Asian Banking & Finance (October - December 2024)

DISPLAY TO 31 DECEMBER 2024

OUTSTANDING INDUSTRY CHAMPIONS CROWNED AT THE ASIAN BANKING & FINANCE AWARDS FUNDING FREEZE HITS ‘BUY NOW, PAY LATER’ FIRMS

MERGERS AND CLOSURES LOOM FOR CHINA’S 3,800 RURAL BANKS

TECHCOMBANK BRACES FOR SLOWER PROFIT GROWTH

HOW GOTYME KIOSKS TRANSFORMED GROCERY STORES INTO BANKING HUBS

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EDITORIAL

O

nce-booming Buy Now, Pay Later (BNPL) sector is hitting a rough patch as investors pull back and companies fold under the pressure. Despite the continued demand for BNPL services, the industry is on shaky ground. Turn to page 6 for the full story.

Tim Charlton

abf@charltonmediamail.com

SINGAPORE 101 Cecil St., #17-09 Tong Eng Building, Singapore 069533 +65 3158 1386 HONG KONG Room 1006, 10th Floor, 299 QRC, 287-299 Queen’s Road Central, Sheung Wan, Hong Kong +852 3972 7166

Meanwhile, China's rural banking sector is at a crossroads, with over 3,800 rural banks facing mergers or closures. These institutions are struggling with risky lending practices and poor management, and now the government is stepping in to clean up the mess. What will this mean for the communities they serve? Find out more on page 18.

In trade finance, tokenisation is changing the game. By digitising assets, SMEs, which have traditionally been left out, can access financing more easily. Learn how blockchain is making trade smoother on page 20.

In the Philippines, GoTyme Bank is making banking more accessible by setting up kiosks in grocery stores. This "phygital" approach has helped over one million Filipinos get banked in just minutes. Want to know how they're pulling it off?

Read on page 10.

In this issue, Asian Banking & Finance celebrates another year of excellence as it marks the 2024 Wholesale Banking Awards, Retail Banking Awards, Corporate and Investment Banking Awards, and the first-ever FinTech Awards. Find out who the winners are on page 30.

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ASIAN BANKING & FINANCE | Q4 2024 1

CONTENTS

10

30

AWARDS COVERAGE OUTSTANDING INDUSTRY CHAMPIONS CROWNED AT THE ASIAN BANKING & FINANCE AWARDS

FIRST

COUNTRY REPORT

AND CLOSURES LOOM 18 MERGERS FOR CHINA'S 3,800 RURAL BANKS

EVENT NEWS

COUNTRY REPORT

06 Funding freeze hits BNPLs 07 Cambodian banks break covenants as bank loans surge

18 Mergers and closures loom for China's 3,800 rural banks

INTERVIEW

20 Tokenisation of trade assets to bridge financing gap

10 How GoTyme kiosks transformed grocery stores into banking hubs 12 Techcombank braces for slower profit growth 19 Let China's small banks fail

Published Biannually by Charlton Media Group

Hong Kong: Room 1006, 10th Floor 299 QRC, 287-299 Queen's Singapore: Road Central, Sheung Wan, ASIAN BANKING & Building FINANCE Q4 2024 2 St. ASIAN BANKING AND FINANCE|Hong | MARCH 101 Cecil #17-09 Tong Eng Kong 2019 Singapore 069533 +852 3972 7166

CEO INTERVIEW HOW GOTYME KIOSKS TRANSFORMED GROCERY STORES INTO BANKING SERVICE HUBS

SECTOR REPORT

11 PH central bank gearing up for new digital bank players 22 Malaysia's bid for BRICS membership seeks to spur banking overhaul

COMMENTARY 112 AI governance: navigating the balance between innovation and ethics

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For the latest banking news from Asia visit the website

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ASIAN BANKING & FINANCE | Q4 2024 3

News from asianbankingandfinance.net Daily news from Asia

INVESTMENT BANKING

Hong Kong banks ramped up hiring but investment bankers laid off The recovery of staff numbers in HSBC and other banks in Hong Kong increased the number of total bankers employed in 2023– but investment bankers are likely not enjoying the hiring boom. About 82,705 bankers and staff are employed by 16 banks in Hong Kong, according to data from the 2024 HKB Bank Rankings.

CARDS & PAYMENTS

RETAIL BANKING

ZA Bank’s Devon Sin on why Web3 is key to HK’s growth Hong Kong’s ZA Bank has rolled out dedicated banking services for stablecoin issuers — positioning itself as one of the first banks in the market to specifically cater to this segment.

The move is part of a widened scope of services, which has seen the virtualonly bank do for Web3 companies and start-ups.

INVESTMENT BANKING

WEALTH MANAGEMENT

SG banks turn to upskilling as hiring sentiments turn ‘cautious’ The number of bankers and staff employed by Singapore banks mostly remained at the same level as in 2022, although most lenders chose to incrementally hire a few more people in their headcounts. Asian Banking & Finance found that the number of employees working across 14 banks fell marginally by 0.19% as of end-2023.

WEALTH MANAGEMENT

Zed challenges banking norms with no interest, forward-looking credit

APAC financial institutions struggle with ESG skill shortage

Why relationship managers must embrace the hybrid approach

Instead of just looking at their customer’s past financial history, Zed instead decided to look into their present and future incomes. Zed underwrites based on current and future income, which not only opens up access to a lot of these hybrids of professionals who have high and stable incomes.

Financial institutions in the Asia Pacific region are facing an extra challenge in aligning their organisations to ESG standards: a burgeoning skill gap. The problem is that the muchneeded experts who can navigate the changing regulations and avoid reputational risks may not be available.

Relationship managers have to do more than give advice. They also have to be experts in digital trends and use technology in order to provide clients with swift, accurate investment advice whilst still retaining that human touch. Bank of Ayudhya’s Passanee Udompanich highlighted the need to embrace the hybrid approach.

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FIRST AUSSIE MUTUAL LENDERS MERGE RETAIL BANKING

T

here could be fewer than 10 mutual lenders active in Australia in the future as more of them consolidate in the next few years.

Lenders may seek to form entities that have about $13.4b (A$19.8b) in total assets, which is the emerging new scale to be competitive in the Australian retail banking market, said S&P primary credit analyst Lisa Barrett.

As many as 40 lenders face consolidation and could potentially disappear due to the mergers, she said.

"Merging provides smaller lenders greater economies of scale. This should make them more efficient and able to price competitively,” Barrett said.

“The ongoing requirement to invest in technology to keep up with customer expectations and industry trends adds further fuel to the merger fire,” she added.

Recent mergers Two mergers took place in the past three years. In August 2021, Newcastlebased Greater Bank and Newcastle Permanent Building Society banded together to create Newcastle Greater Mutual Group, which now has total resident assets of $16.44b (A$24.3b).

This was followed by the People’s Choice Credit Union and Heritage Bank merging to become Heritage and People’s Choice Ltd. in 2023, with total assets of $18.1b (A$26.8b).

Over the next two years, one other merger will create a lender with A$20b ($13.5b) in assets — Bank Australia and Qudos Mutual combined have about $13.47b (A$19.9b) in assets.

Police & Nurses (P&N) Limited and Beyond Bank Australia scrapped their proposed merger on 16 September 2024. Had it pushed through, the combined entity would have become a $16b (A$23.6b) company.

P&N said it has concluded its due diligence on the possible merger and determined that it “would not be in the best interests of its members.”

6 ASIAN BANKING & FINANCE | Q4 2024

Billease is a BNPL service provider which operates primarily in India (Photo from Billease)

Funding freeze hits BNPLs CARDS & PAYMENTS

T

he Buy Now, Pay Later (BNPL) market is experiencing a significant downturn, marked by the bankruptcy of five BNPL-focused companies over the past few years as investment in the sector has waned.

“In the mature markets, BNPL has stepped back considerably,” Anton Ruddenklau, global fintech leader at KPMG International, told Asian Banking & Finance.

BNPL companies face a corporate paradox: business is booming, with e-commerce adoption expected to grow to 4.1% of all e-commerce payments by 2026.

Depending on the market, interest is there. About 60% of Filipinos, for example, say they will most likely use BNPL in the next six to 12 months, said Ivan Grytsenko, VP at Billease.

But cash remains a core issue for BNPL firms. “Due to the high interest rates, investors are putting less cash towards BNPL providers and putting more money into other types of technology categories,” Ruddenklau said. “With less cash, that means less advancement, less market expansion, which means fewer customers.”

Anton Ruddenklau

Ivan Grytsenko

Reversal of fortunes At one point, BNPL was investors’ favourite. The sector commanded over $6.9b in funding in the five years through 2022. In 2021 alone, funding reached a whopping $2.8b, according to data from Fintech Global Research.

Then, in 2023, high funding costs and a drop in investment capital forced several BNPL providers to fold. In February 2023, Australian BNPL firm Openpay was forced into receivership. Its assets were liquidated nine months later, with the company said to owe creditors $66.1m.

New Zealand’s Laybuy went under in June 2024 after failing to find a buyer.

The BNPL firm has also since entered into receivership.

One problem is that despite the billions of funding they’ve received, BNPL companies receive little in return.

“It's a very, very thin margin game for the providers, and they've been suffering some reasonably heavy losses, with high interest rates and low user interest in their product,” Ruddenklau said.

“We've seen a huge amount of loan impairment across the market, and we've seen many of the firms either discontinue or go bust. One of the largest firms out there, Klarna, still suffers very, very significant losses when it comes to BNPL,” he added.

Regulation is also creeping up on BNPL as more players go bankrupt.

“They're very supportive of choice and innovation in the marketplace, but they're also not supportive of firms that cease to exist in the future,” Ruddenklau said. “I think we'll see a lot more regulation around the stability of those firms as we move forward, [and as] the market matures.”

Retail growth Whilst market performance and investors’ expectations may not have been met, Ruddenklau and Grystenko said the BNPL market still has room to thrive, depending on the market.

Ruddenklau sees a high degree of adoption from consumers. “Some markets, for example in Singapore, at least three quarters of consumers have used some type of BNPL product.”

Meanwhile, Grystenko said customers are opting for longer repayment periods. “We see that shortterm BNPL products with 0% interest are shrinking, whilst everything shifts towards midterm with interest rates.”

FIRST The large banks will ride this out, but if the current tolerance for covenant waivers abates, it could hurt smaller and weaker banks

ACLEDA Bank is one of the banks that breached their covenants

Cambodian banks breach covenants as bad loans surge LENDING & CREDIT

T

hree large Cambodian financial institutions have breached covenants on their borrowings, and more may follow in their footsteps as the number of bad loans rise, warned S&P Global Ratings.

Covenant breaches refer to when financial institutions fail to meet certain conditions—such as financial ratios—stipulated in borrowing agreements with institutional lenders.

In Cambodia, ACLEDA Bank, Hattha Bank, and LOLC (Cambodia) have all breached their covenants.

This follows after a spike in non-

performing loans (NPLs) exhausted the buffers of the banks, said Ivan Tan, S&P Global Ratings analyst.

“Covenant breaches could affect the availability and cost of funding for Cambodian banks. Lenders could demand immediate repayments or higher spreads for the heightened credit risk,” Tan warned.

Tan expects the number of Cambodian banks breaching their covenants may rise as NPLs continue to rise. Cambodia’s NPLs are forecasted to rise between 7.5% to 8% of total loans in 2026.

“We expect the number of banks facing breaches could be higher than

Ivan Tan

this, given that many smaller banks have reported an even sharper rise in NPLs and may be at higher risk of covenant breaches,” Tan said.

Weathering losses Banks’ caution on lending has helped alleviate some pressure.

Liquidity in the system is also high, and the need for funds is low.

The banks who breached their covenants are expected to weather it thanks to parent support. ACLEDA, for example, has a strong foreign parent in Japanese megabank Sumitomo Mitsui Banking Corporation (SMBC).

The three banks are also in the process or have already negotiated waivers or relaxations on key financial covenants.

“Whilst the process is taking time, our base case is that institutional lenders including multilateral agencies that lend to these banks will provide waivers and continue to maintain existing lines,” Tan said.

“In our view, the large banks we rate will ride this out, but if the current tolerance for covenant waivers abates, it could hurt smaller and weaker banks,” he added.

Asset quality of banks deteriorated in 2023 because of a slower recovery in key sectors such as construction, real estate, and hospitality, according to a report

by S&P. Delays in recognition of weak loans and sluggish loan growth also contributed, it added.

THE CHARTIST: THAILAND’S CARD PAYMENT VALUE TO HIT $94.5B IN 2028

T

he value of card payments in Thailand is projected to reach $94.5b (3.1t baht) by 2028, growing at a compound annual growth rate (CAGR) of 9.2% over the next four years.

This is faster than the 6.2% year-onyear (YoY) growth in 2023, when the value of card payments reached $62.5b, according to GlobalData.

Growing awareness of electronic payments and the rise of banked populations are driving up the use of payment cards, said Ravi Sharma, lead banking and payment analyst at GlobalData.

“Government efforts to promote electronic transactions and expand payment infrastructure have also played a crucial role in driving the adoption of

payment cards,” he said. The rise of the middle class and young working population in Thailand is also expected to drive the use of credit and charge cards.

The recovery of the travel, tourism, and hospitality sectors is driving economic activities. This, in turn, is supporting card usage, Sharma said.

Credit and charge cards accounted for 92.8% of the overall card value in 2023.

Sharma said rewards, discounts, cashback, and interest-free installments are fuelling their popularity.

Debit cards accounted for only 7.2% of the total card payment value in 2023.

The expansion of payment services in rural areas and the rise of digital-only banks are also expected to drive debit card penetration.

Card payments value (THB trillion), 2020-2028

Source: GlobalData

ASIAN BANKING & FINANCE | Q4 2024 7

24

SINGAPORE DOMESTIC SME PARTNERSHIP INITIATIVE BANK OF THE YEAR

Embedded Finance: The Key to Unlocking Growth for Digital Platforms in Asia By embedding financial services directly into digital platforms, ANEXT Bank is catalysing fintech innovation and driving financial inclusion amongst SMEs. ANEXT Bank: Catalysing fintech innovation for digital platforms ANEXT Bank is at the forefront of this transformation with its embedded finance initiative, the ANEXT Programme for Industry Specialists (APIs). By offering a suite of robust APIs, ANEXT Bank enables digital platforms to seamlessly integrate essential banking services, addressing today’s evolving business needs.

Randall Lee, Head of Strategic Partnerships, ANEXT Bank

I

n the rapidly evolving digital economy of Asia, the rise of digital platforms has reshaped the landscape of commerce and economies. Southeast Asia, in particular, is one of the fastest-growing digital economies in the world, fuelled by a young, tech-savvy population and rising internet penetration.

The region, already a global leader in online transactions, mobile payments, and e-commerce, is expected to see its digital economy surpass US$300b by 2025. At the heart of this growth are small and mediumsized enterprises (SMEs), which form the backbone of Southeast Asia's economy.

These businesses are increasingly leveraging digital platforms to expand their market reach, reduce operational costs, and enhance customer engagement.

However, many SMEs in the region still struggle to access affordable and inclusive financial services, presenting a unique opportunity for digital platforms to fill this gap. By embedding financial services directly into their ecosystems, digital platforms can create more value for customers whilst unlocking new revenue streams and significantly enhancing user stickiness and engagement. The market for embedded finance, encompassing lending, payments, and insurance, is poised to grow to US$7.2t globally by 2030, underscoring the vast potential in this space.

8 ASIAN BANKINGAND & FINANCE 2024 ASIAN BANKING FINANCE| Q4 | DECEMBER 2019

Regulated banking services with high standards of compliance and security One of the key advantages of digital platforms partnering with ANEXT Bank is the assurance of working with a regulated digital bank under the oversight of the Monetary Authority of Singapore.

This regulatory framework ensures that all financial services provided through ANEXT Bank’s APIs adhere to the highest standards of anti-money laundering (AML), compliance, and security.

In the complex and highly regulated world of financial services, maintaining trust is paramount. ANEXT Bank’s commitment to rigorous compliance and security protocols gives partners and their customers confidence that their financial transactions are secure and fully compliant with industry regulations.

This is especially critical in embedded finance, where the seamless integration of multiple APIs, data formats, and legacy systems requires robust cybersecurity and risk management frameworks.

Breaking down barriers by simplifying access To lower the barrier, ANEXT Bank’s APIs are designed to be easily integrated by

digital platforms. The programme is free of charge, does not have subscription fees, and is supported by comprehensive documentation and clear guidelines. Even platforms with limited in-house technical expertise can quickly and efficiently embed ANEXT Bank’s financial services.

To further facilitate the integration process, ANEXT Bank provides value-added services, including a complimentary onetime cybersecurity assessment and robust risk monitoring frameworks. Dedicated technical support is available at every stage, ensuring a smooth and successful integration. Built on standard protocols, the APIs are compatible with various platforms, minimising customisation needs and allowing partners to go live rapidly.

This approach has resulted in outstanding speed-to-market with partners, with the shortest time to launch a basic embedded financing solution being just four to six weeks.

Enhancing user experience and stickiness Through the APIs, digital platforms can offer essential financial services, such as lending, payments, and savings, directly to their users. This leads to a more engaging and convenient user experience, boosting customer loyalty and platform stickiness.

In a competitive landscape, the ability to rapidly deploy new financial products and services can be a game-changer. ANEXT Bank’s APIs enable platforms to stay ahead of the curve by facilitating the quick launch of innovative financial solutions, further enhancing platforms’ value propositions.

Unlocking opportunities in embedded finance is more than just a technological advancement. It is an ecosystem play that requires collaboration across the board.

ANEXT Bank is committed to partnering with digital platforms of all types and sizes. By combining platforms’ domain expertise with ANEXT Bank’s advanced tech capabilities, we can co-create innovative solutions that empower SMEs and drive financial inclusion, fostering a more inclusive and prosperous future for all.

ANEXT Bank enables digital platforms to seamlessly integrate essential banking services

ASIAN BANKING & FINANCE | Q4 2024 9

CEO INTERVIEW

How GoTyme kiosks transformed grocery stores into banking service hubs The digital bank onboarded two-thirds of its 3.4 million users through supermarket kiosks.

PHILIPPINES

T

he population is ready, and the technology is available, but 34 million Filipinos still remain unbanked, according to data from the Bangko Sentral ng Pilipinas (BSP). GoTyme Bank, one of the Philippines’ firstever digital banks, saw a way to reach these people: by putting GoTyme kiosks in supermarkets.

“The kiosks are paired with ambassadors. So other than it being a physical manifestation of opening an account, you might want to call it a large mobile phone,” Albert Tinio, coCEO and chief financial officer of GoTyme Bank, told Asian Banking & Finance in an interview.

“The ambassadors are there to make Filipinos feel comfortable: to talk about it, to explain, and to guide them through the process of onboarding. This allows a customer to be able to open an account in five minutes or less,” Tinio said.

The most crucial part is that the newly onboarded GoTyme Bank customers are then issued a debit card by that kiosk in just minutes. “To most Pinoys who were previously unbanked and underbanked, a physical manifestation of having an account is a big deal,” he said.

The strategy is working: just two years after kicking off operations, GoTyme Bank now has 3.4 million users in the Philippines– and about two-thirds of this were onboarded through their kiosks.

This was not Tinio’s first venture into the world of digital finance: he was the former CEO of GCash from 2016 until 2019, an experience that he credits as an “eye opener” regarding the lack of financial inclusion amongst Filipinos.

“The advocacy, I took it personally when I left GCash. I wanted to be able to build something from scratch, correcting the mistakes and using the learnings from GCash and previous experience and putting it into GoTyme,” Tinio said.

“We often say that we are a place for people with scars and unfinished business,” Tinio said, regarding GoTyme Bank.

“The population [of GoTyme employees] here are people who have experience and who want to incorporate [financial inclusion] in Filipinos’ lives. So that was my inspiration. This is what we’re going to build in the Philippines. And I want to be a part of it.”

A “phygital” ecosystem One big factor with the popularity of the kiosks isn’t just the convenience– it’s the perks that come with it.

The GoTyme debit card serves as a rewards card for the whole Robsinsons ecosystem, including supermarkets, grocery stores, malls, and department stores.

The supermarkets’ cash tills, meanwhile, have transformed into an ATM or the de facto bank branch of GoTyme’s client base: users can deposit and withdraw money there for free.

“We brought the bank to them, so to speak,” Tinio said.

“So you have deposits, withdrawals, account opening, all done and enabled digitally, but helped with and facilitated by humans.”

This “phygital” (a portmanteau of physical and digital) approach is something that GoTyme Bank champions.

10 ASIAN BANKING & FINANCE | Q4 2024

Albert Tinio, co-CEO and chief commercial officer of GoTyme Bank

“It's a marriage of physical and digital. Yes, we have a digital banking license. Yes, we enable digitally, but more importantly, we want to connect physically, and I think that's the most appropriate model, especially for how social and how communicative [and] interactive Filipinos are,” Tinio said.

We brought the bank to them: you have deposits, withdrawals, account opening, all done digitally, but facilitated by humans.

Complementary Asked on how he sees the future of digital banking– and the Philippine banking industry– would be like, Tinio has one thing to say: humans will always be a major force of the banking industry despite the rise of digital tools and services.

“What we like to say is, the more digital the world becomes, the more human our bank has to be-- whether that's through digital banking, through ambassadors and cashiers, or customer service, where people can chat directly with the human,” Tinio said.

As for what the banking industry would be like with both digital and traditional lenders, Tinio sees less competition and more cooperation. “I see a world where digital banks and traditional banks complement each other. I don't think

CEO INTERVIEW physical branches will go away anytime soon. There is a need for them, but I do see a time where people who started out unbanked may graduate to a traditional bank, or traditional banks who became avenues for the unbanked will eventually say, hey, why don't you start with a digital bank? I think there’s a synergy or complement in the future and the only people who stand to benefit there are all our fellow people,” Tinio told Asian Banking & Finance.

BNPL, investment services As for GoTyme Bank’s future plans, Tinio said that they will continue offering the propositions it promised its 3.7 million users: high interest for regular savings, rewards, ease of use, and ease of onboarding.

Earlier in 2024, the bank introduced loans aimed at small and medium enterprises (SMEs) and small corporations who Tinio said have very little access to the capital or lending they need.

For its retail customers, GoTyme Bank also launched earned wage access (EWA) or a form of salary loan. It has also launched a multi-currency time deposit service offering a 3% and 3.5% interest rate for three- or six- month time deposits.

The bank is also gearing up to roll-out new services in the near future. “Pending BSP approval, we're also looking to launch investment products,” Tinio said. Though Tinio could not yet share more details, he said that GoTyme customers can look forward to growing their money further by availing investment products.

A buy now, pay later service is also in the works, with a target roll-out date for later in 2024.

More recently, GoTyme Bank partnered with the Philippine central bank to enable coin deposits. With this, customers of GoTyme can use the central bank's coin deposit machines to deposit their loose change. The loose chains will be credited to their deposit accounts.

As for results, GoTyme Bank announced that it gained 1.7 million new customers in just the first six months of 2024, averaging 250,000 new customers per month. The bank now holds US$291.2m in deposits.

GoTyme Bank plans to add another 100 kioks around the Philippines by end-2024, as well as more GoTyme ATMs.

Kiosks can issue debit cards to newly onboarded customers in minutes

The more digital the world becomes, the more human our bank has to be

PH central bank gearing up for new digital bank players EVENT NEWS

BSP Deputy Governor Chuchi Fonacier, speaking at the Asian Banking & Finance and Insurance Asia Forum - Manila 2024

T

he Philippine banking sector may see the debut of up to four new digital banks in the near future, but aspirants will first have to impress regulators that they have something unique to offer.

The Bangko Sentral ng Pilipinas’ (BSP) monetary board announced that it is lifting a moratorium on granting new digital banking licenses in August 2024, allowing a maximum of up to 10 digital banks to operate in the country. Beginning 1 January 2025, the central bank can grant new digital bank licenses to up to four new entities.

The central bank likely won’t grant licenses to just anyone, however. In fact, the BSP is seeking those that can offer unique business models, said Chuchi Fonacier, deputy governor for the financial supervision sector at the Bangko Sentral ng Pilipinas (BSP).

“It has to be something new and [a] unique value proposition that's not being offered currently by the six,” she told Asian Banking & Finance in an exclusive interview during the Manila leg of the ABF IA Forum held at Makati Shangril-La, Manila, Philippines on 1 October 2024.

When asked what a unique business model may look like, Fonacier said that a digital bank focused on Islamic banking could be one.

There are currently six digital banks in the Philippines: GoTyme Bank, OFBank, Tonik Bank, Uno Digital Bank, UnionDigital Bank, and Maya Bank.They have their own unique gimmicks: for example, GoTyme Bank has introduced debit card kiosks in grocery stores.OFBank targets OFWs specifically; whilst Tonik Bank offers savings “pockets” to consumers.

Prospective players have been reaching out to the BSP even when the moratorium was still in place, according to Fonacier.

Digital marketplace Fonacier also shared an upcoming digital allowing banks to offer products from other financial service providers, and, whose regulations the BSP is aiming to roll-out in the last quarter of 2024.

“It will definitely improve financial inclusion, because there would be more touch points and more channels for consumers to be able to access not just financial services, but also products which they feel can also address their needs,” she said.

Fonacier, who served as one of the key speakers during the forum, said that they have already received comments from players and are in the process of fine-tuning the regulations based on the feedback.

ASIAN BANKING & FINANCE | Q4 2024 11

INTERVIEW

Techcombank braces for slower profit growth The country's fourth-largest bank by assets plans to spend more on its southward VIETNAM

V

ietnam Technological and Commercial Joint Stock Bank (Techcombank), the Southeast Asian nation’s biggest bank that is not state-owned, seeks to capture more business clients as it braces for slower profit growth in the second half.

“There are big opportunities in the merchant segment and in the southern region,” Alexander Macaire, the publicly listed lender’s chief financial officer (CFO), told Asian Banking & Finance in an interview.

“That's a segment in which we are underpenetrated, and it also means we can continue to capture a higher share of all transactions in Vietnam,” he added.

Techcombank is looking to expand in Ho Chi Minh City and surrounding regions, where the lender has fewer customers. The bank had 14.4 million retail and corporate clients at the end of June.

The expansion comes when Techcombank expects “some headwinds” on its net interest margin due to stiffer competition and a soft property market that could limit the interest rates it charges on customers.

“Therefore, we have advised our investors that they should not expect our growth rate to stay at the same level for the second half of the year,” Macaire said. “We are, however, confident that we will be able to achieve and hopefully exceed the full-year target of 18% profit growth that we have communicated on our AGM.” Economic growth overview Vietnam’s economic growth unexpectedly quickened to 7.4% in the third quarter, buoyed by manufacturing and exports, before a super typhoon in September damaged crops and prompted warnings of a challenging end to the year.

Its banking system has reported strong profit growth this year, but lenders face defaults from struggling property developers. The arrest and conviction of property tycoon Truong My Lan and related bank run involving Saigon Commercial Bank in 2022 had exposed corruption, fraud, and regulatory violations in the sector, although swift action by the central bank has contained most of the fallout, according to S&P Global Ratings.

Techcombank seeks to boost assets by as much as 20% in the next 18 months by improving its digital banking platform and adopting emerging technologies such as artificial intelligence (AI).

The bank may also diversify its credit books beyond real estate. To do this, it is expanding retail loans and developing corporate banking products in sectors including fastmoving consumer goods, automotive, travel, utilities, and finance and insurance.

12 ASIAN BANKING & FINANCE | Q4 2024

SCAN FOR FULL STORY

Better customer support Macaire said AI would be the “cornerstone” of Techcombank’s transformation. “We have been preparing the groundwork for its integration for the past three years.

This involved consolidating our data into what we call a ‘data brain,’ migrating it to the cloud, cleaning it and organising it for effective use.”

Macaire added that they use machine learning to study about five billion data points they collect daily to give customers more personalized services. One of Techcombank’s AI-related projects is a personalised digital agent that, once integrated, will help its relationship managers with day-to-day tasks.

