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  • OCBC Boosts Hong Kong Wealth Management Team by 30% Amid Rising Demand

    OCBC Boosts Hong Kong Wealth Management Team by 30% Amid Rising Demand

    The Oversea-Chinese Banking Corporation (OCBC) has announced plans to bolster its wealth-management staff in Hong Kong by 30% this year. This move is a strategic reaction to an increasing demand from its clientele for investment and financing services.

    Singapore’s second-largest financial institution aims to recruit an additional 30 to 50 relationship managers to its Hong Kong division, according to Josephine Lee, OCBC’s head of Hong Kong consumer financial services. The bank projects a significant increase in its wealth sector income, anticipating a five-fold jump since 2023. Furthermore, Lee disclosed the bank’s strategy to launch a novel array of services this year specifically aimed at clients with at least $1 million.

    OCBC’s wealth services portfolio has been a significant factor in boosting the bank’s profitability. The bank has surpassed projected profits for the first quarter, largely due to increasing fees related to wealth services. Furthermore, the demand for wealth accounts within Hong Kong has shown a marked increase from clients both within and outside the jurisdiction, primarily attracted by offerings such as financing. “We must enhance our pool of relationship managers to optimally serve our client base,” says Lee.

    The Greater China region, which includes Hong Kong, has been a significant income generator for OCBC, contributing 23% to the bank’s operating profit in the first quarter. This makes it the second-largest contributor, following Singapore, and shows a slight increase compared to the same period last year.

    Questions & Answers

    What is the anticipated increase in OCBC’s wealth-management staff in Hong Kong?
    The bank plans to increase its wealth-management staff in Hong Kong by 30% this year, which translates to an addition of 30 to 50 relationship managers.

    How significant has the wealth services portfolio been to OCBC’s profitability?
    The wealth services portfolio has played a major role in boosting the bank’s profitability, with the first quarter earnings surpassing estimates mainly due to increased fees related to these services.

    What proportion of OCBC’s operating profit was contributed by the Greater China region in the first quarter?
    The Greater China region, including Hong Kong, contributed 23% to the bank’s operating profit in the first quarter, making it the second-largest contributor after Singapore.

  • UBS Asset Management Bolsters China Equities Team with Former Invesco Pro, Raymond Ma

    UBS Asset Management Bolsters China Equities Team with Former Invesco Pro, Raymond Ma

    UBS Asset Management has recently augmented its China equities team with the addition of Raymond Ma, a veteran portfolio manager formerly linked to Invesco. Ma will be serving as deputy to Bin Shi, the head of China equities, and will be stationed in Hong Kong.

    Ma most recently held the position of Chief Investment Officer for mainland China and Hong Kong at Invesco. He was responsible for the management of several of the company’s China and Greater China funds during his tenure. Even before his stint at Invesco, Ma had a significant 15-year run at Fidelity in Hong Kong, where he made a substantial impact as a principal China portfolio manager.

    A Long-standing Professional Bond

    Bin Shi and Raymond Ma have shared more than just their professional pursuits. They have known each other for over two decades, serving as important figures in the industry. Additionally, they share a fundamental approach towards investing, which will likely foster a strong partnership in their roles at UBS.

    Questions & Answers

    Who has recently joined UBS Asset Management’s China equities team?
    Raymond Ma, a former portfolio manager from Invesco has recently joined UBS Asset Management’s China equities team.

    Who will Raymond Ma serve as deputy to at UBS?
    Raymond Ma will serve as deputy to Bin Shi, the head of China equities at UBS.

    What was Raymond Ma’s role at Invesco?
    At Invesco, Raymond Ma held the position of Chief Investment Officer for Mainland China and Hong Kong and managed several of the firm’s China and Greater China funds.

  • Citi Boosts ASEAN Real Estate Team with Ex-UBS Investment Banking Leader, Indran Thana

    Citi Boosts ASEAN Real Estate Team with Ex-UBS Investment Banking Leader, Indran Thana

    Indran Thana, an experienced investment banker, is set to join Citi as the managing director and head of real estate for the Association of Southeast Asian Nations (ASEAN) segment. The appointment, effective from June 2026, will see Thana, a former UBS employee, operating from Singapore.

