110 minute read
Siam Commercial Bank’s
Siam Commercial Bank’s restructuring highlights Thai banks’ need for complexity
SCB’s launch of its new holding company reflects a trend for banks to become more complex financial firms.
SCB’s planned reorganisation is taking place amidst greater investment in fintech
Expect the next few years to play out like a survival game à la Netflix’s hit series, Squid Game, for Thailand’s traditional banks, highlighted by one of the country’s largest banks reorganising to become a more financial technology-focused firm, analysts said. This reflects the need for local banks to become more complex entities to keep up with the competition.
Siam Commercial Bank’s (SCB) planned reorganisation mirrors a wider trend amongst Thai banks that seek to become more complex financial groups in order to push up profits and retail competitiveness, Fitch Ratings said in a report.
On 22 September, the bank unveiled plans to set up a holding company, SCBX, that will own the group’s operating entities, including SCB. The group aims to complete the transaction by the second quarter of 2022 after securing necessary approvals. The new entity aims to become a regional financial technology conglomerate by 2025 and build a 200 million strong customer base.
Both Fitch Ratings and Moody’s Investors Service expect the reorganisation to have little impact on SCB’s credit. However, Moody’s did warn of potential financial contagion from SCBX’s nonbanking businesses, although the risk is low, the ratings agency added.
Instead, Fitch sees the phenomena as part of a bigger trend of Thai banks being pushed to transform operations due to a challenging operating environment for traditional bank businesses.
Traditional banks in Thailand have long grappled with a prolonged long-growth and low-interest-rate environment that inhibits their growth opportunities. This has led to several transformative mergers and acquisitions in the local banking sector during the past two years, the ratings agency added.
“SCB’s planned reorganisation is taking place amidst greater investment in fintech via standalone subsidiaries and in partnership with key non-bank players,” the Fitch noted in a report.
Indeed, SCB specifically stated in its reorganisation announcement that it aims to become a regional financial technology group spanning a variety of financial businesses and platforms.
“In 2025, the arrival of decentralised finance technology, the expansion and penetration of global platforms into the financial business, post-COVID 19 consumer behaviour, and dramatic changes to regulations will reshape business models, forcing banks into playing roles as intermediaries and making traditional banking fees less and less important. Such conventional roles will no longer satisfy the emerging needs and expectations of consumers,” said Siam Commercial Bank CEO and Chairman of the Executive Committee Arthid Nanthawithaya in the reorganisation announcement.
He added that in four years, consumers’ reliance on banks will wane, which will unavoidably harm the future value proposition for traditional banking investors.
“SCB must no longer limit itself to the traditional banking business, but rather take advantage of its financial strength to accelerate its aggressive expansion into other types of financial businesses that the market demands, build technological capabilities, and manage a large technology platform to keep pace with global players,” Nanthawithaya added, noting that it is crucial to quickly enter the “new arena of competition” in order to survive in the next three to five years.
For their part, Fitch welcomed the proposed restructuring, noting that it will likely improve the central bank’s ability to regulate SCB, as non-traditional and non-financial subsidiaries will be transferred to the holding company.
The ratings agency added that the SCB group’s new format may be replicated at other large financial institutions as their organisational structures become more complex.
SCB must no longer limit itself to the traditional banking business
RETAIL BANKING: CITI GLOBAL WEALTH Citi outlines wealth goals including over $150b AUM across the APAC franchise
Fontainha expounds on Citi’s wealth goals, which include adding $150b AUM across the Asia Pacific franchise and hiring 2,300 more banking professionals in four years’ time.
In January, Citi announced the formation of Citi Global Wealth (CGW), combining its Private Bank and Consumer Wealth Business under one banner, under the leadership of its former global head of investor sales and relationship management, Jim O’Donnell. In Asia, the mantle of head was given to the former retail head, Fabio Fontainha, and private bank head, Steven Lo.
With approximately US$300b in assets under management (AUM), Citi is already amongst the top three wealth managers in APAC — and Fontainha and Lo have been tasked with further driving Citi to maintain and even surpass its position as one of the top wealth managers in Asia (excluding Japan), which boasts of a $42t wealth market.
“Asia is an important source of growth to our firm. It is a source of enhanced returns for Citi; and an area where we see innovation happening at speed. We also believe that our global wealth strategy will benefit from a stronger position in Asia,” Fabio Fontainha, co-head of Citi Global Wealth in Asia Pacific, told the Asian Banking & Finance in an exclusive interview. “We can invest here and take successful ideas to other parts of the firm to drive change and to support the transformation of our bank.”
Goals include adding over US$150b AUM across the APAC franchise by 2025. Hiring plans are also underway with hundreds of new professionals joining Citi APAC as part of its target to add 2,300 professionals in the bank, 1,100 of which are relationship managers and private bankers.
In his first major interview since taking on the co-head role, Fontainha shares his vision for the bank’s wealth business in Asia.
What are the aspirations of Citi Global Wealth in Asia?
“A favourable industry backdrop has set the stage for Citi’s doubling down on wealth management. Global wealth is growing at a rapid pace at over 5% over the past two decades, with Asia growing the fastest at 11% over the same period, driven by China.
“The opportunity is available across all segments, from affluent to ultra-high net worth. Given our presence across the wealth continuum, this plays to our strengths in the region where we have a unique platform.
“We are privileged to have served our wealth management clients in Asia for decades. Our vision now is to further leverage Citi’s aspirational brand and CGW’s strategy is focused on delivering the firm’s global network, high-quality advisory and content, combining it with leading capital markets and product expertise.
“This new business integrates the Citi Private Bank and the Consumer Wealth organisation, including the International Personal Bank, into a single platform that will serve clients from the affluent level all the way through to ultra-high net worth individuals and Family Offices.
“Importantly, we are also coming at this wealth opportunity from a position of strength in the region — Citi is already a top three-wealth manager in Asia with over US$300b in client AUMs.
“We have Wealth Management Hubs in Singapore and Hong Kong that will serve as important centres to grow further the wealth business across the region. The CGW hub strategy will be complemented by our leading digital capabilities. This is important as we think of our clients as individuals who have the ambition to access the best products and solutions and are increasingly agnostic to where that is delivered from.
“Citi is also the most global bank in the world — our bank has on the ground operations in close to 100 countries. This matters more than ever as this global perspective is increasingly a competitive advantage as we discuss wealth opportunities across the world with our clients. The wealth conversation with Asian clients is increasingly global.
“We also have leading institutional businesses in the region — from FX, to hedging, to capital markets, and
Global wealth is growing at a rapid pace at over 5% over the past two decades, with Asia growing the fastest at 11%
Fabio Fontainha, Co-head, Citi Global Wealth APAC
Wealth in Asia, in the last 20 years, rose from $5.1t to $42t
In APAC, personal wealth is growing rapidly, the demographic dynamics remain favourable, including increasing levels of entrepreneurship
Global wealth assets will continue to grow; emerging economies will grow faster than developed markets in the long-term
M&A opportunities. By bringing together the best of our institutional and retail capabilities under CGW, we are uniquely positioned to build a leading integrated Wealth Management business that will serve clients seamlessly along the wealth continuum. Through technology and a deliberate talent strategy, we aspire to introduce these solutions to our clients as they increase their wealth over time.”
How important is Asia in supporting Citi’s global wealth ambitions?
“We see a tremendous opportunity in Asia, specifically in China and across the broader region. Wealth in Asia, in the last 20 years, rose from $5.1t to $42t, excluding Japan. But other changes are happening at the same time as all this personal wealth is created. We will observe, over the next several years, changes coming from decumulation needs, mass customisation algorithms, client-banker remote interaction technologies, portfolio customisation, and more.
“We all know that global wealth assets will continue to grow; emerging economies will grow faster than developed markets in the long-term; and that High Net Worth and Ultra High Net Worth segments will continue to expand dramatically around the region — and we want to purposely be a part of that journey. We can grow with our clients; be able to provide them with all of the banking and wealth products and services they need along the way.
“In this region, personal wealth continues to grow rapidly, the demographic dynamics remain favourable, including increasing levels of entrepreneurship. These factors, combined with several others are leading to an increased demand for wealth management services, which we expect to capture with our differentiated global offer.
What can Citi do differently in wealth, versus peers, given it is a crowded market?
“We are putting the full force of the firm behind this effort. It is all about integrating our platforms and resolve for the gaps we see. We want to create a single, integrated wealth platform that will serve all wealth management clients, providing tailored capabilities for affluent individuals to ultra-high net worth families.
“We have several components that differentiate us from our competitors, and these components put together with purpose can produce a differentiated offer that we expect to resonate with our client segments. Our global footprint, extensive banking and lending services, worldclass capital markets expertise, digital capabilities, research and content capabilities, open architecture, talent base, and aspirational brand are a few of these components. We can offer it all under one distinctive value proposition.
Could you expound about Citi’s hiring plans and targets for CGW?
“By 2025, we are looking to add 2,300 professionals, including 1,100 relationship managers and private bankers, and invest in innovative technology to support growth – much of these will be across Hong Kong and Singapore. We have hired several hundred already in 2021 and new talent is increasingly attracted to our value proposition alongside our ambition.
“We are also looking to add in excess of US$150b AUM across the Asia Pacific franchise by 2025 and further extend our leadership position in the region.
“We have very specific objectives that ultimately will produce great solutions to help our clients grow and achieve their financial objectives. We are building a plan with tangible milestones across technology, digitisation, simplification, and robust controls.
UnionPay QR code evolves traditional banking services from being delivered through branches to e-channels
BEA Hong Kong customers say bye to cards with QR ATM
All they need are their phones to withdraw much-needed cash.
The next time cardholders of Bank of East Asia (BEA) in Hong Kong find themselves service not only reduces the risk of customers losing cards but also safeguards them from the threat of in need of cash, they no longer have to worry about bringing their card, thanks to the new UnionPay QR code cash withdrawal service.
Enabled in all 200 ATMs of BEA across the city, cardholders need only to bring themselves and their phones to access their funds.
To secure their accounts, BEA requires cardholders to present proof of their identity, and can do so through a plethora of customer authentication options: from presenting their biometrics to onetime passwords, and then scanning a QR code via their BEA mobile apps.
Account access is afforded extra protection thanks to the mobile banking access control. Basically, for customers to get their cash, they also need to log on to their mobile app accounts first. card skimming. “We are seeing encouraging take up so far. We believe that the efficient transaction process and extensive ATM support network should drive further uptake,” a spokesperson from BEA told Asian Banking & Finance.
‘Mobile First’
The QR withdrawal service is part of the bank’s “Mobile First” strategy, the spokesperson said.
“Enabling UnionPay QR code cash withdrawal service will improve customer experience and usability, meet the growing demand for mobile banking and payment services and effectively evolve traditional banking services from being delivered through branches to e-channels.” Apart from contactless withdrawals, BEA customers are also given a variety of withdrawal options that will allow them to save time and avoid physical contact amidst an era of ongoing coronavirus infections. For example, the BEA representative said that cardholders can now pre-set withdrawal instructions in advance. This reduces the transaction processing time when compared to traditional ATM card withdrawals. The pre-set withdrawal instructions are secured by various customer authentications such as mobile soft tokens, biometrics and OTPs, the bank added.
The QR The future is cardless
withdrawal BEA also now uses ATMs service is part with fewer touches, catering to of the BEA’s customers who would prefer to ‘Mobile First’ minimise physical contact with strategy public equipment these days. Plans are already underway to expand the service beyond Hong Kong. “Apart from local withdrawal, UPI plans to extend the new cardless service to Macau and Mainland China in the near future. We look forward to becoming one of the pilot banks to offer the service,” the spokesperson said.
Going cardless
In an exclusive correspondence, a BEA spokesperson told Asian Banking & Finance that the
2021 RANKING
1 BANK
DBS BANK
Number of Employees 2021
Number of Employees 2020 2020 RANKING CEO OR COUNTRY HEAD
12,000 OVER 12,000 1 Shee Tse Koon
2
3
4
5 OVERSEA-CHINESE BANKING CORP
STANDARD CHARTERED BANK
UNITED OVERSEAS BANK
CITI SINGAPORE 10,032** 10,032
ABOUT 10,000 9,000 5
3
MORE THAN 9,000 MORE THAN 9,000 2
AROUND 8,500 8,500 4
6 HONG KONG AND SHANGHAI BANKING CORPORATION 3,300 AROUND 3,550 6
7 BNP PARIBAS 2,200 - Helen Wong
Patrick Lee
Wee Ee Cheong
Amol Gupte
Wong Kee Joo
Joris Dierckx
8 MAYBANK SINGAPORE 2,000
9 CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK 1,237 2,000
1,220 8 Dr. John Lee
10 Jean-Pierre Michalowski
10
11
12
13
14 CIMB BANK
BANK OF CHINA
MIZUHO BANK
RHB SINGAPORE
STATE BANK OF INDIA 1,055
955**
>700**
639
124 1,300
955
>700
737
140 9 Victor Lee
11 Cheng Jun*
13
12 Guan Yeow Kwang*
Danny Quah
14 Kishore Kumar Poludasu
15
16
17 ICICI BANK
BANK OF INDIA
UCO BANK 90
77**
42** 110
77
42 15
16
17 Anupam Verma
Geetha Nagarajan*
Rajeev Gupta*
* Info obtained from MAS website ** Info retained from 2020 rankings
TOTAL 61,951 62,363
2021 RANKING BANK
Number of Employees 2021
1 HONG KONG AND SHANGHAI BANKING CORPORATION 29,000
2
3 BANK OF CHINA (HONG KONG)
HANG SENG BANK, Limited 12,557
7,881
4
5 STANDARD CHARTERED BANK
THE BANK OF EAST ASIA, Limited 6,000
5,576
6 CITI HONG KONG 4,300
7 DBS BANK (HONG KONG) Limited 4,000
8 INDUSTRIAL AND COMMERCIAL BANK OF CHINA (ASIA) 3,097
9 DAH SING BANK 3,079
10 CHINA CONSTRUCTION BANK (ASIA) CORPORATION 2,500*
11 OCBC WING HANG BANK 2,104*
12 CHINA CITIC BANK INTERNATIONAL 2,000
13 SHANGHAI COMMERCIAL BANK 1,896
14 CHONG HING BANK 1,758
15 CMB WING LUNG BANK (renamed from Wing Lung Bank) 1,751
16 PUBLIC BANK 1,362
17 CHIYU BANKING CORPORATION 620*
18 TAI SANG BANK 30
Number of Employees 2020
31,000*
12,592
8,515
6,500
5,564
4,200
4,000
3,187*
3,097
2,500*
2,104
2,000
1,633
1,800
1,763
564*
620*
33 2020 RANKING CEO OR COUNTRY HEAD
1 Diana Cesar
2 Sun Yu
3 Louisa Cheang
4 Mary Huen
5 Adrian Li Man-kiu and Brian Li Man-bun
6 Angel Ng
7 Sebastian Paredes
8 Wu Long
9 Hon-Hing Wong (Derek Wong)
10 Jun Zhang
11
12
13 Wu Beng Na
Bi Mingqiang
David Sek-chi Kwok
14
15
16
17
18 Jianxin Zong
Hong Bo
Tan Yoke Kong
Zheng Wei
Cheung Yau Shing
TOTAL 89,511 91,672
*figures retained from previous year’s rankings
Get to know the winners of the Asian Banking & Finance Awards 2021
With the past year providing lots of uncertainties in the financial services sector, banks face intense pressure to continue assisting their clients and help organisations grow their businesses and manage risks amidst the challenging environment. With the ever-changing customer preferences and increased comfort with digital products and services, financial institutions who were able to adapt and leverage digital technology are able to provide to customers and benchmark themselves against market competition.