“We also already have AI bots analysing in real time the conversations our call centres are having with our customers, analysing their tone, the mood of the customer, and preparing reports that can be reviewed by management so that we can optimise our customer support,” he said.

The bank, one of the dominant wealth managers in Vietnam, is also optimising customer support for its wealth business. Macaire said more than 50% of affluent Vietnamese have a bank account with Techcombank.

“We are the largest wealth bank by [assets under management] and we are also number one among banks for equity and bond brokerage,” he said. The lender, however, is not about to change its overall business model, Macaire said, touting its latest financial results.

Techcombank’s net income grew by 39% to VND6.27t in the second quarter from a year earlier, bringing its first-half earnings to VND12.55t, up 38.8%, according to its financial statement posted on its website. Its bad loan ratio was 1.28% at end-June.

Alexander Macaire, chief financial officer of Techcombank

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ASIAN BANKING & FINANCE | Q4 2024 13

CUSTOMER EXPERIENCE INITIATIVE OF THE YEAR - PHILIPPINES

BPI recognised for customer experience and accessibility in ABF Awards 2024 Its Agency Banking group aims to expand financial accessibility in underserved areas.

TG Limcaoco, BPI President and CEO

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he Bank of the Philippine Islands (BPI) and its subsidiaries won seven awards at the Asian Banking and Finance (ABF) Awards 2024.

Organised by the Asian Banking and Finance magazine, the ABF Awards honours outstanding banks in Asia that have introduced groundbreaking retail banking products and services and are proven to be industry game changers.

A triumph for innovation and service “We are honoured to receive these awards from Asian Banking and Finance, which reflect our strong commitment to providing excellent customer experiences across all touchpoints.

With the hard work and dedication of our teams, we will continue to develop digital and sustainable solutions that bring value to our stakeholders and help build a better Philippines—one family, one community at a time,” said TG Limcaoco, BPI President and CEO. Limcaoco's statement underscores the bank's focus on creating customer-centric solutions whilst advancing sustainability and inclusivity. This philosophy has become integral to BPI’s strategy, allowing the bank to stand out in a highly competitive industry.

Redefining financial accessibility with agency banking One of BPI’s standout achievements

at the ABF Awards was winning the Customer Experience Initiative of the Year Philippines accolade for its Agency Banking group. Launched in 2022, this initiative aims to expand the bank’s reach, enabling more Filipinos to access banking services through partnerships with trusted retail players.

The core idea behind the Agency Banking Group is to address the key pain points that customers often face, including the accessibility of traditional banking, proximity to financial services, and the overall banking experience. Through the “May BPI Dito” (BPI is Here) programme, BPI has made its products available in partner stores, barangays (village communities), and mobile platforms. This approach brings banking closer to customers, especially in underserved or hard-to-reach areas, removing the barriers that prevent people from accessing financial services.

With the hard work and dedication of our teams, we will continue to develop digital and sustainable solutions that bring value to our stakeholders For many Filipinos living in rural areas or far from traditional bank branches, the convenience of Agency Banking means they no longer have to travel long distances to open accounts, make transactions, or apply for loans. With the integration of digital tools and strategic retail partnerships, customers can now access essential banking services in their own communities or even on their phones, greatly improving their overall banking experience.

BPI at the Asian Banking & Finance Awards 2024

14 ASIAN BANKINGAND & FINANCE 2024 ASIAN BANKING FINANCE| Q4 | DECEMBER 2019

Recognising excellence in digital banking and sustainability In addition to the recognition for Agency Banking, BPI also received accolades in other key areas that reflect its focus on innovation and sustainability. BPI’s efforts to integrate cutting-edge digital solutions into its operations have not only streamlined its services but also enhanced the overall customer experience. The bank's digital initiatives offer convenience, speed, and security, addressing the growing demand for online and mobile banking.

Moreover, BPI’s dedication to sustainability has earned it recognition within the banking industry. The bank has consistently been at the forefront of promoting sustainable finance, offering products that align with environmental, social, and governance (ESG) principles.

BPI recognises that sustainable development is critical not just for the bank’s future but also for the communities it serves. By championing green initiatives and sustainable financing, the bank is contributing to building a more resilient and environmentally conscious economy in the Philippines.

Driving value for stakeholders BPI’s success at the ABF Awards 2024 reflects the dedication of its employees and its focus on customer-centric solutions and innovation. These awards highlight the bank’s commitment to continuous improvement and leadership in the banking industry.

Limcaoco emphasised the bank’s goal to create value for stakeholders, including customers, employees, shareholders, and the Philippine economy. Initiatives like Agency Banking and digital transformation are driving a more inclusive, accessible banking system that supports financial inclusion and economic growth.

With these accolades, BPI reaffirms its leadership in the Philippine banking sector. Its ongoing focus on enhancing customer experience, advancing digital solutions, and promoting sustainability has earned international recognition, positioning the bank for continued success and future growth.

ASIAN BANKING & FINANCE | Q4 2024 15

FINTECH AWARDS 2024

CYBERSECURITY INNOVATION AWARD - VIETNAM

Techcombank is pioneering new cloud-based security automation innovations in Vietnam Investment in digital infrastructure and cloud-based technologies is enabling Techcombank to grow faster and more profitably than ever before.

Techcombank IT Division

T

echcombank is one of Vietnam’s leading private banks serving over 13.4 million retail and business customers.

Founded just over 30 years ago and with a vision to “Change banking, Change lives,” Techcombank has always been a pioneer in the Vietnamese banking sector and is now leading the digital transformation of the industry through its innovative application of data, cloud, and AI technologies.

Currently in the fourth of a five-year digital transformation strategy, Techcombank has broadly applied data analysis and AI across the bank and most major systems have been transitioned to the cloud. The bank’s cloud-first strategy extends to the field of cybersecurity, and it has pioneered the application of cutting-edge cloud-based security automation innovation in Vietnam, setting new standards for the industry.

In recognition of this achievement, Asian Banking & Finance granted Techcombank the prize for Cybersecurity Innovation Award - Vietnam at the Asian Banking & Finance Fintech Awards 2024.

Techcombank is built on secure foundations Techcombank’s implementation of cloudbased security automation innovations is a paradigm shift that not only safeguards the bank’s cloud infrastructure but also delivers significant financial benefits.

“Our objective is clear: to leverage the cloud to assist our business units in the development and introduction of products with enhanced speed, security, and convenience”, said Nguyen Anh Tuan, the bank’s Chief Information Officer. “We aim to maximise efficiency, minimise human fallibility, reduce expenditure, and enhance output.”

16 ASIAN BANKINGAND & FINANCE 2024 ASIAN BANKING FINANCE| Q4 | DECEMBER 2019

To help become the most secure and operationally efficient bank in Vietnam, Techcombank’s IT Division has taken a comprehensive approach to security, covering on-premises, Cloud, and SaaS services. According to Nguyen Anh Tuan, the IT team actively optimises its resources, conducts proactive research on ways to improve Security Control Policies (SCP), and is pioneering modern information security solutions to automate the protection of the bank's infrastructure.

We aim to maximise efficiency, minimise human fallibility, reduce expenditure, and enhance output For example, the bank’s IT Division migrated its Security Information and Event Management (SIEM) system to the Cloud in only two months, significantly enhancing its

Nguyen Anh Tuan, Chief Information Officer, Techcombank

capabilities to monitor and respond to cyber incidents whilst delivering cost reductions of more than 40%.

Other security automation innovations include its cloud-based incident response system, which significantly strengthens the bank’s ability to identify and mitigate security threats, a sophisticated permission optimisation and analysis system that has transformed the manual review of hundreds of roles into a periodic automated system, as well as a new workload security systems that continuously monitors and protects its cloud-based workloads in accordance with regulatory requirements.

“These, and many other innovations, have strengthened our security protocols, increased operational efficacy and established new standards for the industry in Vietnam”, said Nguyen Anh Tuan.

Top-tier cybersecurity talent Attracting top digital and IT talent has been a key enabler in the bank’s digital transformation journey in recent years and this extends to the field of cybersecurity.

Techcombank aims to attract the best possible cybersecurity talent from within Vietnam and other global financial centres and then keep them at the top of their game through ongoing training as well as the opportunity to obtain new certifications from accredited institutions like Amazon Web Services (AWS).

“Our IT team functions in accordance with the partnership principle. Our people are encouraged to form strong partnerships with business divisions so that security is an integral part of product development”, explained Nguyen Anh Tuan.

This commitment to internal partnership, as well as collaborations with leading international service providers such as AWS and IBM, have helped keep Techcombank’s IT Division at the forefront of its field and ensure every product and service offered by the bank meets the highest standards of security.

All of this means Techcombank has the technology and talent needed to harness the power of data, the cloud, and AI to create more meaningful experiences for customers, whilst ensuring security and efficiency, and is well-placed to realise its vision, “Change banking, Change lives”, in 2024 and beyond.

ASIAN BANKING & FINANCE | Q4 2024 17

COUNTRY REPORT: CHINA

Mergers and closures loom for China's 3,800 rural banks About 70 rural banks have already undergone mergers since 2023.

Jiangxi Bank collapsed in July

C

by Frances Gagua

hina is in the process of cleaning up its embattled rural financial institutions — a move that will not just lead to the mergers and closures of its 3,800 rural financial institutions, but also see the number of major banks shrink.

In just one week in July, 40 banks disappeared in China. Of these, 36 were absorbed by Liaoning Rural Commercial Bank, whilst Jiangxi Bank collapsed according to reports by local media.

These disappearances were inevitable. In fact, China was behind the scheme, having already spearheaded the merger of 70 rural banks since 2023.

“There is an oversupply of rural financial institutions, leading to operational disorder and increased risks,” Betty Huang, economist at BBVA Research, told Asian Banking and Finance. “China’s small, rural banks are confronted with deepseated issues such as aggressive lending practices, inadequate risk management, and exposure to a downturn in the property market.”

These banks have also heavily lent

18 ASIAN BANKING & FINANCE | Q4 2024

China’s issues boil down to two things: there’s too many of them, but the total assets are too small

Ryan Tsang

to developers and local governments, leaving them vulnerable to fluctuations in the real estate sector and China’s slowing economic growth, Huang said.

Too many, too small China’s issues boil down to two things: there’s too many of them, but the total assets are too small.

Authorities cannot just close the troubled lenders, however, else they risk incurring the people’s wrath.

“Given their role in local economies, allowing these institutions to fail risks destabilising communities and causing social unrest,” Huang warned.

As of December 2023, mainland China has a total of 3,796 rural financial institutions, of which 1,607 are rural commercial banks.

This makes up 84% of all of China’s financial institutions.

In contrast, their total assets amounted to only RMB56.8t, at an average of RMB15b per institution — just 3% of the average asset value of city commercial banks.

This is because rural financial

institutions serve small local communities and agriculture, which equate to limited asset scales. This leaves them vulnerable to the high risks of the local rural market, Huang said.

“Notably, some institutions have reported non-performing loan ratios as high as 40%, significantly above the industry average of 1.6% as of the first quarter of 2024,” she said, adding that their provision coverage ratios also fall below the supervisory requirement of 150%.

10-year journey China’s strategy has been to pursue consolidations alongside regulatory reform. This was seen in the consolidation of the Liaoning Rural Commercial Bank; and analysts believe that this trend will continue.

The clean-up process will take some time — up to 10 years, according to Ryan Tsang, primary credit analyst for S&P Global Ratings.

“The process could take up to a decade. We reckon that it would take four to five years to substantially clean up the high-risk rural financial institutions, and it would take another few years to reorganise these lenders and institutionalise changes in corporate governance, management structure and risk culture,” Tsang said.

He expects authorities to form new institutions in the likes of Liaoning Rural Commercial Bank. These will take over weak lenders or encourage the stronger ones to absorb weaker players.

Major banks are expected to play a role in this clean-up. Looking ahead, the list of major banks may shrink rather than expand, Huang said.

“Key trends include mergers and reorganisations, where larger banks absorb smaller, failed ones, and rural reform support — such as transforming village banks into bank branches — to centralise operations,” Huang added.

Properly structured, depositors may not incur losses despite bank closures, according to Huang.

Failures The risk and probability of failures remain likely, however.

“There is a moderate likelihood of further bank failures, particularly

COUNTRY REPORT: CHINA amongst rural and village banks that have significant exposure to risky sectors such as real estate or local government financing,” Huang said.

“Conversely, smaller and poorly managed rural banks may face closure due to financial instability or regulatory pressures,” she added.

The consolidations will lead to job losses and may have regional economic impacts if branches close.

The government has much to absorb in terms of losses, too. S&P’s Tsang expects capital injections from local governments, local state-owned enterprises, and investors.

“Holders of capital instruments of a failed bank are likely to bear losses, and institutional creditors could also see some haircuts,” he said.

The long-term effects are expected to enhance China’s financial stability and manage risks within the banking system, according to Huang.

“In the long run, surviving banks could benefit from increased efficiency and enhanced risk management capabilities. This is evidenced by strengthened supervision — where regulators can focus more resources on overseeing larger, more systemically important institutions — and improved financial health,” she said.

This could stabilise the sector by reducing non-performing loans and improving overall asset quality, according to Huang.

“Moreover, consolidation may increase market concentration amongst surviving banks, potentially impacting competition and pricing,” she said. Huang added that the timely acquisition of significant regional

banks will prevent bank runs and panics.

Real estate woes The property sector remains a key issue weighing on the banking system.

In a separate report, S&P primary credit analyst Ming Tan projected that the non-performing loans (NPL) ratios for property development will rise to 6.4% in 2025.

“China's property downcycle is poised to continue. We expect excess supply and weak demand in lowertier cities to continue. This continues to weigh on the quality of property development loans, including those of surviving property developers,” Tan said.

In the first two months of 2024, nationwide property sales were down 29.3% from the previous year, noted Tan, based on data from China’s National Bureau of Statistics.

Even before that, the sector has been a major headache for banks with several developers having defaulted on their loans since 2021.

“Many Chinese property developers have accumulated high levels of debt, raising concerns about their ability to repay loans. This poses risks to financial institutions that have lent extensively to the sector,” Huang said.

From the retail customers’ side, housing affordability has emerged as a key concern in major cities.

“Excessive economic reliance on real estate attracts substantial capital inflows, driving asset prices to unsustainable levels, fostering economic illusions that eventually collapse,” Huang said.

Larger banks absorbing smaller, failed banks is one of the key trends

Let China’s small banks fail EXPERT OPINION

Betty Huang, economist at BBVA Research

T

he Chinese government should allow its small banks to fail, provided they have a guaranteed fund pool as a buffer during bankruptcies.

Betty Huang, an economist at BBVA Research, said that authorities should take a leaf out of Spain and create a credit guaranteed fund pool and fund debt banks.

Feasibility analyses should be made for the financial institutions who are unable to resolve their financial difficulties independently.

“Banks passing the feasibility test can seek central bank approval for assistance, whilst those failing may be allowed to fail,” Huang told Asian Banking & Finance, when asked on what ways China’s banking system can be strengthened.

Huang’s suggestion takes inspiration from Spain’s Fondo de Reestructuración Ordenada Bancaria (FROB). The FROB is the entity that managed the restructuring process of Spain’s credit institutions and helped strengthen the banking sector following the 2008 financial crisis.

Private sector, third party help Huang also suggested introducing the private sector to resolve bad debt, and to hire independent third-party auditors for crisis audits.

Introducing the private sector to resolve bad debt can offer higher returns and better asset allocation quality than state-owned institutions due to the sector’s “inherent profit maximisation drive”, according to Huang.

“Compared to Spain's bad debt banks, which are funded by both government and market investment institutions, China's banking industry restructuring funds are exclusively government-backed. These state-owned banks have traditionally focused on policy objectives rather than profit maximization,” she said.

BBVA also recommends hiring independent auditors for crisis audits.

“To manage risks associated with acquiring troubled banks, we advise treating different risk-level problem banks differently and carefully selecting state-owned and local asset management companies for seamless bankruptcy processing,” it added.

Accelerating mergers is another suggestion to prevent public trust from disintegrating.

ASIAN BANKING & FINANCE | Q4 2024 19

SECTOR REPORT: TRADE FINANCE

Tokenisation of trade assets to bridge financing gap Blockchain technology could decentralise finance operations and allow easier credit access to support corporates, including SMEs.

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okenising trade finance assets on the blockchain may help bridge the world’s widening trade finance gap and decentralise commercial transactions from banks’ control, analysts told Asian Banking & Finance.

Tokenisation, which transforms a physical trade document such as an invoice or bill of lading into a secure digital representation on the blockchain, could replace traditional trade finance processes that are often slow and susceptible to fraud, said Steven Hu, head of Digital Assets, Trade and Working Capital at Standard Chartered.

“With tokenisation, we create a new distribution channel to the capital market, [and] also to the emerging digital asset market with greater efficiency and transparency, while creating a viable, brand new asset class with a stable and attractive yield,” he said in an interview.

It digitises and reduces friction in finance and trade finance distribution, said Bhriguraj Singh, chief product officer for Global Trade Solutions at HSBC. This could make banks and organisations more liquid; he pointed out.

“Tokenisation has the potential to make both trade and trade finance more accessible for companies engaged in trade as well as their trade finance providers,” he told Asian Banking & Finance.

Streamlining operations The trade finance gap — the difference between requests and approvals for financing to support imports and exports — grew to a record $2.5t in 2022 from $1.7t two years earlier, according to the Asian Development Bank (ADB). The gap is expected to widen further as global trade hits $36.2t by 2030.

Both Hu and Singh said blockchain technology could streamline trade finance operations and allow easier access to credit.

“This will translate to a headroom 20 ASIAN BANKING & FINANCE | Q4 2024

Steven Hu

Bhriguraj Singh

of available credit to support corporates including SMEs (small and medium enterprises) to grow their business,” Hu said.

“Imagine a future where the underlying trade finance aspect is structured in a digital token that can be freely traded [to] enjoy the liquidity in the secondary markets.

That will develop into a new potential business model, which is based on fees,” he added.

Rejected corporate requests for financial support to back their import or export activities disproportionately affected SMEs compared with bigger companies. In 2022, while 38% of the applications received by banks were from small businesses, a larger share of rejections (45%) involved SMEs, the ADB said in a September 2023 report.

The global COVID-19 pandemic and later, geopolitical tensions, exposed trade financing problems, including the inefficiencies of traditional paper-based systems.

“All of that has made it quite difficult for corporations and especially SMEs to get financing,” Hu said.

He said tokenisation would enhance banks’ origination and distribution and make them more capital efficient. These benefits can be passed on to their client companies.

“We actually make the trade finance instruments, or even cash payment instruments smarter,” Hu said. “It also brings transparency [and] traceability that are inherited benefits of the blockchain technology.”

Companies engaged in trade tokenisation can extend the benefits of supply chain finance across suppliers or cut risks by using tokenised bills of lading and tokenised deposits, Singh said.

Last month, Hong Kong’s de facto central bank launched a sandbox for wholesale central bank digital currency, with six participants showcasing projects to bring the city closer to using tokenized money to support digital asset transactions.

HSBC, one of the participants, completed trials that used the digital currency for interbank settlement under the Hong Kong Monetary Authority’s Project Ensemble platform.

Diversifying investments Tokenisation makes it easier for everyone to access trade finance assets, which traditionally were only available to financial institutions.

“It is traditionally reserved for banks,” Hu said. “With tokenisation, we can open up access to a wider, broader range of investors, and that investor could be different from how we imagine an investor today, like an asset manager.”

Tokenisation could also help a company that is looking for untapped opportunities and that may be interested in investing in certain markets without a business blueprint, Hu said.

Companies can cut risks by using tokenised bills of lading and tokenised deposits

ASIAN BANKING & FINANCE | Q4 2024 21

EVENT NEWS: ABF FORUM - KUALA LUMPUR

Malaysia's bid for BRICS membership seeks to spur banking overhaul

However, challenges abound when moving away from reliance on the US and SWIFT systems.

ADFIM Secretary General Mohd Prasad Hanif discusses the possible effects of a BRICS membership at the Asian Banking & Finance and Insurance Asia Forum - Kuala Lumpur 2024

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alaysia’s bid to become a member of BRICS could change how the local banking system operates, with a senior official from a local banking association touting the potential to break away from U.S. influence.

For Mohd Prasad Hanif, Secretary General of the Association of Development Finance Institutions Malaysia (ADFIM), joining BRICS will reduce the impact of the US decisions and sanctions, particularly on the geopolitical front.

“Now, the BRICS alternative system will essentially enhance the economic sovereignty and stability for member countries by reducing the impact of U.S. economic policies and sanctions,” Hanif told attendees of the Asian Banking & Finance Forum 2024’s Kuala Lumpur leg.

In mid-June, Malaysian Prime Minister Anwar Ibrahim declared his intention to apply for BRICS membership, with the application sent in August. If successful, Malaysia will become part of an intergovernmental organization that includes China, Russia, India, South Africa, and the 22 ASIAN BANKING & FINANCE | Q4 2024

When you have a competing alternative system to SWIFT, you'll be able to negotiate better costs by avoiding currency conversion and intermediary banks

UAE, amongst other nations.

This means possibly moving away from reliance on SWIFT—a move that presents both opportunities and challenges.

“This system can lower transaction costs. Of course, when you have a competing alternative system to SWIFT, you'll be able to negotiate better costs by avoiding currency conversion and intermediary banks, fostering greater economic cooperation among those nations,” Hanif noted.

Having an alternative trade settlement system can also spur financial innovation and inclusion by leveraging fintech advancements to improve access to financial systems, the Secretary General said.

“It also provides resilience against Western countries, allowing member countries to pursue independent foreign policies without financial repercussions,” Hanif said.

Increased economic cooperation with BRICS can lead to more diversified investment opportunities and the development of new financial products, he added.

Challenges Many challenges abound, the biggest being the need for substantial investment in technology, regulatory frameworks, and financial infrastructure.

“Coordinating financial regulations and policies amongst diverse BRICS countries could be difficult and potentially lead to inefficiencies and conflicts as well,” Hanif said.

Malaysia will also need to carefully balance its relations between Western countries and BRICS. However, “The challenges of currency volatility and liquidity risks associated with using local currency can increase the complexity of financial transactions and risk management for banks,” Hanif warned, adding that the potential for geopolitical tensions within BRICS could create an uncertain regulatory environment.

“The diversity among BRICS members in terms of economic structures and political systems and developmental stage can make it a challenge to reach consensus,” he said.

Attracting new members may also be a challenge, due to its lack of an established global trust and infrastructure similar to that of the International Monetary Fund.

Policy reforms underway Malaysia has been embarking on several policy changes throughout 2024. In September, the Bank Negara Malaysia (BNM) proposed a full transition to the Malaysia Overnight Rate (MYOR) and the cessation of the Kuala Lumpur Interbank Offered Rate (KLIBOR).

The central bank’s proposed roadmap for the full-transition will see the permanent cessation of all KLIBOR tenors by 2028. BNM also proposed ceasing the usage of KLIBOR in new products by 2027.

BNM first introduced the MYOR in 2021, and the Malaysia Islamic Overnight Rate (MYOR-i) in 2022 as new alternative reference rates.

Driven to deliver for our clients As one of the world’s leading full-service investment banking and capital markets firms, Jefferies offers clients bespoke advice and exceptional execution informed by our deep product and sector expertise.

©2024 Jefferies.

ASIAN BANKING & FINANCE | Q4 2024 23

FINANCE COMPANY OF THE YEAR - PHILIPPINES

Home Credit Philippines welcomes 11th year of empowering Filipinos through financial inclusion

The company served customers with a broad range of financial solutions, focussing on responsible lending, digital innovation, and nationwide expansion to empower Filipinos.

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ith over 10 million customers served and PHP340b (US$6.03b) worth of loans disbursed since its establishment in 2013, Home Credit Philippines (HCPH), the leading consumer finance company in the Philippines, continues to develop innovative financial solutions and credit opportunities, enabling Filipinos to achieve their goals and live more fulfilling lives.

Meeting evolving needs of Filipinos HCPH has consistently adapted to the changing financial landscape, offering various credit products and value-added services. From product instalments and cash loans to credit cards and Home Protect (coverage plans), HCPH caters to the evolving financing needs of Filipinos.

“Home Credit recognises the significant number of Filipinos with limited access to formal financial services," said David Minol, Chief Executive Officer of HCPH. “We are committed to being their financial ally, empowering them at every stage of their lives. We’ve diligently expanded our sales network nationwide, reaching 75 out of 81 provinces to make our solutions accessible to those who need them most.”

Responsible lending and building trust HCPH is a champion of responsible lending practices. Coupled with flexible repayment options and a commitment to fostering healthy borrower-lender relationships, the company has earned the trust of its growing customer base.

Home Credit Philippines' acquisition in 2022 by Krungsri (Bank of Ayudhya PCL), Thailand's fifth-largest bank, and Mitsubishi UFJ Financial Group, Japan's largest banking group, has bolstered the company's mission to empower more Filipinos. This partnership has granted HCPH access to financial resources, enabling a stronger commitment to expand access to credit opportunities for more Filipinos. The infusion of expertise from global financial giants is also poised to further HCPH's growth trajectory.

HCPH is also a trusted partner to a vast network of reputable banks. These partnerships serve as a testament to its long-standing credibility as a key player in the Philippine consumer finance landscape.

24 ASIAN BANKINGAND & FINANCE 2024 ASIAN BANKING FINANCE| Q4 | DECEMBER 2019

[From L-R, T-B] Zdenek Jankovsky, HCPH Chief Business Development Officer; David Minol, HCPH Chief Executive Officer; Philips Yu, HCPH Chief Digital Officer; Puneet Suneja, HCPH Chief Sales Officer; and Sheila Paul, HCPH Chief Marketing Officer

“We are committed to being their financial ally, empowering them at every stage of their lives” A wide range of financed products HCPH has significantly expanded its product portfolio. Initially financing four types of products (smartphones, televisions, computers, and laptops), it now offers over 80 types of commodities—the widest selection of any consumer finance company in the Philippines.

Understanding the crucial role motorcycles play in transportation and delivery services in the Philippines, HCPH also recently launched its first-ever motorcycle financing programme in partnership with Emcor Philippines.

and facilitating customer browsing, price comparisons, and loan eligibility checks. Aligned with the government's digital payment initiatives, the app allows customers to settle bills and buy loads conveniently.

Furthermore, HCPH utilises Shoppingmall. ph, an online marketplace where customers can explore over 50,000 deals from over 500 merchants, allowing them to find the products they need at the best prices and from their preferred partner shops amongst HCPH's 15,000+ network nationwide.

Looking forward: A decade of continued growth As HCPH enters a new decade, the company remains dedicated to empowering Filipinos through a broader range of financial solutions, increased store locations, innovative technologies, and customercentric services. The company is committed to making credit more accessible and staying true to its core value: being every Filipino's financial ally, para sa life (for life).

Promoting innovation and digital inclusion HCPH prioritises a seamless and userfriendly customer experience through technology and digital channels. The Home *Included figures are as of Aug 2024 Credit App serves as a central hub, offering customers access to services, information on retailers, available products, and instalment plans.

This app marketplace also benefits retailers, many of which are MSMEs, Sheila Paul, HCPH Chief Marketing Officer, shares how Home Credit Philippines has become a part of Filipino’s life milestones through its by promoting different 0% instalment campaigns throughout the year their businesses

Top Broker in Southeast Asia, 45-year legacy of success.

With a rich history elevated by our strong Chinese parentage, CGS International is proud to be Asia's Global Investment House and your partner in a rising Asia.

We provide clients with extensive global market access and a wide and comprehensive suite of services to cater to diverse investment needs. Our comprehensive research coverage provides clients with the data and insights to make the right decisions, at the right place and time.

We are honoured and grateful for this award, and the trust from our investors.

We will continue our efforts to be a leading, world-class investment bank in Asia – All to fulfill our mission of uplifting communities and individuals by empowering them to make better investments decisions for a more sustainable future.