    In his new role, Thana will report to Matthew Nimtz, the head of ASEAN investment banking, as well as Ben Connolly, the Asia head of real estate investment banking and co-head of capital markets and advisory for Australia and New Zealand.

    During his tenure at UBS, Thana held the position of managing director and head of real estate, lodging & leisure for Asia. His professional experience also includes stints at DBS, Maybank, and Amanah Capital.

    In an internal memo, Citi lauded Thana for his “deep client relationships, proven track record, and comprehensive expertise across traditional and emerging real estate sectors.” The corporation expressed confidence that his skills and experience will allow them to increase their market share and strengthen partnerships with critical institutional and corporate clients throughout Southeast Asia.

    Questions & Answers

    Who is Indran Thana?
    Indran Thana is an experienced investment banker who has previously worked for UBS, DBS, and Maybank, among others. In June 2026, he will join Citi as the managing director and head of their ASEAN real estate business.

    What will be Thana’s role at Citi?
    As the managing director and ASEAN head of real estate for Citi, Thana will be expected to use his extensive expertise in the real estate sector to increase Citi’s market share and strengthen existing partnerships with key clients across Southeast Asia.

    What previous positions has Thana held?
    Thana has held several high-ranking positions in financial industries. Notably, he was previously the managing director and head of real estate, lodging & leisure for Asia at UBS.

  • Celsius Energizes Aston Martin F1 Team with Global Multi-Year Partnership: A New Frontier in Formula 1 Sponsorships

    Celsius Energizes Aston Martin F1 Team with Global Multi-Year Partnership: A New Frontier in Formula 1 Sponsorships

    Celsius, a renowned energy drink brand, has embarked on a multiple-year worldwide affiliation with the Aston Martin Aramco Formula One team, becoming the team’s ‘official Global Energy Drink Partner’.

    Aligning with Global Expansion

    This deal coincides with Celsius’ ongoing global expansion into key markets including the United Kingdom, Australia, France, Canada, and the United States. The collaboration aims to enhance the visibility of the Celsius brand within the Formula 1 setting and its worldwide audience.

    As an integral part of this alliance, both parties will incorporate the ‘Live Fit Go’ campaign by Celsius that was initiated in 2025 and set to broaden its reach to further markets by 2026.

    Fitness-centric Collaborations and Events

    Geared towards wellness-focused consumers and the racing fraternity, the two entities are also slated to organize fitness-based activations along with joint events bearing their respective branding.

    Jefferson Slack, MDC of Aston Martin Aramco Formula One, commented on the partnership, positive that it would introduce new energy into their I/AM program and foster better connections among ambition, culture, and community. He added that they would pioneer this initiative with the inaugural jointly-hosted Run club in Melbourne and plan to design numerous creative activations throughout the season to animate this partnership and jointly foster a movement of positive energy.

    These occasions will include running sections that take inspiration from race tracks and city landmarks. Concurrently, Celsius products will be accessible within the Aston Martin Aramco garage and at selected fan locations during the season.

    Collaboration with a Passionate Fan Base

    Kyle Watson, CBO of Celsius Holdings, noted that the fervent fan base of Aston Martin Aramco lays the foundation for a symbiotic partnership, heralding an exciting new chapter for Celsius in the realm of Formula 1.

    Questions & Answers

    What is the main goal of the partnership between Celsius and Aston Martin Aramco Formula One team?
    The partnership aims to enhance the visibility of the Celsius brand within the Formula 1 setting and its global audience.

    What kind of events are planned under the partnership?
    The partnership plans to organize fitness-based activations and jointly-branded events, featuring running sections inspired by race tracks and city landmarks.

    Where will Celsius products be available during the season?
    Celsius products will be available within the Aston Martin Aramco garage and at selected fan locations during the season.