In recognition of companies that continuously strive to grow and provide services to customers, the 2021 Wholesale Banking Awards, Retail Banking Awards, and Corporate and Investment Banking Awards recognised over 180 exceptional banks across the Asia Pacific.
The awards were handed via digital presentations to the winners due to the pandemic. Winning companies were also interviewed from today, July 29 to August 31 to share their thoughts on winning the most prestigious banking awards in Asia. This year’s winners were judged based on the companies’ achievements, solutions to the challenge experienced in the past year, project effectiveness, and client impact.
The nominations were judged by a panel consisting of John Dovaston, Asia Pacific Financial Services Leader at PwC; Nam Soon Liew, Regional Managing Partner, ASEAN at EY; Kok-Yong Ho, Leader, Financial Services Industry, Southeast Asia & Singapore at Deloitte; and Anton Ruddenklau Partner, Head of Financial Services Advisory Global Co-Leader, Fintech at KPMG International.
“Financial institutions that didn’t back down from the challenge and have adapted amidst the crisis have proved to be on the top of the industry. Asian Banking & Finance awards aim to recognise these exceptional firms and challenge them to provide top-tier products and services to their clients as we continue to move forward into the new normal, “ said Tim Charlton, publisher of Asian Banking & Finance magazine.
Below is a list of all the winning companies. Congratulations!
Wholesale Banking Awards 2021
Abu Dhabi Commercial Bank
UAE Domestic Trade Finance Bank of the Year
Alliance Bank Malaysia Berhad
Malaysia Domestic Initiative of the Year Malaysia Domestic Trade Finance Bank of the Year
Bangkok Bank Public Company Limited
Thailand Domestic Trade Finance Bank of the Year
PT Bank Central Asia Tbk
Domestic API Project of the Year - Indonesia
Bank Nizwa SAOG
Oman Domestic Foreign Exchange Bank of the Year
Bank of Ayudhya PCL (Krungsri)
Thailand Domestic Technology and Operations Bank of the Year Thailand Domestic Initiative of the Year
Bank of China (Hong Kong)
Hong Kong Domestic RMB Internationalisation Initiative of the Year Hong Kong Domestic Trade Finance Bank of the Year Hong Kong Domestic Cash Management Bank of the Year
Bank of the Philippine Islands
Philippines Domestic Trade Finance Bank of the Year Philippines Domestic Cash Management Bank of the Year
Bank SinoPac
Taiwan Domestic Remittance Initiative of the Year
Barclays Bank PLC UAE Branch
UAE International Cash Management Bank of the Year
Cathay United Bank
Taiwan Domestic Cash Management Bank of the Year Taiwan Domestic Trade Finance Bank of the Year
CB Bank
Myanmar Domestic Cash Management Bank of the Year Myanmar Domestic Trade Finance Bank of the Year
CIMB Bank Berhad, Singapore branch
Singapore International COVID Management Initiative of the Year
Commercial Bank of Ceylon PLC
Sri Lanka Domestic Trade Finance Bank of the Year
CTBC Bank
Taiwan Domestic Foreign Exchange Bank of the Year Taiwan Domestic Project Finance Bank of the Year
DBS Bank Taiwan
Taiwan International Initiative of the Year Taiwan International Cash Management Bank of the Year
DBS Bank
Singapore Domestic Project Finance Bank of the Year Singapore Domestic Technology and Operations Bank of the Year
DBS Bank India
India International Cash Management Bank of the Year
Habib Bank Limited
Pakistan Domestic Cash Management Bank of the Year Pakistan Domestic Project Finance Bank of the Year
Hang Seng Bank
Hong Kong Domestic AI Initiative of the Year Hong Kong Domestic COVID Management Initiative of the Year
HSBC Bank (China) Company Limited
China International Cash Management Bank of the Year
The Hong Kong and Shanghai Banking Corporation Limited
Hong Kong International Cash Management Bank of the Year
The Hong Kong and Shanghai Banking Corporation Limited (Thailand Branch)
Thailand International Cash Management Bank of the Year
HSBC Bank (Vietnam) Limited
Vietnam International COVID Management Initiative of the Year Vietnam International Trade Finance Bank of the Year
ICICI Bank
India Domestic COVID Management Initiative of the Year India Domestic Foreign Exchange Bank of the Year India Domestic Liquidity Management Initiative of the Year India Domestic Trade Finance Bank of the Year
Indusind Bank Ltd
India Domestic Cash Management Bank of the Year
KASIKORNBANK
Thailand Domestic Cash Management Bank of the Year Thailand Domestic COVID Management Initiative of the Year
Kotak Mahindra
India Domestic Digital Onboarding Initiative of the Year
LaoVietBank
Laos Domestic Initiative of the Year
Maybank Investment Bank
Malaysia Domestic COVID Management Initiative of the Year
Maybank Investment Bank Berhad
Malaysia Domestic Project Finance Bank of the Year
Meghna Bank Ltd.
Bangladesh Domestic Initiative of the Year
National Development Bank
Sri Lanka Domestic Project Finance Bank of the Year Sri Lanka Domestic Cash Management Bank of the Year
Nabil Bank
Nepal Domestic Technology and Operations Bank of the Year
Nepal SBI Bank
Nepal Domestic COVID Management Initiative of the Year Nepal Domestic Initiative of the Year
OCBC Bank (Malaysia) Berhad
Malaysia International Cash Management Bank of the Year Malaysia International Project Finance Bank of the Year
OCBC NISP
Indonesia Domestic Cash Management Bank of the Year
Prime Bank
Bangladesh Domestic Cash Management Bank of the Year
Bank Mandiri
Indonesia Domestic Trade Finance Bank of the Year
RCBC
Philippines Domestic COVID Management Initiative of the Year
RHB Banking Group
Malaysia Domestic Foreign Exchange Bank of the Year
Sacombank
Vietnam Domestic Technology and Operations Bank of the Year Vietnam Domestic Trade Finance Bank of the Year
Saigon-Hanoi Commercial Joint Stock Bank
Vietnam Domestic COVID Management Initiative of the Year
Standard Chartered Bank
UAE International Trade Finance Bank of the Year
Standard Chartered Bank
Singapore International Initiative of the Year Singapore International Technology & Operations Bank of the Year Singapore International Cash Management Bank of the Year
Standard Chartered Bank (Vietnam) Limited
Vietnam International Cash Management Bank of the Year Vietnam International Initiative of the Year
State Bank of India, Australia
Australia International Initiative of the Year
Taishin International Bank
Taiwan Domestic M&A Initiative of the Year
Turk Ekonomi Bankasi A.S.
Turkey Domestic Cash Management Bank of the Year
United Arab Bank
UAE Domestic Technology and Operations Bank of the Year
United Overseas Bank (Malaysia) Berhad
Malaysia International Trade Finance Bank of the Year Malaysia International Initiative of the Year
UOB
Brunei International Project Finance Bank of the Year
UOB
Singapore Domestic Initiative of the Year
YES BANK
India Domestic Transaction Banking Initiative of the Year
Retail Banking Awards 2021
ABA Bank
Domestic Retail Bank of the Year - Cambodia
Affin Bank Berhad
Initiative of the Year - Malaysia Start-up Banking Initiative of the Year - Malaysia Millennial product Initiative of the Year - Malaysia
Ahli Bank S.A.O.G.
Domestic Retail Bank of the Year - Oman
Al Rajhi Bank
Digital Banking Initiative of the Year - Saudi Arabia Mobile Banking & Payment Initiative of the Year - Saudi Arabia
Albaraka Islamic Bank
Marketing & Brand Initiative of the Year - Bahrain
Alliance Bank Malaysia Berhad
Financial Inclusion Initiative of the Year - Malaysia Mobile Banking & Payment Initiative of the Year - Malaysia Service Innovation of the Year - Malaysia
AmBank Group
SME Bank of the Year - Malaysia
Ardshinbank CJSC
Domestic Retail Bank of the Year - Armenia
Aspire
Fintech Startup of the Year - Singapore
Asakabank
Domestic Retail Bank of the Year - Uzbekistan
au Jibun Bank Corporation
Wealth Management Platform of the Year - Japan
AU Small Finance Bank
Digital Banking Initiative of the Year - India
Axis Bank Limited
Financial Inclusion Initiative of the Year - India
Baiduri Bank
Domestic Retail Bank of the Year - Brunei Marketing & Brand Initiative of the Year - Brunei
BIDV
SME Bank of the Year - Vietnam
Bank of Ayudhya Public Co. Ltd.
Marketing & Brand Initiative of the Year - Thailand Financial Inclusion Initiative of the Year - Thailand
Bank of China (Hong Kong) Limited
Mobile Banking & Payment Initiative of the Year - Hong Kong
The Bank of East Asia, Limited
Domestic Retail Bank of the Year - Hong Kong Initiative of the Year - Hong Kong
Bank SinoPac
Mobile Banking & Payment Initiative of the Year - Taiwan Open Banking Initiative of the Year - Taiwan Branch Innovation of the Year - Bronze
Banque Misr
COVID Management Initiative of the Year - Egypt Digital Wallet Initiative of the Year - Egypt
BDO Foundation
COVID Management Initiative of the Year - Philippines
BDO Private Bank
Wealth Management Platform of the Year - Philippines
BDO Unibank
Marketing & Brand Initiative of the Year - Philippines
Cebuana Lhuillier Rural Bank, Inc.
Rural/Cooperative Bank of the Year - Philippines
Chang Hwa Commercial Bank Ltd
Banking for Women Initiative of the Year - Taiwan
CIMB Bank Berhad, Singapore branch
Website of the Year - Singapore Consumer Finance Product of the Year - Singapore
CIMB Philippines
Virtual Bank of the Year - Philippines Strategic Partnership of the Year - Philippines
CIMB Thai Bank Public Company Limited
Digital Banking Initiative of the Year - Thailand Wealth Management Platform of the Year - Thailand
Commercial Bank of Ceylon PLC
Digital Banking Initiative of the Year - Sri Lanka
Commercial Bank of Dubai
Domestic Retail Bank of the Year - UAE Consumer Finance Product of the Year - UAE
PT Bank DBS Indonesia
Service Innovation of the Year - Indonesia
DBS Bank
Digital Banking Initiative of the Year - Singapore Mobile Banking & Payment Initiative of the Year - Singapore COVID Management Initiative of the Year - Singapore
DBS Bank Taiwan
Credit Card Initiative of the Year - Taiwan Digital Banking Initiative of the Year - Taiwan Employer Award of the Year - Gold
HBL
Mobile Banking & Payment Initiative of the Year - Pakistan
HDBank
Mid-sized Domestic Retail Bank of the Year - Vietnam Digital Banking Transformation of the Year - Vietnam
HKT Flexi Limited
New Consumer Lending Product of the Year - Hong Kong Consumer Finance Product of the Year - Hong Kong
HNB FINANCE PLC
Marketing & Brand Initiative of the Year - Sri Lanka
Hong Leong Finance Limited
ASEAN Finance Company of the Year
HSBC
Debit Card Initiative of the Year - Hong Kong
HSBC Amanah Malaysia Berhad
Credit Card Initiative of the Year - Malaysia
HSBC Bank (China) Company Limited
International Retail Bank of the Year - China Wealth Management Platform of the Year - China
HSBC Bank (Singapore) Limited
Credit Card Initiative of the Year - Singapore Wealth Management Platform of the Year - Singapore
HSBC Bank (Vietnam) Ltd
Marketing & Brand Initiative of the Year - Vietnam
HSBC India
Corporate Social Responsibility & Green Program of the Year - Gold
HSBC Philippines
International Retail Bank of the Year - Philippines
HSBC Sri Lanka
International Retail Bank of the Year - Sri Lanka
PT. Bank HSBC Indonesia
Marketing & Brand Initiative of the Year – Indonesia
ICICI Bank
COVID Management Initiative of the Year - India Domestic Retail Bank of the Year - India
IndusInd Bank Ltd.