Asian Banking & Finance Corporate & Investment Banking Awards 2024 Securities House of the Year – Singapore

Thank you

cgsi.com

ASIAN BANKING & FINANCE | Q4 2024 25

24

SINGAPORE INTERNATIONAL CASH MANAGEMENT BANK OF THE YEAR

CIMB Singapore accumulating market share at a strong pace CIMB Singapore improves its services with foremost consideration to the developing needs of SMEs.

OBCA account opening

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espite being a niche challenger bank in the country, CIMB Singapore— which offers a range of services including banking products and services, treasury products and services, and investment banking—has been making waves in the banking industry.

In 2023 alone, the financial services provider achieved record-breaking performance with its highest ever revenue.

It also grew its commercial banking business profit before tax, reaching more than 60% increase year-over-year—a growth driven by the Bank's customer centricity.

Customer centricity CIMB Singapore is committed to improving its products and services, constantly developing features that enhance the banking experience of its clients. With a strong focus on customercentricity, the Bank also offers products and solutions that are fast, fuss-free and simple to meet their clients' evolving needs.

In addition, the Bank recognises the importance of human touch in any relationship. On top of its call centre, each customer is allocated a relationship manager and can also reach out via CIMB Singapore's chatbot.

CIMB Singapore wants to make the account opening process fuss-free and automated so that its clients could enjoy a seamless onboarding process.

It streamlined the account opening process by integrating the CIMB Internet Banking (BizChannel@CIMB) sign-up into the OBCA application process. The application form process would take 15 minutes and require only three supporting documents.

“This means the clients can now open an account on-the-go without being physically

26 ASIAN BANKINGAND & FINANCE 2024 ASIAN BANKING FINANCE| Q4 | DECEMBER 2019

present at our branch, enjoying an integrated, seamless internet banking sign-up process,” the Bank said.

In 2023, CIMB SME Account contributed to 40% of the new Commercial Banking business accounts opened via OBCA. This significant contribution has been crucial in nearly doubling CIMB Singapore’s total Commercial Banking account openings (both through OBCA and other channels) compared to the previous year.

Currently, CIMB Singapore is maintaining their attractive interest rate promotion from now till 31 January 2025 even with market interest rate cuts. Enjoy 2.68%* p.a on SGD BusinessGo account and 3.88%* p.a on USD Interest Plus current account.

Additionally, it includes free* international telegraphic transfers.

macro environment, and more. Despite these obstacles, it is essential for them to prioritise growth and expansion. CIMB Singapore can serve as a partner in exploring these opportunities by leveraging its expertise and local knowledge to serve as a gateway to Singapore and Malaysia.

“At CIMB Singapore, our strength lies in our deep local knowledge and unparalleled expertise in identifying synergies within the economic landscapes of Singapore and Malaysia. This enables us to leverage on the Group's leading position in Malaysia and ASEAN footprint to connect interested SMEs and support their growth beyond Singapore.

Clients can also benefit from fast, efficient business solutions and financing. The Bank’s forex service offers guaranteed* best rates for transactions in Singapore dollar (SGD) to Malaysian ringgit (MYR), with live rates for SGD-MYR rates also available for clients.

The OBCA online service further provides a competitive advantage by allowing both Singapore and Malaysia-registered businesses to open a business account.

It is evident that CIMB Singapore, named Singapore International Cash Management Bank of the Year at the ABF Wholesale Banking Awards 2024, has no secret formula for its robust growth. The Bank is rooted in the fundamentals of banking: keeping it fast, easy, and simple; embodying the commitment to continuously refine products and services to better meet clients’ needs. *T&CS apply. SGD deposits are insured up to S$100k by SDIC.

Beyond Banking As part of CIMB Singapore's aim to provide a more value-added banking experience to their clients, CIMB Singapore can also connect them to partners' services that go beyond banking. A key component of its strategy is building an integrated ecosystem, offering a convenient one-stop business solution to SMEs. The Bank link interested clients to nonbanking service partners that grant them easy access to diverse solutions which can advance their businesses whilst keeping costs low.

Gateway between Singapore and Malaysia SMEs and businesses face various challenges, such as inflation, shifts in the

Benjamin Tan, Head of Commercial & Transaction Banking, CIMB Singapore

At CIMB Singapore, our strength lies in our deep local knowledge and unparalleled expertise in identifying synergies within the economic landscapes of Singapore and Malaysia

Cash management solution to serve your business needs With Business Online Banking, you are assured of a secure and reliable platform for your continued growth and expansion. Now also available via BDO Business Online app!

BDO Cash Management Services

bdo.com.ph

ASIAN BANKING & FINANCE | Q4 2024 27

SME BANK OF THE YEAR - MALAYSIA

Hong Leong Bank scores hat trick of wins in SME banking A digital-first, customer-centric Approach to SME banking is the Winning Formula for HLB.

Woon Siew Hoong, HLB’s Head of SME Banking (2nd from left) accepted the award along with Angeline Ng (1st from left), HLB’s SME Banking Head of Cash and FX and Daniel Mun (1st from right), HLB’s SME Banking Head of Business Transformation

H

banking initiatives within the SME segment, ong Leong Bank (“HLB” or the “Bank”) which is almost double the industry average has been named the SME Bank of growth of 6.7%. the Year - Malaysia for the third consecutive year at the Asian Banking A trusted partner for Malaysian SMEs & Finance Retail Banking Awards 2024, Kevin Lam, Group Managing Director and cementing its position as the premier bank CEO of HLB said, “SMEs are the lifeblood of for Malaysia’s small and medium-sized the Malaysian economy, and their success enterprises (SMEs). is paramount to our nation's progress.

This eminent award recognises the Bank’s At HLB, we remain committed to being contribution within the SME space and is valuable partners to our SME customers and attributed to its successful integration community and supporting them through of innovative technologies that have every stage of their journey. Our brand “revolutionised the customer experience." promise, ‘Built Around With its innovative You,’ reflects our products, services, We are a trusted partner, continuous dedication and solutions that committed to helping to providing consistently drive SMEs future-proof their innovative solutions positive growth for its and personalised customers, HLB looks businesses support tailored to to become a trusted our SME customers’ banking partner for specific needs." Lam added, "Receiving this SMEs. This dedication has translated into prestigious award for the third consecutive impressive results, with the Bank recording a year is a tremendous honour. It is a testament 13% year-on-year (YoY) growth in its overall to the dedication and hard work of our entire SME customer base. The Bank’s SME loan/ team at HLB who provide services and financing portfolio has witnessed a 10.4% solutions that empower our SME customers YoY increase to MYR33b (US$587.19m) in through their digitalisation, innovation, and the past financial year, attributed largely to sustainability journeys." We are incredibly a robust 12.6% YoY growth in its community 28 ASIAN BANKINGAND & FINANCE 2024 ASIAN BANKING FINANCE| Q4 | DECEMBER 2019

grateful for this recognition and remain committed to building on our success as Malaysia’s leading SME bank.”

Empowering SMEs with digital solutions, personalised support In line with the Bank’s customer-centric and digital-first approach, HLB goes above and beyond when serving its SME customers.

Besides providing loans and financing, it implements a digital onboarding experience where SME customers can apply for banking products and services from the comfort of their own premises. This eliminates the need for SME owners or managers to visit a physical branch to open an account or access banking solutions.

HLB also provides a diversified suite of online banking capabilities, including enhanced features for faster trade processing, an optimised loan origination system that expedites loan approvals, and more, ensuring that SME customers can enjoy a streamlined and comprehensive banking experience.

Woon Siew Hoong, Head of SME Banking at HLB said, “We understand the importance of being more than just a financial service provider. Our extensive network of Community Business Managers (“CBM”) and Cash & FX (“CFX”) specialists is embedded within the SME community nationwide.

This deep understanding, coupled with our entrepreneurial heritage, allows us to provide unparalleled support. We are a trusted partner, committed to helping SMEs futureproof their businesses through innovation, a focus on sustainability, and a comprehensive growth strategy."

For more information, please visit: https://www.hlb.com.my/en/businessbanking/group-sme-banking.html

CONTACT About Hong Leong Bank Berhad Please visit www.hlb.com.my Media contact: Vivian Tan Corporate Communication & CSR DID: +6032081 8888 Extn 61914 Email: viviantan@hlbb.hongleong.com.my Derrick Pang Corporate Communication Email: derrickpangcm@hlbb.hongleong.com. my

Providing Filipinos with Accessible, Fast, and Convenient Loans since 1997!

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Asialink Finance Corporation ASIAN BANKING & FINANCE | Q4 2024 29

EVENT: ASIAN BANKING & FINANCE AWARDS

Outstanding industry champions crowned at Asian Banking & Finance Awards

A

sian Banking & Finance celebrates another year of excellence in the region's banking industry as it marked the 2024 Wholesale Banking Awards, Retail Banking Awards, Corporate and Investment Banking Awards, and the first-ever FinTech Awards.

The glittering ceremony for all awards programmes, held on 4 July 2024 at the Marina Bay Sands Expo & Convention Centre Singapore, was a grand celebration of outstanding banks and financial institutions for their achievements in performance, innovation, and dedication to their clients. This awards programme is renowned as the most prestigious gathering of senior banking executives from all over Asia, recognising the remarkable dedication and success of this year’s winners in their respective fields, setting new standards for the industry.

With almost 400 guests in attendance, this year's event marked the largest-ever awards dinner in the history of the Asian Banking & Finance Awards. Additionally, it received the highest number of nominations since its inception, underscoring the growing significance and competitive spirit within Asia's banking and finance sector.

"On behalf of Standard Chartered Bank Hong Kong, we are deeply honoured to accept this prestigious award. Thank you, Asian Banking & Finance, for recognising our achievements. I'd like to take this opportunity to thank our leadership team for their commitment to the

region, which allows us to invest in our people and platforms. I also want to thank our people for their hard work and dedication, and, of course, our clients for their trust in us," said Mona Sengupta Managing Director & Head of Products – Deposits and Mortgages, Wealth and Retail Banking, Standard Chartered Bank Hong Kong.

Entries were evaluated by a distinguished panel of judges, including Liew Nam Soon, Regional Managing Partner, ASEAN at Ernst & Young; Ho Kok Yong, CFO Program Leader, Deloitte Southeast Asia, Audit & Assurance Partner, Deloitte Singapore; Mansi Singh, Financial Services Strategy and Operations Partner at PwC Southeast Asia Consulting; and Alessandro Magarini Montenero, Partner, Financial Services at Bain & Co. Their expertise ensured a rigorous selection process, culminating in the recognition of truly deserving institutions.

These awards serve as a testament to each company’s commitment to excellence and set a benchmark for the industry, showcasing the best practices and innovative approaches that are shaping the future of Asian banking.

Congratulations to this year’s awardees! See the full list of winners below:

WHOLESALE BANKING AWARDS 2024 WINNERS

Bank of Bahrain Bahrain Domestic Digital Transformation Initiative of the Year

Affin Bank Berhad Malaysia Domestic Cash Management Bank of the Year ANEXT Bank Pte Ltd Singapore Domestic SME Partnership Initiative of the Year

Bank of China (Hong Kong) Limited Hong Kong Domestic Cash Management Bank of the Year Bank of Communications (Hong Kong) Ltd Hong Kong International Sustainability Initiative of the Year Hong Kong International Cash Management Bank of the Year

Arab African International Bank Egypt Domestic Trade Finance Bank of the Year

Bank of the Philippine Islands Philippines Domestic Foreign Exchange Bank of the Year Philippines Domestic Sustainable Finance Initiative of the Year

Arab National Bank Saudi Arabia Domestic Project Finance Bank of the Year

Bank SinoPac Taiwan Domestic Project Finance Bank of the Year Taiwan Domestic Green Finance Initiative of the Year

Axis Bank Limited India Domestic SME Partnership Initiative of the Year India Domestic Trade Finance Bank of the Year India Domestic Digital Transformation Bank of the Year

BankIslami Pakistan Ltd Pakistan Domestic Trade Finance Bank of the Year

Bangkok Bank Public Company Limited Thailand Domestic Trade Finance Bank of the Year Bank CTBC Indonesia Indonesia International Supply Chain Financing Initiative of the Year Bank for Investment and Development of Vietnam JSC (BIDV) Vietnam Domestic Foreign Exchange Bank of the Year Vietnam Domestic Derivatives Initiative of the Year Vietnam Domestic FDI Bank of the Year Bank Muscat Oman Domestic AI Initiative of the Year Bank of Ayudhya PCL (Krungsri) Thailand Domestic Technology & Operations Bank of the Year 30 ASIAN BANKING & FINANCE | Q4 2024

Banque Misr Egypt Domestic Digital Transformation Bank of the Year BSF Saudi Arabia Domestic Cash Management Bank of the Year Saudi Arabia Domestic Ecosystem Initiative of the Year BDO Unibank Philippines Domestic Cash Management Bank of the Year BPI Capital Corporation Philippines Domestic Project Finance Bank of the Year BTN Prioritas Indonesia Domestic Technology & Operations Bank of the Year Cathay United Bank Taiwan Domestic Cash Management Bank of the Year Taiwan Domestic Trade Finance Bank of the Year

24 CIMB Malaysia Domestic Sustainable Finance Initiative of the Year

ING Bank N.V. Taipei Branch Taiwan International Trade Finance Bank of the Year

CIMB Niaga Indonesia Domestic Foreign Exchange Bank of the Year

JS Bank Pakistan Domestic Digital Transformation Bank of the Year Pakistan Domestic Health & Wellness Bank of the Year

CIMB Singapore Singapore International Cash Management Bank of the Year CIMB Thai Bank Public Company Limited Thailand International Technology & Operations Bank of the Year Citi Hong Kong International Project Finance Bank of the Year Commercial Bank of Ceylon PLC Bangladesh International Trade Finance Bank of the Year CTBC Bank Taiwan Domestic Foreign Exchange Bank of the Year DBS Bank Singapore Domestic Liquidity Management Initiative of the Year Singapore Domestic Technology & Operations Bank of the Year First Abu Dhabi Bank UAE Domestic Cash Management Bank of the Year UAE Domestic Trade Finance Bank of the Year UAE Domestic Sustainable Finance Initiative of the Year Fubon Bank (Hong Kong) Hong Kong Domestic Data Governance Bank of the Year Gulf International Bank BSC Bahrain Domestic Cash Management Bank of the Year Bahrain Domestic Foreign Exchange Bank of the Year Saudi Arabia International Cash Management Bank of the Year UAE International Cash Management Bank of the Year Habib Bank Limited Pakistan Domestic Project Finance Bank of the Year Habib Metropolitan Bank Ltd Pakistan Domestic Cash Management Bank of the Year Hang Seng Bank Limited Hong Kong Domestic Trade Finance Bank of the Year Hong Kong Domestic Digital Payment Initiative of the Year HSBC Philippines International Cash Management Bank of the Year Philippines International Trade Finance Bank of the Year HSBC Sri Lanka International Project Finance Bank of the Year ICBC (Asia) Hong Kong International Digital Transformation Bank of the Year ICICI Bank India Domestic Foreign Exchange Bank of the Year IndusInd Bank India Domestic Liquidity Management Bank of the Year India Domestic Cash Management Bank of the Year Infrastructure Development Company Limited (IDCOL) Bangladesh Domestic Project Finance Bank of the Year ING Bank N.V. South Korea International Trade Finance Bank of the Year

FINTECH AWARDS 2024

KASIKORNBANK PCL Thailand Domestic Blockchain Initiative of the Year Thailand Domestic Cash Management Bank of the Year Mashreq Bank UAE Domestic Automation Initiative of the Year Maybank Singapore International Supply Chain Initiative of the Year Maybank Investment Bank Berhad Malaysia Domestic Project Finance Bank of the Year National Development Bank PLC Sri Lanka Domestic Project Finance Bank of the Year Nepal SBI Bank Limited Nepal Domestic Omni-channel Initiative of the Year Nepal Domestic Digital Transformation Bank of the Year OCBC China China International Trade Finance Bank of the Year OCBC Indonesia Indonesia International Trade Finance Bank of the Year OCBC Singapore Singapore Domestic Cash Management Bank of the Year Singapore Domestic Trade Finance Bank of the Year Pan Asia Banking Corporation Sri Lanka Domestic CSR Initiative of the Year PT Bank CIMB Niaga Tbk Indonesia Domestic Green Financing Bank of the Year PT Bank HSBC Indonesia Indonesia International Cash Management Bank of the Year Indonesia International Liquidity Management Bank of the Year PT Bank Mandiri (Persero) Tbk. Indonesia Domestic Trade Finance Bank of the Year Indonesia Domestic Cash Management Bank of the Year PT Bank Negara Indonesia (Persero) Tbk Indonesia Domestic Digital Transformation Bank of the Year Indonesia Domestic SME Partnership Initiative of the Year Indonesia Domestic API Initiative of the Year PT Bank Syariah Indonesia Tbk Indonesia Domestic Project Finance Bank of the Year RHB Bank Berhad Malaysia Domestic Foreign Exchange Bank of the Year Rizal Commercial Banking Corporation Philippines Domestic Digital Transformation Bank of the Year Philippines Domestic Payroll Services Initiative of the Year Saigon-Hanoi Commercial JS Bank Vietnam Domestic SME Partnership Initiative of the Year Vietnam Domestic Social Impact Finance Initiative of the Year ASIAN BANKING & FINANCE | Q4 2024 31

EVENT: ASIAN BANKING & FINANCE AWARDS Security Bank Philippines Domestic Digital Payment Initiative of the Year Standard Chartered Bank Singapore International Trade Finance Bank of the Year Standard Chartered Bank Bangladesh Bangladesh International Digital Banking Initiative of the Year Taipei Fubon Bank Taiwan Domestic Technology & Operations Bank of the Year Taishin International Bank Taiwan Domestic SME Partnership Initiative of the Year

Ardshinbank CJSC Domestic Retail Bank of the Year - Armenia Private Bank of the Year - Armenia Asialink Finance Corporation SME Financial Inclusion Initiative of the Year - Philippines Axis Bank Digital Wallet Initiative of the Year - India Baiduri Bank Domestic Retail Bank of the Year - Brunei Bank for Investment and Development of Vietnam SME Bank of the Year - Vietnam

The Bank of Punjab Pakistan Domestic Green Financing Bank of the Year Pakistan Domestic Technology & Operations Bank of the Year

Bank of Ayudhya (Kept by krungsri) Gen Z Product of the Year - Thailand

United Overseas Bank (Malaysia) Bhd Malaysia International Cash Management Bank of the Year Malaysia International Green Financing Bank of the Year Malaysia International Trade Finance Bank of the Year

Bank of Ayudhya (Krungsri) Marketing & Brand Initiative of the Year - Thailand SME Digital Innovation of the Year - Thailand SME Financial Inclusion Initiative of the Year - Thailand

United Overseas Bank (Thai) Company Limited Thailand International Green Financing Bank of the Year Thailand International Health & Wellness Bank of the Year

Bank of China (Hong Kong) Credit Card Initiative of the Year - Hong Kong

United Overseas Bank Limited Singapore Domestic AI Initiative of the Year Singapore Domestic Digital Transformation Bank of the Year Singapore Domestic Health & Wellness Bank of the Year United Overseas Bank Limited Brunei International Project Finance Bank of the Year

Bank of East Asia Digital Consumer Banking Initiative of the Year - Hong Kong Mobile Banking & Payment Initiative of the Year - Hong Kong Bank of the Philippine Islands Customer Experience Initiative of the Year - Philippines Digital Consumer Banking Initiative of the Year - Philippines ESG Program of the Year - Silver Open Banking Initiative of the Year - Philippines

Vietnam Technological and Commercial Joint Stock Bank (Techcombank) Bank SinoPac Vietnam Domestic Cash Management Bank of the Year AI & Machine Learning Initiative of the Year - Taiwan Vietnam Domestic Trade Finance Bank of the Year Digital Wallet Initiative of the Year - Taiwan Ecosystem Initiative of the Year - Taiwan

RETAIL BANKING AWARDS 2024 WINNERS ABA Bank Domestic Retail Bank of the Year - Cambodia Aditya Birla Capital Digital Ecosystem Initiative of the Year - India ahlibank Private Wealth Bank of the Year - Oman Airstar Bank Digital Business Banking Initiative of the Year - Hong Kong Alliance Bank Malaysia Berhad Digital Business Banking Initiative of the Year - Malaysia Open Banking Initiative of the Year - Malaysia AmBank (M) Berhad Fraud Initiative of the Year - Malaysia Priority Banking Initiative of the Year - Malaysia AmBank Group SME Digital Innovation of the Year - Malaysia Ant Bank (Hong Kong) Limited Consumer Finance Product of the Year - Hong Kong New Virtual Bank of the Year - Hong Kong 32 ASIAN BANKING & FINANCE | Q4 2024

Bank Syariah Indonesia Online Fund Accounts Services of the Year - Indonesia BDO Foundation Financial Inclusion Initiative of the Year - Philippines BDO Private Bank Private Bank of the Year - Philippines BDO Unibank, Inc. Retirement Solutions of the Year - Philippines BigPay Ecosystem Initiative of the Year - Malaysia Financial Inclusion Initiative of the Year - Malaysia BPI Direct BanKo New SME Lending Product of the Year - Philippines BTN Prioritas Customer Experience Initiative of the Year - Indonesia Cathay United Bank Fraud Initiative of the Year - Taiwan Mortgage and Home Loan Product of the Year - Taiwan Service Innovation of the Year - Taiwan Investment Product Innovation of the Year - Taiwan

24 CB Bank SME Bank of the Year - Myanmar

GXS Bank Pte Ltd Customer Experience Initiative of the Year - Singapore

Cebuana Lhuillier Bank Rural/Cooperative Bank of the Year - Philippines

Habib Bank AG Zurich Islamic Banking Initiative of the Year - Pakistan Marketing & Brand Initiative of the Year - Pakistan

China Banking Corporation Domestic Retail Bank of the Year - Philippines CIMB Bank Berhad AI & Machine Learning Initiative of the Year - Malaysia Customer Experience Initiative of the Year - Malaysia Digital Consumer Banking Initiative of the Year - Malaysia SME Financial Inclusion Initiative of the Year - Malaysia CIMB Bank Philippines Service Innovation of the Year - Philippines CIMB Niaga SME Financial Inclusion Initiative of the Year - Indonesia CIMB Singapore Strategic Partnership of the Year - Singapore CIMB Thai PCL Wealth Management Platform of the Year - Thailand Commercial Bank of Ceylon PLC Digital Consumer Banking Initiative of the Year - Sri Lanka SME Bank of the Year - Sri Lanka Commercial Bank of Kuwait Digital Transformation of the Year - Kuwait creFIT Digital Business Financing Initiative of the Year - Hong Kong CTBC Bank Domestic Retail Bank of the Year - Taiwan SME Bank of the Year - Taiwan

Hang Seng Bank Analytics Initiative of the Year - Hong Kong Branch Innovation of the Year - Gold Domestic Retail Bank of the Year - Hong Kong Financial Inclusion Initiative of the Year - Hong Kong HNB Finance PLC Marketing & Brand Initiative of the Year - Sri Lanka Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) Mobile Banking & Payment Initiative of the Year - Vietnam Mid-sized Domestic Retail Bank of the Year - Vietnam Home Credit Philippines (HC Consumer Finance Philippines, Inc.) Finance Company of the Year - Philippines Home Credit Vietnam Consumer Finance Product of the Year - Vietnam Hong Leong Bank Malaysia SME Bank of the Year - Malaysia Hong Leong Finance ASEAN Finance Company of the Year HSBC Analytics Initiative of the Year - India Marketing & Brand Initiative of the Year - Hong Kong Wealth Management Platform of the Year - Hong Kong HSBC Bangladesh International Retail Bank of the Year - Bangladesh Marketing & Brand Initiative of the Year - Bangladesh

DNSE Securities Investment Product Innovation of the Year - Vietnam Online Securities Platform of the Year - Vietnam

HSBC Bank (Singapore) Limited Credit Card Initiative of the Year - Singapore Digital Transformation of the Year - Singapore

E.SUN Commercial Bank Customer Experience Initiative of the Year - Taiwan Digital Transformation of the Year - Taiwan

HSBC Bank (Taiwan) Limited Wealth Banking Initiative of the Year - Taiwan

East West Banking Corporation Mobile Banking & Payment Initiative of the Year - Philippines

HSBC Bank (Vietnam) Ltd. Credit Card Initiative of the Year - Vietnam Priority Banking Initiative of the Year - Vietnam

Emirates NBD Mobile Banking & Payment Initiative of the Year - UAE Virtual Bank of the Year - UAE

HSBC China Branch Innovation of the Year - Silver International Retail Bank of the Year - Mainland China

F88 Business joint stock company Customer Experience Initiative of the Year - Vietnam

HSBC Philippines Employer Award of the Year - Bronze International Retail Bank of the Year - Philippines Marketing & Brand Initiative of the Year - Philippines

Fubon Bank (Hong Kong) Data Governance Initiative of the Year - Hong Kong Digital Transformation of the Year - Hong Kong GX Bank Berhad Analytics Initiative of the Year - Malaysia

AWARDS 2024

Habib Bank Limited SME Payment Solutions of the Year - Pakistan

DBS Bank (Hong Kong) Ltd Customer Experience Initiative of the Year - Hong Kong

First Circle SME Digital Innovation of the Year - Philippines

FINTECH

Hugosave (Atlas Consolidated Pte Ltd) Financial Inclusion Initiative of the Year - Singapore IDFC FIRST Bank Financial Inclusion Initiative of the Year - India Automobile Lending Initiative of the Year - India Digital Consumer Banking Initiative of the Year - India ASIAN BANKING & FINANCE | Q4 2024 33

EVENT: ASIAN BANKING & FINANCE AWARDS Industrial Bank of Korea Domestic Retail Bank of the Year - South Korea Joint Stock Commercial Bank for Foreign Trade of Vietnam (VCB) Risk Management Initiative of the Year - Vietnam Jordan Kuwait Bank AI & Machine Learning Initiative of the Year - Jordan KASIKORNBANK Analytics Initiative of the Year - Thailand Fraud Initiative of the Year - Thailand KBZ Bank Financial Inclusion Initiative of the Year - Myanmar Gen Z Product of the Year - Myanmar Krungthai Bank Strategic Partnership of the Year - Thailand MariBank Singapore Private Limited Ecosystem Initiative of the Year - Singapore New Virtual Bank of the Year - Singapore Mashreq Digital Consumer Banking Initiative of the Year - UAE Domestic Retail Bank of the Year - UAE Islamic Banking Initiative of the Year - UAE Open Banking Initiative of the Year - UAE SME Bank of the Year - UAE Mashreq Private Banking Private Bank of the Year - UAE Maya New Virtual Bank of the Year - Philippines Maybank (Cambodia) Plc. International Retail Bank of the Year - Cambodia Marketing & Brand Initiative of the Year - Cambodia Maybank Investment Bank Berhad Digital Transformation of the Year - Malaysia Online Securities Platform of the Year - Malaysia Maybank Securities (Thailand) Public Company Limited Online Securities Platform of the Year - Thailand Maybank Sekuritas Indonesia Investment Product Innovation of the Year - Indonesia MBCambodia Mid-sized Domestic Retail Bank of the Year - Cambodia SME Financial Inclusion Initiative of the Year - Cambodia Meezan Bank Limited Analytics Initiative of the Year - Pakistan Digital Business Banking Initiative of the Year - Pakistan Mega International Commercial Bank Consumer Finance Product of the Year - Taiwan Risk Management Initiative of the Year - Taiwan Moomoo Financial Singapore Investment Product Innovation of the Year - Singapore Mox Bank Limited Investment Product Innovation of the Year - Hong Kong Virtual Bank of the Year - Hong Kong 34 ASIAN BANKING & FINANCE | Q4 2024