  • “PepsiCo Ignites Power Play with Mercedes F1 Team: A Trio of Iconic Brands Gear Up for 2026 Partnership”

    “PepsiCo Ignites Power Play with Mercedes F1 Team: A Trio of Iconic Brands Gear Up for 2026 Partnership”

    PepsiCo has recently unveiled a global alliance with the Mercedes-AMG Petronas Formula One Team that will commence in 2026. This marks a first for the company, as three of its brands, Gatorade, Sting, and Doritos, will collectively collaborate with a Formula 1 team. This enduring partnership will incorporate these brands into various aspects of the team’s operations, including hydration plans and fan interaction initiatives.

    Uniting Performance, Energy, and Flavor

    Eugene Willemsen, the CEO of International Beverages at PepsiCo, expressed enthusiasm regarding the partnership. He noted that it symbolizes the unification of performance, energy, and flavor. The collaboration brings together three of PepsiCo’s most prominent brands and the world’s most successful Formula 1 team, both of which share a commitment to performance, innovation, and excellence.

    Gatorade will provide backing for the team’s hydration and performance programs. Sting, on the other hand, will concentrate its efforts on high-growth markets that coincide with the sport’s expansion. Doritos will augment fan experiences and worldwide activations associated with Grand Prix events.

    Alignment of Objectives

    Toto Wolff, the team principal and CEO of Mercedes-AMG Petronas F1, stated that the partnership mirrors the alignment between the team’s objectives and PepsiCo’s brand portfolio. In his words, the brands perfectly align with the team’s belief of chasing ultimate performance through innovation and excellence. He highlighted Gatorade’s expertise in sports science, Sting’s vibrant energy, and Doritos’ cultural significance each as bringing something unique to the partnership. Together, they forge a partnership that not only fortifies the team’s performance, but also amplifies the experience for their global fan base.

    This partnership will utilize the profiles of drivers George Russell and Kimi Antonelli. Russell, with his reliable track record and extensive fan base, together with Antonelli, a representative of the incoming generation of drivers, will be featured in communications, behind-the-scenes content, and fan interaction programs with the three brands.

    Richard Sanders, the Chief Commercial Officer of the Mercedes-AMG Petronas F1 Team, lauded the partnership. He stated that their proficiency in this sector will assist in delivering fantastic experiences for their guests and fans, both on and off the track. He added that this partnership brings real value to how they function on a daily basis and how they connect with people around the world.

    Questions & Answers

    What are the main PepsiCo brands involved in this partnership?
    The three main brands involved are Gatorade, Sting, and Doritos.

    What roles will Gatorade, Sting, and Doritos play in the partnership?
    Gatorade will support the team’s hydration and performance programs, Sting will focus on high-growth markets aligned with the sport’s growth, and Doritos will contribute to fan experiences and global activations linked to Grand Prix events.

    Which drivers’ profiles will the partnership utilize?
    The partnership will leverage the profiles of drivers George Russell and Kimi Antonelli.

  • Amundi Amplifies Asia Presence with Key Appointment in Investment Specialist Team

    Amundi Amplifies Asia Presence with Key Appointment in Investment Specialist Team

    Leading French asset management company, Amundi, has recently enhanced its team of investment specialists in Asia, welcoming a new addition to their ranks.

    New Appointment Bolsters Team

    Amundi has announced the appointment of Chloe Shea to the position of Head of Investment Specialists, Multi-Asset and Solutions for Asia, excluding Japan. In her new role, Shea will work closely with clients and portfolio managers. Utilizing Amundi’s research and investment platform, Shea is set to develop solutions that generate alpha.

    Hong Kong Base

    Shea will be based in Hong Kong and will report to Florian Neto, the Head of Investment for Asia, and Dan Levy, the Head of Solutions Business Development and Investment Specialists.

    Extensive Industry Experience

    Shea brings with her over 15 years of experience in client consulting, manager research, and multi-asset investments. Her previous roles include an Investment Director position at Schroder Investment Management’s multi-asset team. Earlier in her career, she was also employed at Manulife Asset Management and Towers Watson Investment Services.

    Questions & Answers

    Who has Amundi recently appointed to their investment specialist team in Asia?

    Amundi has recently appointed Chloe Shea as the Head of Investment Specialists, Multi-Asset and Solutions for Asia, excluding Japan.

    What will be Chloe Shea’s role?

    Chloe Shea will work closely with clients and portfolio managers to develop alpha-generating solutions using Amundi’s research and investment platform.