Mobile Banking & Payment Initiative of the Year - India Open Banking Initiative of the Year - India
Jusan Bank
Digital Banking Initiative of the Year - Kazakhstan Online Banking Initiative of the Year - Kazakhstan
JS Bank Limited
SME Bank of the Year - Pakistan Consumer Finance Product of the Year - Pakistan
KBZ Bank
COVID Management Initiative of the Year - Myanmar New Consumer Lending Product of the Year - Myanmar
Malayan Banking Berhad
Marketing & Brand Initiative of the Year - Malaysia
Maybank Singapore Limited
Marketing & Brand Initiative of the Year - Singapore
Mutual Trust Bank Limited
Banking for Women Initiative of the Year - Bangladesh Core Banking System Initiative of the Year - Bangladesh
National Bank of Vanuatu Limited
Financial Inclusion Initiative of the Year - Vanuatu
National Development Bank PLC
Domestic Retail Bank of the Year - Sri Lanka SME Bank of the Year - Sri Lanka
Ngern Tid Lor Public Company Limited
Finance Company of the Year - Thailand
OCBC Bank
ASEAN SME Bank of the Year
OCBC NISP
SME Bank of the Year – Indonesia
Philippine National Bank
Mortgage and Home Loan Product of the Year - Philippines
PrimeCredit Limited
Finance Company of the Year - Hong Kong
PT Bank CIMB Niaga Tbk – Emerging Business Banking
Digital Banking Initiative of the Year - Indonesia
PT Bank CTBC Indonesia
New Consumer Lending Product of the Year - Indonesia
PT Bank Permata, Tbk
Mortgage and Home Loan Product of the Year - Indonesia Strategic Partnership of the Year - Indonesia
PT Visionet Internasional (OVO)
Financial Inclusion Initiative of the Year - Indonesia COVID Management Initiative of the Year - Indonesia
PT. Bank Commonwealth
Wealth Management Platform of the Year - Indonesia
PT. Bank Maybank Indonesia
Core Banking System Initiative of the Year - Indonesia
PT. Bank Muamalat Indonesia
Mobile Banking & Payment Initiative of the Year - Indonesia
Public Bank Berhad
Domestic Retail Bank of the Year - Malaysia COVID Management Initiative of the Year - Malaysia
Rakbank
Mobile Banking & Payment Initiative of the Year - UAE
RCBC Bankard
Mobile Banking & Payment Initiative of the Year - Philippines
Rizal Commercial Banking Corporation
Debit Card Initiative of the Year - Philippines Mid-sized Domestic Retail Bank of the Year - Philippines
Robinsons Bank Corporation
Consumer Finance Product of the Year - Philippines Service Innovation of the Year - Philippines
Sacombank
Digital Banking Initiative of the Year - Vietnam
Saigon-Hanoi Commercial Joint Stock Bank
Corporate Social Responsibility & Green Program of the Year - Bronze Banking for Women Initiative of the Year - Vietnam
OCBC Bank & SAS Institute
Branch Innovation of the Year - Silver Online Banking Initiative of the Year - Singapore
SDB Bank
Website of the Year - Sri Lanka
Shinhan Bank Vietnam
International Retail Bank of the Year - Vietnam
Siam Commercial Bank PCL.
Domestic Retail Bank of the Year - Thailand Strategic Partnership of the Year - Thailand
SME Bank of Cambodia PLC.
SME Bank of the Year - Cambodia
Standard Chartered Bank Malaysia Berhad
Wealth Management Platform of the Year - Malaysia
Standard Chartered Bank
International Retail Bank of the Year - India
Standard Chartered, Sri Lanka
Credit Card Initiative of the Year - Sri Lanka
Standard Chartered Bank (Hong Kong) Limited
Digital Banking Initiative of the Year - Hong Kong Employer Award of the Year - Silver Employer Award of the Year - Hong Kong International Retail Bank of the Year - Hong Kong
Standard Chartered Bank (Taiwan) Limited
Corporate Social Responsibility & Green Program of the Year - Silver International Retail Bank of the Year - Taiwan Wealth Management Platform of the Year - Taiwan
STATE BANK OF INDIA, MALDIVES
International Retail Bank of the Year - Maldives COVID Management Initiative of the Year - Maldives
Taishin International Bank
Service Innovation of the Year - Taiwan COVID Management Initiative of the Year - Taiwan New Consumer Lending Product of the Year - Taiwan
The Hongkong and Shanghai Banking Corporation Limited
International Retail Bank of the Year - Bangladesh
TrueMoney Vietnam
Digital Wallet Initiative of the Year - Vietnam
U Microfinance Bank Limited
Rural/Cooperative Bank of the Year - Pakistan
uab bank Berhad
Mid-sized Domestic Retail Bank of the Year - Myanmar
Union Bank of the Philippines
Financial Inclusion Initiative of the Year - Philippines SME Bank of the Year - Philippines Credit Card Initiative of the Year – Philippines
United Overseas Bank (M) Berhad (UOBM)
International Retail Bank of the Year - Malaysia Digital Banking Initiative of the Year - Malaysia
UOB Thailand
International Retail Bank of the Year - Thailand
United Overseas Bank (Vietnam) Limited
New Consumer Lending Product of the Year - Vietnam
United Overseas Bank Limited
Banking for Women Initiative of the Year - Singapore Branch Innovation of the Year - Gold Domestic Retail Bank of the Year - Singapore Investment Product Innovation of the Year - Singapore
Vietnam Public Joint Stock Commercial Bank Initiative of the Year for Account Services - Vietnam
VPBank Finance Company Limited
Employer Award of the Year - Bronze Finance Company of the Year - Vietnam
WeLab Bank
Virtual Bank of the Year - Hong Kong Financial Inclusion Initiative of the Year - Hong Kong Corporate and Investment Banking Awards 2021
Aktif Bank
Innovative Deal of the Year - Turkey Project Infrastructure Finance Deal of the Year - Turkey
Al Rajhi Bank
Innovative Deal of the Year - Saudi Arabia
Asia Green Development Public Company Limited
Innovative Deal of the Year - Myanmar
Bank Muscat SAOG
Corporate & Investment Bank of the Year - Oman Innovative Deal of the Year - Oman Mergers and Acquisitions Deal of the Year - Oman
BankDhofar
Technology Innovation of the Year - Oman
BankIslami Pakistan Limited
Syndicated Deal of the Year - Pakistan
BDO Capital & Investment Corporation
Mergers and Acquisitions Deal of the Year - Philippines Corporate & Investment Bank of the Year - Philippines Domestic Project Infrastructure Finance Deal of the Year - Philippines
BPI Capital Corporation
Real Estate Equity Deal of the Year - Philippines Innovative Deal of the Year - Philippines
Bualuang Securities Public Company Limited
Securities House of the Year - Thailand
China Bank Capital Corporation
Debt Deal of the Year - Philippines Syndicated Loan of the Year - Philippines
CTBC Bank
Mergers and Acquisitions Deal of the Year - Taiwan
DBS
Mergers and Acquisitions Deal of the Year - Singapore Corporate & Investment Bank of the Year - Singapore Corporate Client Initiative of the Year - Singapore Equity Deal of the Year - Singapore Green Deal of the Year - Singapore
FAYSAL BANK LIMITED
Innovative Deal of the Year - Pakistan
First Abu Dhabi Bank (FAB)
Corporate and Investment Bank of the Year - UAE Green Deal of the Year - UAE
Garanti BBVA
Corporate & Investment Bank of the Year - Turkey Green Deal of the Year - Turkey Project Infrastructure Finance Deal of the Year - Turkey
Habib Bank Limited - HBL
Equity Deal of the Year - Pakistan
HDFC Bank Limited
Corporate & Investment Bank of the Year - India
Kenanga Investment Bank Berhad
Project Infrastructure Finance Deal of the Year - Malaysia
Kings Financial Capital
Corporate Client Initiative of the Year - UAE
Kotak Mahindra Bank Limited
Debt Deal of the Year - India Equity Deal of the Year - India
Kuwait International Bank (KIB)
Debt Deal of the Year - Kuwait
Mashreqbank psc
Debt Deal of the Year - UAE Syndicated Loan of the Year - UAE
Maybank Kim Eng
Equity Deal of the Year - Malaysia Syndicated Loan of the Year - Malaysia Debt Deal of the Year - Malaysia
Meezan Bank
Renewable Energy Bank of the Year - Pakistan Green Deal of the Year - Pakistan
National Bank of Pakistan
Corporate & Investment Bank of the Year - Pakistan Corporate Client Initiative of the Year - Pakistan Debt Deal of the Year - Pakistan Project Infrastructure Finance Deal of the Year - Pakistan
National Development Bank PLC
Corporate & Investment Bank of the Year - Sri Lanka Corporate Client Initiative of the Year - Sri Lanka Project Infrastructure Finance Deal of the Year - Sri Lanka
NMB Bank Ltd.
Green Deal of the Year - Nepal
Philippine National Bank
Green Deal of the Year - Philippines Consumer Equity Deal of the Year - Philippines
PT Bank CIMB Niaga Tbk
Corporate & Investment Bank of the Year - Indonesia Corporate Client Initiative of the Year - Indonesia Syndicated Loan of the Year - Indonesia
QINVEST LLC
Innovative Deal of the Year - Qatar
RCBC Capital Corporation
Cross-border Project Infrastructure Finance Deal of the Year - Philippines Debt Deal of the Year - Philippines
RHB
Islamic Equity Deal - Malaysia
SB Capital Investment Corporation
Corporate Client Initiative of the Year - Philippines
SBI Capital Markets Limited
Mergers and Acquisitions Deal of the Year - India
Siam Commercial Bank PCL.
Corporate & Investment Bank of the Year - Thailand Debt Deal of the Year - Thailand Mergers and Acquisitions Deal of the Year - Thailand
SinoPac Securities Corporation
Debt Deal of the Year - Taiwan Green Deal of the Year - Taiwan
Sohar International Bank SAOG
Debt Deal of the Year - Oman Equity Deal of the Year - Oman
Taipei Fubon Commercial Bank Co., Ltd.
Innovative Deal of the Year - Taiwan Syndicated Loan of the Year - Taiwan
Taishin Securities Co., Ltd.
Management Buyout of the Year - Taiwan Securities House of the Year - Taiwan
Tan Viet Securities Incorporation
Securities House of the Year - Vietnam
The Bank of Punjab
Project Infrastructure Finance Deal of the Year - Pakistan
TISCO Securities Company Limited
Equity Deal of the Year - Thailand
UOB
Innovative Deal of the Year - Singapore Debt Deal of the Year - Singapore Debt Deal of the Year - China Syndicated Loan of the Year - Singapore
Standard Chartered Bank (Hong Kong) Limited Standard Chartered Bank (Hong Kong) Limited Standard Chartered Bank (Hong Kong) Limited
BDO Capital & Investment Corporation BDO Foundation
BDO Private Bank BDO Unibank
HSBC Bank (China) Company Limited
HSBC Philippines HSBC Amanah Malaysia Berhad
HSBC Indonesia
HSBC Philippines HSBC Indonesia
CIMB Bank Berhad, Singapore branch au Jibun Bank Corporation
Nepal SBI Bank OCBC Bank
Bank of China (Hong Kong) Philippine National Bank
SME Bank of Cambodia PLC.
The Bank of East Asia, Limited
Union Bank of the Philippines PrimeCredit Limited
UOB
UOB Thailand
Bank Mandiri PT Bank Permata
BCA HBL
Standard Chartered India
BIDV
CIMB Thai Bank Public Company Limited CIMB Niaga
Affin Bank Berhad
UOB
RCBC Bankard
RCBC
United Overseas Bank (M) Berhad United Overseas Bank (M) Berhad Ngern Tid Lor Public Company Limited
Siam Commercial Bank PCL.
HSBC Amanah Malaysia wins award for leading sustainability innovation
HSBC Amanah Malaysia began its sustainability journey in 2017 as one of the earliest adopters of Malaysia’s central bank, Bank Negara Malaysia’s Valuebased Intermediation framework aimed at encouraging Islamic banks in Malaysia to shift to a new and holistic mindset that considers the impact of banking on both the people and the planet.
The bank’s commitment to sustainability was further strengthened in 2020 when it embarked on a 24-month transformation to become HSBC Group’s first sustainable bank by 2022. This is in line with the global banking group’s wider ambition to transform the group’s operations and supply chain to net-zero by 2030, and subsequently become a net-zero financier by 2050 or sooner.
The Credit Card Initiative of the Year - Malaysia 2021 award for HSBC Amanah Credit Card-i is recognition of HSBC Amanah’s leadership position through product innovation to influence customers and the broader community on sustainability and encouraging collective action. The award underlines HSBC’s long-term commitment to driving a sustainable future from finances, to well-being and the environment—all these whilst delicately balancing continued shareholder growth and return.
Impacting change by inspiring inclusive action As part of a broader strategy within the bank to affect change internally and externally towards a sustainable future, HSBC Amanah Credit Card-i’s new ESG (Environmental, Social, and Governance) proposition was the first amongst international Islamic banks in Malaysia.
For every charitable donation made by cardholders on their HSBC Amanah Credit Cards, HSBC will donate 1% of the charity spend to selected local charities or nonprofit organisations. The charities currently supported include the Global Environment Centre, Yayasan Chow Kit, Pintar Foundation and Pertiwi Soup Kitchen, in alignment with different pillars within the United Nations Sustainable Development Goals.
Together with the ESG proposition, HSBC has partnered with a social business, Incitement, to create a dedicated digital platform for customers to contribute to local charities and non-profit organisations supported by HSBC. The partnership allows the bank to leverage on digital capabilities to further drive awareness and accessibility of local charities.
Through the platform, customer contributions are 100% transparent on where donations are contributed. Customers will also receive automatic updates regarding the progress and, at the end of each charitable cause, a summarised impact report will be made available on the platform.
Ultimately, this creates a win-win outcome for customers who want to lend a hand to communities and causes that matter to them – whether through monetary contributions or volunteerism – and the people and organisations who receive the aid.