Mutual Trust Bank PLC Digital Transformation of the Year - Bangladesh Open Banking Initiative of the Year - Bangladesh Nam A Commercial Joint Stock Bank (NAM A BANK) Ecosystem Initiative of the Year - Vietnam Open Banking Initiative of the Year - Vietnam National Development Bank PLC Banking for Women Initiative of the Year - Sri Lanka Domestic Retail Bank of the Year - Sri Lanka Nepal SBI Bank Limited Digital Business Banking Initiative of the Year - Nepal SME Bank of the Year - Nepal Newcastle Permanent Digital Consumer Banking Initiative of the Year - Australia O-BANK SME Digital Innovation of the Year - Taiwan OCBC Bank ASEAN SME Bank of the Year AI & Machine Learning Initiative of the Year - Singapore Mobile Banking & Payment Initiative of the Year - Singapore Fraud Initiative of the Year - Singapore OCBC Securities Pte Ltd Online Securities Platform of the Year - Singapore Palawan Group of Companies Finance Company Inclusion of the Year - Philippines Pan Asia Banking Corporation Ecosystem Initiative of the Year - Sri Lanka Philippine National Bank Rebranding Campaign of the Year - Philippines PrimeCredit Limited Finance Company of the Year - Hong Kong Prince Bank Plc. Internal Governance Initiative of the Year - Cambodia PT Bank Aladin Syariah Tbk Islamic Banking Initiative of the Year - Indonesia PT Bank Central Asia Tbk Fraud Initiative of the Year - Indonesia PT Bank HSBC Indonesia International Retail Bank of the Year - Indonesia PT Bank Mandiri (Persero) Tbk AI & Machine Learning Initiative of the Year - Indonesia Data Governance Initiative of the Year - Indonesia Digital Transformation of the Year - Indonesia Domestic Retail Bank of the Year - Indonesia Mobile Banking & Payment Initiative of the Year - Indonesia Private Bank of the Year - Indonesia PT Bank Maybank Indonesia, Tbk Wealth Management Platform of the Year - Indonesia PT Bank Negara Indonesia (Persero), Tbk Digital Business Banking Initiative of the Year - Indonesia

24 PT Bank OCBC NISP Tbk Consumer Finance Product of the Year - Indonesia Priority Banking Initiative of the Year - Indonesia SME Bank of the Year - Indonesia PT Bank Rakyat Indonesia (Persero) Tbk. Marketing & Brand Initiative of the Year - Indonesia PT. Bank Woori Saudara Indonesia Digital Security Initiative of the Year - Indonesia PT. JULO Teknologi Finansial (JULO) Financial Inclusion Initiative of the Year - Indonesia New Consumer Lending Product of the Year - Indonesia Public Bank Berhad Automobile Lending Initiative of the Year - Malaysia RAK Bank Fraud Initiative of the Year - UAE Website of the Year - UAE RHB Bank Berhad Call Centre Initiative of the Year - Malaysia Domestic Retail Bank of the Year - Malaysia RHB Singapore Mid-sized International Retail Bank of the Year - Singapore Rizal Commercial Banking Corporation Automobile Lending Initiative of the Year - Philippines Consumer Finance Product of the Year - Philippines Debit Card Initiative of the Year - Philippines Digital Transformation of the Year - Philippines Remittance Company of the Year - Philippines SME Bank of the Year - Philippines Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) SME Payment Solutions of the Year - Vietnam SB Finance Inc. New Consumer Lending Product of the Year - Philippines Security Bank Corporation Credit Card Initiative of the Year - Philippines ESG Program of the Year - Bronze Sustainability Initiative of the Year - Philippines Shwe Bank Core Banking System Initiative of the Year - Myanmar Siam Commercial Bank Automobile Lending Initiative of the Year - Thailand Domestic Retail Bank of the Year - Thailand

AWARDS 2024

Standard Chartered Bank Digital Transformation of the Year - China Standard Chartered Bank Customer Experience Initiative of the Year - India Wealth Management Platform of the Year - India Standard Chartered Bank (Hong Kong) Limited Employer Award of the Year - Silver ESG Program of the Year - Gold International Retail Bank of the Year - Hong Kong Insurance Product Innovation of the Year - Hong Kong New Consumer Lending Product of the Year - Hong Kong Standard Chartered Bank (Singapore) Limited International Retail Bank of the Year - Singapore Standard Chartered Bank (Taiwan) Limited Digital Consumer Banking Initiative of the Year - Taiwan International Retail Bank of the Year - Taiwan Wealth Management Platform of the Year - Taiwan Standard Chartered Bank Brunei International Retail Bank of the Year - Brunei Standard Chartered Bank Malaysia Berhad Credit Card Initiative of the Year - Malaysia Debit Card Initiative of the Year - Malaysia Standard Chartered Bank (Singapore) Limited Wealth Management Platform of the Year - Singapore Standard Chartered Securities (B) Sdn Bhd Wealth Management Platform of the Year - Brunei Standard Chartered Securities India Digital Transformation of the Year - India Online Securities Platform of the Year - India Summit Capital Leasing Sustainability Initiative of the Year - Thailand Taishin International Bank Financial Inclusion Initiative of the Year - Taiwan New Consumer Lending Product of the Year - Taiwan Taiwan Business Bank Sustainability Initiative of the Year - Taiwan TerraPay Strategic Partnership of the Year - India Website of the Year - India The Bank of Punjab SME Bank of the Year - Pakistan

Skiply - RAKBANK (National Bank Of Ras Al Khaimah) Digital Transformation of the Year - UAE

Tonik Digital Bank, Inc. Virtual Bank of the Year - Philippines

SME Bank of Cambodia SME Bank of the Year - Cambodia

Trust Bank Singapore Virtual Bank of the Year - Singapore

Social Islami Bank PLC Remittance Company of the Year - Bangladesh Senior Citizen Product Initiative of the Year - Bangladesh

UAB Bank Limited Mid-sized Domestic Retail Bank of the Year - Myanmar Mobile Banking & Payment Initiative of the Year - Myanmar

SQB Domestic Retail Bank of the Year - Uzbekistan SME Bank of the Year - Uzbekistan

United Asia Finance Limited Digital Loan Financing Initiative of the Year - Hong Kong

Standard Chartered Bank International Retail Bank of the Year - Bahrain

FINTECH

United Bank Limited (UBL) Digital Transformation of the Year - Pakistan Mobile Banking & Payment Initiative of the Year - Pakistan ASIAN BANKING & FINANCE | Q4 2024 35

EVENT: ASIAN BANKING & FINANCE AWARDS United Overseas Bank (Malaysia) Bhd International Retail Bank of the Year - Malaysia Mobile Banking & Payment Initiative of the Year - Malaysia Sustainability Initiative of the Year - Malaysia United Overseas Bank (Thai) Company Limited Employer Award of the Year - Gold International Retail Bank of the Year - Thailand United Overseas Bank Limited Banking for Women Initiative of the Year - Singapore Branch Innovation of the Year - Bronze Debit Card Initiative of the Year - Singapore Domestic Retail Bank of the Year - Singapore Health and Wellness Initiative of the Year - Singapore Marketing & Brand Initiative of the Year - Singapore SME Payment Solutions of the Year - Singapore UOB Vietnam International Retail Bank of the Year - Vietnam Service Innovation of the Year - Vietnam

Bank Alfalah Limited Corporate Client Initiative of the Year - Pakistan Bank Muscat SAOG Corporate & Investment Bank of the Year - Oman Debt Deal of the Year - Oman Equity Deal of the Year - Oman BANK OF AYUDHYA PCL (KRUNGSRI) Corporate Client Initiative of the Year - Thailand Bank Of Commerce Project Infrastructure Finance Deal of the Year - Philippines Bank of the Philippine Islands Corporate Client Initiative of the Year - Philippines Bank SinoPac Payment Initiative of the Year - Taiwan

Vastu Housing Finance Corporation Limited Finance Company of the Year - India

BDO Capital & Investment Corporation Corporate & Investment Bank of the Year - Philippines Green Deal of the Year - Philippines Project Infrastructure Finance Deal of the Year - Philippines

Vattanac Bank Mobile Banking & Payment Initiative of the Year - Cambodia

BPI Capital Corporation Mergers and Acquisitions Deal of the Year - Philippines

Vietcombank Remittance Company Remittance Company of the Year - Vietnam

Bualuang Securities Public Company Limited Corporate & Investment Bank of the Year - Thailand

Vietnam Public Joint Stock Commercial Bank Digital Transformation of the Year - Vietnam SME Digital Innovation of the Year - Vietnam

CGS International Securities Pte. Ltd. Securities House of the Year - Singapore

Welab AI & Machine Learning Initiative of the Year - Hong Kong

CIMB Niaga Corporate & Investment Bank of the Year - Indonesia Syndicated Loan of the Year - Indonesia

China Bank Capital Corporation Vietnam Technological and Commercial Joint Stock Bank (Techcombank) Debt Deal of the Year - Philippines Digital Consumer Banking Initiative of the Year - Vietnam IPO Deal of the Year - Philippines Domestic Retail Bank of the Year - Vietnam CHINA CITIC BANK INTERNATIONAL LIMITED Vikki Digital Bank Innovative Deal of the Year - Hong Kong New Virtual Bank of the Year - Vietnam CIMB Investment Bank WeBank Co., Ltd. Corporate & Investment Bank of the Year - Malaysia Virtual Bank of the Year - China Mergers and Acquisitions Deal of the Year - Malaysia

ZA Bank SME Digital Innovation of the Year - Hong Kong Zenith Capital Credit Group Corporation Finance Company Initiative of the Year - Philippines

CORPORATE AND INVESTMENT BANKING AWARDS 2024 WINNERS

CIMB Singapore Corporate Client Initiative of the Year - Singapore Syndicated Loan of the Year - Singapore Commercial Bank of Ceylon PLC Corporate Client Initiative of the Year - Sri Lanka Debt Deal of the Year - Sri Lanka

Allied Bank Limited Syndicated Loan of the Year - Pakistan

CTBC Bank Corporate & Investment Bank of the Year - Taiwan Corporate Client Initiative of the Year - Taiwan

AlRamz Corporation Green Initiative of the Year - UAE

Fiera Capital Debt Deal of the Year - New Zealand

Askari Bank Limited Innovative Deal of the Year - Pakistan

Gulf International Bank B.S.C Debt Deal of the Year - Bahrain Green Deal of the Year - Bahrain

Ayeyarwaddy Farmers Development Bank (A bank) Green Initiative of the Year - Myanmar Mid-Size Corporate & Investment Bank of the Year - Myanmar 36 ASIAN BANKING & FINANCE | Q4 2024

Halyk Bank Corporate & Investment Bank of the Year - Kazakhstan

24 HBL Corporate & Investment Bank of the Year - Pakistan Debt Deal of the Year - Pakistan Equity Deal of the Year - Pakistan HBL Asset Management Limited Funds Management Initiative Award - Pakistan

PT Indonesia Infrastructure Finance Innovative Deal of the Year - Indonesia Sustainability Bond of the Year - Indonesia RCBC Capital Corporation Equity Deal of the Year - Philippines

Jefferies Corporate & Investment Bank of the Year - India Mergers and Acquisitions Deal of the Year - India

SB Capital Investment Corporation Equity Deal of the Year - Philippines Project Infrastructure Finance Deal of the Year - Philippines

Kenanga Investment Bank Berhad Financial Education Initiative Award - Malaysia

SBI Capital Markets Ltd Debt Deal of the Year - India Equity Deal of the Year - India

Maybank Investment Banking Group Securities House of the Year - Malaysia Nanyang Commercial Bank, Limited Debt Deal of the Year - Hong Kong Green Deal of the Year - Hong Kong National Development Bank PLC Corporate & Investment Bank of the Year - Sri Lanka Syndicated Loan of the Year - Sri Lanka NewParadigm Securities Green Deal of the Year - Malaysia OCBC Green Deal of the Year - China Green Deal of the Year - Singapore OCBC Bank (Malaysia) Berhad Debt Deal of the Year - Malaysia Innovative Deal of the Year - Malaysia OCBC Hong Kong Syndicated Loan of the Year - Hong Kong OCBC Malaysia Syndicated Loan of the Year - Malaysia Perbadanan TAIB Payment Initiative of the Year Award - Brunei PNB Capital and Investment Corporation Equity Deal of the Year - Philippines Project Infrastructure Finance Deal of the Year - Philippines Syndicated Loan of the Year - Philippines Prime Bank PLC Debt Deal of the Year - Bangladesh Syndicated Loan of the Year - Bangladesh PT Bank Negara Indonesia (Persero) Tbk Green Deal of the Year - Indonesia Project Infrastructure Finance Deal of the Year - Indonesia

AWARDS 2024

PT BNI Sekuritas Mergers and Acquisitions Deal of the Year - Indonesia Equity Deal of the Year - Indonesia

HSBC Innovative Deal of the Year - Singapore Infrastructure Development Company Limited (IDCOL) Green Deal of the Year - Bangladesh

Maybank Equity Deal of the Year - Malaysia Project Infrastructure Finance Deal of the Year - Malaysia Sustainability Bond of the Year - Malaysia

FINTECH

RHB Bank Berhad, Singapore branch Equity Deal of the Year - Singapore

SHARQ INVESTMENT COMPANY Securities House of the Year - Kuwait Taipei Fubon Commercial Bank Co., Ltd. Green Deal of the Year - Taiwan Syndicated Loan of the Year - Taiwan The Bank of Punjab Mergers and Acquisitions Deal of the Year - Pakistan The Siam Commercial Bank PCL (SCB) Debt Deal of the Year - Thailand Project Infrastructure Finance Deal of the Year - Thailand Unicapital Inc. Innovative Deal of the Year - Philippines United Overseas Bank (Thai) Public Company Limited Sustainability Bond of the Year - Thailand Syndicated Loan of the Year - Thailand United Overseas Bank Limited Corporate & Investment Bank of the Year - Singapore Debt Deal of the Year - Singapore Mergers and Acquisitions Deal of the Year - Singapore Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) Project Infrastructure Finance Deal of the Year - Vietnam

ABF FINTECH AWARDS 2024 WINNERS akaBot, FPT IS Ecosystem Collaboration Award - Vietnam Artajasa Enterprise Payments Award - Indonesia Payments Solution Award - Indonesia BharatPe SME Fintech Initiative Award - India Billease SME Fintech Initiative Award - Philippines Cathay Financial Holdings AI-Powered Analytics Award - Taiwan Cathay United Bank Fintech Initiative Award - Taiwan ASIAN BANKING & FINANCE | Q4 2024 37

EVENT: ASIAN BANKING & FINANCE AWARDS Commercial Bank of Ceylon PLC Ecosystem Collaboration Award - Sri Lanka Payments Solution Award - Sri Lanka

Palawan Group of Companies Financial Inclusion Award - Philippines New FinTech Product Award - Philippines

CSCI Technology Co., Limited AI-Powered Analytics Award - Hong Kong Fintech Start-up Award - Hong Kong

Payoneer Cross-Border Payments Solution Award - Singapore Enterprise Payments Award - Singapore

CTBC Bank Customer Experience Solution Award - Taiwan Digital Banking Award - Taiwan Endowus Financial Inclusion Award - Singapore WealthTech Initiative Award - Singapore

Premium Technology Trade Finance Platform Award - Malaysia RESILIENT INNOVATIONS PRIVATE LIMITED AI-Powered Analytics Award - India Salmon Fintech Start-up Award - Philippines

Finology Group Customer Experience Solution Award - Malaysia

ShopBack (Ecommerce Enablers Pte Ltd) Loyalty Programme Solution Award - Singapore

Fintech Alliance PH Cybersecurity Innovation Award - Philippines

Siam Commercial Bank WealthTech Initiative Award - Thailand

FlexM Digital Banking Award - Singapore

Skiply - RAKBANK (National Bank of Ras Al Khaimah) Fintech Start-up Award - UAE Payments Solution Award - UAE

FLIP Customer Experience Solution Award - Indonesia Ecosystem Collaboration Award - Indonesia

Summit Capital Leasing Customer Experience Solution Award - Thailand

Funding Asia Group Pte Ltd SME Solution Award - Singapore

Syfe Ecosystem Collaboration Award - Singapore Personal Finance Management Award - Singapore

Funding Asia Group Pte Ltd (Funding Societies) SME Solution Award - Malaysia

TerraPay Financial Inclusion Award - India

GCash Customer Experience Solution Award - Philippines SME Solution Award - Philippines Goldhorse Capital Management (HK) Limited New FinTech Product Award - Hong Kong (Extramile) Mobile App Award - Hong Kong (Extramile APP) Hang Seng Bank Limited Digital Banking Award - Hong Kong Digital Currency Award - Hong Kong Hugosave (Atlas Consolidated Pte Ltd) Fintech Initiative Award - Singapore IDfy Digital Identity Verification Award - India iFAST Financial (HK) Limited Ecosystem Collaboration Award - Hong Kong Financial Inclusion Award - Hong Kong ING Hubs Philippines Account Management Initiative Award - Philippines KoinWorks Sustainable FinTech Award - Indonesia

Tookitaki Holding Pte Ltd AI-Powered Analytics Award - Singapore RegTech Initiative Award - Singapore United Bank Limited (UBL) Digital Banking Award - Pakistan Mobile App Award - Pakistan UNO Digital Bank Digital Banking Award - Philippines Vidiva Technology JSC New FinTech Product Award - Vietnam SME Solution Award - Vietnam VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK Cybersecurity Innovation Award - Vietnam Worldpay Enterprise Payments Award - South Korea YouTrip Fintech Start-up Award - Singapore Multi-currency Payment Solution Award - Singapore Zai Customer Experience Solution Award - Australia Enterprise Payments Award - Australia

Lendela LendTech Initiative Award - Singapore Moby Money Sdn Bhd LendTech Initiative Award - Malaysia MoneyMatch Sdn Bhd Fintech Start-up Award - Malaysia One97 Communications Limited (Paytm) New FinTech Product Award - India Payments Solution Award - India 38 ASIAN BANKING & FINANCE | Q4 2024

Affin Bank Berhad

24

Bank for Investment and Development of Vietnam JSC (BIDV)

ANEXT Bank Pte Ltd

Axis Bank Limited

Bank of China (Hong Kong) Limited

Bank of Communications (Hong Kong) Ltd

Cathay United Bank

DBS Bank

Nepal SBI Bank Limited

Bank SinoPac

CIMB Niaga

FINTECH AWARDS 2024

Bank of Ayudhya PCL (Krungsri)

BDO Unibank

CIMB Singapore

ING Bank N.V. and ING Bank N.V. Taipei Branch

OCBC China, OCBC Indonesia, OCBC Singapore

Maybank

PT Bank CIMB Niaga Tbk ASIAN BANKING & FINANCE | Q4 2024 39

EVENT: ASIAN BANKING & FINANCE AWARDS

PT Bank Mandiri (Persero) Tbk.

Security Bank

United Overseas Bank (Thai) Company Limited

Aditya Birla Capital Digital

Baiduri Bank 40 ASIAN BANKING & FINANCE | Q4 2024

PT Bank Tabungan Negara (Persero) Tbk

Taishin International Bank

RHB Bank Berhad

The Bank of Punjab

United Overseas Bank Limited

Alliance Bank Malaysia Berhad

Bank for Investment and Development of Vietnam

Asialink Finance Corporation

Bank of Ayudhya (Krungsri)

24

Bank of the Philippine Islands and BPI Direct BanKo

AWARDS 2024

Bank SinoPac

BDO Foundation, BDO Private Bank and BDO Unibank, Inc.

Cathay United Bank

BigPay

BTN Prioritas

Cebuana Lhuillier Bank

China Banking Corporation

CIMB Bank Berhad

CIMB Singapore

FINTECH

CIMB Thai Bank PCL

creFIT

DBS Bank (Hong Kong) Ltd

E.SUN Commercial Bank ASIAN BANKING & FINANCE | Q4 2024 41

EVENT: ASIAN BANKING & FINANCE AWARDS

East West Banking Corporation

GX Bank Berhad

GXS Bank Pte Ltd

Hang Seng Bank

Home Credit Philippines (HC Consumer Finance Philippines, Inc.)

HSBC Bangladesh

Industrial Bank of Korea 42 ASIAN BANKING & FINANCE | Q4 2024

HO CHI MINH CITY DEVELOPMENT JOINT STOCK COMMERCIAL BANK (HDBank) and Vikki Digital Bank

Home Credit Vietnam

Hong Leong Bank Malaysia

HSBC Bank (Singapore) Limited

HSBC

Joint Stock Commercial Bank for Foreign Trade of Viet Nam (VCB)

KASIKORNBANK

24

MariBank Singapore Private Limited

Maybank (Cambodia) Plc.

Mega International Commercial Bank

Nepal SBI Bank Limited

Palawan Group of Companies

FINTECH AWARDS 2024

Mashreq

Maybank Investment Bank Berhad

Moomoo Financial Singapore

MBCambodia

Nam A Commercial Joint Stock Bank (NAM A BANK)

OCBC Bank and PT Bank OCBC NISP Tbk

PT Bank Mandiri (Persero) Tbk

PT Bank Maybank Indonesia, Tbk ASIAN BANKING & FINANCE | Q4 2024 43

EVENT: ASIAN BANKING & FINANCE AWARDS

RHB Bank Berhad

RHB Singapore

Security Bank Corporation

Shwe Bank

SQB

Standard Chartered Bank (Hong Kong) Limited

Standard Chartered Bank (Taiwan) Limited

Standard Chartered Bank 44 ASIAN BANKING & FINANCE | Q4 2024

Standard Chartered Bank Malaysia Berhad

Standard Chartered Securities India

Social Islami Bank PLC

Standard Chartered Bank (Singapore) Limited

Standard Chartered Bank, Standard Chartered Banking (Singapore) Limited, Standard Chartered Bank Brunei, Standard Chartered Securities (B) Sdn Bhd

Taishin International Bank

24

The Bank of Punjab

Trust Bank Singapore

United Overseas Bank Limited

Vattanac Bank

FINTECH AWARDS 2024

United Overseas Bank (Thai) Company Limited

UOB Vietnam

Vietnam Public Joinstock Commercial Bank

Bank of Ayudhya PCL (Krungsri)

Bank SinoPac

CGS International Securities Pte. Ltd.

China Bank Capital Corporation

Ayeyarwaddy Farmers Development Bank (A bank)

BDO Capital & Investment Corporation

ASIAN BANKING & FINANCE | Q4 2024 45

EVENT: ASIAN BANKING & FINANCE AWARDS

CHINA CITIC BANK INTERNATIONAL LIMITED

HSBC

OCBC

RHB Bank Berhad, Singapore branch

CIMB Investment Bank and CIMB Singapore

Jefferies

Perbadanan TAIB

Taipei Fubon Commercial Bank Co., Ltd

United Overseas Bank (Thai) Public Company Limited and United Overseas Bank Limited 46 ASIAN BANKING & FINANCE | Q4 2024

CIMB Niaga

NewParadigm Securities

PT Indonesia Infrastructure Finance

The Bank of Punjab

Artajasa

24

Cathay Financial Holdings

Cathay United Bank

FINTECH AWARDS 2024

CSCI Technology Co., Limited

Goldhorse Capital Management (HK) Limited

Hang Seng Bank Limited

Hang Seng Bank Limited

Palawan Group of Companies

Payoneer

Premium Technology

Vietnam Technological and Commercial Joint Stock Bank

Worldpay ASIAN BANKING & FINANCE | Q4 2024 47

24

BDO supports key industries driving Philippines’ economic growth Through strategic partnerships and robust financial support, the bank drives growth, creates jobs, and contributes to a more sustainable future. maintains its position as the most innovative and tech-forward logistics and supply chain management company in the Philippines.

The bank also provided the required financing to ACEN Corporation for more renewable energy sources, PrimeWater Infrastructure for safe and reliable water distribution, and NAIA Infrastructure Corporation for more efficient transportation and improved mobility.

“Our role is to bring positive changes to our clients, help them achieve their goals and thereby contribute in a more meaningful way, not only to our growth as a bank but more importantly, to our country’s development,” said Rodriguez.

BDO remains steadfast in providing financial support to notable projects that will provide livelihoods, create opportunities, as well as achieve inclusive and sustainable economic growth.

BDO’s Executive Vice President and Institutional Banking Group (IBG) Head Charles M. Rodriguez delivered his keynote presentation, where he commended the impressive performance of the IBG team and shared his vision for the year

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s the Philippines continues its trajectory towards economic recovery, BDO Unibank Inc. (BDO) plays a pivotal role in helping fuel national development by offering crucial support to companies amid changing market conditions.

BDO recognises the expanding opportunities in utilities and infrastructure, logistics, tourism, construction, manufacturing, and professional services.

These industries, marked by an upswing in activity, showcase prospects for both investors and financiers looking to generate value. Despite setbacks during the pandemic, these industries exhibit promising signs of recovery. The government’s commitment to infrastructure development, coupled with increasing tourist arrivals and growing manufacturing output, ignites optimism for sustained growth in these sectors.

Fostering resilience and growth Charles M. Rodriguez, Executive Vice President and Institutional Banking Group Head, underscored the resilience of industries like fast-moving consumer goods (FMCG) and healthcare, which have proven to be steadfast pillars of economic stability.

Despite market fluctuations, these 48 ASIAN BANKINGAND & FINANCE 2024 ASIAN BANKING FINANCE| Q4 | DECEMBER 2019

sectors remain “crisis-proof,” presenting reliable investment opportunities driven by evolving consumer preferences and heightened health awareness following the COVID-19 pandemic.

Our role is to bring positive changes to our clients, help them achieve their goals and thereby contribute in a more meaningful way In its commitment to drive economic progress, BDO has enhanced partnerships with key healthcare institutions such as The Medical City to accommodate more patients and employ more individuals in the communities it serves.

Partnering for progress BDO supported FAST Logistics Group to further widen its distribution network across the country and bolster their supply chain efficiency and resilience. Through its partnership with BDO, FAST Logistics Group

BDO has the country’s largest distribution network, with over 1,700 consolidated operating branches and more than 5,500 ATMs nationwide. It also has 16 international offices (including full-service branches in Hong Kong and Singapore) in Asia, Europe, North America and the Middle East

ASIAN BANKING & FINANCE | Q4 2024 49

INTERNATIONAL RETAIL BANK OF THE YEAR - HONG KONG DIGITAL TRANSFORMATION OF THE YEAR - CHINA INSURANCE PRODUCT INNOVATION OF THE YEAR - HONG KONG

Standard Chartered elevates wealth management through strategic partnerships, innovation As a leading international wealth manager with outstanding advisory, personalisation, and digit-first capabilities, Standard Chartered is committed to providing affluent clients with tailored wealth solutions that transcend borders.

Standard Chartered Wealth Management Centre in Pacific Place Stephen Man, Managing Director, Head, Wealth and Retail Banking, Hong Kong

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tandard Chartered Bank (Hong Kong) Limited (“Standard Chartered Hong Kong”) was recognised at the Asian Banking & Finance Retail Banking Awards 2024 with the International Retail Bank of the Year - Hong Kong accolade, exemplifying the bank’s retail franchise excellence. The Asian Banking Finance & Retail Banking Awards is the premier awards programme for the Asian banking industry. It honors banks that have made significant contributions to retail banking through their innovative products, services, and customer experiences.

Supporting affluent clients worldwide Leveraging the bank’s global network advantage, international banking is an important pillar to support affluent clients seeking comprehensive international wealth management.

The bank delivers expert wealth advisory solutions through its major cross-border hubs in Hong Kong, Singapore, UAE, and Jersey, enabling Relationship Managers to guide clients to the appropriate hub.

“It’s a reflection of the collaborative approach and the power of international connectivity that lies at the centre of our International Banking platform,” Stephen Man, Managing Director, Head, Wealth and Retail Banking, Hong Kong, said.

In response to the challenges posed by transitioning clients who are used to traditional banking to a digitised banking experience, the bank has significantly enhanced its SC Mobile app to make a seamless and intuitive platform for managing banking needs.