    What is Chloe Shea’s industry experience?

    Shea brings over 15 years of industry experience, including her previous role as an Investment Director at Schroder Investment Management’s multi-asset team. She has also worked at Manulife Asset Management and Towers Watson Investment Services.

  • Uniqlo And Old Chang Kee Unite: A Unique Fashion Fusion Celebrating Singapore’s Heritage

    Uniqlo And Old Chang Kee Unite: A Unique Fashion Fusion Celebrating Singapore’s Heritage

    Uniqlo Singapore has recently announced an exciting collaboration with local food brand, Old Chang Kee. This new venture will see the launch of a unique UTme! collection, beautifully capturing the ethos and heritage of Old Chang Kee.

    A Blend of Fashion and Heritage

    This project, developed in association with local design house Wheniwasfour, uncovers a fresh and engaging perspective on Old Chang Kee’s storied history. The collection incorporates playful illustrations of the brand’s original Rex outlet as well as their signature snack – the Curry’O. The result is a delightful mix of fashion and nostalgia.

    The collection comprises seven distinct t-shirt designs, alongside six unique embroidery options.

    Shared Values and Synergy

    The collaboration between Uniqlo and Old Chang Kee is a particularly significant one, as reflected in the sentiments of Han Keen Juan, the chairman and founder of Old Chang Kee. He emphasized that the alliance was not merely a business venture, but a shared belief in common values.

    Juan expressed that Old Chang Kee, since its inception in 1956, has consistently focused on enhancing the everyday lives of Singaporeans. The brand’s commitment to innovative and top-quality products that cater to individuals of all backgrounds is closely aligned with Uniqlo’s own ethos.

    Accessibility and Exclusivity

    Four of the seven UTme! shirt designs will be available for purchase at all Uniqlo outlets across the country. Alternatively, for those seeking something more exclusive, three additional designs and six embroidery motifs will only be available at UTme! stores. These are located at Orchard Central, Jewel Changi Airport and VivoCity.

    In addition to the Old Chang Kee-themed shirts, the collaboration also offers customization options. Customers will have the opportunity to add personalized touches to other items, including denim pieces and tote bags, using the available embroidery designs.

    The Vision Behind the Collaboration

    Paulene Ong, the Managing Director of Uniqlo Singapore, stated that this collaboration aligns perfectly with their ‘Lifewear philosophy’. They drew inspiration from Old Chang Kee’s commitment to preserving their rich heritage through the training of future generations.

    Ong expressed hope that each design will resonate with both the local community and tourists alike, providing an engaging glimpse into Singapore’s vibrant food culture.

    The Uniqlo x Old Chang Kee collection will be launched in stores and online on October 17.

    Questions & Answers

    What does the Uniqlo x Old Chang Kee collection include?
    The collection includes seven unique t-shirt designs and six embroidery motifs, inspired by the heritage of Old Chang Kee.

    Where can one purchase items from the Uniqlo x Old Chang Kee collection?
    Four of the seven t-shirt designs will be available at all Uniqlo stores across Singapore. However, three additional designs and six embroidery options will be exclusive to UTme! stores located at Orchard Central, Jewel Changi Airport and VivoCity.

    What is the key motivation behind this collaboration?
    The collaboration stems from a shared set of values between Uniqlo and Old Chang Kee. It seeks to combine fashion with tradition and heritage, thereby resonating with a wide range of customers – local residents and tourists alike.

  • Crocs and M&M’s team up on colourful clog collection

    Crocs and M&M’s team up on colourful clog collection

    In a creative new partnership, M&M’s and Crocs have collaborated to launch a limited-edition line of clogs. The collaboration is a celebration of the shared appreciation for creativity, playfulness, and fun, both brands claim.

    The Unique Designs

    The new clog collection comes in two distinct styles. The M&M’s Classic Clog features vibrant graphics and themed charms that are sure to catch the eye. The second style, the M&M’s Bae Clog, is finished with glitter and boasts a platform heel. This style also comes with a set of seven Jibbitz charms, each representing the beloved characters from the M&M’s chocolate candy brand.