HSBC Switches To Recycled Plastic Payment Cards
Sustainability can enable organisations to create financial performance, whilst at the same time achieving positive environmental and social impact
at the same time, achieving positive environmental and social impact. And our new ESG proposition does exactly this – we have created a new innovative solution for our credit cards that will enable us to make an impactful difference to our communities and the environment.”
Beyond the ESG innovation, HSBC Amanah was also the first within HSBC Group to launch credit cards made from 85% recycled plastic (rPVC) in January 2021, with the use of rPVC in all cards to rise to 100% later in the year. With this pioneering move, carbon emissions from our credit card production are expected to be significantly reduced in 2021 and beyond.
Combined, these retail initiatives, amongst others, together with other key entity-wide sustainability strategies form the impetus for HSBC to achieve its sustainability aspirations locally and globally. By doing more for Malaysia and the world, HSBC hopes to open a world of opportunities for the communities it serves whilst ensuring that our collective duty and shared obligation towards society and the environment are fulfilled.
Holistic strategy towards net zero “At HSBC, we have a responsibility to our customers, employees, and the communities in which we serve. We recognise that economic growth must also be sustainable if we are to achieve success in the long term,” said HSBC Amanah Malaysia CEO Raja Amir Shah about the ESG charity feature.
“Sustainability can enable organisations to create financial performance, whilst
Rural Banking needs to be About More than Just Agri & Livestock Lending
Globally, poverty continues to be a disproportionately rural problem, with an estimated 79% of the worldwide poor living in rural areas. We see a similar trend in Pakistan where the financially included population remains predominantly urban (68%). The microfinance sector by virtue of working on the frontlines of poverty by extending credit to those typically considered uncreditworthy by the banking sector has become key players in battling this disproportionate lack of financial inclusion, particularly in rural areas.
Whilst U Microfinance Bank Private Limited (U Bank) remains devoted to progress the national agenda of financial inclusion, our approach towards this mission is vastly different from the norm. At U Bank our primary customer segment is the economically active poor i.e. farmers, small entrepreneurs, and daily wagers, and whilst their needs are vastly different from the affluent customer segments in cities they do have similar aspirations for creating wealth, managing their savings and improving the quality of their lives beyond their need for credit.
Despite this reality there is a gross absence of banking facilities in rural Pakistan. At U Bank our customer’s needs have always driven our strategy and as a result today we have the largest on-ground presence in the microfinance sector with 201 branches and ATMs across 183 rural and urban areas in the country. Moreover, U Bank is strategically located in places, where the bank’s branch and ATM network is the nearest formal banking option available to customers, thus ensuring the availability of modern banking facilities to the rural population. These customers otherwise have to rely solely on retail agents to meet their basic financial transaction needs, a system that faces liquidity and exploitation of customerrelated issues which spoil customer experience and erode their trust.
Furthermore, being a full menu bank, we have constructed a diverse product suite that caters to clients in both rural and urban areas. Considering the former, our dedicated product team conducts extensive market research to pinpoint the needs of rural customers and develop bespoke products for them. All of these products stimulate progress and prosperity in rural areas through the creation of income-generating opportunities. We also recognise that women are less likely to escape poverty as they experience greater social and financial risk. Therefore, U Bank has designed products to ensure the health and well-being of women
in poverty. Our work goes beyond working on just lending product innovation and we devote significant energy and resources towards design pilot projects which help us improve the value-chains in which our key customers operate. An example of this comes via our work within the agri value-chain where we are piloting with a startup Ricult to gain satellite imagery-based crop health and harvesting data as well as micro-weather insights for our farmer customer. This pilot has been showing promising results for both internal portfolio management and crop health management for the farmers.
As a bank operating in the rural space we have also been extremely mindful of the impacts of the COVID-19, also referred to as a ‘developing country pandemic’ due to its disproportionate impact on poor and vulnerable populations. Due to this consideration even despite the difficult
U Bank’s primary customer segment are farmers, small entrepreneurs, and daily wager U Bank Branch
condition due to imposed nationwide lockdown, U Bank took a determined stand to not discontinue lending to our core customer base. We are aware that our customers are dependent on day-to-day activity for survival and would not be able to recover from reduced cash flow. This decision was not made without evaluating the associated business risks, and the bank made the strategic decision to help our customers use their non-productive gold assets as collateral to meet their emergency cash needs whilst securing more of our portfolio at the same time creating a win-win situation for all parties involved.
We believe that the future of finance is the brightest if it is targeted towards typically excluded segments i.e. the poor, rural and vulnerable. Our core values of merit, commitment, innovation, ethics, and transparency guide us towards greater penetration, outreach, and efficiency and improving access to low-income communities throughout the country and hence elevating the economic, social, and environmental impact that our organisation has. We are committed to keep advancing our way of doing business, and build a bank of the future, that not only creates greater ease of doing business but also considers convenience and ease for our customers, all whilst innovating and adopting technological developments to offer unique and innovative product and service offerings that meet the ever-evolving needs of our clientele.
Standard Chartered Hong Kong secures multiple awards at the 2021 ABF Retail Banking Awards
StanChart spearheads international digital banking with empowered employees
Mary Huen, CEO, Hong Kong and Ong Lay Choo, Managing Director, Head, Consumer, Private and Business Banking, Hong Kong, unveiled the Priority Private Centre at K11 ATELIER Victoria Dockside
Standard Chartered Hong Kong has been making efforts for its comprehensive digital innovations leading to a more fluid banking experience for its customers and increased morale of its employees.
Because of this, the leading international banking group earned three recognitions at the 2021 Asian Banking & Finance Retail Banking Awards. Standard Chartered was hailed as the International Retail Bank of the Year, and Digital Banking Initiative of the Year.
The company invested in digital banking systems to introduce a seamless and efficient banking experience to its clients. Through this innovation, the bank was able to use data analytics to communicate more effectively and offer a more personalised service to its customers, whilst improving the overall efficiency of the process.
According to Standard Chartered, the bank has focused on understanding its clients’ behaviour through data and analytics to identify client challenges in digital touchpoints. “This enabled us to customise our communication and offer to enhance the effectiveness of digital sales and service adoption program,” said Ong Lay Choo, Managing Director and Head of Consumer, Private and Business Banking, Hong Kong.
The digitisation of the banking process allowed Standard Chartered to introduce instant services using the SC Mobile App, which covers multiple services from instant banking account opening, instant approval for loans, and fund transfer to name a few. Users of the app are also given real-time information about their card transactions and other matters like international exchange rate.
The digital bank process also allowed for more flexibility to its clients to use multiple services engaging in transactions and money transfers. The banking app gave users the power to use their accounts for different needs without having to physically appear in a local branch.
“On top of instant services, clients are also in demand for more options and flexibility. Recently, we launched a service that allows our clients to use credit cards as debit sources for local transfers in SC Mobile App. Such will enable clients to pay their rent, education expenses, and even friends via own credit cards,” said Lay Choo.
Standard Chartered is keen to using digital technology to improve the banking experience of customers. Despite the limitations brought by the pandemic, the bank was able to offer a
personalised Relationship Manager (RM) service to its clients in a more efficient manner.
“We launched the MyRM platform in the midst of COVID-19 last year. It is a great tool for our RMs to keep in connection with our clients in a secure way when they are not able to visit the branches. By leveraging on key functions like documents and file sharing, screen sharing, text chat, and audio call functions, RMs can easily provide investment advice and services via our SC Mobile App or online banking platform. All conversations and exchanged information will be kept confidential,” said Lay Choo.
Aside from providing world-class service to its customers, Standard Chartered also prides itself on being an employee-friendly organization,
maintaining a high-quality workforce provided with the best-in-class working environment. The bank has pioneered inclusive initiatives for its employees, such as rolling out hybrid working and allowing permanent flexible working to all eligible employees ahead of others.
The company believes that a work culture that embraces diversity and inclusivity presents a great working environment to employees and enables them to unleash their true potential in their respective careers.
“Diversity and Inclusion (D&I) is embedded in our values and an inherent part of our brand and culture. This is about creating a workplace culture that helps every colleague to contribute to their full potential. It is more than just policies, initiatives, and processes: it is about how we work together and ensure everyone feels respected for who they are in the bank,” said Florence Wong, Managing Director and Head of Human Resources, Hong Kong, Macau, Japan and Co-Head of Human Resources, Greater Bay Area.
The company had invested in their efforts to provide a dynamic working culture to its employees and introduced four different networks to drive the D&I culture, including Women in Network, Parents and Caregivers, LGBTA and Disabilities. Besides these networks, the company has initiated Inclusive Leadership Program and enabled leaders within the organization to learn how to lead with inclusion and to promote D&I culture across the whole company.
Florence Wong, Managing Director, Head, HR, Hong Kong, Macau, Japan & Co-Head HR Greater Bay Area
CIMB THAI BANK RECOGNISED AT ABF RETAIL BANKING AWARDS
CIMB Thai Bank took home the “Wealth Management Platform of the Year – Thailand” award for the second consecutive year as well as the “Digital Banking Initiative of the Year – Thailand” award at the recently-concluded Retail Banking Awards 2021. This event honours the most outstanding banks and financial institutions that have introduced ground-breaking products and services that empowered them to successfully adapt with the rapidly evolving tech and banking landscape.
Since embarking on their digital journey in late 2018, CIMB Thai has been focused on constantly expanding the digital frontier with regards to providing accessible financial services throughout Thailand. Being one of the first banks to exit the regulatory electronic Know Your Customer (e-KYC) Sandbox, the bank has taken major strides digitally, rolling out initiatives including a fully-digital process to open a banking account, as well as transitioning smoothly from a brick-andmortar model into a seamless mobile-first banking experience, allowing them to fulfil customers’ financial needs wherever they are, whenever they need it.
What sets CIMB Thai apart from other banks is that customers do not need to
step into a physical bank branch to bank with them. In 2020, CIMB Thai enabled additional onboarding journeys, allowing new-to-bank customers to perform KYC at any of the 13,000+ Counter Service outlets at 7-Eleven convenience stores nationwide, or even leverage KYC information from customers’ existing banks via the National Digital Identity (NDID) blockchain framework. As a result, even though CIMB Thai has scaled down physical branch presence by 16%, their Digital Savings Account opening performance has grown 7x by the end of the year.
CIMB Thai has also achieved some notable wealth-related milestones in 2020, the most prominent being the solidification of their position as a top distributor for bonds and structured products in Thailand, leading in market share for both. In Q4, the bank enhanced their wealth proposition even further by launching a new 15year exclusive non-life bancassurance partnership with Sompo Insurance to offer fully-integrated insurance solutions.
CIMB Thai’s prowess in wealth blends perfectly with their digital initiatives, as they enabled digital primary bonds subscriptions on the CIMB TH Digital Banking application in 2020, allowing customers to subscribe to primary bonds directly from within the application. This quickly grew into a success story as they issued over THB2bn in bonds digitally within a year. In fact, a recent digital bond issuance reached THB1bn in volume (100x compared to their first issuance), signifying increasing user confidence in their digital wealth platform.
For those who still prefer face-to-face interaction, especially for the affluent segment, CIMB Thai has also unveiled brand-new Wealth Centres in Silom Complex and Central Ladprao. Equipped with a wide range of innovative wealth services to better serve the Preferred segment, the new branches include a smart wealth advisory system, a revamped store layout and personalised wealth offerings, just to name a few.
Data and analytics play a critical role in enabling the successful delivery of
CIMB Thai’s digital wealth products and services. Leveraging the multifaceted data from various interactions with customers across the bank, they have successfully developed several meaningful models to create more value for customers, including a Next-ProductTo-Buy (NPTB) model, which greatly enhances the bank’s ability to recommend the best products to fit customers’ needs, as well as a Hidden Preferred model, allowing CIMB Thai to identify affluent individuals via behavioural trends so that the bank can reach out with exclusive Preferred offers.
Amidst an ever-changing, increasingly digital world, CIMB Thai will constantly adapt to provide a seamless banking experience for their customers. The bank plans to launch more wealth-focused enhancements to allow customers to do more, including an integration with FundConnext, where customers can access and invest in mutual funds offered by fund houses throughout Thailand. They have recently launched digital secondary bonds capabilities via their platform, while other initiatives in the pipeline include enabling wealth robo-advisory and an enhanced consolidated financial portfolio for customers to manage their wealth.
CIMB Thai aspires to continue driving the future of banking in Thailand and ASEAN. They stated that all of these could not have been achieved without the support of their customers as well as the various partners that they have worked with.
Why is solar leading the rise of renewable energy in Asia?
U-Solar: Simplifying the switch to solar energy for Asia U-Solar is Asia’s first one-stop solar ecosystem financing platform. Through partnerships with solar developers, contractors, businesses, and homeowners across Singapore, Malaysia, Indonesia, and Thailand, U-Solar brings together ecosystem players and end-users on one integrated platform.
With U-Solar, businesses can own a solar power system at minimal upfront investment, whilst homeowners can enjoy 0% interest payment plans with a UOB credit card. It is supported by the UOB Smart City Sustainable Finance Framework, which guides the Bank’s financing efforts to encourage the development of smart and sustainable cities across the region through a streamlined and transparent process.
As of July 2021, U-Solar has facilitated the generation of almost 163.9GW hours of solar power across its four markets, reducing more than 81,500 tonnes CO2 equivalent in greenhouse gas emissions, which is equivalent to having close to 1.35 million new tree seedlings grow over 10 years or taking more than 17,737 cars off the road for a year.
Visit www.UOBgroup.com/u-solar to find out more.
Source: Solarvest
Renewable energy has claimed a greater share of electricity generation and is projected to lead total power generation from 20351. This is a result of increasing cost-competitiveness, supportive renewable policies and institutional frameworks, and price volatility of traditional energy sources.