“The bank has put a lot of effort into making sure our digital banking experience is a seamless one so that clients can find it intuitive to use,” Man added.

Additionally, the introduction of digital ambassadors in branches plays a crucial role in supporting less digitally savvy clients, with the goal to further assist clients in adapting to new changes and provide a smooth transition to digital banking.

Enhanced services through strategic partnerships The strategic collaboration with Alipay and partnership with Cathay Pacific have further amplified the bank's service

The bank has put a lot of effort into making sure our digital banking experience is a seamless one so that clients can find it intuitive to use 50 ASIAN BANKINGAND & FINANCE 2024 ASIAN BANKING FINANCE| Q4 | DECEMBER 2019

offerings. The launch of Q Credit Card – a pioneering co-existing physical and virtual card – attracts new client segments in Hong Kong and further strengthens the bank's position in the credit card market, remittance, and bill payment, amongst others. This facilitates ease of payments within the Alipay ecosystem, especially in Mainland China, as well as exemplifies the bank's position in the competitive credit card market.

The collaboration with Cathay Pacific has led to the launch of the Standard Chartered Cathay Mastercard and Asia Miles Time Deposit. These allow clients to earn miles directly from their spending and product sign-ups and provide them with unique travel and lifestyle privileges such as Cathy Business Lounge access, priority check-in and counter services, and exclusive discounts on Miles redemption.

Speaking on their partnerships, Man noted, “Leveraging our strategic partnership, both partners can synergise from our financial product expertise to better serve their clients whilst leveraging each others' brand and strength to cocreate a more attractive offerings that can significantly enhance the potential of business opportunity and client experience.

The bank continues to set the standard for excellence in international banking, ensuring that its clients receive personalised and expansive wealth management solutions that meet their global aspirations.

EMPLOYER AWARD OF THE YEAR - SILVER ESG PROGRAM OF THE YEAR - GOLD

Standard Chartered Hong Kong transforms talent and employee engagement The bank is leading the charge in talent development and employee engagement, ensuring a resilient and adaptable workforce in the face of rapid change. career growth – not roles.”

The Standard Chartered Career Philosophy views career progression as a journey of continuous learning and adaptation of new skills leading to a Standard Chartered Bank sponsors a number of signature community initiatives more meaningful to help build an inclusive society whilst it has also transformed its employee career for engagement strategies to create a diverse and supportive workplace culture employees.

This approach he last decade has witnessed a empowers employees to navigate the revolutionary transformation complexities of their career path. in banking, from traditional Additionally, building new skills also widens establishments to sophisticated digital their market value, giving them the ability platforms. This shift has not just been to different areas of work whilst adapting centred on adopting new technologies — rapidly to changing role requirements. reshaping banks to be more agile, customer“Career growth and career paths are no centric, and innovative. longer linear or solely vertical. They can be This shift towards a more tech-savvy and lateral, diagonal, and include expansion or digital-first banking experience was driven enhancement of skills and knowledge through by evolving customer expectations and gaining experiences and exposure. Each time advancements in financial technology. In turn, we learn something new, build a skill, or take the skills of employees within the sector have on a project or assignment – we are growing also evolved considerably. our career,” the company explained.

Standard Chartered Bank (Hong Kong) Limited (“Standard Chartered Hong Kong”) remains committed to its diverse and inclusive workplace, having been honoured In Standard Chartered Hong Kong, with the ESG Program of the Year - Gold we believe that skills are the accolade at the Asian Banking & Finance backbone of career growth – not Retail Banking Awards 2024. roles.

The Asian Banking & Finance Retail Banking Awards is the most prestigious celebration of Asia’s banking leaders, recognising retail banks for their exceptional retail products, initiatives, enhancements, and leadership.

The bank is redefining employee engagement through innovative talent Skills-based employee development at SC developments. A key initiative is the As the banking industry evolves, Standard introduction of the Talent Marketplace, an Chartered Hong Kong has made significant AI-driven platform that connects employees strides in reshaping its approach to employee with short-term opportunities aligned with engagement, placing a strong emphasis on their skills and aspirations. Alongside is the skill development and adaptability. platform “Watercooler Challenge,” a way “Talent is always a top priority for the for colleagues to come forward with ideas bank as they are the foundation of SC,” around social connections in the hybrid the Bank said. “In Standard Chartered, working environment and collaborate to we believe that skills are the backbone of bring those ideas to life.

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Following these initiatives, a notable increase in employee satisfaction was seen in 2023, with over 45% of job openings being filled internally.

Meanwhile, to enhance learning opportunities, the bank has introduced the AI-driven learning experience platform “diSCover” with simulation games and future skills academies, allowing employees to create personalised growth plans through engaging content.

A culture transformation initiative has replaced traditional performance ratingbased systems with a performance-led and feedback-driven approach, fostering improvement and recognition.

Commitment to diversity, inclusion, and well-being The bank places a strong emphasis on fostering a diverse and inclusive workplace culture. Recognising that a diverse workforce is essential for sustainable business practices, the bank actively promotes initiatives that support mental, physical, social, and financial well-being.

Key initiatives to being the best place to work include: partnerships with external organisations; setting up dedicated groups and network groups; structured development programmes for female leaders; and ensuring equal pay for equal work through the Fair Pay Charter.

Standard Chartered Hong Kong's commitment to communities is also reflected in its Standard Chartered Hong Kong Marathon and Arts in the Park projects.

“Diversity and inclusion are 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,” the bank said.

Looking forward, Standard Chartered Hong Kong aims to strengthen its position as an employer of choice by further investing in talent development and refining its Employee Value Proposition. Through partnerships with leading educational institutions, it aims to equip its workforce with essential skills for a rapidly changing environment.

With its innovative talent management and commitment to ESG principles, fostering a culture of growth, diversity, and inclusivity, the bank stands as a leader in the banking sector.

ASIAN BANKING & FINANCE 2024 51 ASIAN BANKING ASIAN BANKING AND FINANCE AND FINANCE | DECEMBER || Q4 Q3 2021 2020

Be positive All possible

Running for Sustainability Asian Banking & Finance Corporate & Investment Banking Awards 2024 Green Deal of the Year in Taiwan Euromoney Awards for Excellence 2024 Best Bank for ESG in Taiwan The Asset Tripe A Sustainable Finance Awards 2024 Best Social Loan – Financial Institution in India Best Sustainability-Linked/Green Loan in Taiwan Best Sustainability-Linked Loan – Display Technology in Taiwan Best Sustainability-Linked Loan – Leasing in Vietnam

Leader in ESG Financings in Taiwan Provided the first Sustainability-Linked Loan Arranged the first Syndicated Green Loan Completed the first Supply-Chain Sustainability Finance Program

52 ASIAN BANKING & FINANCE | Q4 2024

ASIAN BANKING & FINANCE | Q4 2024 53

STRATEGIC PARTNERSHIP OF THE YEAR - SINGAPORE

CIMB Singapore unites major insurers to educate, empower public in inaugural InsureXpo Through InsureXpo, CIMB Singapore underscores the importance of protection against unforeseen events.

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IMB Singapore launched InsureXpo to emphasise the crucial role of insurance at every life stage.

Through an “open architecture” model, CIMB Singapore collaborates with various partners to offer tailored solutions, ensuring diverse and effective options for financial protection and growth.

“The idea behind our inaugural InsureXpo is to promote awareness on the importance of protection against unforeseen events, and how insurance can help individuals across different life stages to grow their wealth and achieve financial freedom,” Merlyn Tsai, Head of Consumer Banking and Digital at CIMB Singapore, said.

“To do so, CIMB Singapore adopts an ‘open architecture’ proposition, where we are the largest bank in Singapore to work with multiple life insurance partners to offer the most appropriate and relevant insurance solutions that meet our customers’ needs,” she added.

Financial Planning Guide by the Monetary Authority of Singapore and the financial industry in October 2023, various industry players are proactively working to assist individuals in managing their savings, insurance and investment needs across different life stages.

With their extensive customer base and the expertise of their relationship managers (RMs), banks are generally well-positioned to support this initiative. These RMs play a crucial role in educating customers about the essentials of financial planning and the importance of securing their financial future.

Shaping consumer behaviour, awareness InsureXpo by CIMB Bank delves into insurance and financial planning strategies for one to journey through the ebbs and flows of life. In its inaugural event this March, InsureXpo brought together industry-leading experts who shared ways to achieve financial freedom, build wealth for the future, be insured for critical illnesses, the importance of planning early in order to retire early, and family legacy planning.

Tsai believes that educational initiatives such as this play a role in shaping consumer behaviour and raising awareness of financial planning. With the introduction of the Basic

This increased awareness then creates more opportunities in the bancassurance sector as more consumers see the need to take charge of their long-term financial well-being. The launch of the Basic Financial Planning Guide represents a pivotal step in encouraging more people to improve their financial literacy and to take charge of their financial health.

InsureXpo by CIMB Bank

54 ASIAN BANKINGAND & FINANCE 2024 ASIAN BANKING FINANCE| Q4 | DECEMBER 2019

The idea behind our inaugural InsureXpo is to promote awareness on the importance of protection against unforeseen events

Reaching a wider audience In raising awareness on InsureXpo and on insurance as an essential need, CIMB Singapore achieved significant engagement on social media by reaching out to individuals

Merlyn Tsai, Head of Consumer Banking and Digital at CIMB Singapore

through key opinion leaders (KOLs). These KOLs—who have a man in the street profile and significant following on social media platforms such as TikTok and Instagram—shared their experiences of InsureXpo on their social media accounts, conveying an authentic and relatable perspective to their audience and subsequently increased brand awareness and drove traffic to the event.

“These KOLs helped us to effectively reach out to the younger generation so that the latter can grow their wealth management knowledge by attending InsureXpo. This aligns our efforts with Singapore’s move to help individuals enhance their financial well-being and uplift the financial knowledge of the nation,” Tsai stated. With its achievement of being named Strategic Partnership of the Year Singapore at the ABF Retail Banking Awards 2024, CIMB Singapore aims to continue tailoring success as the market evolves.

Speaking about the company’s longterm goals, Tsai said, “Riding on the momentum of the success of our first InsureXpo, we are committed to scale up the next run to support more visitors on their financial planning journey.

Tsai added that CIMB Singapore aims to partner the top insurance firms in Singapore to offer the public a comprehensive platform for learning and obtaining essential information to kickstart their life and financial-planning journeys.

Advancing Together,

Your Strategic Business Partner Domestically and Regionally CIMB Niaga is the award winner at ABF Wholesale Banking Awards 2024: Indonesia Domestic Green Financing Bank of the Year

Corporate & Investment Bank of the Year Indonesia

The Syndicated Loan of the Year – Indonesia

For more information

cimb.id/bb

14042 PT Bank CIMB Niaga Tbk berizin & diawasi oleh Otoritas Jasa Keuangan & Bank Indonesia serta merupakan Peserta Penjaminan LPS ASIAN BANKING & FINANCE | Q4 2024 55

CUSTOMER EXPERIENCE INITIATIVE OF THE YEAR - MALAYSIA SME FINANCIAL INCLUSION INITIATIVE OF THE YEAR - MALAYSIA

CIMB committed to support MSMEs CIMB Bank empowers Malaysia’s MSMEs through comprehensive support.

Persatuan Pengusaha Restoran Muslim financial literacy.

Malaysia, amongst others. In association Since its inception in with these bodies, CIMB offers a series 2020, these training of financing options through Bank Negara sessions have assisted Malaysia-funded schemes to support over 400 microSMEs in expanding their businesses, entrepreneurs from adopting eco-friendly practices, and the B40 community, achieving sustainable growth. women entrepreneurs, the asnaf (underserved), Program Keusahawanan CIMB Islamicand disabled persons in the Klang Valley, Kedah/ Taylor’s Perlis, and Johor/Melaka Program Keusahawanan CIMB IslamicTaylor’s is customised to empower regions. Participants The iTEKAD CIMB Islamic Rider Entrepreneur Programme, providing sustainable entrepreneur clusters from various micro come from various income generation and financial resilience through the food delivery platform businesses. To date, sessions for eight business segments, cohorts have been organised, benefitting including food and icro, small, and medium enterprises close to 500 microentrepreneurs from beverage entrepreneurs, small retailers, (MSMEs) play a crucial role in driving the asnaf and B40 communities. A total service providers, and handicraft makers. economic growth, employment of over RM3m has been invested by CIMB The goal is to help these microentrepreneurs generation, and poverty reduction in achieve their business objectives and become Islamic Bank Berhad and CIMB Foundation developing economies. However, MSMEs into the programme since its inception in more resilient in an increasingly digitalised often face challenges in accessing financial 2017, covering entrepreneurship training business environment. resources, acquiring necessary skills, and grants, in addition to equipping and navigating the complex business entrepreneurs with industry-specific skills.

CIMB SME Community Outreach Programme environment. To address these challenges More than 2,200 business owners have and promote the development of MSMEs, iTEKAD CIMB Islamic Rider Entrepreneur participated in 26 sessions of CIMB SME the role of commercial banks such as CIMB Programme Community Outreach Programme as at Bank becomes vital.

The iTEKAD CIMB Islamic Rider December 2023. These business owners Lawrence Loh, Co-Chief Executive Officer Entrepreneur Programme was launched to have benefitted from advisory services, of Group Commercial and Transaction provide sustainable income generation and networking opportunities, info on the Banking, CIMB Group said, “CIMB is pleased financial resilience, complete with business latest CIMB products and propositions, and to continue supporting the Micro and SME skills coaching, to food delivery riders. industry knowledge sharing through CIMB’s business sector, which grew by 5% in 2023 Participants have the option to continue as collaboration with government agencies such and contributed 39.1% to Malaysia’s GDP. As riders or use their expanded skills acquired as Northern Corridor Implementatsuch as the one of Malaysia’s largest financial institutions, Northern Corridor Implementation from the programme to start their own we are in a position of strength to support businesses. CIMB Islamic is partnering Authority, Iskandar Regional Development the MSMEs not just financially but also in with state religious councils and will utilise Authority, and Malaysia External Trade non-financial assistance such as business Development Corporation.Additionally, SMEs RM800,000 from the BNM iTEKAD Grant or networking events, coaching/upskilling and RM800,000 from the CIMB Islamic gain support from CIMB’s digital partners, sessions, and digitalising their enterprises.” including MesinKira, Exabytes, and EasyStore, Zakat Wakalah fund to realise the project.

Beyond financial transactions, CIMB Bank for their digital also provides guidance on financial planning, business adoption. marketing strategies, tech advancements, CIMB also and compliance requirements, to assist collaborated MSMEs in becoming more competitive, with prominent adaptable, and resilient. In helping MSMEs business chambers to future-proof their businesses, CIMB and associations empowers them to realise sustained growth including the Penang through various initiatives.

Chinese Chamber of Commerce, Kuala CIMB MicroBizReady Lumpur & Selangor CIMB MicroBizReady offers Micro Indian Chamber of Entrepreneurs’ training and mentoring Program Keusahawanan CIMB Islamic-Taylor’s, a programme to empower entrepreneur Commerce, SME clusters from various micro businesses, in a training session targeted at home bakers support in areas such as digitalisation, Association of business strategy as well as banking and Malaysia, and the

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We are in a position of strength to support the MSMEs not just financially but also in non-financial assistance such as business or networking events, coaching/upskilling sessions, and digitalising their enterprises 56 ASIAN BANKINGAND & FINANCE 2024 ASIAN BANKING FINANCE| Q4 | DECEMBER 2019

ASIAN BANKING & FINANCE | Q4 2024 57

SUSTAINABILITY INITIATIVE OF THE YEAR - TAIWAN

Taiwan Business Bank Digital Friendly Finance Ecosystem to be fist choice of SMEs, customers

Taiwan Business Bank Digital Friendly Finance Ecosystem won the Asian Banking & Finance Retail Banking Award for Sustainability Initiative of the Year - Taiwan.

TBB empowers SMEs with digital financial solutions

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o respond to changes in the operational models of small and medium-sized enterprises (SMEs), shifts in consumer demands and behaviours, and other market trends, Taiwan SME Bank (hereafter referred to as Taiwan Business Bank) embarked on a digital transformation journey in 2021. In just three years, Taiwan Business Bank has not only successfully built digital financial infrastructure and optimised digital channels but has also focussed on three key customer segments: businesses + generations, the young YZ generation, and the senior orange generation. Through its Hokii digital brand, the bank has expanded its customer base.

In 2024, in response to customer needs and industry trends, the bank is extending its digital financial development roadmap.

This roadmap includes planning routes such as "creating scenarios," "leveraging data," "developing AI," and "establishing business models," with the vision of becoming the preferred bank for SMEs and customers.

The Bank's comprehensive, innovative, and friendly financial services include: 1. Enjoy e-Loans and e-Credit: A brandnew online lending platform that provides various personal loan services.

Customers can apply for loans at any time without any hassle. The Bank offers various loan schemes, including the Pregnancy Support Loans and the Green Go Loans, which provide financing for customers' needs and offer a more convenient, secure, and paperless loan application experience.

2. i-Money Intelligent Voice Assistant: This service integrates Artificial Intelligence (AI) and Application Programming 58 ASIAN BANKINGAND & FINANCE 2024 ASIAN BANKING FINANCE| Q4 | DECEMBER 2019

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Interface (API) technology, utilising voice recognition technology to be integrated into the mobile banking app, allowing customers to directly use voice commands to perform common financial functions such as inquiry, transfer, payment, and service navigation.

ESG Digital Marketing: Provides online digital account opening services

combined with an innovative NFT tree planting and forest conservation marketing plan. Users can not only open accounts and conduct transactions online but also participate in forest rehabilitation through sustainable empowerment NFTs. Account Security Protection: The Bank focusses on the development of financial technology applications and has taken the lead in the financial industry by

introducing several app account security designs that provide comprehensive security protection from login, transaction, and protection perspectives to ensure account security.

With customer needs at its core, Taiwan Business Bank continues to leverage emerging technologies to transform digital financial services. Through high-quality, convenient, and digitally innovative services, the Bank takes into account the interests of all customer groups and the green economy, realising the vision of comprehensive and friendly finance.

Award winning and patent obtainment TBB has won multiple domestic digital finance awards for four consecutive years.

As of 2024, the bank has also received seven international awards and seven domestic awards, totalling 14 accolades. In 2024, Taiwan Business Bank's accolades include five from various award-giving bodies, including the 2024 Asian Banking Finance & Retail Banking Awards.

In 2024, a total of 23 new financial patents have been obtained for digital financial innovation patents, including seven invention patents and 16 new type patents, and the cumulative number of financial patents has reached 68, demonstrating Taiwan Business Bank’s determination to continuously create innovative finance.

Taiwan Business Bank is the only specialised bank for SMEs in the country with a century-old history. It is committed to the management of long-term corporate value and competitiveness. Taking the banking industry as the starting point, it optimises development paths and strategic actions in response to customer needs and works together with ecosystem partners to provide small and medium-sized enterprises.

Provide individual customers with a secure, considerate, and innovative financial service experience, moving towards the operational vision of "becoming the first choice for SMEs and customers."

TBB will continue to adhere to a customer-centric approach, optimising development paths and strategic actions based on customer needs

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ASIAN BANKING & FINANCE | Q4 2024 59

MOBILE BANKING & PAYMENT INITIATIVE OF THE YEAR - PHILIPPINES

ESTA: An award-winning innovation Accessible via Facebook Messenger, ESTA lets cardholders manage finances with ease, from viewing transactions to requesting limit increases.

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astWest continues to stay ahead of the curve in the ever-evolving finance industry, pioneering a new standard for digital banking with the EastWest System Tech Assistant (ESTA). In recognition of its groundbreaking approach, ESTA has been awarded the Mobile Banking & Payment Initiative of the Year - Philippines at the Asian Banking and Finance Awards 2024.

ESTA represents a significant advancement in digital banking, seamlessly integrating the platform with Facebook Messenger and harnessing advanced AI technology like ChatGPT. This integration allows ESTA to provide cardholders with the full functionality of a traditional mobile app or web portal directly within the familiar interface of Facebook Messenger. Cardholders can effortlessly perform a wide range of services, enhancing accessibility and ease of use, allowing them to access various credit card services such as the following: Real-time transaction and balance display: Cardholders can instantly see their transactions and current account balances, ensuring they have up-to-date financial information at their fingertips.

View transactions: View unbilled, current, and historical transactions, which enables cardholders to track and manage their finances with ease.

Service requests: From requesting limit increases and convert-to-installments to applying for supplementary cards and redeeming reward points, ESTA accelerates these requests, further simplifying customer service interactions.

Advanced security measures: ESTA includes robust security features such as realtime card locking and unlocking capabilities, providing cardholders with enhanced control and protection against fraud.

Update personal information: Keep personal details accurate and up-to-date with ESTA straight from Facebook Messenger.

Customer support: ESTA allows cardholders to submit and manage customer service tickets directly within the platform, facilitating swift and effective resolution to many cases.

Commitment to excellence and continuous innovation EastWest is dedicated to continuously upgrading ESTA’s capabilities and functionality to meet customer needs.

The platform’s flexibility enables rapid 60 ASIAN BANKINGAND & FINANCE 2024 ASIAN BANKING FINANCE| Q4 | DECEMBER 2019

EastWest at the ABF Retail Banking Awards 2024

ESTA sets a new standard for convenience, security, and customer empowerment in the banking and finance industry integration of emerging technologies, ensuring it remains at the forefront of digital banking innovation. By prioritising customer satisfaction and operational efficiency, EastWest continues to improve and revolutionise its services in digital banking.

Accessible anytime, anywhere ESTA offers exceptional convenience through its secure and intuitive platform, easily accessible via Facebook Messenger.

Whether cardholders are at home, work, or travelling, they can manage their finances by simply searching for “EW Credit Cards” on Facebook Messenger. This accessibility provides a convenient and accessible banking solution for its customers.

Recognised excellence and future outlook of ESTA The accolade of ESTA at the Asian Banking and Finance Awards 2024 emphasises its transformative impact on the banking industry. As EastWest looks ahead, ESTA

remains poised to lead the next wave of digital banking innovation. By setting new benchmarks in convenience, security, and technological advancement, ESTA has demonstrated EastWest’s commitment to shaping the future of banking.

ESTA is not just a digital assistant but a cornerstone of innovation. Recognised for its excellence and customer-centric approach, ESTA continues to pioneer advancements, standing ready in the face of challenges brought by the competitive landscape in financial services. With its award-winning capabilities, ESTA sets a new standard for convenience, security, and customer empowerment in the banking and finance industry. With this, cardholders can look forward to a faster, more efficient ESTA in the future.

Experience ESTA’s fast, secure, and user-friendly platform, available 24/7.

Just search for EW Credit Cards on Facebook Messenger or visit www. ewlend.com/esta

ASIAN BANKING & FINANCE | Q4 2024 61

CONSUMER FINANCE PRODUCT OF THE YEAR - VIETNAM

Home Credit Vietnam wins Consumer Finance Product of the Year This significant award highlights the digi-finance company’s commitment to innovation and a customer-centric approach.

Home Credit Vietnam’s Card Product Team received the trophy from Asian Banking and Finance at the event in Singapore

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ome Credit Vietnam’s credit card was recognised by the Asian Banking and Finance Award 2024 as Consumer Finance Product of the Year - Vietnam at a grand ceremony on 4 July at the Marina Bay Sands Expo and Convention Centre, Singapore. This prestigious event is held annually by Asian Banking and Finance to acknowledge and honour banks and financial institutions that have been reshaping the retail banking landscape with their outstanding performance, innovation, and excellence.

“We are thrilled that Home Credit Vietnam’s Credit Card was named Consumer Finance Product of the Year. This award reflects our dedication to providing innovative and responsible financial solutions that empower our customers. With their needs at the heart of everything we do, we’ll keep developing dependable products and services that make a real difference

Home Credit Vietnam’s credit card receives the Consumer Finance Product of the Year - Vietnam award

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in their lives,” said Michal Skalicky, Chief Customer Officer of Home Credit Vietnam.

Efficiency and transparency For over 16 years in Vietnam, Home Credit has continuously been listening to its customers and innovating products to meet

Home Credit’ credit cards are designed with these outstanding features and promotions to cater to the cashless payment needs of Vietnamese people their needs. The company’s award-winning credit card offers customers a quick and simplified application flow in just five steps and approval within five minutes, requiring only the national ID. The card delivery status can then be tracked via the Home Credit App. Additionally, Home Credit Vietnam has

recently revamped the loyalty programme that provides customers with 10% cashback on everyday spending, including supermarkets, e-commerce, and weekend dining. Customers can convert large purchases to a 0% interest instalment plan based on their preferred tenure.

Home Credit Vietnam consistently prioritises transparency, providing customers with real-time transaction history with the mobile application allows further monitoring of their spending and access to transaction details and merchant information in order to track their eligibility for promotional rewards. Customers can block or unblock cards, turn on or turn off online payments, and manage their daily spending limits via the Home Credit App for added security and better management of their spending.

Countless promotions Besides all the above-mentioned advantages, Home Credit Vietnam currently offers many attractive promotions to customers opening a credit card, including up to 20% off electricity, water bills, mobile top-ups, discounts across food delivery, ridehailing, e-commerce, and more. Notably, the monthly fee will be waived when the spending criteria are met.

Home Credit’ credit cards are designed with these outstanding features and promotions to cater to the cashless payment needs of Vietnamese people, for whom this is their first credit card. The recognition of such a prestigious award as Asian Banking and Finance affirms Home Credit Vietnam’s position as the role model of consumer finance, leading responsible lending in the market.

Home Credit Vietnam’s credit card boasts a streamlined application process

China CITIC Bank International Limited Tailoring Financial Solutions to Your Every Opportunity & Bridging You to The Global Market

Stockor Ng Head of Structured Finance Wholesale Banking Group China CITIC Bank International Limited

ASIAN BANKING & FINANCE | Q4 2024 63

DOMESTIC RETAIL BANK OF THE YEAR - PHILIPPINES

CBC: Tradition meets innovation

Chinabank celebrates 104 years of growth and resilience, strong financial performance, and expanded reach, solidifying its position as a leading financial institution in the Philippines.

CBC Chairman Hans T. Sy

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n 1920, Chinabank (CBC) opened as “the businessman’s bank” in the Philippines, a generator of growth and positivity even in challenging economic conditions. Through the years, CBC has grown into a major player in the local banking industry, with the resources, capabilities, and expertise to serve customer segments beyond its original niche of Chinese Filipino entrepreneurs.

Through every endeavour, challenge, and triumph, CBC has been standing by its customers, the country, as well as society at large, harmonising the greatest strengths of its past with the brightest prospects of its future to create sustainable value for all of its stakeholders.

Focused on You CBC Chairman Hans T. Sy and President & CEO Romeo D. Uyan Jr. understand how vital it is to keep pace with the times whilst upholding the timeless values that underpin the bank’s enduring success and resilience.

Thus, as they embraced innovation, new technology, and new ways of doing business, they also welcomed the changes to a brand with over a century of history.

“We have always been open to changes that enhance our positioning,” Sy said, noting how CBC continues to grow and evolve, providing responsive and innovative financial solutions to a new generation of customers. “We are modernising Chinabank’s image whilst staying true to its core values and heritage.”

On its 104th year, alongside its ongoing digital transformation initiatives, CBC embarked on a brand refresh programme, contemporising its visual identity, messaging,

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and customer experience. The brand refresh builds on CBC’s solid foundation as a trusted bank with a keen understanding of its clients’ needs in an evolving landscape.

“It’s not just a new look. This brand refresh is a renewed commitment to putting our customers front and centre in everything we do,” Uyan said.

Throughout its long history, CBC has helped tycoons when they were just newbies and billionaires when they only had a billion to one shot.

The new tagline, “Focused on You,” captures what CBC has been doing all these years— giving the same focus and attention to all its customers, not caring whether they are big or small, but only seeing the size of their dreams.

As part of the brand refresh, the bank also changed its ticker symbol on the Philippine Stock Exchange (PSE) from “CHIB” to “CBC.”

