number of mobile banking users grew by 42 percent year-on-year.

    As such, the bank expects digital services to be a key growth driver for its Retail Banking business in Singapore this year, Standard Chartered said in a press release on Wednesday. The bank has bulked up its digital solutions in recent years, expanding its real-time onboarding, remittance services, and investment platform.

    There is no doubt that client behaviors and habits have shifted in the past months, and we will see sustained levels of clients opting to go digital as much as possible,» Dwaipayan Sadhu, Standard Chartered’s head of retail banking in Singapore, said about the increase in online banking.

    Standard Chartered Singapore said its Wealth Management arm has also witnessed a strong migration to digital and strong growth on its digital investment platforms. The number of transactions and volume increased by over 200 percent year-on-year, while the number of monthly digital transactions on the Online Mutual Funds and Online Trading platform grew 238 percent and 160 percent respectively since the beginning of 2020.

    Applications for the bank’s Online Trading platform in April were 129 percent higher than the monthly average in 2019, and the monthly volume of transactions on its real-time foreign exchange platform grew 245 percent in 2020.

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  • Standard Chartered Announces Co-Heads of New Unit

    Standard Chartered Announces Co-Heads of New Unit

    The new Financing and Securities Services unit brings together Securities Services (currently under Transaction Banking) and Portfolio Risk Management in the Financial Markets business.

    Standard Chartered Bank has appointed Margaret Harwood-Jones, currently global head of Securities Services, and Emmanuel Ramambason, now global head of Portfolio Risk Management, as co-heads of its new Financing and Securities Services unit.

    Harwood-Jones has been with the bank since 2013, and previously spent 10 years at BNP Paribas Securities Services. Hoornweg joined the firm in 2017, previously had stints at Brevan Howard, UBS, and Morgan Stanley, where he spent 17 years, according to their LinkedIn profiles.

    The pair, based in Singapore, report to Roberto Hoornweg, global head of Financial Markets.

    Financing and Securities Services will include all existing securities services activities including custody, clearing, fiduciary and fund services, and securities lending, as well as all portfolio risk management activities across prime services, money markets, central funding Ddsk, credit valuation adjustment and the modeling and analytics group, the statement said.

    This would bring greater alignment of its Prime business within Portfolio Risk Management, and further enhance the synergy between Financial Markets and Transaction Banking, said Hornweg.

     

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  • Standard Chartered Prepares for Virtual Bank Launch

    Standard Chartered Prepares for Virtual Bank Launch

    Standard Chartered has released details of its virtual bank in Hong Kong, set to be launched later this year in partnership with PCCW, Hong Kong Telecom (HKT) and Trip.com.

    The Mox virtual bank will offer customers a suite of retail banking services, as well as travel, entertainment and mobile products from one platform. According to the bank, it is currently in beta testing by staff.

    Mox operates in a whole new way by listening to customers and focusing on heart share. We aim to empower Hong Kong customers to grow and unlock more possibilities by providing a truly digital and personalized banking experience, Mox chief executive Deniz Güven said in a blog post this week.

    Mox’s website currently lists vacancies for a number of roles, including data engineer, head of payment operations, cyber assurance lead, front end developer, UX research lead, operational risk manager, and more.

    Mox said it would be issuing an «all-in-one numberless bank card» together with Mastercard, which has been «re-defined with innovation, security and privacy in mind.»

    The physical card, which is linked to the Mox app, can be used for in-store purchases and ATM withdrawals, but the lack of printed card numbers, expiry date and card verification value (CVV) number reduces the risk of losing personal information.

    Mox was among the first to receive a virtual banking licence, and we feel it is our privilege and responsibility to continually improve banking accessibility and experience in Hong Kong, Güven said in another blog post this week.

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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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  • 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.

  • 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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  • 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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  • Standard Chartered Hires Senior Strategist From BCG

    Standard Chartered Hires Senior Strategist From BCG

    The move continues the bank’s string of similar hires from top global consulting firms to its Singapore office.

    Standard Chartered has hired Douglas Jackson as managing director of group strategy, who moved from Boston Consulting Group earlier this month.

    His move continues a string of recent hires by the bank, which has been bringing on consultants due to its restructuring drives that have taken place since the appointment of CEO Bill Winters in 2015.

    The publication noted the bank’s 2019 hire of Pierre Paoli, who moved from BCG to lead its strategic initiatives unit for commercial and institutional banking, the hire of IBM consultant Sushil Anand as head of computational and digital advisory for wealth management, and former Deloitte and UBS strategist Christopher Williams as global head of strategy, governance and change for technology services.

    The bank, which makes two-thirds of its profits from Asia, will certainly benefit from Jackson’s intimate familiarity with the region, where he helped global and local companies realize their ambitions in Southeast Asia. His expertise includes strategy, business model innovation, risk management and operations transformation, particularly in finance and the public sector.

