Global Banking & Finance Review Issue 18 - Business & Finance Magazine

Issue 18

®

The process of creating the best results PT Sucorinvest Asset Management

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Chairman and CEO Varun Sash Editor Wanda Rich email: wrich@gbafmag.com

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I am pleased to present Issue 18 of Global Banking & Finance Review. For those of you that are reading us for the first time, welcome.

Featured on the front cover is the leadership team from PT Sucorinvest Asset Management. Pictured from left to right is Jemmy Paul Wawointana, Chief Executive Officer, Yenny Siahaan, Chief Operational Officer and Johannes Susilo, President Commissioner. Our cover story, ‘The process of creating the best results’ is an exclusive interview with Jemmy Paul Wawointana discussing the key trends in asset management, the company’s growth, and commitment to creating the best results.

In this edition, we are pleased to present the Global Banking & Finance Award® 2019 Award Winners. The awards were created to recognize companies of all sizes that are prominent in particular areas of expertise and excellence within the financial community. Global Banking & Finance Review would like to congratulate the award winners and look forward to their continued success.

You requested more of the exclusive, in-depth interviews we are known for and in this edition we deliver. Inside you will find engaging interviews with several leaders from the financial community and insightful commentary from industry experts.

We strive to capture the breaking news about the world's economy, financial events, and banking game changers from prominent leaders in the industry and public viewpoints with an intention to serve a holistic outlook. We have gone that extra mile to ensure we give you the best from the world of finance.

Send me your thoughts on how I can continue to improve and what you’d like to see in the future.

Enjoy!

Wanda Rich Editor ®

Stay caught up on the latest news and trends taking place by signing up for our free email newsletter, reading us online at http://www.globalbankingandfinance.com/ and subscribe to the print magazine for direct delivery.

Issue 18 | 3

CONTENTS

inside...

BANKING Feeling the heat: Banks eye climate change risk

10

Peter Plochan, Principal Risk Solutions Manager at SAS (5)

10

Fight or flight - embracing digital banking in 2020

112

Frank Zhou, CEO & Founder of Zeux (4)

BUSINESS

20

The rise of women’s entrepreneurship

24

All Leaders Are Not Created Equal

30

Is the Board to Blame?

34

Dr. Anino Emuwa, Founder and Managing Director, Avandis Consulting,

John M. Collard, Chairman, CTP, CITM, Strategic Management Partners, Inc.

Kenneth A. Rosen, Esq., Partner, Lowenstein Sandler, LLP Philip J. Gross, Esq., Counsel, Lowenstein Sandler, LLP Colleen M. Maker, Esq., Associate, Lowenstein Sandler, LLP

20

The power of networking and referrals for business growth Reece Mennie, CEO, Hunter Jones

44

Why small offices are currently best at clearing compliance hurdles Angel Lai Yan Young, CEO, Harmony Advisors Limited

56

The 7 essential qualities of great leaders

Marianne Page Founder, Marianne Page Ltd. and author of the bestselling book, Simple Logical Repeatable.

106

Offering Mobile Working Styles Without Sacrificing Security Achi Lewis, EMEA Director, NetMotion

118

Permission Marketing – A Necessity, not just a Courtesy Stephen Jenkins, Founder & MD, Too Many Dreams

128

How finance brands can control a crisis on social Tamara Littleton,CEO, The Social Element

136

Finance from afar: How to prepare for remote working

Shelley Hoppe, Agency Director at Spoon London

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CONTENTS

122

FINANCE

98

The case for real-time reporting

122

5 Predictions for Financial Crime Compliance in 2020

Andreas Hauser, Senior Business Product Manager, Real-time Reporting and Innovation Cash Clearing, Cash Management, Deutsche Bank

Adam McLaughlin, Head of Financial Crime Solutions, EMEA, NICE Actimize

132

22

ISO 20022: A new era for payments

Marcus Sehr, Head of BNY Mellon Treasury Services, Europe, Isabel Schmidt, Global Head of Direct Clearing and Asset Account Services, BNY Mellon Treasury Services

INVESTMENT How traders can maintain a ‘business as usual’ stance during COVID-19

16

Craig Campestre, Chief Revenue Officer, IPC

22

Bitcoin Crash?