“We are modernising Chinabank’s image whilst staying true to its core values and heritage” “This change represents our commitment to adapt to the changing dynamics of the financial industry and to better communicate our brand strength to investors and customers,” Uyan said.

Growing For You The first privately owned local commercial bank in the Philippines and one of the first

CBC’s main branch in Makati City

companies to be listed on the Manila Stock Exchange, now the PSE, CBC has gone through tremendous growth. Today, it is amongst the Philippines’ top four private universal banks, amongst the best governed publicly listed companies in the country and in Southeast Asia, and amongst the best employers in the Philippines.

For its solid financial performance and customer-centric, technology-enabled retail strategy, CBC was named the Domestic Retail Bank of the Year in the Philippines by Asian Banking & Finance in 2024. CBC also made it into the inaugural Fortune Southeast Asia 500, a list of the largest companies in the region in terms of total revenues.

Capping these recent achievements is the bank’s record-high net income of PHP11.4b in the first half of 2024, which translated to 15.1% return on equity and 1.5% return on assets, amongst the highest in the industry.

Looking ahead, CBC is poised to further enhance its digital capabilities, expand its product and service offerings, and deepen and broaden its customer relationships. The bank’s unwavering dedication to delivering exceptional customer experience, coupled with its strong governance practices and innovative mindset, will continue to drive its growth and solidify its position as a trusted financial institution in the Philippines.

Amidst the transformation and modernisation to meet the financial needs and expectations of customers and other stakeholders, CBC takes pride in offering what no technology or brand refresh ever could: 104 years of trustworthiness.

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www.artajasa.co.id

ASIAN BANKING & FINANCE | Q4 2024 65

CUSTOMER EXPERIENCE INITIATIVE OF THE YEAR - HONG KONG

DBS Hong Kong leads the way to seamless phygital banking experience at the new DBS Treasures Centre The new state-of-the-art DBS Treasures Centre features modern technology and AI-powered wealth management services for high-net-worth clients in Hong Kong and Mainland China.

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n the ever-evolving landscape of Asia’s high-net-worth (HNW) demographic, DBS Bank Hong Kong is leading the charge in redefining the wealth management experience. As one of Asia’s preeminent financial centres, Hong Kong is witnessing an unprecedented demand for innovative financial solutions tailored to the discerning needs of affluent individuals and families.

Recognising this transformative trend, DBS has unveiled its state-of-the-art DBS Treasures Centre in the heart of Hong Kong’s Central district. This cutting-edge facility leverages modern technology and intelligent advisory tools to elevate the customer experience, offering a comprehensive suite of wealth management services and solutions tailored to HNW individuals and families both in Hong Kong and Mainland China.

“We are excited to unveil our new 18 QRC DBS Treasures Centre, which underscores our commitment to delivering exceptional wealth management experiences to our high-net-worth customers,” says Ajay Mathur, Head of Consumer Banking Group and Wealth Management of DBS Hong Kong. “This purposeful branch allows us to extend our advisory services beyond wealth and beyond closed rooms, leveraging modern technology to create a seamless banking experience for our clients.”

Mr. Mathur added, “We are confident in our ability to succeed because of the innovative new banking experience we are offering at our new Wealth Management Centre, in addition to our strong digital and AI capabilities. We reaffirm our dedication to Hong Kong and Mainland China and are resolute in pursuing our plan to engage in the expanding prosperity of the area.”

A seamless phygital experience In the current “phygital” era of banking, banks are combining their digital and physical channels, and DBS is deliberately changing the distribution strategy to become client experience centers instead of traditional transactional services counters.

“At the new DBS Treasures Centre, we have reimagined our offerings with a prioritisation to uplift our customers’ experience,” says Maggie Yung, Head of Treasures and Distribution for Consumer Banking Group and Wealth Management of DBS Hong Kong. “With our technology innovation, we

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DBS Treasures Centre

ensure our customers have a seamless online to offline (O2O) experience, from smart onboarding and smart appointments with smart check-in scheduling to borderless engagement enabled by our upgraded digital capabilities,” she added.

At the new DBS Treasures Centre, we have reimagined our offerings with a prioritisation to uplift our customers’ experience Leveraging AI and digital capabilities DBS has been expanding its artificial intelligence (AI) capabilities throughout its divisions for the past five years. To provide customers with more strategic value, key areas of focus include using AI to increase productivity and efficiency, create new business segments and market opportunities, and enhance consumer engagement and offers. According to the bank, the new DBS Treasures Centre provides a cutting-edge banking experience. With the use of data and AI, a group of relationship managers and wealth management professionals may provide clients with enhanced personalised financial solutions and advice.

A refined, client-centric design The 15,000 sq ft DBS Treasures Centre boasts a modern and upscale design, strategically located at 18 Queen’s Road Central, Hong Kong’s central business district, for convenient customer access.

In an effort to offer a distinctive customer experience, the facility incorporates design features found in hospitality settings.

They consist of an atrium, circular “meeting pods,” and a multipurpose lounge on the top main floor that may be set up as a venue for gatherings or conferences. The interior is decorated in the bank’s distinctive red.

Prioritising client privacy is evident in the acoustic soundproofing on the walls and the glass doors on the meeting pods that turn into frost settings whilst client meetings are in session. Other innovations include openconcept counters that provide more privacy and a new generation of DBS-designed automated teller machines (ATMs) that muffle the sound of currency being released.

This new branch of DBS, along with its reputation as one of the safest banks in the world and its improved HNW service excellence in Hong Kong and Mainland China, reaffirms the bank’s commitment to these regions and to bringing forward innovative solutions that will pave a sustainable path to a secure future for all its customers.

Ajay Mathur, Head of Consumer Banking Group and Wealth Management of DBS Hong Kong

ASIAN BANKING & FINANCE | Q4 2024 67

GREEN INITIATIVE OF THE YEAR - MYANMAR MID-SIZED CORPORATE & INVESTMENT BANK OF THE YEAR - MYANMAR

Dual honours: Recognising A bank’s achievements at Asian Banking & Finance Awards The bank took home accolades for Green Initiative of the Year - Myanmar and Mid-Size Corporate & Investment Bank of the Year - Myanmar.

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yeyarwaddy Farmers Development Bank (A bank) has been honoured with dual accolades at the prestigious ABF Corporate & Investment Banking Awards 2024, securing titles for Green Initiative of the Year - Myanmar and Mid-Size Corporate & Investment Bank of the Year - Myanmar, highlighting its pivotal role in the banking sector and its commitment to sustainability and community engagement. These accolades underscore A bank’s commitment to offering outstanding corporate banking solutions and impactful sustainability efforts. One of these commitments, for instance, has been realised through initiatives like the successful revival of Yangon’s 101st Alley Garden.

A bank: Leading corporate banking innovation, sustainability in Myanmar In today’s rapidly evolving financial landscape, A bank’s corporate banking services face multifaceted challenges ranging from regulatory complexities and rapid changes in market conditions to digital disruption.

With the vision to diversify into the financial sector and provide comprehensive financial services for stakeholders involved in agribusiness, trading, property development and other related sectors, A bank facilitated several key successful corporate banking services and products that significantly contributed to its overall success and reputation in the Myanmar banking sector.

Simultaneously, A bank has distinguished itself in the corporate banking arena by tailoring financial solutions that resonate with the dynamic needs of Myanmar’s businesses.

Additionally, its innovative financial strategies and sustainable finance initiatives also played a crucial role in fostering economic and sustainable development across the region. All these accomplishments demonstrated A bank’s influential presence and exceptional performance in Myanmar’s financial landscape.

Standing with the community A bank’s commitment to corporate social responsibility (CSR) stands as an idol of inspiration within the investment banking industry, epitomised by its groundbreaking initiative, “Standing with You.” Renowned for its trailblazing CSR efforts, A bank has consistently demonstrated its mission of making a meaningful difference in 68 ASIAN BANKINGAND & FINANCE 2024 ASIAN BANKING FINANCE| Q4 | DECEMBER 2019

Ayeyarwaddy Farmers Development Bank (A bank) CEO Daw Mi Mi Sein

We are dedicated to surpassing our customers’ expectations and promoting innovation in the financial sector communities by supporting orphanages and spearheading environmental conservation endeavours. Through these actions, A bank communicates a powerful message: “A World with You,” emphasising the importance of collective action and shared responsibility in building a better future.

Under its lauded “Standing with You” initiative, A bank has spearheaded the transformative 101st Alley Garden Project in collaboration with Doh Eain, a place-making social enterprise that enhances cities through participatory design, focussing on heritage preservation and improving public spaces.

This project has revitalised urban spaces

A bank aims to make a difference with its CSR initiatives

in Yangon, turning neglected alleys into vibrant community hubs, thus fostering a strong community spirit and enhancing local environmental conditions.

The project not only beautified the area but also became a centre for community participation, significantly uplifting local engagement and pride.

This 101st Alley Garden project initiative with Doh Eain is not just about sprucing up space; it’s about bringing people together and creating a sense of pride in the community—a vision that aligns perfectly with A bank’s commitment to standing with communities. As A bank reflects on its collaboration with Doh Eain on the 101st Alley Garden project, it is proud of the achievements, effectiveness, and impact they have witnessed.

For this recognition, A bank deeply appreciates its loyal customers for their trust and support. A bank expresses its heartfelt thanks for their continued partnership and the bank remains committed to further improving its services to meet their needs. The bank still pledges to surpass customer expectations and promote improvement in the banking industry. As A bank celebrates these accolades, it remains committed to enhancing services and innovation in the banking sector.

Daw Mi Mi Sein, Chief Executive Officer of A bank, stated, “We appreciate the trust of our customers and stakeholders and their commitment is critical to our success. We are dedicated to surpassing our customers’ expectations and promoting innovation in the financial sector.”

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ANALYTICS INITIATIVE OF THE YEAR - THAILAND FRAUD INITIATIVE OF THE YEAR - THAILAND

Kasikornbank recognised for fraud prevention efforts, data-driven approach Kasikornbank won 2 international awards: Analytics Initiative of the Year - Thailand and Fraud Initiative of the Year - Thailand.

Kasikornbank Public Company Limited at the Asian Banking & Finance Retail Banking Awards 2024

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asikornbank, a prominent financial bank in Thailand, has received international recognition for its exceptional achievements in data analytics and fraud prevention, garnering two prestigious accolades.

The bank’s successful implementation of artificial intelligence (AI) and machine learning (ML) models has enabled the effective identification and mitigation of various fraudulent activities, including loan applications and digital fraud. These technological advancements have yielded significant benefits. Notably, they have led to a substantial reduction in early nonperforming loans (NPLs) resulting from fraud and the deactivation of over 150,000 suspicious mule accounts. Kasikornbank’s dedication to maintaining high standards of safe and reliable financial services has not only enhanced customer trust but also established a new benchmark in the financial services sector.

Kasikornbank has been awarded Analytics Initiative of the Year - Thailand and Fraud

Initiative of the Year - Thailand on 4 July 2024. Dr Tiravat Assavapokee, Executive Vice President, Data and Analytics Division Head, and Mrs Phattrapha Hongkumdee, First Senior Vice President, Enterprise Risk Management, accepted the honours on behalf of Kasikornbank.

Sophisticated systems shield Kasikornbank from fraud In response to the evolving landscape of fraudulent activities, Kasikornbank has developed sophisticated systems and models over the past two years. These innovations have demonstrated high efficacy in identifying various forms of fraud. The bank’s early warning system has been particularly instrumental in mitigating loan fraud and protecting against digital fraud, an increasingly prevalent concern amidst the digital era.

The impact of these technological advancements has been substantial.

Kasikornbank has reported a significant reduction in early NPLs resulting from fraud,

The bank remains committed to maintaining high standards of safe and reliable financial services

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with the proportion decreasing from 3% to 0.3%. This reduction mitigates financial risk and enhances customer confidence, a critical factor for the bank’s reputation and operational success.

Furthermore, the bank’s efforts have led to the identification and deactivation of over 150,000 suspicious mule accounts, safeguarding both the bank’s assets and its customers’ financial interests. The efficacy of these fraud prevention systems is further evidenced by a notable reduction in customer complaints.

A model of excellence in the financial industry Kasikornbank’s transformation in fraud prevention, leveraging big data, analytics, AI, and ML, has yielded significant benefits for both the institution and its clientele.

By effectively preventing financial losses and bolstering customer trust, the bank has established a new benchmark in the financial services sector. The bank remains committed to maintaining high standards of safe and reliable financial services, with the objective of creating value and differentiation for its customers and society at large, as reflected in its ongoing efforts to innovate and improve its services.

Kasikornbank’s recent recognition at the Asian Banking & Finance Retail Banking Awards 2024 underscores its leadership in the application of technology for fraud prevention. Their achievements serve as a model for other financial institutions, emphasising the importance of prioritising customer security and trust through technological advancements and innovative practices. Kasikornbank’s success story exemplifies resilience, innovation, and an unwavering commitment to excellence in the banking industry.

CONTACT Company name: Kasikornbank Company address: 400/22 Phahon Yothin Road, Sam Sen Nai Sub District, Phaya Thai District, Bangkok, Thailand 10400 Contact number: +662 888 8888 Website URL: www.kasikornbank.com

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FINTECH

NEW FINTECH PRODUCT AWARD - HONG KONG MOBILE APP AWARD - HONG KONG

AWARDS 2024

Goldhorse Capital Management revolutionises structured products with Extramile With its innovative SaaS platform and mobile app, Extramile, Goldhorse has transformed how PWM institutional clients manage structured products, enhancing efficiency and client engagement across the sector. mobile devices. This app is a boon for relationship managers to quote and trade structured products anytime, anywhere.

This was a pioneering move, as it was the first mobile sales tool within the structured products arena, available on both iOS and Android systems.

The Goldhorse team, driving innovation in the structured products industry Throughout the years, Goldhorse has consistently stayed oldhorse Capital Management, a ahead of the curve by introducing innovative trailblazer in the structured product features. Notably, in 2023, Extramile was fintech space headquartered in Hong significantly upgraded, adding FIX API Kong, is making a substantial impact in the financial industry.

Recently, the firm garnered significant acclaim at the ABF Fintech Awards 2024, clinching both the New FinTech Product Award - Hong Kong and Mobile App Award - Hong Kong accolades for its extraordinary contributions to the structured products market through its innovative SaaS platform and mobile application, Extramile.

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Empowering institutional clients with Extramile By leveraging the expertise of a team comprised of finance professionals from prestigious global banks on both the buy- and sell-sides, along with in-house IT development capabilities, Goldhorse has revolutionised how PWM institutional clients such as External Asset Managers (EAMs) and Multi-Family Offices (MFOs) conduct their structured products business. Currently, Goldhorse boasts over 130 institutional clients spanning Hong Kong, Singapore, Malaysia, and Dubai. Its cutting-edge, cloudbased platform, Extramile, automates and digitalises the entire workflow associated with structured products — from idea generation and price quotation to order execution and lifecycle management — all within a regulatory-compliant framework.

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connectivity and launching new features such as MarketPlace and Community Forum. These innovations have not only simplified operations but also improved market access and user engagement considerably. The MarketPlace, for instance, unlocks the unique community concept by offering both trading intelligence and a lower barrier of entry to high-touch products – truly offering clients a new era of “shopping” experience for structured products.

Similarly, the Community Forum is

crafted to foster user engagement, serving as a central space for clients to ask questions, exchange experiences, and participate in valuable discussions on topics of common interest.

Vision for the future Looking ahead, Goldhorse plans to amplify its emphasis on data analytics and artificial intelligence. The objective is to deliver more relevant insights to its clients and to make the structured product sales management and operating process even more efficient.

“At Goldhorse, our journey over the years has been marked by a constant evolution beyond basic client features to continually refine our user experience.

We aim to be the preferred technology platform partner to clients who operate structured product business. Unlike other platform providers, our thought process on designs and developments centre on how to improve sales efficiency and value-added solutions that are unmatched in the market,” said Edward Liu, Deputy CEO. “‘Bridging Technology and Advisory to Go for the Extra Mile’ is the motto of Goldhorse. Over the last 3+ years, we fully reflected our ambition via Extramile as well as our professional services. The fact that we are being trusted by 100+ clients globally and have been able to trade US$ 2b per annum sets us apart from the competition,” he added.

Goldhorse Capital Management has profoundly transformed the operational dynamics for professionals servicing clients in high-net-worth space.

Goldhorse’s exceptional client service reaffirms its position as a leader in fintech innovation and a prominent player in enriching the financial sector’s efficiency and client interaction landscape.

At Goldhorse, our journey over the years has been marked by a constant evolution beyond basic client features to continually refine our user experience

WHAT MAKES US DIFFERENT ONLY MAKES US STRONGER At Maybank, we recognize ASEAN's diversity as our greatest asset. With presence in all 10 countries, we've gained unparalleled insights into the region's growth.

Our journey has taught us the power of diversity and the importance of driving shared prosperity across the region.

Together, we thrive.

Maybank Cambodia Clinches Two Major Awards at ABF Retail Banking Awards 2024

Maybank Cambodia, a subsidiary of Maybank Group, was founded in Phnom Penh in 1993, and has since grown from a single branch to become a locally incorporated bank in 2012. As one of Cambodia's top banks, Maybank offers a comprehensive range of financial services, including corporate, commercial, consumer, internet, and mobile banking. The bank operates in Phnom Penh and major provinces with a network of 21 branches.

MAYBANK (CAMBODIA) PLC. Maybank Tower, No.43 Preah Norodom Boulevard, Sangkat Phsar Thmey 3, Khan Daun Penh, Phnom Penh, Cambodia +855 89 888 028 | +855 99 888 028 www.maybank2u.com.kh

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TRADE YOUR WAY FORWARD

Maybank Trade MY is proud to be awarded Online Securities Platform of the Year - Malaysia and Digital Transformation of the Year - Malaysia

2024 Online Securities Platform of the Year - Malaysia

2024 Digital Transformation of the Year - Malaysia

74 ASIAN BANKINGAND & FINANCE 2024 ASIAN BANKING FINANCE| Q4 | DECEMBER 2019 A Participating Organisation of Bursa Malaysia Berhad | Maybank Investment Bank Berhad (15938-H)

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ECOSYSTEM INITIATIVE OF THE YEAR - VIETNAM OPEN BANKING INITIATIVE OF THE YEAR - VIETNAM

Digital transformation becomes a growth motivation for Nam A Bank With a strong digital ecosystem and a commitment to human capital and technology, the bank is achieving impressive growth. a product portfolio that includes all customers’ financial service needs and distribute this through the OneBank channel.

Mr Nguyen Vinh Tuyen – Deputy General Director of Nam A Bank

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igital transformation is one of the issues receiving attention from many industries and fields. Building a vision of becoming a bank “pioneer in implementing a comprehensive financial model based on two main pillars of renewable energy and financial digitalisation,” although this is an ambitious goal, is planned based on practical foundations – human resources and technological leverage.

Currently, Nam A Bank’s digital ecosystem, such as Robot OPBA, Open Banking, and ONEBANK, has brought different, superior, and seamless experiences to customers.

The power of digitalisation is a core strategy and an effective tool to support the bank in continuously making breakthroughs, creating a big mark on the market by affirming itself as the leading bank in technology market share.

With a diverse and convenient ecosystem such as OneBank, Open Banking, and Robot OPBA, the rate of using Nam A Bank’s digital services and products is increasing. The rate of online transactions currently accounts for over 95% of the bank’s total transfer and payment transactions. With OneBank, to meet customers’ 365+ transactions, Nam A Bank has been continuously opening new digital transaction points to meet the increasing needs of customers.

Nam A Bank strengthens joint venture activities and links with partners specialising in e-commerce business, stock, insurance, education, healthcare, and tourism to build 76 ASIAN BANKINGAND & FINANCE 2024 ASIAN BANKING FINANCE| Q4 | DECEMBER 2019

Building a Strong Foundation To be successful in transforming the state of Mr Nguyen Vinh Tuyen, Deputy General Director of Nam A Bank, development from receiving the awards from Asian Banking & Finance Awards 2024 passive to proactive, the firm will assets reached more than VND210,000b, continue to be built and strengthened based an increase of more than 18% compared to on two main foundations: human resources the beginning of the year, joining the group (differentiation strategy) and technology of 20 banks with the largest total assets in (blue ocean strategy). the system.

Nam A Bank drastically restructures human Other important indicators such as capital resources systematically and synchronously, mobilisation reached nearly VND165,000b, building a staff that meets 3C standards an increase of nearly 20% compared to (Competence standards – Cybertechnologist the beginning of the year, and outstanding - Choose green living). loans reached nearly VND142,000b, an increase of more than 18% compared to the beginning of the year. The bank’s By applying digital ecosystem, pre-tax profit in 2023 reached more than VND3,300b, an increase of 50% compared Nam A Bank remains the to the same period in 2022. leading bank in technology The bank also aims to continue market share sustainable growth in 2024 with a consolidated pre-tax profit target of VND4,000b, an increase of 21%; Total Nam A Bank has quickly adapted and assets reach VND232,000b, an increase of integrated into the technology wave to 11% compared to 2023; Outstanding loans provide products and services that meet the to individuals and economic organisations increasingly diverse needs of customers. are at VND160,000b, an increase of 13%, Nam A Bank’s products and services have at the same time, ensuring the annual credit integrated many advanced technologies, with growth rate according to regulations of the high technological content, well received by State Bank. customers and highly appreciated by experts.

“Nam A Bank constantly invests in “By applying digital ecosystem, Nam A technology, because we need to maintain Bank remains the leading bank in technology and strengthen our leading position in market share,” said Mr. Nguyen Vinh Tuyen, digital transformation. We will continue Deputy General Director of Nam A Bank. to improve and expand the Digital Banking ecosystem to meet the growing Impressive financial results demands of customers and the market.

In 2023, amidst difficulties, Nam A Bank By continuing to invest heavily in digital has turned challenges into opportunities, transformation and applying the above promoted its advantages, and captured strategies, Nam A Bank has a solid the market. From there, it completed the foundation to enhance its position in the targets assigned by the General Meetings digital banking industry in Vietnam and of Shareholders 2023. Specifically, total the region,” Nguyen Vinh Tuyen said.

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SOUTH KOREA INTERNATIONAL TRADE FINANCE BANK OF THE YEAR TAIWAN INTERNATIONAL TRADE FINANCE BANK OF THE YEAR

ING: Growing the difference with their clients The company is empowering clients with innovative trade finance solutions for client growth and sustainability endeavours.

Deric Lau (left) from Transaction Services ING APAC, receives the trophy at the Asian Banking and Finance Awards 2024 dinner on 4 July 2024. Together with him are Transaction Services representatives, Iris Chen (centre) from ING Taiwan and Hyung-Yon Park (right) of ING Korea

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NG is a global bank with a strong European base. Its more than 60,000 employees offer retail and wholesale banking services to customers in over 40 countries.

The bank’s purpose is to empower people to stay a step ahead in life and in business.

Its products include savings, payments, investments, loans, and mortgages in most of their retail markets. For ING’s Wholesale Banking clients, the firm provides specialised lending, tailored corporate finance, debt and equity market solutions, sustainable finance solutions, payments & cash management, and trade and treasury services.

Customer experience is what differentiates ING, and it is continuously innovating to improve it. ING also partners with others to bring disruptive ideas to the market faster.

ING in Asia Pacific In Asia Pacific, ING offers wholesale banking across 11 markets, namely Australia, China, Hong Kong SAR, India, Indonesia, Japan, the Philippines, Singapore, South Korea, Taiwan, and Vietnam. It offers both retail and wholesale banking services in Australia.

The ING difference lies in the firm’s global reach with local experts, as no matter where its clients are in the world, ING’s network of experts offers a seamless local experience with a global view.

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It is also made up of sector experts – those within the organisation know their stuff and their clients trust them to deliver tailored solutions to meet their needs. With their focus on sustainability, ING is not just a green thought leader; they also work hand-in-hand with their clients to address some of the more pressing issues in the world today.

Customer experience is what differentiates ING, and it is continuously innovating to improve it ING in South Korea Established in South Korea since 1991, ING expanded its offerings with the opening of a securities branch in 2016. Today, ING South Korea stands as one of the largest international providers of trade finance services in the country, with a comprehensive suite of solutions that include trade loans, receivable financing, guarantees for corporates, Letters of Credit refinancing, Banker’s Acceptances, and unfunded guarantees for non-bank institutions.

ING sets itself apart by crafting customised solutions for clients, leveraging its extensive network across over 40 markets worldwide.

This approach is bolstered by local market expertise, deep product knowledge, and sustainability leadership, exemplified by pioneering the first-ever sustainabilitylinked loan for Philips in 2017 and several landmark sustainability deals in Korea.

These achievements underscore ING’s commitment to supporting the growth and sustainability efforts of its clients in South Korea and beyond.

ING in Taiwan Established in Taiwan since 1991, ING Taiwan combines global reach with local expertise to provide seamless experiences for clients, connecting Taiwanese businesses with international partners. This strategic approach enables ING Taiwan to offer tailored working capital solutions that capitalise on global trade flows, supported by a proven track record in the region.

As a global leader in sustainable finance, ING has pioneered landmark sustainability deals in Taiwan, particularly in trade financing, leveraging Taiwan’s position as one of the world’s leading Electronic Manufacturing Services (EMS) providers.

In 2023, ING Taiwan saw significant growth in its Trade Finance portfolio, notably through its Receivables Finance programme. ING Taiwan’s leadership in arranging and managing large Taiwanese multibank transactions was instrumental in reaching this milestone.

These innovative solutions illustrate ING’s steadfast support for client growth and sustainability endeavours, reinforcing its pivotal role in the development of Taiwan’s financial services landscape.

Sustainability pioneers ING remains a global leader in sustainable finance, where they are a pioneer in structuring the first ever sustainabilitylinked loan for Philips in 2017. ING has closed several landmark sustainability deals in South Korea including the first green loan for a data centre project in South Korea in 2023. This extends to Taiwan, with several notable transactions in the Receivables Finance space.

In 2023, ING achieved a volume of over €115b (US$124.72b) in sustainable finance mobilised globally. They recently announced their new goal for sustainable volume mobilised to €150b (US$162.67b) annually by 2027.

Society is transitioning to a low-carbon economy. So are ING’s clients, and so is ING. The bank finances a lot of sustainable activities, but still finances more that’s not. See how ING is progressing on ing.com/climate.

ASIAN BANKING & FINANCE | Q4 2024 79

CREDIT CARD INITIATIVE OF THE YEAR - HONG KONG

Elevating everyday transactions: BOCHK crowned 2024 Credit Card Initiative of the Year Bank of China (Hong Kong) champions innovation, winning the 2024 Credit Card Initiative of the Year - Hong Kong with customised rewards and strategic regional partnerships.

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OC Credit Card (International) Limited (BOC Credit Card), a marquee component of Bank of China (Hong Kong) (BOCHK), continues to redefine the credit card landscape in the city. As a premier issuer in Hong Kong, BOCHK has consistently delivered tailored and comprehensive payment solutions that resonate deeply with the diverse lifestyles of its customers.

This commitment is brought to life through exclusive privileges, enticing spending offers, and thoughtful merchant partnerships.

In 2023, BOC Credit Card elevated the everyday experience for its cardholders with the introduction of the “Amazing Rewards” programme. Designed to streamline the rewards process, this programme allows customers to accrue benefits effortlessly across four major spending avenues: local, overseas, online shopping, and bill payments.

Amazing Rewards stands out from other reward schemes in the market as it features a straightforward sign-up process – customers merely need to register once to start earning rewards across these four key spending areas. When combined with BOC Credit Card’s existing card perks and special

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merchant offers, the programme empowers customers to significantly enhance their spending efficiency.

Launched as Hong Kong’s consumer spending rebounded robustly post-pandemic, the Amazing Rewards programme quickly became a customer favourite, as evidenced by soaring registration figures and a five-year high in credit card spending volumes. This surge in popularity enabled BOC Credit Card to clinch the prestigious Credit Card Initiative of the Year - Hong Kong at the 2024 Asian Banking & Finance Retail Banking Awards, underscoring its leadership and innovation.