The COVID-19 pandemic has also been a catalyst for change and has accelerated the push for sustainability. As governments and businesses look towards a green recovery, global investments in renewables and energy transition could double to US$2t per annum2 over 2021 – 2023. In Southeast Asia, countries have set renewable energy targets of up to 35% of the total energy mix3 by 2037.
Solar energy and its benefits Southeast Asia’s geographical location allows the region to enjoy ideal levels of solar radiation. Additionally, the cost of solar installation has declined by over 70% between 2010 – 20204, making solar energy a cheaper source than traditional fossil fuel and more accessible. This makes solar energy the most viable solution to meet the region’s electricity demand and sustainability targets.
Installing a rooftop solar system can bring about multiple benefits to buildings and homeowners. Other than providing immediate savings on electricity bills, solar panels also protect the rooftop by shielding it from harmful ultraviolet rays and cooling the temperature of the roof, thus prolonging its durability. Powering businesses and homes Although most buildings and homeowners are aware of the savings and environmental benefits of solar energy, the perceived cost, and hassle of installation and maintenance is usually a deterrence. This is where financial institutions can play an important role to support end-users. If flexible financing options are available, end-users will be incentivised to install solar power systems as they can do so with minimal upfront investment.
For SMEs in particular, partnering with a financial institution that has established frameworks is crucial to ensure that initiatives qualify for sustainable financing. This allows them to enjoy enhanced branding as an ESG-conscious corporation without investing heavily in building their own framework.
Source: SolarGy Source: TML Energy
1 Source: Forbes report quoting Carbon Tracker 2 Source: International Renewable Energy Agency (IRENA) 3 Source: International Energy Agency (IEA) 4 Source: National Renewable Energy Laboratory (NREL). 70% is the average decline for installation of residential, commercial rooftop and utility scale solar systems.
UOB Malaysia continues to create true value with impactful transaction banking solutions.
Whilst local and global businesses alike are facing financial and operational challenges during the COVID-19 pandemic, banks have a critical role to play in helping them weather the current storm. This provides banks with an opportunity to innovate new ways to support their clients to transit into more efficient ways of doing business. For this, banks need to be agile to embrace change from serving a single client to serving an ecosystem.
It is with this thought that at UOB Malaysia, we have modelled our approach in creating innovative and ecosystem-based solutions encompassing Cash Management and Financial Supply Chain Management (FSCM) solutions for clients to support and sustain business growth.
To illustrate this, UOB Malaysia has crafted a Distributor Financing Programme under the FSCM structure for a multinational beverage company, allowing access to RM120m working capital for their distributors to drive cost efficiency, liquidity creation, and risk mitigation. With this programme, the client was able to cut into more than half its Days Sales Outstanding from 45 days to 21 days, which translates to an average of 2% per annum interest earned as nonoperating income. This is achieved without additional collateral or commercial risk on the part of the client nor their ecosystem players. With adequate liquidity and working capital, the client’s sales grew double digit. These positive results also helped cushion the client’s liquidity in its ecosystem especially during this pandemic.
The implementation of the FSCM solution has also opened up opportunities for the client and its distributors to have access to a wide array of transaction banking solutions, including, but not limited to, receivables, payments, and liquidity management solutions.
UOB Malaysia has been one of the market’s active proponents of FSCM and its benefits to the entire ecosystem, both
UOB Malaysia Headquarters (Menara UOB) upstream and downstream. We have also implemented more than 20 successful programmes involving close to 40 anchors, nearly 100 spokes with more than RM2b total in our balance sheet. With anchors and spokes from industries including construction and industrial, oil and gas, telecommunications, manufacturing and fast-moving consumer goods, FSCM is highly adaptable and suitable across industries. Another emerging trend that has become increasingly crucial for business long-term By putting financial innovation at the forefront in creating sustainable ecosystem-based solutions, customers will truly unlock their business potential to weather the current storm and survivability during this unprecedented time is the digital transformation of business processes. Whilst gradual progress has been made in emerge stronger the digital space to encourage more cashless payments amongst businesses, there is still a gap when it comes to the collection process, specifically with cash-on-delivery payments. UOB mCollect, a digital collections solution, is ideated to fill the gap by helping businesses in moving towards financial efficiency. It is best suited for distributors, wholesalers, and midsized producers who rely heavily on a cash-ondelivery mode of payment collections. As an example, one of our clients in the food processing, packaging, and distribution business makes hundreds of deliveries on a daily basis. With payment collections usually made by cash, its sales staff had to spend time and effort on verifying amount and payee details and reconciling the payments at the end of each day. Handling physical cash also exposes clients to the risks of potential fraud and robbery. In addition, this manual collection process is susceptible to human error and slows down the actual cash depositing process into the client’s account.
With UOB mCollect, the client’s sales staff are able to collect payments digitally using a single QR code, streamlining the collection process, and reducing the time needed for each delivery. This also benefits the client’s finance team, as payments received through UOB mCollect are automatically reconciled against each invoice, reducing the time required to reconcile payments. For businesses with Enterprise Resource Planning or ERP solution, such as this client, they can enjoy the added benefit of being able to easily integrate with UOB mCollect by just downloading a mobile app.
Lucas Chew, executive director and country head of Transaction Banking, UOB Malaysia, said, “This unprecedented time should serve as a reflection for banks to continuously steer towards creating true value with impactful and innovative solutions to support customer business growth and viability post-pandemic. By putting financial innovation at the forefront in creating sustainable ecosystem-based solutions, customers will truly unlock their business potential to weather the current storm and emerge stronger.”
OCBC banking on digital growth for greater convenience to customers
The COVID-19 pandemic has transformed the way businesses interact with their customers. Forever. Businesses shifted online and now rely more heavily on the digital space to reap sales and market outreach. Consequently, the digitalisation of businesses has sent the adoption of digital payments into hyperdrive, challenging banks in the market to provide more frictionless and innovative digital payments services.
When choosing from a plethora of business payment solutions, there are several crucial factors customers will consider such as transaction fees and reconciliation methods. This is especially so for SMEs. Unlike large businesses, it is important for small businesses to carefully choose a payment system that provides them with full control over their collections, and without too great a turnaround time and unpredictability.
OCBC Bank (Malaysia) Berhad’s (OCBC Bank) digital efforts are premised on its Purpose Statement, to help individuals and businesses across communities achieve their aspirations by providing innovative financial services that meet their needs. With our current measurements of Digital Adoption, we would say >50% of our business customers are highly digitally engaged with our digital solutions and offerings. By helping our SME customers Go Digital with OCBC, we have enabled them to work things out more seamlessly. We would want to see every customer have a ‘bank in the pocket’ through our Mobile First Strategy.
As one of the longest established foreign banks in Malaysia, OCBC Bank has redefined the way businesses collect payments instore and online with the launch of OCBC OneCollect, a mobile app that facilitates contactless collection via QR payments. Through its strong regional connectivity, OCBC Bank’s OneCollect enables the collection of local payments (MYR) through DuitNow QR and cross-border payments (SGD) through PayNow QR. DuitNow QR is the Malaysian QR standard for allowing customers to scan & pay from any participating banks or eWallet of their choice. Similarly, PayNow QR is the national QR standard in Singapore supported by nine banks in Singapore where payment is debited directly from the savings account of the buyer. Hence, if you are looking to sell products online internationally to Singapore,
chances are very good that you wouldn’t need to worry whether or not your customer is using the same currency as you anymore.
Being the first bank in Malaysia to bring PayNow QR to the market, OCBC OneCollect was welcomed by businesses, especially those located in the southern region of the Peninsular, and has since become the
OCBC Bank’s digital efforts aim to help individuals and businesses across communities achieve their aspirations by providing innovative financial services that meet their needs.
preferred option for them. By collecting through OCBC OneCollect, customers can pay for goods and services in-store or online without needing to touch anything or worry about virus transmission. This is particularly beneficial during times like this when the impact of the pandemic has become even greater than we first thought. What’s more, merchants can expect to enjoy fast settlement and competitive Merchant Discount Rates (MDR).
When you have cash flow moving in and out of your business, you’ll need to track and analyse it closely, so it doesn’t drift into the red zone. In order to make a sound business decision, you will need solid information, especially about your business financials —and this tool is able to help.
Fully integrated into OCBC Velocity (Business Internet Banking), OCBC Business Financial Management (BFM) provides time-starved businesses with past and current cash flow data and forecasts their future cash flow, giving them an idea of where their business is heading and allowing them to respond to the situation more effectively. It also offers a drill-in to view your complex income and expenditure items by different categories.
In addition, we understand that manual invoice generation and payment tracking can be tedious and timeconsuming. Therefore, Business Financial Management is here to do all the heavy lifting for your invoicing process. It enables you to customise invoices based on different requirements, send invoices, and tracking payments more easily.
Ultimately, suitable business payments and financial solutions should help accelerate your business collections and provide predictability and clarity of your financial situation. Amidst the pandemic, it is indispensable to adapt, adjust and improvise your business to thrive. Remember, the more control you have over the money moving in and out of your company, the better you can weather market fluctuations and instability.
Financial Inclusion Innovation for the Underbanked Thais
Ngern Tid Lor ramps up technology capabilities to assist customers in digital adoption.
With more than three decades of experience in providing financial services to the underbanked Thai population, Ngern Tid Lor Public Company Limited (TIDLOR) is the leader in the fastgrowing vehicle title loan market in Thailand. It is also a non-life and life insurance broker with the largest number of licensed branch staff in the country. With over 1,000 branches nationwide, the company aims to alleviate poverty in Thailand by providing fair, transparent, and convenient financial services.
The underbanked population is traditionally considered as digitally challenged and thus almost all service providers focus on opening low-cost branches as a growth strategy. However, TIDLOR observed that digital adoption of customers has been increasing dramatically for those less than 45 years old, especially during the COVID-19 pandemic. In order to meet the increasing demand, it sets out to massively ramp up its technology capabilities such as mobile technologies, data analytics, cybersecurity, automated processing, and ecosystem integration, by doubling its IT spending/investment and tripling its IT resources to over three hundred people.
In 2020, its years of investment started to bear fruits with key projects launched successively that have massively upgraded the way it provides services from branches, agents, and to customers directly, including:
Branch Experience Digital Transformation From originating motorcycle loans, selling motor insurance, to processing repayments, all key branch services are provided through an iPad. The ease of use has reduced staff training and service turnaround time, whilst increasing customer satisfaction. As the functionality on iPad continues to be enhanced, it will eventually enable TIDLOR’s agents to provide the same services as their own branches. As a result, TIDLOR’s distribution network could be expanded massively without opening more branches.
Ngern Tid Lor’s efforts transformed the organisation with new competencies and perspectives to serve its customers with innovations for years to come
Digital Acquisition Platform With its expertise in digital acquisition, TIDLOR has achieved the #1 searched brand on Google, generating 3.5 times of web traffic from its competitors. Its digital acquisition platform also contributes 25% of new insurance and non-loan customers at an increasing rate, significantly reducing the cost of acquisition. Furthermore, it has also implemented a machine-learning trained chatbot on Facebook, resulting in an over 160% increase in leads generated from Facebook inquiries.
Mobile Application TIDLOR’s mobile app provides self-service for its customers to manage their accounts, and offering various contents, functionality, and a generous loyalty program to engage with non-customers. Even though mobile apps are not considered new technology, it is new to TIDLOR’s underbanked customers, who are less digitally proficient. Therefore, the app’s built-in loyalty program is designed to encourage usage and drive desired customer behaviors (e.g. on-time repayments for loan installments and watching financial education videos). As a result, the market response was overwhelmingly positive. In less than 2 months, it has achieved 144k downloads. And in 6 months, it has generated over ₿100m loan volume.
Data Analytics Infrastructure Finally, TIDLOR has developed an infrastructure to capture an increasing volume of customer data to provide insights to improve all aspects of its operations, including sales and lead management, marketing, branch operations, portfolio management, insurance platform, and employee engagement, etc. During the peak of COVID-19, this data analytics infrastructure has proven its worth by generating over 100 insightful analytic charts daily to help TIDLOR navigate through the uncertainties, understand the underlying risks, and formulate the best courses of actions.
The launch of these platforms has resulted in a massive increase in digital adoption across all its digital networks. In addition, its digital transformation effort has transformed its organisation at all levels with new competencies and perspectives to serve its customers with innovations for years to come.
What’s important for future banking wealth management?
au Jibun Bank makes one-stop investment trusts trading possible through au Jibun Bank app.
The economic and social disruption caused by the pandemic is devastating. People are getting more and more worried about their wealth safety and are trying to find a better way to invest. The mobilecentric bank in Japan, au Jibun Bank, has stepped up to address this situation. It is determined to be one of the most professional wealth management banks providing safer, easier, and enjoyable services.
Make investment safer and easier by utilizing AI Many traditional Japanese will still take a step back when they encounter the topic of forex trading, considering its comparatively high risk. To make it easier and safer to general customers, au Jibun Bank released three artificial intelligence (AI)-driven services—AI Forex Forecast, AI Foreign Currency automatic saving, and AI Japan Market Forecast—between June 2017 to May 2020, in collaboration with AlpacaJapan Co., Ltd., a fintech start-up with advanced AI expertise.
AI Forex Forecast is a service that adopted machine learning of image feature extraction backed by historical data to predict future rate-to-come within an hour, within one to five days, then show the prediction results in emoticons, followed by accurate app pushes sent only when the probability of movement is high.
Meanwhile, AI Foreign Currency automatic saving can execute automatic deposit transaction for foreign currency savings at the BEST single timing during the month judged by the AI. Algorism quality of AI deposit execution has constantly been improved by deep learning, such as of latest currency rates and of market data.
AI Japan Market Forecast is based on the analysis of Tokyo stock market index figures and economic indicator figures derived from monthly surveys (Purchasing Managers’ Index: PMI). As a free single content in au Jibun Bank app, it shows both the short-term (5 days ahead) and the mid-term (one month ahead) forecast graphs of the Japan stock market.