100

A maturing market: Crypto derivatives and standardisation Sylvain Thieullent, CEO of Horizon Software

Professor Samuel Ouzan, Professor of Finance and a researcher in behavioral economics and fintech, NEOMA Business School in France

TECHNOLOGY

50

50

Digital by default: a new era in financial services Ryan Steward,Financial Services Lead,Cloud Technology Solutions

116

What SMEs need from Regtech, and how they’ve been failed up to now Gavin Scruby, CIO, SmartDebit

Issue 18 | 5

CONTENTS

inside...

CUSTOMER FIRST HEALTH INSURANCE

40

Neil Kirby, Marketing & Sales Director, Bupa Global

46

AWARD-WINNING WEALTH MANAGEMENT PLATFORM SHARES INSIGHT ON COMPANY SUCCESS Yu, Chen Head of Investor Relations and Corporate Development Lufax Holding Ltd

FOREFRONT INVESTMENT BANKING PIONEER HBL OPENS BRANCHES AND OPPORTUNITIES IN CHINA Farhan Talib, Regional General Manager China & Singapore, Habib Bank Limited

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CONTENTS

64

GROWING SECURITIES COMPANY CELEBRATES 20 YEARS OF SUCCESS WITH FINANCE AWARD Mr Đỗ Huy Hoài General Director BIDV Securities Joint Stock Company (BSC)

Front Cover Story 68 THE PROCESS OF CREATING THE BEST RESULTS Jemmy Paul Wawointana, Chief Executive Officer, PT Sucorinvest Asset Management

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CONTENTS

Inside...

CLIENT-CENTRIC INVESTMENT SOLUTIONS

36

Client-Centric Investment Solutions Francisco Brunet, Managing Director of Sura Investment Management & Head of Distribution in Mexico, SURA Investment Management México

94

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BENCHMARK OF INVESTMENT BANKING Luis P. Rodrigues, CEO, Banco de Fomento Internacional, S. A. (BFI)

CONTENTS

BUILDING BETTER FINANCIAL FUTURES

104

João Bugalho, Managing Director – Operations & Asset Servicing Southern Europe at Arrow Global CEO at Whitestar Asset Solutions

90 108

HOW MULTIBANK GROUP EVOLVED INTO ONE OF THE LARGEST ONLINE FINANCIAL DERIVATIVES Sophia Barnes, Director of Public Relations, MultiBank

INNOVATIVE FINANCIAL SOLUTIONS FROM DLM CAPITAL GROUP HELPS IN BRIDGING THE TRANSPORTATION GAP IN LAGOS NIGERIA

110

Samuel Anani, Corporate Finance Analyst, DLM Advisory Partners

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Americas 10 Issue 18

AMERICAS BANKING

Feeling the Heat:

Banks eye climate change risk Climate change risks are financial risks. Here’s why forward-thinking banks are incorporating climate change risk into their enterprise risk management frameworks – and why you should, too.

As discussions around climate change and its environmental impacts heat up, concerns mount over the related economic repercussions across various geographies and industries – including financial services, where cross-industry impacts ripple and threaten banks’ future profitability.

Climate change’s impacts on the water, energy, agriculture and manufacturing industries, for instance, already cost banks money.

Consider farm loans that go unpaid due to poor crop yields caused by extreme weather. Or manufacturing debtors shutting down production due to unexpected water shortages

or severe weather incidents. From a bank’s perspective, each of these events adversely affect credit risk 1 , lessening a bank’s likelihood of collecting its debts.

The bottom line? Climate change is source of financial risks. Banks must consider the changing climate and its associated risks when reflecting on strategy and economic outlook.

Incorporating climate change into ERM Scenario analysis and stress testing form the cornerstone of any robust enterprise risk management (ERM) framework. To truly understand the potential impact of climate change risks on their business and borrowers, banks must incorporate climate change into their future-forward analyses and decision making.

Issue 18 | 11

AMERICAS BANKING

According to the PRMIA Institute’s November 2019 briefing note, The Impact of Climate Risk on Financial Institutions, “Scenario Analysis needs to evolve: climate-based scenario analysis is much harder than anything currently done and will need new computational approaches, data and methodologies.”

When considering how to incorporate climate change risk into their ERM framework, banks must assess both their: 1.

2.