BOC Credit Card enhances GBA shopping with exclusive rewards Dick Ho Wai-man, Deputy General Manager of BOC Credit Card (International) Ltd., explained that the company has always been in tune with the shifting dynamics of consumer behaviour. With an insightful anticipation of increased consumer spending post-pandemic and a keen eye on the rising trend of cross-border shopping in the Greater Bay Area (GBA), the company launched two bespoke campaigns: “Enjoy Amazing Rewards in the GBA - Northbound Go!” and “Enjoy Amazing Rewards in the GBA - Macao Go!”

These campaigns bring exclusive promotions and discounts that span bustling shopping malls, popular supermarket chains, sought-after dining spots, dental care services, and more.

Additionally, with Macau being the top GBA destination for Hong Kong spenders, BOC Credit Card has teamed up with BOC Macau to unveil a series of all-year-round consumption discounts in Macau. Hong Kong customers now enjoy up to 50% off at more than 350 merchants, encompassing everything from the six major integrated resorts and leisure complexes to accommodations, dining, entertainment, shopping, and transportation.

BOC Credit Card optimises payments for security, diversity Ho notes that today’s credit card users are increasingly looking for a richer mix of local, overseas, and crossborder promotional offers, along with more streamlined and secure digital payment solutions. In response, BOC Credit Card has strategically shaped its offerings to meet these needs, ensuring that customers enjoy a seamless and rewarding payment experience across all facets of their lifestyle.

BOC Credit Card is constantly evolving its services to meet the dynamic needs of today’s consumers, ensuring a secure and seamless payment experience across local and international landscapes

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CUSTOMER EXPERIENCE INITIATIVE OF THE YEAR - SINGAPORE

Harnessing customer experience to build our flywheel

wherever and whenever via the GXS chat or contact form on the app, the GXS hotline, socials, or the customer support email address at any time.

Secondly, the GXS Buddies are more than

By Clara Lee, Head of digiOPS & Customer Experience customer service agents who specialise in their niche areas of expertise. These any consumers dread calling their bank’s hotline numbers support agents are allowed and even after having been burned encouraged to handle customer by less-than-ideal call experiences. queries without strict reference to a These include long wait times, being script, making interactions friendly passed to different departments, and personalised. Customers are and having to restart the process of empowered to switch between explaining their issues. As a digital the different contact channels bank built from scratch, GXS has the seamlessly without losing the opportunity to reimagine this and context of their query. A customer do things differently, based on first may initiate contact with GXS principles. This means addressing the Bank via the in-app GXS chat and basic question: Does it make sense switch to a phone conversation or for the customer? if the GXS customer service agent GXS Bank Pte. Ltd. leverages customer-centric principles and feels that a call would be a more innovative strategies to redefine the customer experience How did we do it? effective means of communication.

To have a good grasp on the needs The context of the query is retained of consumers, GXS Bank did a series and the customer does not need to repeat throughout the customer journey. of consumer research surveys when setting Meanwhile, data, research and feedback their query or issues faced. Instead, up the GXS Customer Experience team. The collected from the different parts of the surveys provided GXS Bank insights on the because the process is so seamless, the pain points consumers generally experienced. bank and customers are translated into customer might even mistakenly think insights to provide a holistic overview of their they are always speaking with the same Based on the surveys, the three main experiences. These insights are transformed challenges and gaps within the industry are: GXS Buddy. This is the result of the close into actionable initiatives so that GXS can 1. An incomplete and siloed approach to collaboration between CX champions and constantly improve our offerings. customer service resulting in an inability to different teams, such as product squads, derive meaningful and actionable insights. marketing, and customer support. For 2. Customer support teams not being instance, to enable 24/7 customer support GXS conducts in-depth able to provide quick feedback as they are and facilitate smooth channel switching, customer research removed from upstream planning. the teams collaborated to develop training 3. As a result, customer service tends to be even before commencing the programmes and processes, achieving reactive rather than proactive. design process efficient and effective customer support, Knowing that addressing these challenges and enhancing the overall customer journey. head-on would result in a more rewarding GXS’s approach has yielded significant A great example of the above is GXS’s experience for customers, we built a results.

A whopping 9 in 10 of our customers marketing efforts in relation to GXS customer-centric model built around a 3D indicated they were satisfied with the experience strategy that looks at experience FlexiLoan. Recognising that a significant number of customers take up the GXS company’s services and it achieved both a design, delivery, and diagnostics.

FlexiLoan for home renovation and travel high net promoter score (NPS) and customer Putting the customers’ voice in the centre of purposes, the bank looked at how it could support NPS score, based on internal data make it more rewarding for customers taking and surveys. the design process out a GXS FlexiLoan to fulfil their dreams in Customers are at the heart of GXS Bank. To GXS Bank is accelerating its growth and these areas. ensure the products it rolls out respond to further improving support efficiency in the This customer-centric approach has played coming months with automation, data, and customers’ specific needs and requirements, a key role in ensuring that GXS products and GXS conducts in-depth customer research technology. It aims to harness generative even before commencing the design process. services are hyper-personalised and targeted. artificial intelligence to analyse and identify The bank goes a step further by embedding In 2023 alone, this feedback loop has led to patterns, preferences, and behaviours of our numerous customer experience improvement its customer experience (CX) champions customers to further improve the quality initiatives spanning multiple departments within product squads. of customer insights. GXS is also looking within GXS. These CX champions are engaged to delight customers by pre-empting and right from the conceptualisation phase, addressing any customer experience issues Tackling pain points enabling GXS to use the insights gathered in advance and proactively offering services Meanwhile, the delivery experience is also to validate and reinforce concepts quickly. enhanced through the re-engineered customer personalised based on predicted needs.

In the developing and testing phase, the This is how GXS Bank is harnessing the dial-in experience on two fronts.

CX champions become the consumers’ power of AI, big data, and automation to First, GXS is where its customers are. This advocates, anticipating their enquiries and means customers are able to locate GXS Bank redefine the customer experience. needs, thereby minimising experience gaps

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BRANCH INNOVATION OF THE YEAR - SILVER INTERNATIONAL RETAIL BANK OF THE YEAR - MAINLAND CHINA

Bring the total value of HSBC international network to Chinese clients

The bank has been enhancing its capabilities and global connectivity to meet the growing needs of clients. major cities in mainland China, has been integrated into HSBC China’s Wealth and Personal Banking operations. Over 300 employees also joined HSBC. HSBC has one of the largest wealth service networks of foreign banks in mainland China and is the largest Qualified Domestic Institutional Investor quotaholding bank. HSBC China offers more than 700 fund-related products across onshore and offshore asset classes.

As the Best International Private Bank in mainland China, HSBC Global Private Banking expanded its presence to six major cities and launched industry “firsts” in the last two years, including hedge funds through trust plans, family trust advisory services, and investments via mobile app.

Trista Sun, Head of Wealth and Personal Banking, HSBC China

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rowing its wealth capabilities is vital to achieving HSBC’s ambition of being the leading international wealth manager in mainland China. The bank has continued to enhance its competitive edges in mainland China to grow, manage, and protect customer wealth through the breadth of the bank’s capabilities and the strength of its global connectivity.

Trista Sun, Head of Wealth and Personal Banking, HSBC China, said: “With adjustment to the growth pillars of China economy, we have seen a strong flight to quality and asset diversification. China’s wealth market is expected to remain strong in the next decade with an anticipated compound annual growth rate of 9%. We look forward to serving more customers with our asset allocation expertise, highly selective product shelf with robust risk management and brilliant service basics, and bringing the total value of the HSBC international network to Chinese clients’ global needs.”

Another milestone as HSBC strengthens wealth capacities HSBC’s ambition is to be the leading international wealth manager for mass affluent and high-net-worth individuals in mainland China. The bank completed its acquisition of Citi’s retail wealth management portfolio in mainland China in June.

The portfolio of investment assets and deposits and associated wealth customers, covering 11

Unique global connectivity grows from strength to strength The power of HSBC’s international network and ability to meet holistic customer needs are what make the bank unique. HSBC is helping customers achieve their ambitions

HSBC is helping customers achieve their ambitions across the wealth continuum by connecting them to global opportunities across the wealth continuum by connecting them to global opportunities.

As HSBC’s International Proposition continues to grow from strength to strength, HSBC International Education Festival was

HSBC China’s flagship wealth centre in Shanghai

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held in China’s most international cities to help families with international education pursuits. It brought together forefront insights by a diverse and knowledgeable group of speakers from principals of renowned international schools, global university representatives, and industry experts.

Beyond-banking NextGen flagship wealth centre in Shanghai In January 2024, HSBC China’s flagship wealth centre was launched in Shanghai. It is the first beyond-banking next-generation branch across the bank’s network in mainland China. Through its digital features, sustainable design, and flexible space, the trend-setting branch is built to create a personalised customer-centric experience for those visiting the branch for wealth management services and lifestyle events.

Competitive total wealth strategy HSBC not only has the largest wealth service network of foreign banks in mainland China, but its wealth management investments in the country also span across retail wealth, private banking, insurance, asset management, and fintech.

HSBC China is making good progress in harnessing the synergies of these capabilities to meet customers’ full range of wealth management needs. In 2023, HSBC in mainland China grew the wealth invested assets by 53% and its wealth client base by more than 30% year on year.

In late 2023, HSBC Insurance Brokerage was established to primarily serve Pinnacle venture. It has become the first international wealth management institution to obtain dual licenses for both insurance brokerage and fund sales in mainland China.

In early 2024, HSBC Life Insurance China and HSBC Insurance Brokerage further expanded their business footprints to Sichuan and Jiangsu Province to meet the growing customer needs for retirement, education, wealth management and legacy planning.

Source: Boston Consulting, 2023 Asian Private Banker, 2022 and 2023

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RISK MANAGEMENT INITIATIVE OF THE YEAR - VIETNAM

Vietcombank strengthens pioneering position in Risk Management Vietcombank was honoured with Risk Management Initiative of the Year - Vietnam, a motivation for the bank to continue innovating and a confirmation of its leading position in risk management.

VIetcombank receives an accolade at the Asian Banking Finance & Retail Banking Awards 2024

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ith over 60 years of distinguished development in Vietnam, Vietcombank has established itself as a pioneering institution, playing a crucial role in the nation’s economic stability and growth. From its early days, Vietcombank served as the sole bank to undertake the noble mission of the campaign for national independence. Moreover, Vietcombank was also the first to implement equitisation in the Vietnamese banking sector.

Trusted financial partner Today, Vietcombank stands as one of Vietnam’s largest commercial banks, leading in quality, operational efficiency, profitability, and contributions to the state budget.

Furthermore, it holds the title of the largest market capitalisation company in Vietnam and ranks 85th amongst the largest listed banks globally. The bank has consistently maintained its position as Vietnam’s top bank in the Best Places to Work rankings for seven consecutive years and is highly rated by

international credit rating agencies.

In the realm of risk management, Vietcombank has set and upheld the strategic goal of being Vietnam’s leading bank in this critical area. To reinforce this position, the bank has proactively developed and implemented numerous transformation programmes and initiatives, including the research and application of advanced risk management models and methods that not only meet regulatory requirements but also align with international standards. Through its continuous efforts, Vietcombank became the first bank to receive approval from the State Bank of Vietnam for the early adoption of Basel II standards in its operations.

Earning recognition The initiative “A Breakthrough in Solvency Stress Testing in Vietnam’s Banking Industry,” awarded the Risk Management Initiative of the Year - Vietnam by Asian Banking & Finance, is part of Vietcombank’s Basel Program implementation roadmap.

This initiative has provided vital input for decision-making in risk management, finance, and strategy, ensuring the bank’s stable and effective operations.

At the awards ceremony, Mr Nguyen Manh Hung, a member of Vietcombank’s Board of Directors, emphasised the bank’s strong commitment to maintaining a culture of risk management and compliance, adhering to the highest standards and transparency. This commitment ensures the sustainability of banking operations and contributes to the stability of Vietnam’s financial market.

Despite unprecedented challenges, Vietcombank has not only maintained high asset quality but also introduced new products and services to meet customer needs, reaffirming its position as a leading and sustainable bank in Vietnam.

With unwavering dedication, Vietcombank remains committed to pioneering risk management practices and continues to be a reliable destination for both domestic and international investors and customers.

Despite facing unprecedented challenges, Vietcombank has not only maintained high asset quality but has also introduced a range of new products and services to best meet customer needs, reaffirming its position as a leading and sustainable bank in Vietnam.

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DOMESTIC RETAIL BANK OF THE YEAR - MALAYSIA CALL CENTRE INITIATIVE OF THE YEAR - MALAYSIA MALAYSIA DOMESTIC FOREIGN EXCHANGE BANK OF THE YEAR

RHB recognised with awards for service excellence and innovation

The group's digital-first approach and customer-centric strategy have driven significant growth and recognition in the ASEAN region.

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he RHB Banking Group (“RHB” or the “Group”) has been lauded for its service excellence and innovation within the ASEAN region, earning multiple awards at the Asian Banking & Finance Retail Banking Awards 2024. These prestigious accolades acknowledge the group’s unwavering commitment to redefining the banking experience through continuous innovation and exceptional service, further cementing its leadership in the region.

RHB was honoured with its second consecutive win of the Domestic Retail Bank of the Year award, as well as the Call Centre Initiative of the Year and Domestic Foreign Exchange Bank of the Year awards for its Malaysian operations. In Singapore, it received accolades for Mid-Sized International Retail Bank of the Year and Equity Deal of the Year.

Branch Delivery System Evo (Mosaic Voyager) A cornerstone of RHB’s award-winning strategy is its Branch Delivery System Evo (Mosaic Voyager). The digital-first approach has revolutionised account opening processes, significantly reducing processing times and manual work whilst enhancing the overall customer experience.

The system facilitated the opening of over

RHB Centre in Kuala Lumpur, Malaysia

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The RHB Banking team with Tim Charlton of Charlton Media Group at the Asian Banking & Finance Retail Banking Awards 2024 Dinner

420,000 accounts in a year, with 85% of the applications processed within 15 minutes.

This efficiency has resulted in a 99.7% customer satisfaction rate for onboarding, underscoring RHB’s commitment to providing a seamless and convenient banking experience.

In response to today’s evolving digital landscape, RHB has proactively transformed its operations to place its customers at the centre. By leveraging agile methodologies, data analytics, and artificial intelligence,

the group has automated 45% of critical processes and modernised over 60% of its systems. This digital-first focus has yielded impressive results: in 2023, 83% of all transactions were conducted digitally, and the online banking customer base grew by 44% year-on-year, reaching 2.5 million customers.

The group also achieved a remarkable 99.96% uptime on online transaction platforms throughout the year, demonstrating its robust digital infrastructure and commitment to a seamless customer experience.

Customer-centricity across all touchpoints Mohd Rashid Mohamad, Group Managing Director/Group Chief Executive Officer of RHB Banking Group, emphasised the group’s dedication to customer-centricity. “Our recent accolades reflect our unwavering focus on enhancing convenience and delivering a seamless customer experience excellence across all touchpoints, from innovative digital solutions to our customerfocussed call centre services. As we continue to innovate and adapt, we remain committed to our mission of fostering financial inclusion, ensuring that progress benefits everyone," he said.

RHB’s growth and recognition are testaments to its relentless pursuit of excellence. By placing customers at the heart of its operations, the group continues to set new benchmarks in the banking industry and shape a brighter future for its customers and the community.

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ASIAN BANKING & FINANCE | Q4 2024 93

PROJECT INFRASTRUCTURE FINANCE DEAL OF THE YEAR AWARD - VIETNAM

Leading the charge in sustainable infrastructure financing for Vietnam’s future The accolade is in recognition of VietinBank’s role in financing the $128m Nam Tien Phong industrial zone and port complex, a project anticipated to attract substantial foreign investment. fostering collaboration between financial institutions and businesses, particularly in sectors like infrastructure, renewable energy, and technology. The bank’s focus on sustainable finance is further highlighted by its recent launch of a green financial package worth VND 5t, designed to support projects that meet sustainability criteria and promote eco-friendly practices.

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ietinBank, the Vietnam Joint Stock Commercial Bank for Industry and Trade, has once again set a benchmark in the financial sector by being awarded “Project Infrastructure Finance Deal of the Year - Vietnam” at the Asian Banking & Finance (ABF) Corporate and Investment Banking Awards on 4 July 2024, in Singapore.

This accolade not only marks the third consecutive year VietinBank has received this prestigious title, but it also underscores the bank’s unwavering commitment to financing essential infrastructure projects that prioritise sustainability.

This year’s award recognises VietinBank’s crucial role as the sole lender for the Bac Thach Ha industrial park and urban development project, orchestrated by VSIP Group, a collaboration between Sembcorp Development and Becamex IDC. This project holds significant importance for Ha Tinh province, which is strategically located in North Central Vietnam. Ha Tinh is an emerging industrial hub, aiming to attract investment in critical sectors, such as electronic components and automotive parts manufacturing. The Bac Thach Ha project, involves an initial investment of $64.8m and encompasses 190 hectares in its first phase. As the sole lender, VietinBank has

committed a credit facility of $28m, dedicated to financing the infrastructure required for the industrial park, which is anticipated to create numerous job opportunities and attract high-profile investors looking to expand their operations in Vietnam.

Creating a sustainable industrial hub Demonstrating its commitment to sustainability, the project aims to establish a modern eco-industrial park that aligns with global sustainability standards, enhancing Vietnam’s reputation as a prime destination for green investments.

Future phases of the Bac Thach Ha project are planned to include integrated townships with commercial centres, educational institutions, healthcare facilities, and residential areas, showcasing a comprehensive approach to community development.

The financial deal enables VSIP’s expansion into 17 industrial parks and township projects, attracting a total investment of $18b, solidifying its status as a leading industrial infrastructure developer in Vietnam.

VietinBank’s pivotal role is evident, having provided over $3b in credit for industrial real estate and logistics projects nationwide. As a representative of Vietnam’s banking sector, VietinBank has showcased its commitment to

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Promoting sustainable FDI in Vietnam The Bac Thach Ha project not only enhances Ha Tinh’s industrial capacity but also serves as a catalyst for the province’s economic growth. By developing an industrial park that incorporates modern infrastructure and promotes sustainable practices, VietinBank and VSIP Group are contributing to the creation of a vibrant ecosystem that supports local businesses, attracts foreign direct investment (FDI), and fosters long-term socio-economic development.

VietinBank’s strategic partnership with VSIP exemplifies its dedication to providing comprehensive solutions across the entire business ecosystem, including support for secondary developers and tenants.

By promoting sustainable finance, VietinBank is enhancing the support ecosystem for foreign direct investment (FDI) enterprises in Vietnam, helping them transition towards green energy and adopt Environmental, Social, and Governance (ESG) practices. As VietinBank continues to innovate and expand its portfolio, it remains a trusted partner for both local and international investors, solidified by multiple industry accolades.

The bank is committed to shaping a sustainable future for Vietnam’s economy, emphasising its pivotal role in driving infrastructure development and advancing environmental sustainability.

About VietinBank Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) ranks amongst the largest banks in Vietnam, with total assets of approximately $83b as of 30 September 2024. The bank has been consistently listed in Forbes’ Top 2000 World’s Largest Companies for ten consecutive years, reaffirming its strong position in the financial sector.

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THAILAND INTERNATIONAL GREEN FINANCING BANK OF THE YEAR THAILAND INTERNATIONAL HEALTH & WELLNESS BANK OF THE YEAR

Collective action: Unlocking sustainable supply chains in Thailand

By Vira-Anong Chiranakhorn Phutrakul, Deputy CEO and Head of Wholesale Banking, UOB Thailand

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s Thailand moves towards a lowcarbon economy, large corporations have made impressive strides in reducing their carbon footprints. Much of their focus has been on lowering emissions directly linked to their operations and energy consumption—known as Scope 1 and Scope 2 emissions. However, the real challenge lies in addressing Scope 3 emissions, which encompass the carbon output of their suppliers and the end use of their products. Tackling these emissions is complex, especially for small- and mediumsized enterprises (SMEs), which often lack the resources and knowledge to implement effective carbon management strategies.

The challenges we face Fragmented Supply Chains: Many of Thailand’s smaller suppliers, from farmers to manufacturers, operate in fragmented and mobile environments. This makes tracking Scope 3 emissions difficult, impeding the creation of effective decarbonisation strategies. Furthermore, the diverse economic models across sectors add layers of complexity. For instance, a supplier offering sustainable materials might still struggle with logistics sustainability.

Infrastructure Gaps: The journey to a sustainable future also requires significant upgrades. Retrofitting the public energy grid to integrate renewable sources, improving waste management, and supporting the electrification of transport are essential but challenging steps. At present, Thailand’s infrastructure is more suited to passenger electric vehicles than the larger, depotcharged commercial EVs needed for broad transport sector decarbonisation.

Our path forward Company-led Initiatives: UOB Thailand believes in empowering its partners to lead the way. By offering long-term contracts and partially sponsoring greener equipment, companies can encourage suppliers to adopt more sustainable practices.

Educational workshops and partnerships with universities can further equip suppliers to meet the evolving demands of a green economy. UOB FinLab’s Sustainability Innovation Programme, which helps Thai SMEs integrate sustainability into their operations, is just one example of how UOB Thailand is making a difference.

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Industry Alliances: Beyond individual company efforts, industry alliances hold the key to scaling up sustainable practices.

By joining forces, companies can offer sector-specific training, standardise emissions reporting, and develop localised decarbonisation roadmaps. Such collective action not only enhances sustainability but also levels the playing field, allowing SMEs to compete more effectively with larger firms.

A proven model: The Sustainable Apparel Coalition The success of the Sustainable Apparel Coalition—co-founded by Patagonia and Walmart—illustrates the power of collective action. By creating the Higg Index, an environmental self-assessment tool, the coalition has set a standard for sustainability in the global textile industry, boosting access to financing and driving widespread change.

This model demonstrates how industry collaboration can overcome the challenges of supply chain decarbonisation.

UOB Thailand believes in empowering its partners to lead the way

Building a sustainable future together Decarbonising Thailand’s supply chains is no easy feat, but it is within reach. By working together — aggregating demand for renewables, forming industry alliances,

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Vira-Anong Chiranakhorn Phutrakul, Deputy CEO and Head of Wholesale Banking, UOB Thailand

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and supporting each other — significant progress can be achieved.

UOB Thailand is dedicated to helping industries transition to a low-carbon economy. It is committed to partnering with businesses across the supply chain to accelerate decarbonisation strategies and collectively achieve net-zero emissions.

To learn more about UOB’s sustainability initiatives and how we can support your business in its green transition, visit UOB Thailand’s sustainability website today at https://www.uob.co.th/sustainability-en/ index.page

UOB Thailand is committed to helping SMEs in Thailand integrate sustainability into their operations

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ASIAN BANKING & FINANCE | Q4 2024 97

SERVICE INNOVATION OF THE YEAR - VIETNAM INTERNATIONAL RETAIL BANK OF THE YEAR - VIETNAM

UOB Vietnam proudly wins two prestigious awards from Asian Banking and Finance

With achievements in business strategy, UOB Vietnam has won two categories, International Retail Bank of the Year - Vietnam and Service Innovation of the Year - Vietnam, at the Asia Banking and Finance Awards 2024.

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sian Banking and Finance (ABF) is a prestigious annual award honouring breakthrough initiatives and excellent products and services in the financial and banking sector in the Asia-Pacific region. This year, UOB Vietnam is proud to be one of the most recognised names. Mr Paul Kim - Head of Personal Financial Services, UOB Vietnam, shared the story of success.

What do the two awards from ABF mean for UOB Vietnam?

UOB Vietnam is honoured and very excited to receive this prestigious annual award organised by Asian Banking & Finance, Asia’s leading banking and finance publication. This is also a testament to the efforts of UOB Vietnam to further strengthen our market presence by enhancing our offerings and services with a broader range of financial solutions for our customers.

What strategies contributed to UOB Vietnam’s success in achieving this award from ABF? UOB’s acquisition of Citi’s retail division has expanded its customer base, reflecting the bank’s unwavering commitment to a customer-centric strategy. With a comprehensive suite of retail banking products and services, including credit cards, personal loans, housing loans, current accounts, savings and deposit accounts, and bancassurance and unit trust referral programs, UOB Vietnam is ready to serve and meet all customers’ banking and financial service needs.

In addition, UOB Vietnam has been actively engaging in CSR initiatives with the objectives of contributing back to the community and creating a sustainable growth environment in the market, focusing on education, environmental sustainability, and community development (“UOB Heartbeat Run,” “UOB Painting of the Year,” as well as “Green action, green future.”)

Can you tell us more about GetBanker - the strategic product that helped UOB win the Innovative Service of the Year category?

Since its first launch in 2018, GetBanker has pioneered the market by reaching out to partners through a unified app, serving as a crucial link between UOB Vietnam and our esteemed partners, which include property agents and car dealers. To date, UOB is the 98 ASIAN BANKINGAND & FINANCE 2024 ASIAN BANKING FINANCE| Q4 | DECEMBER 2019

UOB Vietnam’s Retail Banking triumphs with two prestigious awards from the Asian Banking and Finance 2024

only bank in Vietnam to roll out such an initiative to engage and reward its partners digitally. Through a cutting-edge mobile platform, GetBanker not only amplifies referrals to UOB Vietnam but also enhances the overall user experience. As a result, the platform has expanded its active user base, contributing 60% of total disbursements.

In 2023, we enhanced the app to further simplify and fortify the referral process. A highlight of this update is the onboarding flow improvement by reducing the turnaround time from 24 hours to real-time.

UOB Vietnam is ready to serve and meet all customers’ banking and financial service needs

What are the advantages and challenges for UOB Vietnam to become a leading commercial bank?

The main difference to UOB compared to other competitors in Vietnam is that we have a strong connectivity within the ASEAN region (Singapore, Malaysia, Thailand, Indonesia,

UOB staff actively respond to the “Green action, green future” programme

and Vietnam). However, opportunities will come with fierce competition from both local and foreign banks. To maintain our position, UOB Vietnam will continue to enhance our product offerings and services to cater for ever-changing customers’ needs, upskill our staff with professionalism and service excellence, and focus on developing our next-generational banking application and other infrastructure. Lastly, UOB Vietnam is committed to being responsible and doing right by all of our customers and industry.

Can you share the direction of upcoming international entertainment events and special offers?

UOB will continue its strategy of integrating finance and entertainment. UOB is planning to establish annual global partnerships in entertainment, as this segment helps attract new customers and drive shopping and spending in entertainment retail banking. Notably, in the second half of this year, UOB will expand its pre-sale bank partner beyond concerts by US-UK artists, including a series of C-pop and K-pop concerts by artists such as Stray Kids, ZEROBASEONE, and Andy Lau.

Mr Paul Kim - Head of Personal Financial Services, UOB Vietnam

Welcome to ASEAN’s most extensive trade network Connect directly to businesses big and small across supply chains and sectors, ASEAN and 500 UOB offices worldwide.

One Bank For ASEAN.

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ASIAN BANKING & FINANCE | Q4 2024 99

SUSTAINABILITY BOND OF THE YEAR - THAILAND SYNDICATED LOAN OF THE YEAR - THAILAND CORPORATE & INVESTMENT BANK OF THE YEAR - SINGAPORE DEBT DEAL OF THE YEAR - SINGAPORE MERGERS AND ACQUISITIONS DEAL OF THE YEAR - SINGAPORE

UOB achieves top honours for investment banking excellence By leveraging its extensive ASEAN network and expertise, UOB continues to drive growth and innovation for its clients across the region.

Debt Capital Markets team managed to show market leadership in the Singapore bond market, covering the largest issuance volume from domestic Singapore UOB clinched five accolades at the 2024 Asian Banking & Finance Awards borrowers.