    Carly Gomez, SVP and CMO of Crocs, added insight into the collaboration by stating that both Crocs and M&M’s are brands that are full of personality and unapologetically bold. As a result, the new shoe collection is as expressive as the fans who are expected to wear it.

    Availability

    The M&M’s x Crocs collection will be available for purchase next month. Shoppers worldwide will have access to this unique collection, with product availability spanning over 40 markets. These include major regions such as the United States, Europe, Asia, and Australia.

    Questions & Answers

    What are the styles of the M&M’s x Crocs collection?
    There are two styles in this collection; the M&M’s Classic Clog with vibrant graphics and themed charms, and the M&M’s Bae Clog with a glitter finish and a platform heel.

    Where will the M&M’s x Crocs collection be available?
    This collection will be available in more than 40 markets worldwide, including the United States, Europe, Asia, and Australia.

    What is unique about the M&M’s x Crocs collaboration?
    Crocs and M&M’s are brands that are known for being unapologetically bold and full of personality. The collaboration has resulted in a collection that reflects the brands’ shared appreciation for creativity, playfulness, and fun.

  • Union Bank of the Philippines Welcomes Five New Senior Officers to Strengthen Leadership Team

    Union Bank of the Philippines Welcomes Five New Senior Officers to Strengthen Leadership Team

    The retail landscape in Asia is witnessing a transformative shift as brands increasingly adopt hybrid shopping models in response to changing consumer preferences. As physical and digital shopping environments converge, retailers are finding innovative ways to enhance customer engagement and streamline their operations.

    Navigating the Hybrid Shopping Wave

    With the pandemic forcing a rethink of traditional shopping habits, many retailers are now enhancing their omnichannel strategies. This trend is particularly evident in Southeast Asia, where the integration of e-commerce and brick-and-mortar shopping experiences has taken center stage. Retailers are employing an assortment of tactics, from click-and-collect services to interactive in-store technologies that provide a seamless transition between online and offline shopping.

    Embracing Technology for Enhanced Customer Experience

    Technology has become a cornerstone in this hybrid shopping revolution, with a growing number of retailers leveraging data analytics and artificial intelligence to personalize the shopping journey. Stores are not merely spaces for transactions anymore; they’re evolving into experience centers where customers can immerse themselves in brands. Picture this: a mall filled with interactive kiosks and virtual reality displays, transforming mundane shopping trips into mini-adventures.

    Changing Consumer Behaviors and Expectations

    As consumer behaviors evolve, so do expectations. Shoppers now seek instant gratification and convenience, a demand that has prompted retailers to rethink their supply chains and operational processes. This includes offering faster delivery options and more flexible return policies. Additionally, as sustainability rises to the forefront of consumer consciousness, retailers are increasingly focusing on eco-friendly practices, from sourcing sustainable materials to reducing waste in their operations.

    Challenges Ahead: Striking the Right Balance

    While the hybrid model offers numerous benefits, it also presents challenges. Retailers must find the right balance between online and offline experiences to ensure they meet consumer expectations without straining resources. The challenge is akin to juggling flaming torches while riding a unicycle—challenging yet thrilling for those who dare to embrace it.

    Innovative Collaborations Driving Growth

    Innovative partnerships are becoming increasingly essential in this evolving landscape. Collaborations between technology companies and retailers are paving the way for enhanced shopping experiences, whether through advanced payment solutions, logistics support, or customer insights. As retail transforms into a more interconnected ecosystem, brands that forge strategic alliances are likely to enjoy a competitive edge.

    A Bright Future for Asian Retail

    As we move forward, the hybrid shopping model is expected to define the future of retail across Asia. With brands making strides towards integrating technology and prioritizing sustainability, the next chapter in retail promises not just growth but a reimagining of what shopping can be.

    This new era invites not only retailers to adapt but also inspires consumers to engage with brands in more meaningful ways than ever before.

    Questions & Answers

    What is driving the hybrid shopping model in Asia?
    Changing consumer preferences, combined with the impact of the pandemic, are compelling retailers to create seamless experiences that meld online and offline shopping.