Loan/customer portfolio, where impacts of climate change can impair the financial stability of their borrowers (i.e., credit risk).

Banking operations, where, for instance, their branches might be exposed to severe changes of weather, or they may be negatively affected by regulatory changes, etc. (i.e., operations, strategic or reputational risks).

Nordea, the leading financial services group in the Nordics, is another large bank that has taken action to measure and spotlight climate change, but for its retail banking customers. Nordea recently launched an individual carbon footprint calculator 3 to help its customers understand the environmental impact of their everyday purchases.

The tracker monitors and estimates customers’ CO2 footprint to encourage more sustainable choices.

The Central Banks and Supervisors Network for Greening the Financial System (NGFS), for example, formed in late 2017 and now includes about 70 central banks and regulators.

As stated by NGFS chairman Frank Elderson: “As long as the temperatures and sea levels continue to rise ... central banks, supervisors and financial “As institutions long as the will temperatures continue to raise the and sea to rise bar tolevels addresscontinue these risks and to ... central green thebanks, financialsupervisors system.”

and financial institutions will continue to raise the bar to address these risks and to green the financial system.”

The key? Fo r wa rd- look ing ERM consi d e rs the impa c ts of these new risk s on the bank ’s expe c te d pe r f orma nc e over the nex t thre e to f ive years. Thi s e nta ils e x a mining how cl i mate change risk drive rs a f fe c t thei r credi t risk , m a rke t risk and operati onal ri sk profi l es.

Top of mind for banking regulators

Some of the world’s leading banks have already caught on and are adapting their ERM frameworks to account for climate change.

For example, Dutch multinational bank ING has established a climate change committee, chaired by its chief revenue officer, to address strategic climate-related risk. As part of its Terra approach 2 , the bank tracks its borrowers’ CO2 footprints and monitors their alignment to the bank’s emission decrease goals, defined per industry.

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While a few banks are already incorporating climate change risk factors into their strategies, most still have a long way to go. More promising, though, banking regulators and central banks are starting to pay close attention to climate change as a source of financial risk and recognize the imperative to embed climate change risks into banking ERM frameworks and processes.

According to the NGFS framework, climate change may have systemwide impacts on financial stability and/ or adversely affect macroeconomic conditions. Banks and their portfolios are exposed to both: •

Physical impacts of climate change – economic costs and financial losses resulting from the increasing severity and frequency of extreme climatechange-related weather events and progressive climate shifts.

• Transition impacts of climate change – the process of adjusting to a low-carbon economy.

AMERICAS BANKING

The core banking processes affected by the above are credit underwriting and, in particular, credit risk assessment and credit scoring 4 .

Helping foster a greener financial system, the NGFS’s call for action report 5 provides six recommendations aimed at inspiring all central banks, supervisors and relevant stakeholders: 1.

Integrate climate-related risks into financial stability monitoring and microsupervision:

a. Assess climate-related financial risks in the financial system. Adopt key risk indicators to monitor climate-related risks and perform quantitative assessment of financial industry, including climate change riskspecific scenario analysis and their integration into macroeconomic forecasting and financial stability monitoring.

b. Integrate climaterelated risks into prudential supervision. Set supervisory expectations to provide guidance to financial firms and direct engagement with them to ensure climate-related risks are understood and discussed at board level, considered in risk management, and embedded into firms’ strategy and risk management processes.

Issue 18 | 13

AMERICAS BANKING

1. gfgfds 2.

Integrate sustainability factors into own-portfolio management.

Related to portfolio management performed by central banks themselves on the portfolios under their own management (e.g., pensions funds, reserves).

3.

Bridge the data gaps. Encourage the appropriate public authorities to share relevant data to climate risk assessment and, whenever possible, make them publicly available.

4.

Focus on building awareness and knowledge sharing. Establish internationally consistent climate and environment-related disclosures and building of a “green” taxonomy to factor all the above.

While these recommendations are not binding, it’s reasonable to expect they will eventually be translated into requirements set – and actions taken – by local regulators and central banks and cascaded in some form to individual banks.

Beyond its core recommendations, the NGFS plans to provide additional guidance on how to incorporate climate change risk into ERM frameworks, including: A handbook on climate and environmental risk management outlining steps to better understand, measure and mitigate exposure to climate and environmental risks.