Emma Li, Global Fin-telligence Office, DX Department, au Jibun Bank
Embrace open banking Open banking has become an irresistible trend around the world, especially in some areas like Europe. The au Jibun Bank noticed this important trend in the wealth management space and launched a new feature of application programming interface (API), which makes one-stop investment trusts trading possible, by the end of March 2021. This investment trusts API was first opened by au Kabucom Securities in the whole online brokerage industry of Japan—and au Jibun Bank became the first bank to implement this feature.
Using this API, users can seamlessly buy popular investment trusts handled by au Kabucom Securities through their own au Jibun Bank apps. They can also easily check investment trusts information, such as their account balance, details of trusts held, rankings of popular investment trusts, and a lot others, in their securities account at any time.
Be more friendly to beginners In March 2021, au Jibun Bank widened its entry points for customers to get an easy-start into forex trading. Three unique forex trading services: Forex Demo Trading, Forex Manga, and Forex Simple Mode, which are exclusively tailored for investment beginners were unveiled.
Customers’ journey starts from “Forex Demo Trading” with virtual funds, without registering customer information nor opening forex accounts. They can also opt to read online forexrelated manga starring well-known Samurai characters. Through these initiatives, users can enjoy learning about forex trading without needing to open accounts with certain amount of funds.
Once customers find them interesting, they could easily start trading with “Forex Simple Mode,” which is the beginner-friendly user-interface (UI) option of the forex app. By chipping off many features from the normal forex app, investment beginners can easily tell, even at first glance, which buttons and features to use for their trading activities.
Besides wealth management services, au Jibun Bank deeply
believes that financial education is the foundation to help customers do better and they have started to give monthly webinars based on PMI data analysis to general customers early before COVID-19 outbreak. In this field, au Jibun Bank hopes to do more for kids and young generations in the future.
HSBC Philippines bags International Retail Bank of the Year at the ABF Awards
The bank was recognised for its extraordinary achievements in 2020, surpassing challenges with much resilience while continuing to provide the best service to its customers and making an impact on the community.
HSBC Philippines
HSBC Philippines’ retail bank was awarded by Asian Banking and Finance (ABF) Retail Banking Awards as International Retail Bank of the Year. It continued to be of service to the customers and the community, providing digital innovations for better customer experience, financial relief for its customers, credit card promotions with a cause, contributions to the community, and also taking action to its commitment to become a net-zero bank by 2030 and help transition the world into a net-zero global economy by 2050.
As customers adapted to a digital lifestyle, so did HSBC, as it continued to invest in digital innovations helping customers get used to the changing digital landscape. “We have seen our customers appreciate our online and mobile banking apps, which resulted in increased activations and upsurge in the number of digital transactions in 2020 by 24%. We continue to make Global Money transfers convenient at their fingertips and free of charge*, making our digital channels essential during these times,” shared Peter Faulhaber, Head of Wealth and Personal Banking, HSBC Philippines.
The bayanihan spirit was also evident, not only with HSBC’s programmes to help ease the financial well-being of its customers and the community but also recognized external stakeholders and employees wanting to help rebuild the country and support those who need it most.
HSBC transformed its credit card rewards campaigns to an initiative inviting customers to “pay it forward” and donate their coffee rewards/credit card points initially intended for medical frontliners, and later on expanded to a wider community, providing support to those greatly affected by the pandemic.
HSBC partnered with its retail customers and received ~PHP7Mn in donations that helped the medical community, fed the hungry, and made online education more accessible. HSBC also donated ~PHP6M (USD125K) to support impoverished communities and help underprivileged youth to continue schooling through an online distance learning programme. HSBC employees also donated PHP333,000 to Philippine Red Cross for frontline workers.
“HSBC goes beyond offering financial services. We want to create a real impact in people’s lives in all we do, and this recognition is a testament to what we can do for our customers, employees, and the community. Our success is yours too, so we share this win with our customers, employees, and partners, without whom this would not have been possible. As we open up a world of opportunity, we also constantly adapt to ensure that HSBC is a bank fit for the future,” concluded Peter.
In October 2020, HSBC announced an ambitious plan to prioritise financing and investment that supports the transition to a net-zero global economy, with a pledge to reduce financed emissions from the portfolio of customers to netzero by 2050 or sooner.
HSBC opens up a world of opportunity for mainland retail customers
The bank developed unique international and wealth propositions with a distinctive digital journey.
HSBC supports customers with their banking and wealth needs across about 50 cities in mainland China
Mainland China’s HSBC has been the ideal partner of internationalminded retail customers. By offering industry-leading solutions and providing seamless, tailored, and secured wealth and personal banking journeys on mobile, HSBC China helps them fulfil their global and sustainable ambitions.,
As the leading international bank in mainland China, HSBC supports customers with their banking and wealth needs across about 50 cities. Its Wealth and Personal Banking aims to open up a world
of opportunity for mainland China’s retail customers, to provide greater access to a broader range of wealth management capabilities and value-added services by leveraging HSBC’s unique international resource and franchise. On the digital front, HSBC China is committed to becoming the “bank in customers’ pockets” and creating a seamless journey as they grow their wealth and advance in life stages.
HSBC China aims to further enhance its digital capability to meet customers’ evolving needs
Support international students and their families International Chinese students and their families are one of HSBC China’s most important customer segments. In 2020, the bank has rolled out various banking solutions and services to support them during the pandemic.
For example, Future Elite Caring Program aims to fulfill the overseas students’ healthcare and rental needs during the pandemic. A unique China Desk and International Desk team has been set up in five markets, covering the most popular destinations of international education. The team does not only speak Mandarin, but can fully support the needs of the new arrival customers. Besides, the bank has inked third party partnership to broaden its supports and privileges to customers.
The bank has recently enhanced propositions to support Chinese students during their overseas studies with two key pillars. First, the “Overseas University Students Proposition” offers on-the-ground support in the destination country. Second, “Gap Year Proposition” comprises various activities for students staying in mainland China while continuing their international study remotely. The bank plans to roll out “Sea Turtle Proposition” targeting returning and returned students with both banking services, as well as career development supports provided by its partners as a privilege.
By strengthening the International Education services, HSBC China is wellpositioned to provide better support across all three stages of the complete international education journey: pre-departure preparation, during overseas study caring, and future planning.
Pioneering digital solutions to boost wealth business HSBC believes that an integrated hybrid digital and Relationship Manager model is key to the success of wealth management business in the future. To help customers tackle unprecedented challenges brought about the COVID-19 and minimise its impact, HSBC has rolled out the “Remote Sales Journey” in mainland China, becoming the first foreign bank to enable customers to have in-depth discussions with their relationship managers and product specialists for personalized financial advice via Zoom meeting. Customers can then purchase the related investment and insurance products within the application, right after the conversation.
As a combination of “Informed Choice” and “Self-Directed” journeys, the innovative digital experience brings the best of technology and the relationship manager. The service is well received by customers in mainland China, and the business outcome is fruitful, too. The “Remote Sales Journey” has contributed more than 20% of total sales counts delivered by Relationship Managers for both investment and insurance as of July 2021. The bank’s wealth management productivity in the first half of 2021 increased more than 50% year-onyear.
HSBC China aims to further enhance its digital capability by leveraging technology and data, to meet customers’ evolving needs by creating a more seamless, personalised and holistic digital wealth experience.
China plays a vital role in realising HSBC’s ambition to become the leading wealth bank in Asia. With its long-term commitment to the local market, HSBC China continues to invest in technology, products, and people. It makes sure that its pursuit for customer excellence is a neverending journey.
Own your dream home in the Philippines while working abroad
Philippine National Bank (PNB) is making it easier for those living abroad to purchase a home in the Philippines. The Own a Philippine Home Loan (OPHL) is a distinct product that provides a home loan to Filipinos and foreigners residing and working abroad. It makes it easier for homebuyers to acquire dream homes in the Philippines. This is a convenient way to apply, book, and pay for loans without the need to fly to the Philippines. “As they always say, Pinoys love coming back to their roots. PNB’s “Own a Philippine Home Loan” provides a good retirement option for Filipinos abroad. PNB can help them go back to a more comfortable and stable life,” PNB President and CEO Wick Veloso said. “While many foreigners and balikbayans can rent a property in the country, it may be a good investment to buy a home in the Philippines, especially if you are retiring or planning to stay longer in the country,” Veloso said. Filipinos and those with dual citizenship can purchase all forms of real estate property. In general, foreigners are prohibited from owning land in the Philippines, but they can legally own a condominium unit for their residence. OPHL was launched more than 20 years ago and is a distinct product that only PNB can offer overseas through its branches in Los Angeles, New York, Canada, Europe, Guam, Middle East, Tokyo, Singapore, and Hong Kong. Here are some quick facts about this remarkable loan product.
What makes the Own-a-Philippine-Home Loan unique? Customers of Any Nationality May Apply.
The product’s most salient feature is the eligibility of borrowers. Natural-born Filipinos, Filipinos residing and working abroad, and non-Filipinos (any nationality) may apply for the loan. Foreigners are eligible but limited to the purchase of condominiums only. Convenience of Loan. The availability of PNB’s overseas branches where customers are located makes this possible. There is no need to come to the Philippines to apply for a loan. Also, the loan is booked overseas, thus, post servicing and administration will be easy and convenient for the borrowers. No Foreign Exchange Risk. Loans are booked overseas in the host country’s currency, making it free from foreign exchange risks (fluctuations). No Remittance Fees/Charges. Loan repayment shall be made locally in their respective countries. Thus, there is no payment of remittance fees/charges.
No Co-Borrower / Attorney-In-Fact.
No co-maker is required to vouch for them in the Philippines. No Age Limit. The PNB OPHL Program has no age requirement in the U.S. Market Coverage Advantage. The overseas market is largely untapped by local banks. OPHL is developed to tap this market via PNB’s global presence in the USA, Asia, Middle East, Europe, Canada, and Guam.
What do satisfied customers have to say about Own A Philippine Home Loan?
Over the years, PNB has recognized the significant contribution of overseas Filipinos in the economic development of the country through their remittances. As part of PNB’s efforts to provide opportunities to these modern-day heroes, the Bank is continuously improving access to investment opportunities and other financial services. Here is what clients have to say on PNB OPHL:
“We have been an OPHL borrower since it was first offered here in PNB Guam. The OPHL is PNB’s answer to Filipinos who need a loan to purchase their dream home in the Philippines.” Spouses Jerry and Nancy Aban Guam, USA
It was quite an amazing experience! I didn’t have to go back to the Philippines to get a loan! Everything was done here seamlessly. All I did was submit all the basic requirements and they coordinated everything else. During the onset of this pandemic, PNB New York Branch reached out to me and offered me a pandemic relief program that helped me manage my finances in this difficult time.” Anthony “Avina” Mariano New York, USA
“Applying for OPHL is one of the best decisions I have ever made! The first thing that struck me about the loan program is the convenience that it offers to someone like me who resides and works in the U.S. I would be able to talk directly with the loan officer here at PNB Los Angeles Branch, in U.S. time during my waking hours, without having to wait for office hours Philippine time. Features such as no remittance charges and the loan booked in US Dollars stood out.”
Rhea De Guzman Orange County Sanitation District, CA, USA
“At first, I didn't think of getting a place in the Philippines because my family lives in Japan. However, I realized that when my Japanese husband and I get older, we want to stay in the Philippines for a vacation. I had to search for a bank that could lend us money to pay for the full balance. PNB Nagoya Branch assisted us and we were able to get a housing loan thru PNB Own a Philippine Home Loan.
“The Philippine National Bank OPHL program is always here to support our Filipino brothers and sisters to buy a HOME in the Philippines while working and living in Japan.” Angelica Shibahara Nagoya, Japan “OPHL is suitable for us as it caters to Filipinos residing and working abroad. The offer was so unique in terms of interest rates and loan tenures that go well with our financial capabilities and are better than the other bank's offer.
“We have been assisted with exceptional service by the professional staff of PNB Singapore Branch during the entire processing of our home loan until the time the unit was turned over to us. The PNB Own a Philippine Home Loan (OPHL) program exceeds our expectations!” Ariel & Cecile Ogena Singapore
“What I love about OPHL is that it’s designed for Filipinos like me working in Hong Kong to get hassle-free bank financing to own a residential property in the Philippines. It is so convenient that my loan is booked in HK Dollars here at PNB Global Hong Kong, so I don’t have to worry about FX rates when it comes to making my monthly amortization payment.
“I would definitely recommend it to all my peers who are interested in purchasing property in the Philippines.” Agape Gonzales Hong Kong
“My property was almost due for the turnover and I needed to find a Philippine bank to finance my property. I contacted PNB Dubai and learned about OPHL. I immediately received feedback on the same day I submitted my application since I have all the documents available. Thank you, Philippine National Bank! I was able to save money as it is not required to fly to the Philippines for the financing of my property. Also, thanks to PNB Dubai for the Special Rate provided to me for my home loan”. Marisan Vinarao Mallanao Dubai, UAE
“Best Mortgage and Home Loan Product for 2020”
2021
SME Bank of Cambodia wins SME Bank of the Year at ABF Retail Banking Awards 2021
It was recognised for the SME Co-Financing Scheme (SCFS)
SME Bank of Cambodia team
SME Bank of Cambodia, a recently established state-owned commercial bank, was officially issued a license by the National Bank of Cambodia in late February 2020. It was initially founded by the Royal Government of Cambodia (RGC) under technical and financial support from the Ministry of Economy and Finance (MEF) to provide financing and commercial banking services in an effective and sustainable manner to support Cambodia’s small and medium enterprises.
“Receiving the SME Bank of the Year Award presented in the Asian Banking & Finance Retail Banking Awards 2021 is one of the achievements that wouldn’t happen overnight. I am extremely honoured to represent SME Bank of Cambodia to receive such an important award,” said Lim Aun, CEO of SME Bank of Cambodia. “Without the support from RGC, MEF, and other relevant stakeholders and especially our supportive Board of Directors and hardworking management and teams of SME Bank of Cambodia, we wouldn’t expect such recognition.”