    How are retailers leveraging technology to enhance customer experiences?
    Many retailers are incorporating data analytics and AI to personalize shopping journeys, while also creating immersive in-store environments through interactive technologies.

    What challenges do retailers face in implementing a hybrid model?
    Retailers must carefully balance their resources to deliver satisfying online and offline experiences while navigating the complexities of modern consumer expectations.

  • Crypto-Bank Snags Former Credit Suisse Executive to Strengthen Leadership Team

    Crypto-Bank Snags Former Credit Suisse Executive to Strengthen Leadership Team

    Amina Bank Welcomes Credit Suisse Veteran Alessandro Manfron

    Amina Bank has appointed Alessandro Manfron as the chief of staff to the chief client officer for the EMEA region, a move that marks a significant shift in his career. Announcing his new role on LinkedIn, Manfron confirmed he began this position this month, reporting directly to Markus Menzl, the chief client officer EMEA.

    A Wealth of Experience

    Manfron brings over 20 years of experience from Credit Suisse-UBS, where he held diverse leadership roles. His recent position was as the team head of USG Evolution and an executive director at UBS in Zurich. Before this, he directed high net worth individual segment development at Credit Suisse, where he played pivotal roles such as chief of staff for premium clients and head of business management for premium clientele.

    It’s safe to say that his journey in finance has been anything but mundane, offering him a treasure trove of insights into wealth management that he’ll now channel into the burgeoning realm of crypto banking.

    Embracing a New Challenge in Crypto

    Reflecting on this transition, Manfron expressed his enthusiasm: “After 20 years at Credit Suisse and UBS, it’s time to start a new chapter. I’m excited to join Amina Bank, a regulated Swiss crypto bank, as Chief of Staff to the Chief Client Officer EMEA. I truly look forward to merging my background in UHNWI and SFO wealth management with the innovation and energy of crypto banking.”

    Broadening Horizons

    Interestingly, Manfron’s move to Amina isn’t the only shift in his professional landscape—he has also recently accepted a position on the advisory board of TheBiTechnologies, a private equity and venture capital firm. This speaks volumes about his commitment to staying at the forefront of financial innovation.

    Questions & Answers

    What motivated Alessandro Manfron to leave Credit Suisse for Amina Bank?
    Manfron was eager to embark on a new chapter in his career, attracted by the potential of crypto banking and the opportunity to apply his extensive experience in wealth management.

    What roles did Manfron hold at Credit Suisse?
    Over his two-decade tenure, he occupied various leadership positions, including head of UHNWI segment development and chief of staff for premium clients.

    What other venture is Manfron involved in aside from Amina Bank?
    In addition to his role at Amina, he has joined the advisory board of TheBiTechnologies, indicating his interest in private equity and venture capital.

  • Migros Bank Strengthens Leadership Team with Former UBS Executive Appointment

    Migros Bank Strengthens Leadership Team with Former UBS Executive Appointment

    Migros Bank is making waves with its newly appointed Head of Corporate Clients. As of September 2025, Stephan Hässig, a seasoned professional with nearly two decades at UBS, will step into this pivotal role on the Executive Board.

    The Transition of Leadership

    Hässig takes over from Olivier Häner, who has been holding the position temporarily since February. This change comes after former Head of Corporate Clients Bernd Geisenberger announced his departure at the end of June to pursue new professional ventures.

    A Wealth of Experience from UBS

    Hässig is no stranger to the nuances of banking, having joined UBS in 2005 where he cultivated expertise in advising corporate, institutional, and affluent individual clients. His most recent role was as Head of Personal Banking in the Zurich Region while also overseeing Corporate Clients for Aargau & Solothurn. Prior to his tenure at UBS, he honed his skills in client management and customer acquisition at private bank IHAG Zurich and Zürcher Kantonalbank.

    A Warm Welcome and Future Aspirations

    CEO Manuel Kunzelmann expressed enthusiasm over Hässig’s recruitment, stating, “His extensive leadership background in sales and proven ability in developing corporate and private clientele create the perfect environment for the growth of Migros Bank’s corporate client segment.” Meanwhile, Häner will refocus on leading the structured corporate finance division that he has expertly nurtured.