The bank’s value-add in OB clinched five accolades at the origination, syndication, sales, and trading 2024 Asian Banking & Finance lies in its comprehensive debt fund raising Awards Limited won big at the ABF platform. UOB’s channels also rank amongst Corporate & Investment Banking Awards, the top three in terms of order size and taking home key accolades including the allocation in most UOB-led benchmark deals, prestigious Corporate & Investment Bank which help issuers drive their order book to of the Year - Singapore. These recognitions achieve their size and pricing aspirations. reflect UOB’s exceptional leadership in investment banking and its dedication UOB is currently top 3 in the Singapore towards delivering best-in-class advisory, Equity and Rights Offering league table in bespoke financing, and capital raising terms of deal count, acting in a lead role in solutions for its corporate and institutional five public markets transactions in Singapore clients, according to Edmund Leong, Head of in 2023. In the mergers & acquisitions (M&A) Group Investment Banking at UOB. “As the One Bank for ASEAN, we leverage We leverage our extensive our extensive coverage and footprint to coverage and footprint to create create the connectivity value chain for the connectivity value chain for our clients. Coupled with our in-market know-how and insights, we partner with our our clients clients in their long-term growth ambitions in ASEAN and beyond,” Leong said. space, UOB announced 9 public market transactions in Singapore between 2022 Corporate and Investment Bank of the Year to 2023, holding the top position on the - Singapore Singapore M&A adviser league table in terms As ASEAN’s most extensive trade network, of deal count. This covers a multitude of the collective strength of UOB’s global public and private M&A transactions across footprint, coverage across businesses big different industry sectors and structures. and small, sector expertise and integrated Energy transition is also a key strategic focus supply chain platform places the bank in for UOB, where the bank partners with clients a strong position to partner businesses in in their decarbonisation efforts. their business growth ambitions in ASEAN

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and beyond. Amidst strong growth in the region with increased competition, UOB differentiates itself with a diversified range of client segments, industries, and financing solutions. UOB’s Corporate Finance team customises bespoke multiproduct and advisory oriented solutions to originate event driven opportunities.

In a year where foreign issuers took a lion’s share of the SGD debt issuance, UOB 100 ASIAN BANKINGAND & FINANCE 2024 ASIAN BANKING FINANCE| Q4 | DECEMBER 2019

Debt Deal of the Year - Singapore UOB acted as the Sole Lead Manager & Bookrunner for UOB’s SG$850m 5.250% Perpetual NC5 AT1 Capital Securities.

This deal saw a strong order book of more than SG$2.10b across more than 62 accounts, representing 2.5 times oversubscription, a display of a well-diversified investor base and granular order book.

Edmund Leong, Head of Group Investment Banking, UOB

Mergers and Acquisitions Deal of the Year - Singapore UOB acted as the Financial Adviser to Verveine Pte. Ltd. in connection with its offer for G. K. Goh Holdings Limited.

At an equity valuation of SG$396m, the offer represents the largest take-private transaction by market capitalisation for an SGX-listed company for the year to date.

UOB provided acquisition financing to the offeror, showcasing UOB’s ability to provide a holistic M&A and financing solution for its clients.

Syndicated Loan of the Year -Thailand UOB acted as a Mandated Lead Arranger & Bookrunner for True Corporation PCL’s US$2,300m Equivalent Term Loan Facilities. This transaction marks TRUE’s first-ever fundraising post amalgamation and represents a rare transaction for Thailand’s largest telecommunications provider backed by strong sponsors in an increasingly tech-dependent environment.

Sustainability Bond of the Year - Thailand UOB acted as the Sole Lead Manager & Bookrunner for WHA Corporation Plc.’s THB650m 3.690% 3-year and THB350m 4.080% 5-year Fixed Rate SustainabilityLinked Bonds.

The transaction is the first sustainability-linked bond issued by a logistics, industrial estate, and utilities and power corporate issuer in Thailand.

ASIAN BANKING & FINANCE | Q1 2024 100

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ASIAN BANKING & FINANCE | Q4 2024 101

FINTECH AWARDS 2024

TRADE FINANCE PLATFORM AWARD - MALAYSIA

Premium Technology: Leading the future of trade, supply chain finance through innovation PT empowers businesses to navigate complex financial challenges and build resilient supply chains.

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remium Technology Inc. (PT), established in 2001, began its journey with a significant project – developing and implementing a trade finance frontend portal for ABN Amro Bank. Upon this project’s successful completion in 2004, PT set its sights on creating its own trade and supply chain finance products.

Growth and expansion In 2006, PT introduced its innovative solution: Receivables Financing and Supplier Finance. PT’s breakthrough came when Citibank selected its solution for the bank’s Supply Chain Finance platform (CSF).

The success of Citibank’s CSF platform, deployed globally, earned many accolades.

In 2018, PT’s Chief Sales Officer Gerald Huang was assigned expanding the company’s presence in Asia. Today, PT boasts a strong client base, with at least two banking customers in each major country across Asia.

Since then, PT has solidified its position as a market leader in supply chain finance solutions. In 2022, PT launched a revamped version of its trade finance solutions, incorporating innovative technologies.

In 2024, PT was selected to develop a multi-funder supply chain finance platform for a leading country in the Middle East, successfully completing the pilot phase.

Innovative solutions for trade, supply chain finance Trade finance and supply chain finance are crucial components of global commerce, enabling companies to efficiently manage cash flow, mitigate risks, and optimise working capital. PT deeply understands these complex financial processes and has developed specialised solutions to meet the unique needs of its clients.

Whilst trade finance products are typically governed by ICC uniform rules such as UCP 600 and URC 522, open account-based supply chain finance remains largely unregulated, offering ample room for product innovation. PT has continuously innovated to address the evolving needs of its clients. In recent years, PT has introduced groundbreaking products within its FinShare suite, including Dynamic Discounting and Deep-Tier Finance.

Deep-Tier Finance is designed to extend the benefits of supply chain finance 102 ASIAN BANKINGAND & FINANCE 2024 ASIAN BANKING FINANCE| Q4 | DECEMBER 2019

Premium Technology Inc. (PT) CEO Kenny Leung

across the entire supply chain, including sub-suppliers who often struggle to access affordable financing. This solution helps businesses build more resilient and sustainable supply chains by ensuring that all participants have access to necessary and affordable capital. With Deep-Tier Finance, companies can reduce financial risks, strengthen supplier relationships, and enhance overall supply chain performance.

Dynamic Discounting, another innovative solution, has recently gained significant attention, particularly in Asia. This solution allows large buyers to offer early payment to suppliers in exchange for a discount on the invoice. Dynamic Discounting improves cash flow for suppliers whilst providing cost savings for buyers. PT’s Dynamic Discounting platform is user-friendly, efficient, and scalable, making it an ideal solution for businesses of all sizes.

Looking ahead, PT’s CEO Kenny Leung envisions an even brighter future for

the company. “We are committed to continuing our legacy of innovation and excellence,” says Leung. “Our focus will be on expanding our global footprint, enhancing our product offerings, and leveraging the latest technologies to create solutions that not only meet the current needs of our clients but also anticipate the challenges of tomorrow. At Premium Technology, we believe the future is full of possibilities and we are excited to lead the way in shaping the next era of trade and supply chain finance.”

As the global landscape of trade and supply chain finance continues to evolve, Premium Technology Inc. (PT) remains at the forefront of innovation, empowering businesses to navigate complex financial challenges with confidence. With a proven track record of success, award-winning solutions, and a deep commitment to client satisfaction, PT is more than just a technology provider—it is a trusted partner in driving sustainable growth and financial resilience.

At Premium Technology, we believe the future is full of possibilities and we are excited to lead the way in shaping the next era of trade and supply chain finance

ASIAN BANKING & FINANCE | Q4 2024 103

INVESTMENT PRODUCT INNOVATION OF THE YEAR - SINGAPORE

Transforming Private Wealth: Moomoo’s DigitalFirst Strategy The company was awarded the Investment Product Innovation of the Year - Singapore accolade at the Asian Banking Finance & Retail Banking Awards 2024.

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n a landmark study spanning Singapore and Hong Kong, Moomoo Private Wealth, in collaboration with the National University of Singapore and Hong Kong University, unveiled a surprising trend in investor preferences. Contrary to conventional wisdom, the research revealed that high-net-worth individuals show a greater openness to automated wealth management solutions. This insight arrives at a pivotal moment, as projections indicate Asia’s financial assets are set to surge from $46.8t in 2020 to an impressive $68t by 2025, underscoring the region’s burgeoning wealth management opportunities.

Moomoo Private Wealth has positioned itself at the forefront of this shift, recently launching its award-winning private wealth services that are set to redefine wealth management for high-net-worth individuals in the digital age.

In an era where digital transformation is reshaping the financial landscape, Moomoo Singapore has emerged as a trailblazer in the wealth management sector.

Moomoo Private Wealth is a tech-centric global wealth management solution that combines cutting-edge technology with personalised investment advisory. This hybrid approach addresses the evolving needs of sophisticated investors in an increasingly complex financial world.

“Our goal is to empower investors with

technology that breaks through traditional boundaries in financial management,” says Gavin Chia, Chief Executive Officer, Moomoo Singapore. “We’re enabling our clients to achieve efficient investment strategies with ease and precision, all whilst providing the personalised service expected of a premium wealth management offering.”

Holistic financial wellness Moomoo Private Wealth stands out for its commitment to holistic financial wellness.

Beyond traditional investment services, the platform offers a comprehensive suite of tools and resources designed to support clients’ overall economic health.

This includes access to a dedicated Investment Think Tank that provides customised multi-asset allocation solutions, a specialised trading team offering personalised advice, and product expertise to ensure investment tools are synchronised with cutting-edge technologies.

Understanding the importance of wealth preservation and transfer, particularly in the Asian market, Moomoo Trustee has also introduced tailored offshore trust schemes. These offerings ensure peace of mind for clients concerned about family wealth preservation across generations, demonstrating Moomoo’s commitment to long-term financial planning.

The platform’s technological prowess is

Our goal is to empower investors with technology that breaks through traditional boundaries in financial management

Moomoo Private Wealth offers award-winning wealth services redefining wealth management

104 ASIAN BANKINGAND & FINANCE 2024 ASIAN BANKING FINANCE| Q4 | DECEMBER 2019

evident in its seamless, one-stop trading experience. Clients can access a wide range of assets, including stocks, fixed income, and more advanced options like cryptocurrencies and private investments, all through a single, user-friendly interface. Integrating diverse investment options with advanced analytics sets a new standard in the wealth management industry.

High-calibre team Moomoo Singapore’s commitment to excellence extends to its team of experts.

The company has assembled a roster of professionals hailing from top private banks, renowned brokers, and asset management firms. Many team members hold prestigious certifications such as CFA, FRM, and ACCA, ensuring that clients receive advice of the highest calibre.

“Our team’s expertise, combined with our cutting-edge technology, allows us to offer a level of service and insight that was previously unavailable in the digital wealth management space,” Chia adds.

Moomoo Singapore’s innovative approach has not gone unnoticed in the industry. The company recently clinched the prestigious Investment Product Innovation of the Year - Singapore award from Asia Banking and Finance, cementing its position as a leader in the wealthtech revolution.

As the lines between traditional financial services and technology continue to blur, Moomoo Private Wealth stands at the forefront, ready to guide discerning clients through the complexities of modern wealth management. With its awardwinning platform, exclusive offerings, and commitment to personalised service, Moomoo is not just participating in the future of wealth management; it’s defining it.

For high-net-worth individuals seeking a wealth management solution that combines exclusivity with technological excellence, Moomoo Private Wealth offers an unparalleled proposition in today’s rapidly evolving financial landscape. As the WealthTech revolution gains momentum, Moomoo Singapore is poised to play a pivotal role in shaping the next generation of wealth management services, setting new standards for innovation, personalisation, and client success in the digital age.

ASIAN BANKING & FINANCE | Q4 2024 105

DIGITAL LOAN FINANCING INITIATIVE OF THE YEAR - HONG KONG

UA Finance empowers customers with innovative, personalised digital loan solutions

It was recognised as the winner of the Digital Loan Financing Initiative of the Year - Hong Kong at the Asian Banking & Finance Retail Banking Awards 2024.

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ong Kong’s economy remains precarious, with an unclear recovery.

The city faces challenges from shifting economic patterns and soaring costs, leading to business closures. This has resulted in an increase in vacant spaces, casting uncertainty over the city’s economic landscape. During these challenging times, UA Finance (UA) is committed to standing by the people of Hong Kong and supporting them through the difficulties and is dedicated to providing innovative loan solutions whilst extending a helping hand to both individuals and businesses alike.

The largest money lender in Hong Kong UA offers a suite of professional, innovative, and diverse loan products, providing flexible loan handling and quick approval processes to ensure clients can access the necessary cash flow to overcome their financial challenges.

UA has served the financial needs of over 800,000 clients, including individuals, microenterprises, and small enterprises, catering to them with equal commitment.

Despite facing challenging local economic conditions, UA achieved remarkable year-onyear growth in loan origination in 2023, driving its gross loan balance at year-end to a record high. UA also proactively enhanced its credit risk assessment and loan collection efforts, maintaining a commendable charge-off ratio for the year. These efforts have solidified UA’s position as one of the largest money lenders amongst Hong Kong money lenders utilising TransUnion services in terms of outstanding balance of unsecured loans.

Seamless offline-online integration To assist customers in maintaining sufficient cash flow and dealing with irregular working hours, UA has strategically established a network of 46 physical stores across the city. This offline presence allows customers to conveniently visit the nearest branch for in-person loan consultations, ensuring personalised attention and support.

“Recognising the growing demand for digital financial solutions, UA has pioneered the introduction of innovative online loan services in the market. Through its website and mobile app, UA offers cutting-edge options like i-Money and Click to Loan, empowering customers to enhance their privacy and flexibility. Complementing these digital offerings, UA’s 24/7 online service, 106 ASIAN BANKINGAND & FINANCE 2024 ASIAN BANKING FINANCE| Q4 | DECEMBER 2019

Paul Lui, CEO & Executive Director of UA Finance

coupled with instant cash transfers via the Faster Payment System (FPS) in Hong Kong, fulfils customers’ urgent cash flow needs with unparalleled convenience and efficiency,” mentioned Lui. Embracing digital transformation UA has integrated cutting-edge technologies into its business operations, positioning itself at the forefront of the industry. Last year, UA migrated its data and applications to Amazon Web Services (AWS), the world’s leading cloud service provider renowned for its reliability and scalability.

UA leverages innovative technology whilst maintaining human focus By leveraging AWS’s advanced data analytics and machine learning capabilities, UA can better understand customer preferences and habits, enabling the development of more tailored services.

This valuable data insight helps UA design loan offerings that effectively cater to the personal needs of diverse customers, ultimately enhancing its operational efficiency and responsiveness to evolving market trends.

Furthermore, UA is in the process of implementing advanced Natural Language Processing (NLP) capabilities to revolutionise its loan inquiry and customer support

experiences. By harnessing the power of NLP, UA aims to engage customers in more natural, human-like dialogues and conversational interactions. This planned NLP-driven approach is expected to significantly improve the overall loan experience for UA’s customers. Inquiries and questions will be addressed in a more personalised manner.

Marketing automation is a big industry trend that is crucial for enabling customers to receive precise financial advice and personalised loan services. Adopting sophisticated marketing automation strategies could help UA handle comprehensive data analysis capabilities and accurately analyse customer needs. This could enable customers to receive personalised promotional messages through the right channels at optimal times, thereby enhancing the effectiveness of various marketing campaigns and fostering stronger customer relationships and engagement.

“Navigating Hong Kong’s economic challenges, UA leverages innovative technology whilst maintaining human focus.

Investments in AI, machine learning, and analytics optimise operations to serve customers with speed, personalisation, and reliability. Yet UA recognises human connection’s importance, sustaining branches and advisors for personalised support. This digital-human blend is central to UA’s mission of delivering an exceptional, customer-centric experience contributing to broader recovery and growth,” concluded Lui.

ASIAN BANKING & FINANCE | Q4 2024 107

MOBILE BANKING & PAYMENT INITIATIVE OF THE YEAR - SINGAPORE

OCBC Bank, the pioneer in simplifying customer to merchant cross-border payments The bank wins Mobile Banking & Payment Initiative of the Year - Singapore in the ABF Retail Banking Awards 2024. this partnership with Alipay+ – Ant Group’s suite of global cross-border payments and technology solutions – OCBC customers can now pay at millions of merchant stores in Alipay+’s global ecosystem.

As with UnionPay QR, Alipay+ QR payments are made directly from their OCBC Singapore accounts, with no additional set-up required.

The exchange rate offered is competitive and can be seen in real time, and there are no additional fees or charges. Within two months of its launch in September 2023, a sevenfold increase in transactions was recorded.

Additionally, OCBC streamlined its Telegraphic Transfer services by eliminating cable and commission charges on international transfers, making global banking more accessible for customers.

The OCBC app

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he world is shrinking and with it, more and more Singaporeans crave a hasslefree and intuitive way to manage their money, especially when they're abroad. This is where familiarity matters – for those already comfortable using the OCBC app for their everyday transactions, they look for the same seamless experience overseas that they have come to expect at home.

This also comes at a time when the future of payments is undeniably digital – the global QR code payment market size is expected to surpass SG$74b by 2033 with a compound annual growth rate (CAGR) of 16.9% – according to a 2023 report by market research consultancy Future Market Insights.

Understanding these evolving needs, OCBC made significant strides in 2023 to expand its digital payment and transfer offerings. They added seven new payment features to the OCBC app, creating a more comprehensive suite of services for local and international transactions.

Their focus on regional integration means customers are now able to enjoy efficient and secure transactions across various locations. The key additions include UnionPay (usable in 47 markets) and Alipay+ (usable in 45 markets) for seamless cross-border payments. Additionally, local integrations like QRIS (Indonesia), DuitNow QR (Malaysia), and PromptPay QR (Thailand) further enhance the app's capabilities.

This expansion empowers OCBC customers 108 ASIAN BANKINGAND & FINANCE 2024 ASIAN BANKING FINANCE| Q4 | DECEMBER 2019

to navigate the world of payments with greater ease and security, regardless of where they are in the world.

A one-app solution for Singaporeans, globally Amidst the rising popularity of QR code payments, OCBC enabled customers to use their OCBC app to make retail payments to UnionPay QR-enabled merchants in 47 markets, including popular destinations like Malaysia, Thailand, and Hong Kong SAR.

This expansion empowers OCBC customers to navigate the world of payments with greater ease and security The streamlined process eliminates the need to download, set up, and fund thirdparty payment apps or to queue for currency exchange. With a daily transaction limit of SG$1,000, payments can be made directly from customers’ OCBC Singapore accounts via the OCBC app, where the exchange rate is shown before the payment is confirmed.

Since its launch in August 2023, UnionPay has been well-received, amounting to close to a two-fold increase in monthly transactions.

In 2023, OCBC also became the first bank in Singapore to offer Alipay+ QR payments via its mobile banking app. As a result of

Meeting customers’ cross-border needs in real-time These developments came at an opportune moment when, in July 2023, China resumed the 15-day visa-free travel policy for Singaporeans. China has been at the forefront of transitioning to a cashless society, relying heavily on mobile phone apps like Alipay for everyday transactions. Whilst convenient for its citizens, this presented a major challenge for tourists. With limited cash acceptance and a complex process for setting up e-wallets, navigating payments in China could be quite frustrating.

Fortunately, OCBC’s partnership with Alipay+ and UnionPay has bridged this gap.

Tourists can now use their existing mobile banking app to pay at countless stores in China just like they do in Singapore when using PayNow, simplifying their travel experience.

A seamless customer experience with crossborder payment To date, OCBC is the first and only local bank to partner with both Alipay+ and UnionPay International. In 2023, the number of crossborder QR payments on the OCBC app increased by an average of 65% month on month, whilst the value of these payments rose by an average of 80%. In 2024, OCBC aims to quadruple the number of crossborder QR transactions.

Living true to their commitment, OCBC is creating lasting value for Singaporeans, for now and beyond.

ASIAN BANKING & FINANCE | Q4 2024 109

FINTECH AWARDS 2024

FINANCE COMPANY INCLUSION OF THE YEAR - PHILIPPINES FINANCIAL INCLUSION AWARD - PHILIPPINES NEW FINTECH PRODUCT AWARD - PHILIPPINES

Palawan Group of Companies champions BrickTech innovation in Philippine financial industry The company combines its extensive network and digital innovations to consistently deliver winning financial solutions to its customers.

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or nearly four decades, the Palawan Group of Companies has built a solid reputation for being the most trusted go-to place for pawning, remittance, and a wide range of financial transactions, catering to the diverse needs of everyday Filipinos.

Their unwavering dedication to offering financial services and solutions to their loyal customers has popularised “I-Palawan Mo Na!” showcasing people’s deep connection and trust in their services.

With its commitment to providing “mura, mabilis at walang kuskos balungos” (affordable, fast, and hassle-free) pawning services, along with domestic and international remittances, microinsurance, and e-wallet, the Palawan Group has become the market-leading pawnshop and remittance company, offering reliable financial solutions that Filipinos can depend on, especially during times of need.

Combining the extensive network of over 3,300 Palawan branches with PalawanPay, the company’s fastest-growing app in the country, champions the BrickTech strategy.

This approach merges physical branches with digital innovation, enhancing accessibility and reliability, solidifying the Palawan Group’s leadership in the financial industry.

Palawan's winning financial solutions When parents find themselves in a financial crunch, such as needing quick cash to pay for their kids’ tuition, replenishing their sari-sari store inventory, or boosting their business capital, they can pawn their jewellery at Palawan Pawnshop. Palawan’s high appraisal and low interest ensure that sukis can avail 110 ASIAN BANKINGAND & FINANCE 2024 ASIAN BANKING FINANCE| Q4 | DECEMBER 2019

themselves of the best rates, providing them with higher cash and take-home pay.

Similarly, Palawan Express Pera Padala (PEPP) is a reliable channel for overseas Filipino workers to send money back home, guaranteeing safe and prompt money transfers through its international remittance services.

With Palawan’s “cash agad ang tanggap” feature, families receive much-needed support promptly and securely. Additionally, OFW families benefit from free ProtekTODO personal insurance coverage when claiming international remittances through PEPP or

"We’re dedicated to constant innovation, always seeking ways to serve them better and provide winning financial solutions"

customers can manage their financial needs anytime, anywhere, either in-branch or through the app, ensuring greater convenience and accessibility. These services and features propelled PalawanPay as the fastest-growing e-wallet, achieving 19 million users in 2 years.

One of Palawan’s key strengths is its extensive network and digital innovations. With over 60,000 Palawan outlets nationwide, customers enjoy unparalleled flexibility and convenience in accessing financial services, regardless of location. They can transact in-branch or through PalawanPay. With a legacy rooted in integrity and service excellence, Palawan has earned the steadfast loyalty of its customers for 39 years, setting standards for convenience, value, and winning financial solutions. Firmly rooted in their goal of bringing financial inclusivity to the country, they make it a point to create products and services that aim to make Filipinos’ lives easier and more convenient through more affordable means.

Recognised for financial inclusion and innovation Palawan Group of Companies achieved success at the recent Asian Banking & Finance Fintech and Retail Banking Awards. The company was honoured with three awards: Financial Inclusion Award Philippines for Palawan Group of Companies and New FinTech Product Award - Philippines for PalawanPay at the ABF Fintech Awards, as well as the Finance Company Inclusion of the Year - Philippines at the Retail Banking Awards. These underscore Palawan Group’s outstanding contributions to providing accessible financial transactions, particularly to unbanked and underbanked Filipinos.

PalawanPay, providing them and their families with added security and peace of mind.

“At Palawan, our ‘sukis’ are at the heart of everything we do. We’re dedicated to constant innovation, always seeking ways to serve them better and provide winning financial solutions through our affordable, fast, and hassle-free services,” said Karlo Eugene Castro, President and CEO of the Palawan Group of Companies.

The Palawan Group of Companies continuously enhances the features of its digital wallet, PalawanPay. Integrated with key services such as pawn renewal, international remittance claims, Palawan Group of Companies receives accolades at the ABF Fintech Awards 2024 and ProtekTODO insurance, the

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OPINION

RUPANJAN MUKHERJEE AI governance: navigating the balance between innovation and ethics

I

magine walking into the local branch of your bank and being greeted by an interactive AI on a virtual screen that knows your financial history.

With just a few taps or by briefly analyzing your needs, the AI swiftly processes your banking relationship or identifies you as a new client, offering you a tailored response within seconds.

The interaction seems organic, like having a real-life conversation with a qualified financial advisor and enables you to get your questions answered in the quickest manner possible.

This is not something that is far-off in the future anymore; it's rapidly becoming a reality as generative AI technologies evolve at an unprecedented pace, capable of handling increasingly complex inquiries in mere moments.

As AI becomes prevalent in various spheres of business, the need for governance around it becomes critical. Like a "GPS" that is used to navigate a selfdriving car, AI governance helps us get to a destination safely by showing us the routes to avoid. In finance, this translates into a systematic approach of principles, policies and practices overseeing the creation, utilization and management of AI systems.

RUPANJAN MUKHERJEE Channels & Client Experience Governance and Controls Head (Mobile Banking) Citi

AI applications today As AI reinvents the financial realm, we face crucial questions: How can we leverage the power of this technology while ensuring its ethical and responsible use? What steps should be taken to ensure strong oversight across various digital platforms?

Let’s first look at where AI has been applied and the potential pitfalls. In algorithmic trading, thousands of trades can be executed with artificial intelligence in seconds. Left unchecked, they can disrupt or even manipulate the market.

Stringent AI governance needs to be in place within trading systems to avoid incidents like the 2010 'Flash Crash', which saw a rapid fall in the stock market due to automated algorithmic trading.

Credit decisioning is another area where AI governance is crucial. AI models are increasingly trained to determine creditworthiness. However, if these models are trained on historically biased data, they could perpetuate or even exacerbate existing inequalities.

This isn't just a theoretical concern – in 2019, a major tech company faced scrutiny when its credit card algorithm allegedly offered lower credit limits to women compared to men with similar financial profiles.

Even in fraud detection, where AI excels at identifying unusual patterns, governance is key. Without it, we risk false positives leading to legitimate transactions being blocked, frustrating customers and potentially damaging

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the bank's reputation.

The stakes are high. According to a 2022 survey

by Baker McKenzie, only 4% of C-suite respondents perceived AI risks as significant, and less than half indicated having AI expertise at the board level.

In another study, they found that 91% of financial services companies have incorporated AI tech into their operations in some capacity, but only a modest fraction has established a robust AI governance framework.

This gap presents significant risks, not just to individual institutions, but to the stability of the entire financial system. AI governance mitigates risks by ensuring transparency, explainability, and accountability in decision-making processes, promoting fairness and safeguarding data privacy and security.

These practices not only maintain customer and regulatory trust but also comply with legal requirements like General Data Protection Regulation and California Consumer Privacy Act, that are particularly crucial in handling sensitive financial data.

Developments in AI governance Regulators and industry players are looking into plugging the gap between AI implementation and governance. For example, the European Union has proposed the AI Act, a comprehensive regulatory framework aimed at ensuring the safe and trustworthy development and use of AI systems. This act proposes a risk-based approach, with stricter rules for high-risk AI applications in finance, such as credit scoring and loan approval systems.

Within the financial sector, frameworks, such as the AI Ethics Framework developed by the Bank for International Settlements, are providing guidance, emphasizing on principles such as fairness, transparency, and accountability. Forward-thinking financial institutions are adopting a range of practices such as bias testing, model interpretability, and continuous monitoring of AI system performance to identify and mitigate unintended consequences.

Principles-based approach Effective AI governance in finance needs to balance innovation with regulation, enabling the industry to advance while protecting the interests of customers.

To do so, a principles-based approach to governance should be adopted, establishing flexible ethical guidelines. Robust bias detection and mitigation strategies, including diverse data collection and regular audits, are crucial.

Prioritizing explainable AI models and investing in explanation techniques can enhance transparency.

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