Voluntary guidelines on scenariobased risk analysis, developing datadriven scenarios for use by central banks and supervisors in assessing climate-related risks.

Regulators are also getting quickly up to speed, determining how to capture the complexity of climate change risks in financial sector stress testing to ensure stability and support the transition to a greener economy. In the end, the joint effort of regulators, banks and public initiatives will drive the development of respective climate change risk assessment and monitoring methodologies.

Peter Plochan

In the UK for example, banks and insurers are already subject to a climate change stress-testing program facilitated by the Bank of England.

Other regulators and jurisdictions plan to follow a similar approach.

Principal Risk Solutions Manager SAS Peter Plochan is Principal Risk Management Advisor at analytics firm SAS, helping banking and insurance firms tackle their challenges around finance and risk regulations, enterprise risk management, risk governance, risk analysis and modelling.

A greener future As the effects of climate change intensify, we will see more attention on the assessment of environmental and climate change risk – both at the individual bank’s loan exposure level, portfolio level, and on the financial system as a whole. Initiatives set forth from organizations like NGFS will help provide a common understanding and benchmark.

While a few leaders are already taking action, most banks have yet to initiate a strategy that incorporates climate change risks into ERM frameworks and future outlooks. But now’s the time! To better mitigate climate change-related losses, banks must implement more forward-looking ERM systems and processes. Those that think green will see green.

A certified Financial Risk Manager (FRM), Plochan has a master’s degree in banking and more than 15 years of experience in financial sector risk management, including oversight of large-scale risk management implementations. Since joining SAS in 2014, Plochan serves as a global acting domain expert, combining the latest trends in risk analytics and model risk management with deep risk management and finance expertise.

1

“Credit Risk Management: What It Is and Why It Matters.” SAS, www.sas.com/en_us/insights/risk-management/credit-riskmanagement.html.

2

ING.com. “Terra Approach.” ING.com, www.ing.com/ Sustainability/Sustainable-business/Terra-approach.htm.

3

“Individual Carbon Footprints Now Available to 3 Million Customers Using Nordea's Digital Banking Services.”

Nordea Group – Nordic Financial Services, www.nordea. com/en/press-and-news/news-and-press-releases/pressreleases/2019/12-10-08h00-individual-carbon-footprintsnow-available-to-3-million-customers-using-nordeas-digitalbanking-services.html.

4

SiddiqiFollowCredit, Naeem. “Impact of Climate Change on Credit Scoring.” LinkedIn, www.linkedin.com/pulse/impactclimate-change-credit-scoring-naeem-siddiqi/.

5

https://www.banque-france.fr/sites/default/files/ media/2019/04/17/ngfs_first_comprehensive_ report_-_17042019_0.pdf

Issue 18 | 15

AMERICAS INVESTMENT

How traders can maintain a ‘business as usual’ stance during COVID-19 The world has never experienced anything quite like the current global pandemic, and uncertainty continues to grow with each passing day around the new disease. No one can guarantee when there will be an end in sight so until then, the enforced work from home policy that many businesses have had to follow will become the new normal.

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Although already a popular policy in many sectors, remote working has rarely been an option for traders. Now, it is the only option. Forbes reported 1 that the New York Stock Exchange’s iconic trading floor is temporarily closed, and traders have moved to electronic trading which shows the severe impact that the coronavirus is having on global financial hubs and the industry overall.

AMERICAS INVESTMENT

Everyone has been affected by the rapid restrictions imposed on our personal and business lives in these unprecedented times, but how can traders and the financial markets maintain a ‘business as usual’ stance during the COVID-19 crisis?

Why the subscription economy is the future Behind the shock and threat of the coronavirus is also the underlying fear that world’s economy is about to plunge into another recession 2.

During this frightful financial backdrop, organisations will understandably be cautious of increasing their spending on additional technology.

However, as many companies have had to suddenly shift to remote working for the long-term, firms either need to invest or risk closure. This quandary has been great news for fintechs that help companies work remotely as they have thrived so far with the sudden boom in adoption of cloud-based and digital applications and technologies in the wake of the global outbreak.

Traders and financial firms must make remote working as sustainable as possible and will be seeking flexibility and scalability for their infrastructure.

This is where the subscription economy comes in as businesses can offer their products and service as subscriptions to customers, allowing for less commitment and lower upfront costs.