    As Migros Bank navigates this significant transition, one can’t help but wonder: Will Hässig’s years at UBS introduce a new era of innovation for corporate clients? Only time will tell, but it promises to be an intriguing journey ahead!

    Questions & Answers

    When will Stephan Hässig officially begin his new role at Migros Bank? He will take over as Head of Corporate Clients on September 2025.

    Who did he succeed in this position? Hässig succeeds Olivier Häner, who has been in the role on an interim basis since February 2023.

    What previous experience does Hässig bring to Migros Bank? He has nearly 20 years of experience at UBS, focusing on corporate client advisory and personal banking across various regions.

  • Sygnum Bank Welcomes ‘Crypto Dad’ to Its Advisory Team in a Strategic Move

    Sygnum Bank Welcomes ‘Crypto Dad’ to Its Advisory Team in a Strategic Move

    Swiss crypto bank Sygnum is taking a significant step into the U.S. market with the appointment of J. Christopher Giancarlo, the former Chairman of the U.S. Commodity Futures Trading Commission (CFTC), as Senior Policy Advisor. Known affectionately as “Crypto Dad” for his enthusiastic advocacy of digital assets, Giancarlo brings a wealth of regulatory expertise that could prove invaluable as Sygnum looks to expand its footprint.

    Vision for U.S. Growth

    Giancarlo expressed his excitement about joining Sygnum, stating, “I look forward to contributing my regulatory knowledge, networks, and perspectives to Sygnum’s growth strategy, as well as advancing the group’s mission to build new regulated bridges between the traditional and crypto economies on a global scale.” His role marks a pivotal moment for Sygnum, which has typically adopted a conservative stance toward the U.S.—often regarded as a challenging environment for crypto institutions.

    A Stellar Advisory Team

    Mathias Imbach, Co-Founder and Group CEO of Sygnum, underscored the significance of Giancarlo’s appointment. He highlighted the former regulator’s “deep understanding of regulation, market infrastructure, and public policy, as well as his extensive U.S. network.” Giancarlo’s addition enriches an already impressive advisory council that features noteworthy figures such as Philipp Hildebrand from BlackRock and fintech innovator Alexander Lipton. As the U.S. potentially moves toward a new era of crypto deregulation, Sygnum seems well-positioned to navigate the changing landscape.

    With Giancarlo on board, Sygnum isn’t just dipping its toes into the U.S. market—it’s making a splash! Who knows, we might even see crypto-themed brunches at Wall Street soon!

    Questions & Answers

    Who is J. Christopher Giancarlo? Giancarlo is the former Chairman of the U.S. Commodity Futures Trading Commission, often referred to as “Crypto Dad” for his advocacy of digital assets.

    What is Sygnum Bank’s strategy for entering the U.S. market? With Giancarlo’s appointment, Sygnum aims to leverage his regulatory knowledge and connections to establish a stronger presence in the U.S., navigating the challenging landscape of crypto regulations.

    Why is Giancarlo’s appointment significant? His extensive regulatory experience and network in the U.S. make him a key asset for Sygnum as it seeks to bridge traditional and crypto economies globally, particularly amid potential deregulation in the U.S. market.

  • Singapore-based fintech startup Tyme raises $250M

    Singapore-based fintech startup Tyme raises $250M

    Singapore fintech startup Tyme Group has secured a US$250 million investment, which it calls the “largest fintech raise this year in Southeast Asia,” giving it a valuation of $1.5 billion.

    The company received the investment from Brazil-headquartered lender Nubank and other investors, it said in a news release Tuesday

    With established operations in South Africa and Philippines, Tyme now gears up for expansion into Vietnam and Indonesia as it eyes to expand its presence in Southeast Asia.

    Tyme, backed by South African billionaire Patrice Motsepe’s African Rainbow Capital Investments, has been developing and operating digital banks since 2019.

    The company entered the Philippines in 2022 in a joint venture with a local company.

    Southeast Asia’s loan book balance is expected to reach up to $300 billion by 2030, quadrupling from an estimated $71 billion this year.

    Startup investment in Southeast Asia remains weak this year, with 474 equity deals taking place in the first three quarters, the lowest level since 2020.