    According to his LinkedIn profile, Jackson spent more than 10 years at the management consulting firm’s Vietnam office, most recently as a senior advisor. His time in the country also included a secondment at Vietnam International Bank in Hanoi. Prior to that, Jackson was also stationed in Thailand for almost 10 years as country manager of A.T. Kearney, and was a branch manager for J.P. Morgan in Seattle.

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  • Standard Chartered Adds Information Chief in Singapore

    Standard Chartered Adds Information Chief in Singapore

    Standard Chartered hires a chief information officer for its corporate, commercial and intuitional banking arm, based in Singapore.

    Rene W. Keller joins the British lender with responsibilities over the business’ «technology strategy, architecture and delivery value chain,» according to a release. He will report to Dr. Michael Gorriz, group chief information officer (CIO) at Standard Chartered.

    Keller was most recently a group data officer and group head of innovation at Deutsche Bank after serving as the bank’s global CIO of its private wealth arm. Previously, he was group CIO for Germany’s international exchange, Deutsche Börse; COO for fintech Information Mosaic; alongside other tech leadership roles at Swiss Life, Credit Suisse and UBS.

    The hire signals greater commitment by Standard Chartered to build capabilities to capitalize on the industry’s ongoing path towards digitalization as well as withstanding the emerging entrants of promising fintech players, especially in Asia.

    The hire signals greater commitment by Standard Chartered to build capabilities to capitalize on the industry’s ongoing path towards digitalization as well as withstanding the emerging entrants of promising fintech players, especially in Asia.

    The bank has already undergone several projects to boost its tech capabilities including: 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 established a new venture, alongside five other founding banks, to address unmet financing demand from the early stages of supply chains.

    Keller will play an instrumental role in driving the business forward by digitizing our clients’ experience and co-creating innovative solutions by partnering and maintaining its fundamental role against the growing competition of fintech and big tech,» said Gorriz, underlining the corporate, commercial and institutional business’ ongoing «growth and evolution journey.

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  • Standard Chartered Wants to Attract 7,000 Millennials in Singapore

    Standard Chartered Wants to Attract 7,000 Millennials in Singapore

    Standard Chartered attracted 7,000 millennials to open new accounts with its «JumpStart» offering which targets the youth segment with a focus on low fees and thresholds.

    The JumpStart savings account offering was soft-launched just two months ago and specifically targeted young customers between 18 and 26 years old. With no minimum deposit, no fall-below fee and no lock-in period, customers were able to secure an interest rate of 2 percent for their first S$20,000 ($14,681).

    In addition, JumpStart customers were offered a debit card with 1 percent cash back on spending, capped at $44 per month, and 100 percent rebates for the fees linked to the first $14,681 in investments through online trading and unit trusts.

    According to research commissioned by Standard Chartered, millennials were «mostly incognizant with banking products and services due to the lack of knowledge and funds. But over the next five years, key priorities included securing a stable job and planning for homeownership and marriage, both of which require intensive saving rates for the average Singaporean.

    Savings form the foundation of financial well-being, and we wanted to give young millennials a good reason and provide a great platform to start building healthy financial habits, said Dwaipayan Sadhu, Standard Chartered’s Singapore head of retail banking Singapore, adding that initial response to JumpStart has been overwhelming.

    This is an exciting start and we have plans to further broaden Jumpstart to cover other areas that are meaningful to this segment, such as financial seminars and giving back to society.

  • Standard Chartered Wants to Attract 7,000 Millennials in Singapore

    Standard Chartered Wants to Attract 7,000 Millennials in Singapore

    Standard Chartered attracted 7,000 millennials to open new accounts with its JumpStart offering which targets the youth segment with a focus on low fees and thresholds.

    The JumpStart savings account offering was soft-launched just two months ago and specifically targeted young customers between 18 and 26 years old. With no minimum deposit, no fall-below fee and no lock-in period, customers were able to secure an interest rate of 2 percent for their first S$20,000 ($14,681).

    In addition, JumpStart customers were offered a debit card with 1 percent cash back on spending, capped at $44 per month, and 100 percent rebates for the fees linked to the first $14,681 in investments through online trading and unit trusts.

    According to research commissioned by Standard Chartered, millennials were «mostly incognizant with banking products and services due to the lack of knowledge and funds. But over the next five years, key priorities included securing a stable job and planning for homeownership and marriage, both of which require intensive saving rates for the average Singaporean.

    Savings form the foundation of financial well-being, and we wanted to give young millennials a good reason and provide a great platform to start building healthy financial habits, said Dwaipayan Sadhu, Standard Chartered’s Singapore head of retail banking Singapore, adding that initial response to JumpStart has been overwhelming.