SME Bank of Cambodia announced its soft opening in November 2020 when the outbreak of the COVID-19 pandemic has been taking a toll on the country’s economy. The bank saw how the pandemic has led to disruption of supply chains and freezing demand limiting the flows of travel, trade, and investment—and these had brought immediate interruption in all sectors of economic activity in ASEAN countries, including Cambodia. Hence, to support the SMEs, the bank implemented the government initiative scheme, called the SME Co-Financing Scheme (SCFS), in early April 2020. SCFS allowed SME Bank of Cambodia to closely collaborate with 33 participating financial institutions with a scheme fund size of US$100m. The scheme was a success when it was fully subscribed on 16 October 2020, four months ahead of the closing date. With the interest rate capped at 7%, the SCFS has benefitted 753 SMEs.
“Through the successful implementation of SCFS, SME Bank launched SCFS II in August 2021. Aiming to sustain SMEs’ businesses and preserve jobs amid the COVID-19 pandemic, SME Bank of Cambodia committed to providing another US$100m in financing through SCFS II and, at the same time, promoting participation from financial institutions. SCFS II targets all SMEs in Cambodia both registered and unregistered businesses,” Lim said.
Besides the SCFS initiatives, SME Bank of Cambodia is providing direct financing scheme catering to priority sectors with various products, including products for women entrepreneurs and digital and automation sectors. Interest rate on lending is charged at an affordable pricing. Differentiated pricing, however, will be introduced for non-priority and unregistered SMEs in order to encourage SMEs to register in the formal tax regime, thus allowing the Royal Government to have accurate information about the sector so that it can initiate proper supporting policies to enable better access to credit information and other advises to help them grow their businesses and investments.
According to Lim, SME Bank of Cambodia aims to be the leading policy bank that focuses on SMEs cash flow and other alternative credit scoring methods rather than focusing on collateral requirements. “We are fully aware that many SMEs are struggling to obtain loans from financial institutions due to the fact that they have insufficient or no collateral. For this reason, one important strategy to support more SMEs is through leaning towards implementing non-collateralized loans where loan assessments are based on cash flow rather than collaterals. Another alternative in addition to cash-flow-based lending can be based on behavioural traits of SME clients which correlate with good repayment.”
Given the existing constraint on SME Bank’s distribution capability, the bank is seeking collaboration with other fintech companies to leverage their technology to reach out to SMEs across the country. Moreover, the COVID-19 pandemic has caused accelerations in digital transformation in all financial institutions. Likewise, SME Bank of Cambodia is upgrading its digital platforms to provide an end-to-end digital journey for the customers to easily access financing through its digital platforms and at the same time allow its employees to work from home efficiently.
CONTACT
SME Bank of Cambodia Plc.
Address: Building 30, St. Pasteur (51) Corner St. Prey Norkor (126), Sangkat Phsar Thmei Ti 1, Khan Doun Penh, Phom Penh, Cambodia Telephotne: +855 96 811 1118 Email: info@smebankcambodia.com. Website: smabankcambodia.com.kh
Standard Chartered Sri Lanka leverages opportunities with customer-centric solutions
The bank’s 2By20 campaign won the Credit Card Initiative of the Year in the Asian Banking & Finance Awards
Standard Chartered Sri Lanka is different. They look for inspiration in places others overlook; they promote products others don’t focus on, and therefore, they win awards that others do not win. The Bank’s winning campaign for Credit Card Initiative of the Year achieved USD 15 Million in Assets under Management.
The concept of the ‘2By20’ campaign was straightforward. The Bank needed a feebased Consumer Banking Product drive for the year. Therefore, towards the end of 2019, Standard Chartered Sri Lanka designed and proposed the initiative to drive new assets through low-cost channels leveraging on unutilised credit exposure. The target was generating USD 11 Million (LKR 2 Billion) from Loan on Card (Cash from Credit Card) transactions within the year 2020, which also earned the campaign its name.
“Standard Chartered Sri Lanka completed the ‘2By20’ campaign leaps and bounds ahead of our own targets and any competing initiatives. Our teams increased the monthly average Loan on Card volumes over 2019. Overall the campaign was a huge success contributing to 20% of Consumer Private and Business Banking Net Fee Income and 8% to total Consumer, Private & Business Banking revenue in 2020,” stated Aroshana Fernando, Head of Consumer, Private & Business Banking, Standard Chartered Sri Lanka.
The ‘2By20’ promotion was based on the principles of Customer Centricity, Needbased Solutions, Equal Opportunity and Creating Loyalty & Client Stickiness, with the right product; creating a need to use the unutilised credit line in their Standard Chartered card for a lower cost compared to the Credit Card interest. The campaign witnessed its true potential during the pandemic period when POS spends were low and overall retail spends were declining. Clients had more expectations from a Credit Card than just swiping the card for purchases. Standard Chartered was able to promptly respond to clients with ‘need-based solutions’ by way of offering Loan on Card, Instalment Payment Plans and many online Credit Card related facilities and offers.
There was regular management information that highlighted the growing performance of the teams on the ‘2By20’ campaign. It helped management recognise key performers and to celebrate each milestone, prompting superior performance. Bingumal Thewarathanthri, Chief Executive Officer, Standard Chartered Sri Lanka dedicated the achievement to the Voice and Virtual teams of the Bank, with their “Never Settle” attitude. “Winning such a prestigious international award for a banking product structured within a set of values from both client and employee perspective is truly
special for Standard Chartered Sri Lanka, as it stands as an example of showcasing banking acumen without compromising on ethical principles. Whilst we do business in a competitive environment, we are always mindful of customer sentiment as well as the needs of our own teams. The ‘2By20’ campaign motivated our teams with its outstanding rewards scheme, whilst meeting
The 2By20 campaign motivated our teams with its outstanding rewards scheme, whilst meeting customer needs at a crucial period in time
customer needs at a crucial period in time. We rewarded our staff based on total new assets they brought in above their individual targets. Motivated to perform, they went above and beyond, and are the true honourees of this recognition,” he said.
Standard Chartered offers a range of Credit Cards to suit different needs. Not only do they meet financial needs of the clients, but are also customised to their lifestyle. The Bank is dedicated to bringing the best and timely Credit Card offers to clients, enabling them to grow and flourish financially. Credit Card clients benefit from the unique 360° Rewards Points programme and Standard Chartered also ensures their well-being with a complimentary Travel Insurance policy. Credit Card features such as Loan on Card, Easy Settlement Plans and Balance Transfers help clients to meet their various financial requirements, and to restructure their debts. The Bank’s fully equipped Mobile Banking app (SC Mobile) and iBanking channels facilitate many of the Credit Card related functions including obtaining a Loan on Card, applying for new products, notifications on new offers, paying utility bills and credit card enquiries among many other services.
With HKT Flexi’s “Buy Now Pay Later”1 experience, everyone can be smart shoppers
Chris Fung, CEO of HKT Flexi Limited
These days, there seems to be an app for just about anything. Now, there’s one that gives you the financial flexibility to shop now, pay later in easy installments and let you better manage your money. It’s called HKT Flexi, and using it couldn’t be easier!
Brought to you by the HKT Group and powered by HKT digital ecosystem, HKT Flexi can leverage on the extensive network and deliver innovative solutions to engage a substantial base of customers, which bring you a fully digital, hassle-free installment shopping experience to suit your preference and lifestyle. You can enjoy the convenience of “Buy Now Pay Later” at HKT’s online and offline channels.
Looking for more flexibility in managing cash flow? HKT Flexi has also partnered with Tap & Go2 mobile wallet to launch Flexi Flash, another digital installment lending service that lets you obtain instant funds upon approval through the HKT Flexi App.
With so much convenience in the palm of your hand, HKT Flexi was recently named the New Consumer Lending Product of the Year - Hong Kong and Consumer Finance Product of the Year - Hong Kong at the ABF Retail Banking Awards 2021.
Easy-peasy at your fingertips HKT Flexi is committed to empowering you with a 24/7 digitalised user experience and innovative lending services right from your handset—making it easier than ever to get the financing you need. Just download the HKT Flexi App and set up your account through a simple digital onboarding process anytime.
Once signed up, simply use the HKT Flexi App to apply for 12-month installment services when you buy the hottest smartphones, HD televisions, laptops, and more at designated HKT, 1O1O, and csl stores. “In just a few taps on the app, you can take home your desired gadgets without making full payments upfront,” said Chris Fung, CEO of HKT Flexi Limited.
What’s more, HKT Flexi recently launched the ultra-convenient “HKT Flexi 24+1 Installment Plan”3. “Customers can take home the latest mobile handsets and gadgets4 by settling just 80% of the purchase amount spread over the first 24 months and paying the remaining 20% on the 25th month, which adds more flexibility to their cash flow,” said Fung.
“With a strong understanding of what the market needs, HKT Flexi is dedicated to providing customers with our innovative ‘Buy Now Pay Later’ digital financing experience that enables them to shop with ease and smartly manage their spending.’’
Get funding by topping up your Tap & Go mobile wallet in a flash With the Flexi Flash digital installment lending service, getting instant funds topped up to your Tap & Go mobile wallet is quick and easy, helping you better manage your cash flow right on the HKT Flexi App.
Chris emphasised how easy it would be to obtain funds with Flexi Flash. “The entire application process, from onboarding to disbursement, can be completed within the app around the clock without the need to visit a store. What’s more, no excessive documents are required. The funds will be topped up to the customer’s verified Tap & Go account once the application is approved, instantly enhancing their purchasing power. Customers can then enjoy spending with Tap & Go at over 100,000 physical stores and online platforms.”
He also added that the interface of the HKT Flexi App is easy to use, letting customers check their loan details, as well as past and future repayments anytime. With Flexi Flash, you can now better plan your spending and smartly manage your finances.
Stay tuned for more exciting breakthroughs As more and more financial services, such as deposits, lending, investment, have been transformed from offline to online, and the pandemic has accelerated digital transformation, Chris believes Fintech will be taking on an increasingly important role. “HKT Flexi places a high value on customers’ needs. Moving forward, we will closely monitor market trends and continue to develop more innovative and diversified financial services through HKT’s online and offline networks, bringing customers greater digital experiences.”
The HKT Flexi App features a simple and user-friendly interface, delivering an innovative and seamless digital financing experience to customers.
(Simulated device screen contents in the device are for reference only.)
”Buy Now Pay Later” refers to customers settling payments by monthly installment when they purchase products or services, and make repayments regularly at applicable interest rates.
Tap & Go is operated by HKT Payment Limited (Stored Value Facilities Licence No. SVF0002) and subject to its relevant terms and conditions. For details, please call 2888 0000 or visit the website at https://www.tapngo. com.hk/eng/tnc.html. HKT Payment accepts no liability for the quality of or any other matters relating to the products and/or services provided by HKT Flexi.
Customers must make monthly repayments on time to enjoy the full interest rebate of “HKT Flexi 24+1
Installment Plan”, subject to its relevant terms and conditions. For enquiries and details, please visit https:// bit.ly/3bXLh56
The “HKT Flexi 24 + 1 Installment Plan” is applicable for handsets/gadgets with suggested retail price of over
HK$2,000 only. (Information is provided by HKT Flexi Limited) HKT Flexi Limited is a money lender licence holder, offering HKT Flexi service which is a mobile financing platform. “HKT Flexi 24+1 Installment Plan” and Flexi Flash services are provided by HKT Flexi Limited through the HKT Flexi brand. HKT Flexi Limited reserves the absolute right to approve your loan application, subject to your credit records and the final submission of all relevant documents. The actual applicable interest rate is determined based on the approval of personal loan application. HKT Flexi subjects to its relevant terms and conditions. For details, please visit the website at https://www.hktflexi.com/en/. Money Lender’s Licence No.: 0866/2021 Customer Service & Complaint Hotline: 2888 2258 Warning: You have to repay your loans. Don’t pay any intermediaries.
Visit HKT Flexi website
FINANCIAL INCLUSION INITIATIVE OF THE YEAR- MALAYSIA MOBILE BANKING & PAYMENT INITIATIVE OF THE YEAR- MALAYSIA
Alliance Bank helps businesses grow through digitisation
Alliance Bank Malaysia Berhad is committed to assisting business owners in adapting to the realities of the COVID-19 pandemic and in repositioning for growth once the market recovers. The bank continuously improves its innovative digital solutions, enhances its product propositions, and adopts a multi-channel approach in serving customers.
In July 2020, the bank launched the BizSmart® eTrade solution—Malaysia’s first mobile trade financing submission platform that provides speed and convenience. Through the BizSmart® mobile app, business owners can submit their Bankers’ Acceptance or Trust Receipts financing electronically without physically visiting the branch. Approved trade proceeds are credited into the customer’s account within 24 hours. Today, over a third of the bank’s business clients submit their trade financing applications via the mobile app.
Alliance Bank also helps business owners reach out to new customers and access relevant solutions and resources through the BizSmart® Solution portal, launched at the end of 2019. This one-stop business community portal helps small and medium enterprises in seven key areas: (1) manage operational cost, (2) digitise their business, (3) generate new sales, (4) upskill employees, (5) be sustainable, (6) sell globally, and (7) gain access to financing and banking services.
On top of these efforts, the bank also jointly organised over 60 complimentary webinars to provide business insights and networking.
Recently, the Asian Banking & Finance awarded BizSmart® Solution the Malaysia Service Innovation of the Year for its contribution to the SME community at the Retail Banking Awards 2021. At the same time, BizSmart® eTrade was named Malaysia Domestic Initiative of the Year and Malaysia Domestic Trade Finance Bank of the Year at the Wholesale Banking Awards 2021, as well as the Malaysia Financial Inclusion Initiative of the Year and Malaysia Mobile Banking & Payment Initiative at the Retail Banking Awards 2021. Scan the QR code to find out more about Alliance Bank BizSmart® eTrade and BizSmart® Solution. For more information, please visit www.alliancebank.com.my.