In the past few years, organisations and individuals have gone through a fundamental change in relation to the concept of ownership and possessions.

Traditionally, businesses needed to buy multi-year leases for software and hardware. These were often big, costly decisions that needed to be thoroughly weighed in boardrooms.

Thanks to the rise of the subscription economy though, new technologies and applications are more affordable for businesses and much more easily installed, managed and updated. Subscriptions are transforming the way in which businesses consume services for the foreseeable future. This is particularly true for firms that need to invest in new technologies to continue ‘business as usual’ but also keep costs as low as possible.

Maintaining business continuity during uncertainty

plan in place that allowed all employees to work remotely in times of crisis, some firms were left scrambling to quickly install key equipment and communications software for their trading teams.

It is easy to see why this was the case for so many companies as planning for unforeseen disasters is a time consuming and challenging task. Prior to the coronavirus, no one knew the severity and nature of unpredictable events and there was an argument that spending money on redundant infrastructure is impractical and unlikely to achieve the desired business results.

However, it will have become evident to everyone now how important investing in an appropriate infrastructure is for a business to continue to function as usual and avoid any unnecessary upheaval or lapse in regulatory standards.

Technological solutions for regularity

There are a great range of subscriptions available for the financial community, including SaaS (Software as a Service), DRaaS (Disaster Recovery as a Service) and the cloud, that make it easier for businesses to cope with the pandemic or other unexpected shocks with its flexible model.

However, many financial firms may have still found themselves unprepared for the widespread enablement of remote working 3 following the outbreak.

Without an effective business continuity

The businesses that were able to smoothly transition to working remotely was most likely due to them having had an effective business continuity plan (BCP) which also leverages technological solutions, such as IPC and Cloud9’s Disaster Recovery as a Service solution (DRaaS).

DRaaS allows traders to have ubiquitous access to a customdesigned virtual trading desk from any global location during an emergency,

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ASIA INTERVIEW

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AMERICAS INVESTMENT

such as the current coronavirus pandemic but also earthquakes, political unrests, and any other event that would otherwise disrupt operations. With many employees now unable to access their offices, a cloud-based service that provides a comprehensive turnkey solution for recovery is a crucial way that traders can continue working as usual.

A thorough BCP for traders needs to also consider whether the technology in place is meeting compliance and regulatory obligations, as well as being able to scale up home-based operations to maintain uninterrupted trading activities.

For traders and the financial markets, this can be solved with DRaaS as the technology can utilise global financial ecosystems and trader platforms to extend voice trading capabilities to alternative locations without needing to notify counterparties or even compromising on functionality, compliance and regulations.

Buy-side firms and sell-side firms will also have had to extend their trader connectivity beyond financial dealing

rooms and front-line offices to remote locations in a way that continues to meet the highest security and compliance standards regulating the capital markets. In this way, traders will be able to maintain a business as usual stance during the coronavirus outbreak.

As the pandemic continues to play out, there will be many more questions and issues that need to be ironed out, but one thing that we know for certain is that widescale remote working will be how most of the world operates for the next few months at least.

The importance of financial market participants maintaining firm operations and profitability to promote global financial market stability has never been more profound than during this time of heightened volatility. It is vital during these uncertain times that financial firms and traders are equipped with a scalable and resilient trading communications and networking environment that is integrated with the global trading ecosystem to maintain a business as usual stance and securely interact with clients and counterparties until this pandemic eases and offices reopen.

Craig Campestre Chief Revenue Officer IPC

1

Hansen, Sarah. “NYSE To Close Trading Floor After Trader Reportedly Tests Positive For Coronavirus.” Forbes, Forbes Magazine, 18 Mar. 2020, www.forbes.com/sites/ sarahhansen/2020/03/18/new-york-stock-exchange-totemporarily-close-trading-floor-in-response-to-coronavirus/.

2

Plender, John. “The Seeds of the next Debt Crisis.” Financial Times, 4 Mar. 2020, www.ft.com/content/27cf0690-5c9d11ea-b0ab-339c2307bcd4.

3

Trueman, Charlotte. “As Coronavirus Worsens, Companies Renew Focus on Collaboration, Remote Work.”