    This is an exciting start and we have plans to further broaden Jumpstart to cover other areas that are meaningful to this segment, such as financial seminars and giving back to society.

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  • Standard Chartered Converts Physical to Mobile Tokens

    Standard Chartered Converts Physical to Mobile Tokens

    Standard Chartered will transition from physical to mobile tokens for its online corporate banking platform with expectations to benefit more than 100,000 clients in over 38 markets.

    The transition will be rolled out across the markets for the «Straight2Bank» platform, which focuses on cash management and trade transactions, over the next three months.

    According to the bank, «the process of mailing, tracking and continuous replacement required for the physical token activation was time-consuming». Previously, it would take 10 days to open accounts compared to instant account-opening with mobile tokens. The new tokens will also contain enhanced encryption and a built-in layer of security against malware targeting mobile applications.

    Standard Chartered noted that transition from physical to mobile tokens is only the beginning of a broader strategy to «simplify user authentication and security».

    The mobile token solution takes into account not just convenience, it also provides our corporate customers with a more secure solution compared to physical tokens, said Martijn De Jong, Standard Chartered’s co-head of digital channels & data analytics for corporate, commercial and institutional banking.

    This is a critical first step in our aspiration to simplify user authentication and security. The endgame will be to leverage physiological credentials of the user to establish user identity and continuous authentication to combat fraud.

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  • Standard Chartered and IFC Offer Trade Finance Facility

    Standard Chartered and IFC Offer Trade Finance Facility

    It will be used to help sustain trade flows in developing countries and narrow the gap in global trade finance.

    Standard Chartered and the International Finance Corporation (IFC), a member of the World Bank Group, are partnering on a $1 billion facility to boost trade financing in emerging markets the two parties announced in a press release on Wednesday.

    This arrangement will allow the two partners to equally share the risk of trade flows of a portfolio of small and medium-sized enterprises and is expected to enable $4 billion in trade finance in Asia, the Middle East and Africa in the next three years.

    The announcement noted the $1.5 trillion global trade finance gap and said the facility will bring trade finance to local and regional companies, some of which are credit-constrained and rely on bank trade facilities to manage cash flows and purchase raw inputs.

    Paulo de Bolle, senior director of IFC’s Financial Institutions Group called the facility a «unique partnership that can help counter de-risking trends in developing countries and support real-sector demand for trade finance.»

  • Standard Chartered Loses Major China Private Banking Veteran

    Standard Chartered Loses Major China Private Banking Veteran

    A longstanding Standard Chartered private banking veteran and 10 others have resigned from the British lender.

    Boris Kwok, a seasoned Greater China team head at Standard Chartered’s private banking arm, exits after joining in 2003. His departure is accompanied by 10 others, all of whom are from the Greater China and North Asia (GCNA) team which Standard Chartered called the «top contributor» to its private banking business.

    When contacted, a spokesperson for the bank confirmed the resignations but added that a majority of «very senior» private bankers remained with the firm and that it was «confident that the team will continue to provide superior client service.»

    Kwok’s move follows the departure of Srinivas Siripurapu, former private banking regional head for ASEAN and South Asia, who was quickly replaced by Cedric Lizin, who joined from UBS, where he was last its Dubai-based wealth management head.

    But despite its talent retention headwinds, Standard Chartered claims to have stayed on course in its hiring strategy. According to its spokesperson, the bank has hired 20 relationship managers year-to-date which is on track with expectations.

  • Standard Chartered Launches Sustainable Deposit Solution

    Standard Chartered Launches Sustainable Deposit Solution

    Standard Chartered will offer both its corporate and retail clients in Singapore access to a deposit solution focused on supporting financing needs related to the United Nations’ Sustainable Development Goals.

    U.S. dollar deposits were co-developed with sustainability research firm Sustainalytics and liquidity raised from sustainable deposits will be used to fund SDG-related activities in Asia, Africa and the Middle East. This follows what the bank claims to be the world’s first SDG deposit product launched in Europe by Standard Chartered in May 2019.

    While green deposits – dedicated to renewable energy – are increasing in popularity, this is the first time any bank has launched a deposit product linked to sustainability and the SDGs, said Patrick Lee, CEO of Standard Chartered Bank Singapore.

    The Sustainable Deposit offers both retail and corporate clients an opportunity to address global challenges such as poverty and inequality in some of the world’s fastest-growing economies.

    With corporate banking and asset management clients already in the midst of adopting environment, social and governance-related factors when making decisions, the bank focused on the untapped potential of the retail market.

    A recent sustainability survey by Standard Chartered said that 68 percent of high net worth individuals want to create a better future through sustainable investing with a high portion of Singapore’s wealthy (43 percent) exhibiting knowledge about the space

    We are taking a cue from our clients to make sustainable retail banking a reality, and have created the world’s first Sustainable Deposit for our individual clients, Lee said.

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