Capitalise on Award-Winning Online Trade Financing Anytime, Anywhere.
BizSmart® eTrade - less paperwork, more time to grow your business.
Fast and Easy Submission Fast Approval and Disbursement Easy Access and Record Keeping
WINNER
MALAYSIA DOMESTIC INITIATIVE OF THE YEAR
Asian Banking & Finance Awards 2021 WINNER
MALAYSIA DOMESTIC TRADE FINANCE BANK OF THE YEAR
Asian Banking & Finance Awards 2021 WINNER
MALAYSIA FINANCIAL INCLUSION INITIATIVE OF THE YEAR
Asian Banking & Finance Awards 2021 WINNER
MALAYSIA MOBILE BANKING & PAYMENT INITIATIVE OF THE YEAR
Asian Banking & Finance Awards 2021 Scan for more info on BizSmart® eTrade.
BizSmart eTrade is proud to be recognised by Asian Banking & Finance Awards 2021 for excellence in online trade finance initiatives, in Wholesale and Retail Banking respectively.
Siam Commercial Bank develops financial innovations for every customer segment
It was recognised with two wins at the ABF Retail Banking Awards
Ms. Auraratana Jutimitta, Senior Executive Vice President and Chief Retail and Business Banking Officer, Siam Commercial Bank
Siam Commercial Bank (SCB) is one of Thailand’s leading universal banks, offering a full range of financial services to meet the needs of all client segments. SCB is determined to leverage data and digital technology to continuously develop innovative financial solutions and improve customer experience. These efforts have recently brought the bank two awards from the Asian Banking and Finance Awards 2021.
Domestic Retail Bank of the Year - Thailand SCB “Stand by You” – providing complete financial solutions to serve clients across all segments The year 2020 was very challenging for everyone. With the ongoing COVID-19 pandemic, both salaried and self-employed retail customers have been facing hardships. SCB has been very responsive and committed to alleviating customers’ problems and providing relevant financial solutions to serve their needs. 1. Seamless Digital Onboarding “E-KYC” and Account Opening
SCB is Thailand’s first bank to introduce facial recognition technology for identity verification and online savings account opening via the bank’s EASY App. 2. Personalised Payroll Solutions for salaried customers
SCB’s top-notch payroll package was designed to provide complete financial services and privileges. Customers can access personalised loan offerings and privileges easily through the EASY App. 3.Comprehensive Solutions for selfemployed or small entrepreneurs, covering three major pillars 3.1 Cost Reduction: “ManeeFree
Solution” offers no fee for all transactions on digital platforms. “ManeeMungkung”, the only current account which offers the highest interest rate up to 1%. 3.2 Sales Increase: “MaeManee
Merchant Application” allows shops to receive payments easily via QR code. The transaction history on this app can also be used to pre-qualify for digital lending. 3.3 Business Expansion: “ManeeTunjai
Business Loans” can be approved quickly via the EASY App to offer loans for business expansion.
For those who need special assistance, SCB has launched both financial and nonfinancial solutions to support all customers.
1. Loan Relief Measures Our customers can select assistance programs (skip payment, reschedule, restructure) via every channel, including the EASY App. 2. Soft-loan Scheme SCB quickly made available soft loans with 2% interest rate and no front-end fee to help boost business liquidity for microentrepreneurs. 3. COVID-19 Insurance SCB launched COVID-19 insurance which can be purchased conveniently via the EASY App 24/7. 4. COVID-19 Self-assessment A free and easy-to-understand selfassessment tool on the EASY App to help our customers determine whether they need to be tested for COVID-19. 5. Tele-consultation Service with Specialist/Doctors SCB offered the first-ever teleconsultation service connecting a health platform to the EASY App, designed to transform hospital visits into online teleconsultations. Strategic Partnership of the Year - Thailand SCB M: “The First Evolution of Experiential Shopping” featuring the most advanced financial innovations SCB has teamed up with The Mall Group, Thailand’s top-ranked department store, to write a new page in the history of Thailand’s retail shopping business. This collaboration has transformed the shopping experience by developing financial innovations for every customer segment, covering four major areas: 1. “SCB M” Co-branded Cards offering privileges for all shopping lifestyles • SCB M Credit Card: Co-branded credit cards for different customer segments • SCB M Debit Card and Prepaid Card:
First debit card and prepaid cards that enable cardholders to earn loyalty points 2. Payment Innovations to provide the most advanced financial technology and cashless digital solutions • Contactless card payment avoiding cash usage and reducing virus risk • SMART EDC to increase efficiency and enable cashiers to provide various payment modes 3. Financial Services: A comprehensive financial solution for shoppers • First-ever retail shopping business that allows customers to purchase insurance: savings insurance, PA insurance, travel insurance, car insurance, income protection insurance, and cyber protection insurance (first in Thailand) • Revolving cash cards and personal loans 4. Retail Technologies to let SCB M cardholders enjoy shopping even more. iReserved Parking, AR Shopping, AI Chatbot on the “Line” messaging application, SelfCheck Out, Smart Kiosks, and E-Vouchers
This successful business partnership with The Mall Group has attracted various key players to co-build an ecosystem offering privileges to engage customers in their everyday lives, transforming shopping experience, and allowing them to spend anywhere, such as with Shell, BTS and MRT, Robinhood (food delivery application), and much more.
BCA Cash Management Infrastructure with API takes banking experience to the next level
This is part of BCA’s initiatives to support the growth of business players in Indonesia.
BCA continuously strives for innovations to boost digital transformation
BCA Cash Management, an integrated business transaction solution, offers a comprehensive financial management solution for businesses that covers payable, receivable, and liquidity management.
PT Bank Central Asia Tbk’s (BCA) payable management services include payroll disbursement, payments to suppliers or third parties in various currencies, and utility and bill payments. It also facilitates domestic tax payments, fleet and logistics management, and business expenses payment using corporate credit cards.
For effective and efficient collection, BCA’s receivable management services offer automatic debit/payment instructions, enabling direct online customer transactions through customer’s website/application, effortless payment reconciliation using unique account numbers, and cash pickup services.
Meanwhile, the bank’s liquidity and account management services also provide features such as bulk accounts opening and automatic fund management throughout multiple company accounts. In addition, business owners are able to apply for short-term business loans and invest on short-term instruments such as money market time deposits. These services are provided for BCA’s customers through the BCA Cash Management System.
In line with the fast-paced technological development amidst the digital era, business players have put a greater focus on and are in urgent need of digital transformation. As a bank that supports the growth of business players in Indonesia, BCA continuously
strives for innovations to boost digital transformation. Moving forward with an open banking strategy is one of such efforts, which then translates into our Application Programming Interfaces (API).
As an infrastructure, API BCA is able to provide a faster, easier, secure and relatively affordable integration through a host-to-host connection basis with corporate systems, accommodating all necessary business banking transaction needs.
API BCA is the first mover in the national banking industry and has been praised by our digital-savvy business clients, especially those who run online enterprises, start-ups, and fintech firms. API BCA helps its business
clients integrate their apps with the banking system in real-time, allowing them to make various transactions more easily, quickly, and securely.
Although the COVID-19 pandemic hit in 2020, BCA continues to improve its Cash Management System through systematic and strategic collaboration with the business customers, for example, stateowned national health insurance. As a result of the collaboration, BCA’s customers are able to enjoy seamless registration for an auto-debit payment facility through its mobile application.
The online auto-debit registration process is a breakthrough improvement that accelerates the previously seven-day registration service level to a real-time process, so customers would not have to go through the hassle by being physically present to submit required documents to the bank.
On the other hand, BCA also implements API technology in the capital market industry by supporting the majority of securities companies through the online Know Your Customer process of potential investors in the Investor Fund Account opening process. They are able to verify the investors for those who already have BCA accounts through BCA API in real-time.
To further strengthen API as a cash management infrastructure, BCA strives to deliver impactful improvements through its features and services. Since its launch in 2017, BCA API has introduced a range of services such as balance information, account statement, fund transfer, virtual account, etc.
In 2020, BCA launched new API services including online auto-debit authorisation letters and domestic bank transfers via switching to support our customer’s needs in the rapid digitalisation era. By December 2020, approximately 450,000 customers had been utilising the BCA Cash Management System to support their cash management transactions. BCA is always committed to providing reliable financial solutions through advanced innovation whilst simultaneously ensuring that its customers can meet the dynamic and progressive opportunities ahead.
BCA, always by your side.
UOB Investment Banking leads in the APAC region, opening doors to business
The bank established its position as a market leader in the Asia Pacific region with extensive capabilities across various Investment Banking products.
Innovative Deal of the Year - Singapore for the Perennial REH Limited deal UOB played an instrumental role in originating a multi-product solution for the offeror comprising M&A advisory and a comprehensive financing solution for the target including backstop loan facilities as well as private placement of bonds.
Edmund Leong, Head of Group Investment Banking, UOB
Through our strong network of over 500 branches and offices globally, UOB Investment Banking offers a wide range of financing and advisory solutions in the Asia Pacific. We connect our clients across the region through strategic advice, bespoke financing and capital raising solutions, and execution excellence with a team of highly experienced bankers.
Discovering regional business and investment opportunities with our industry specialisation and expertise, we stay committed to opening doors to Asia. The UOB Investment Banking teams originate event-driven opportunities, provide financial advisory and structure, arrange and underwrite financing across the capital structure spectrum. as a market leader in the Asia Pacific region with extensive capabilities across various investment banking products – corporate finance, debt capital markets – syndicated loans and bonds, leveraged finance, infrastructure project finance, equity capital markets, and mergers and acquisitions (M&A). With seven public M&A transactions in Singapore in 2020, we lead the 2020 M&A adviser league table in Singapore in terms of deal count. UOB has maintained a Top 3 position across various Syndication Loan league tables in Southeast Asia over the past few years and has a firm Top 3 standing in the SGD Bond Market.
UOB is honoured to be awarded and recognized for the following awards. We would like to thank our clients for the continued support and the teams’ contribution to UOB’s endeavors. Debt Deal of the Year - Singapore for the CapitaLand Treasury deal The deal garnered a final order book of over S$1.2b, which enabled a significant price tightening of 22.5 base points from the initial price guidance. Additionally, the deal represents the joint largest bond issue from a local real estate issuer in the last 20 years.
Debt Deal of the Year - China for the CMB Leasing deal The dual-tranche transaction was the largest issue size amongst leasing companies during the year and the lowest issue yield among its past issuance. Additionally, it achieved the greatest tightening from Initial Price Guidance to Final Price Guidance amongst its past issuance.
Syndicated Loan of the Year - Singapore for the PT Bank Rakyat Indonesia deal Acting as sole coordinator and mandated lead arranger, bookrunner and lender, UOB demonstrated our strong transaction execution and distribution capabilities by successfully coordinating and syndicating the facility to a group of international banks in the midst of a volatile market backdrop brought upon by the global pandemic. Guided by a clear syndication strategy, the transaction garnered strong response from the international syndication market leading to a heavy oversubscription. This reaffirms UOB’s commitment to client relationships to deliver solutions with our strong market reach. This transaction has raised UOB’s profile in the syndicated loan market for Indonesian borrowers.
Bank Sinopac bags Domestic Remittance Initiative of the Year at the Wholesale Banking Awards
The bank’s Integrated Cash Collection and Cross-Border Remittance provide streamlined and cost-efficient services for Foreign Worker Agencies.
Bank Sinopac Taiwan Team
One of the main concerns of migrant workers in Taiwan is sending their money back home in a cheap, safe, and convenient way. Considering that this is their hard work, they should at least be granted a hassle-free remittance process.
There are currently over 710,000 migrant workers served by over 1,000 Foreign Worker Agencies. For these agencies, the more comprehensive their services are and the more they meet migrant workers’ requirements mean more business and satisfaction for clients.
However, such volume is bound to have problems. Bank Sinopac found three major pain points in the remittance process of migrant workers: language barrier, fraud risk, and high remittance fees.
“Compared with banks, the agency has less language barrier with migrant workers. Therefore, if Foreign Worker Agencies are willing to cooperate with banks, the agencies could combine all remittance requests from migrant workers as one single batch cross-border remittance instruction and link with our beneficiary bank networking, making the cross-border remittance more convenient,” Bank Sinopac said.
As such, the Bank has implemented its Integrated Cash Collection and CrossBorder Remittance services, which has been proven to be beneficial for all its stakeholders.
Bank Sinopac’s services provide streamlined and cost-efficient services for Foreign Worker Agencies, which leads to top-tier Foreign Worker Agencies moving their transactions to Bank Sinopac to enjoy the benefits provided by its services. These also allowed the Bank to see a significant increase in the market size of its migrant workers’ remittances from 2019 to 2020, despite the effects of the global lockdowns.
They noted, however, that since such service involves several regulations, it takes a lot of work for banks to meet all the regulations. Bank Sinopac completed lots of system development in order to provide the streamlined end-to-end service, which has also established the competitive advantages that its competitors are having difficulty to imitate in a short time.
The comprehensive services by Bank Sinopac made it stand out amongst the major banks in Taiwan, to win the Domestic Remittance Initiative of the Year - Taiwan award at the recently-held ABF Wholesale Banking Awards.
What used to take a lot of time and resources for remittance has now become more efficient and affordable. Through the efforts of the Bank and the agencies that cooperated, migrant workers feel more secure about sending their money back to their families in their hometown.
“This Award has proved and certified Bank Sinopac has established professional financial services to our target customers. We will continuously keep our good performance as we want to be the best partner for Foreign Workers Agencies and migrant workers in Taiwan,” they said.
For other worker or business sectors, Bank Sinopac has also planned on providing new cash services for insurance and securities companies, in order to make their cash collection process easier and cost-efficient.
Bank Sinopac Taiwan