Computerworld, Computerworld, 2 Mar. 2020, www. computerworld.com/article/3530150/as-coronavirusworsens-companies-renew-focus-on-collaboration-remotework.html.

Issue 18 | 19

AMERICAS BUSINESS

The rise of women’s entrepreneurship Introduction Whilst the rate of women’s entrepreneurship is increasing, currently about 70% of men’s in the US for example, the access to finance picture is somewhat bleak with female founders receiving only 2.2% of VC funding in 2018. Yet venture capital is essential to enabling fast growing innovative start-ups to scale up.

With tech sector studies showing that women- led tech companies to be highly successful with a 35% ROI, innovative women-founded business may be losing out of value creation.

Women’s networks are beginning play a role with relation to this gap in several ways playing on women strengths as natural problem solvers.

Sharing information and knowledge Entrepreneurship can be a lonely undertaking and networking communities of peers can alleviate this feeling providing support and information and being a place where female successful founders can be role models and women learn from each other. Women founders who have been raising funds can also help steer others to sources of funding that are more receptive to female founded business, and can share tips to help women develop skills in pitching.

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Women can also find out about profitable entrepreneurial opportunities avoiding female entrepreneurship concentrating around sectors and business models which have limited growth potential. One of such trends is women tech founder groups

Funds, F7 set up by 7 Facebook executives, in Africa Rising Tide – by Yemi Keri and Ndidi Nwuneli successful female entrepreneurs themselves. An interesting development is Melinda Gates Pivotal Ventures investing in female VCs.

Women founders- case in point, Kylie Jenner with her eponymous Kylie Cosmetics and Rihanna creator Fenty Beauty achieved unicorn valuation status within a short period of timeare demonstrating that sectors that serve the needs of women can be incredibly lucrative when done well.

Other examples of highly successful women led brands in fashion catering that have developed innovative business models specifically are Neta-Porter, and Rent-the-Runway

One of the obstacles to finance for women is lack of diversity amongst venture capitalists- only 7% of the investing partners in top firms are women with more than half having no women at all. Gates believes that big VC funds do not understand the women’s economy and are missing out on disruptive innovations that are women founder firm can offer. The idea is as VC begin to see the smaller firms who over index on female led startups it will attract more investment into women founded businesses.

Harnessing women’s ability to mobilize resources As the female economy grows, women are flexing their economic muscles becoming investors and turning their focus on helping other women. Many women founders recall difficulties they had raising funds and are keen to help other women, collaborating to pool funds together to invest other womenled business. Examples are Bumble Funds in the US, Female Founders

Realising the opportunity to creating wealth whilst doing good Diversity in leadership is increasingly recognized as an important contributor to firm performance as well as delivering positive social impact.

Women investors are playing a strong role in impact investing with up to 33% of fund manager being female. It is though that women may find attractive the combination of purpose and profit.

AMERICAS BUSINESS

Impact of Women’s Networks on Funding In this way women’s networks are bringing about changes in the financing landscape for women-founded businesses, equipping women with skills, access to contacts, information, resources and opportunities as well as providing peer support. They are also creating funding opportunities for women-owned entrepreneurs through networks of female investors and working to closing the gender investing gap through innovative ways, for example Ellevest through a digital investment platform.

These developments in female networks of entrepreneurs and investors and drives to improve gender diversity in venture capitalist sector have started bring about awareness bring about the need for culture change in the start-up

ecosystems with increasing demand for unconscious bias training for venture capitalists, for example. However, these actions need to be scaled up and mainstreamed. Decisions like Goldman Sach’s CEO David Soloman, recent announcement that investment bank would not take to the market firms that did not have at least one female, or minority, on the board- raising the requirement to two next year- are good signs that the market is beginning to take notice. The measure success will be when there will be no longer a need to identify female entrepreneurship as a category of founders.

Dr. Anino Emuwa Dr. Anino Emuwa Avandis Consulting

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AMERICAS BUSINESS

Bitcoin Crash?

What is Bitcoin’s primary function?

What is the current use being made of it? Is it a new form of fiat currency? Does it behave like a commodity? A stock? Or is it a new type of speculative asset of a fundamentally new variety?

These questions are obviously essential when one is tempted to speculate on the future of Bitcoin and by extension on its real value.