  • Starbucks employees to receive 60% bonus amid firm’s worst year since 2020

    Starbucks employees to receive 60% bonus amid firm’s worst year since 2020

    Many corporate workers at U.S. coffee chain Starbucks will get just 60% of their total bonuses for the 2024 fiscal year amid the company’s first annual sales decline since 2020.

    The coffee giant’s poor performance in the fiscal year, which ended on September 29, cut into the overall bonus for employees who met their personal goals, a source familiar with the matter said.

    Bonuses for most employees are determined based on both individual performance and company results, with the latter calculated from revenue and operating income, a separate document shows.

    They are typically paid in December and, in the U.S., range from 5% of base pay for non-managerial employees to 45% for senior vice presidents.

    The reduced bonuses reflect the challenges Starbucks has faced this year as consumers, hit by widespread inflation, scaled back on their lattes.

    Its quarterly and yearly performances, reported late last month, show disappointing sales in its two largest markets, the U.S. and China, which fell short of analysts’ expectations.

    For the third consecutive quarter, Starbucks saw a decline in same-store sales, with a 7% drop this quarter—the steepest since the Covid-19 pandemic, according to CNBC.

    Net income attributable to the company for the fourth quarter was US$909.3 million, or 80 cents per share, down from $1.22 billion, or $1.06 per share, a year earlier. Net sales also decreased by 3% year-on-year to $9.07 billion.

    This was Starbucks’ first quarter under new CEO Brian Niccol, who joined the company in September to turn the business around.

    “It is clear we need to change our strategy to win back customers fundamentally,” he said in the report. “We have a clear plan and are moving quickly to return Starbucks to growth.”

    For the full fiscal year, global comparable store sales dropped by 2%, largely due to a 4% decline in comparable transactions, as shown in the firm’s report.

    This marked the second drop in the last 15 years, with the first occurring in 2020 due to Covid-19 restrictions.

  • Gen Z grapples with shrinking job market

    Gen Z grapples with shrinking job market

    Many Gen Z people are struggling to find jobs as businesses scale down operations amid the economic downturn.

    Ho Chi Minh City has over 300,000 businesses, but none of them were willing to hire Thanh Nga, 25, last year.

    “I have experience in customer service but was not able to find a job after submitting CVs to over 50 businesses in HCMC, Da Lat and Binh Duong,” she says.

    She looked for a job on online platforms and social media groups.

    “In 2018 usually somebody would call me soon after I submitted my CV, but last year I received no call most of the time.”

    Nga is among an increasing number of Gen Z people, or those born between 1997 and 2012, who are struggling to find jobs in the post-Covid economy.

    Youths accounted for 41.3% of unemployed people last year, up from 37.6% from 2022. This meant 437,300 people aged between 15 and 24 had no jobs, according to the Ministry of Labor, Invalids and Social Affairs.

    Nguyen Hoang Ha, an officer in the International Labour Organization, says people who graduated since Covid-19 are among the “quarantined generation” who had to go through disruptions in the labor market and in education and training.

    Another HCMC local, Thu Thuy, 24, had struggled to find a job in 2022 when the economy reopened after two years of the pandemic.

    She submitted 30 CVs and went to more than a dozen interviews but failed to find a job since most companies asked for months of experience, which she could not get due to Covid travel restrictions.

    She says: “Employers often want at least six months of experience but I did not have that. I used to think that having a college degree would guarantee a job but turns out that is not the case.”

    Economist Nguyen Minh Phong said the unemployment among youths is a global trend as companies often lay off the most inexperienced staff when the situation becomes difficult.

    Many urban Vietnamese youths have high expectations about salaries and will rather wait for a good opportunity than work for low pay, he adds.

    Thuy says some companies offered her a job for VND6 million ($244), but she declined, saying she needed at least VND7 million to pay the bills in expensive HCMC.

    Embarrassed, she lied to her family in the countryside that she was still working.

    But the economy alone is not to blame.

    Ha of ILO advises people in the 15-24 age group to educate themselves in technology and soft skills such as group collaboration and problem solving to meet the increasing demands on the labor market.

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