So why have I decided to entitle this article Bitcoin Crash rather than giving it a less entrenched and more neutral heading? Just because, although the value of Bitcoin has gone from 7 hundredths of a cent (1 $ was worth 1,009.03 BTC at the time of the first public sale of Bitcoin on 5 October 2009) to $7,524.21 at the time of writing of this article, there remains great confusion and uncertainty among investors, regulators, economists and academics around the true nature of Bitcoin.

In a recent article co-written with my colleague, Arash Aloosh of NEOMA Business School, entitled the psychology of cryptocurrency prices, we question the psychological dimension of cryptocurrencies and have observed that certain cognitive biases relating to the nominal value appear to be more frequent in the cryptocurrency market than in the equity market.

According to so-called neoclassical finance, the market price of each share should represent its intrinsic value. For this to be so, markets must be efficient, but in reality, nothing is less sure as far as cryptocurrencies

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are concerned, because the notion of efficiency assumes that investors have rational expectation concerning the development of Bitcoin and its global adoption. How is it possible to defend the hypothesis of the rationality of individuals dealing with Bitcoin, when specialists in the sector have great difficulty in agreeing even on its basic nature? Not to mention the extreme complexity of its economic, political, legal and technological aspects.

Astonishingly, although it is undeniable that cutting-edge expertise is essential to evaluate Bitcoin’s prospects, all over the world celebrities such as the actress Gwyneth Paltrow, the rapper Snoop Dogg and the footballer Lionel Messi have promoted it. It is easy to see

that the enthusiasm of the layperson for Bitcoin is without precedent. I think that this enthusiasm coupled with its extreme volatility and the confusion that still surrounds the exact nature of Bitcoin is a quite unique phenomenon, and a worrying one that should alert investors and regulators to the fragility of this market.

The major question that this article is attempting to address is how can we know if the spectacular rise of Bitcoin could be principally psychological in nature? If that is the case, a future crash is very likely! And if we accept this likelihood, how is this speculative bubble different from others, such as the Internet bubble?

AMERICAS BUSINESS

I believe the bubble is even more spectacular precisely because the subject of Bitcoin is of an unprecedented complexity in the history of economic assets and the enthusiasm it arouses does not reflect an essential service it would be capable of delivering for all, so much as an ideological promise it contains. This promise is to be rid of intermediaries, financial institutions, state intervention, or any kind of system! In that sense, Bitcoin has an essentially political dimension.

Some will say that the promise has been delivered. Bitcoin exists. Even if it is not widely adopted, it works. This is a valid argument. Even if Bitcoin fulfilled its role as a decentralised, anonymous currency without encountering any problems, would it ever actually be widely adopted? Would we be prepared to abandon our euros, dollars, yen, pounds sterling, or pesos, by choice?

What would it really offer us above and beyond our usual currencies? Bitcoin could be of interest to countries whose currency is very unstable. It would have a certain benefit in the world of illegal trade. It would become a rogue currency. Despite Bitcoin not being widely adopted and the many structural deficiencies facing it, is this not what it is already on the point of becoming?

The reality is that Bitcoin is coming up against many systemic problems. The argument defending the validity of the Bitcoin system is analogous to one defending the validity of a technology that could construct a model when it should be capable of constructing a real building. So the true challenge in the promise of a decentralised currency lies specifically in the problem of scaling or being able to generate a system that could operate on a large scale.

The fundamental problem with Bitcoin is that it cannot support a number of transactions related to global adoption.

The network can carry out up to 7 transactions per second whereas, by way of comparison, the Visa network performs approximately 24,000 per second. In this respect, Bitcoin seems

more like a toy than anything else.

This analogy may appear extreme but it seems to me quite close to the reality. Following the enthusiasm aroused by Bitcoin, the emergence of countless cryptocurrencies that have not, however, managed to displace Bitcoin, seems to me a sign of the crash to come rather than the promise of its adoption. Their proliferation should serve to discredit Bitcoin as the alternative to fiat currency.

In practical terms, to ensure the trusted third party required by a monetary system is replicated, Bitcoin protocol uses computational competition or in other terms it is betting on competition in energy use! In a world where environmental awareness continues to grow among the public, it seems surreal to imagine any potential global adoption of Bitcoin. Yet this is what its market value suggests from a rational point of view. There is a continuing debate on whether mining for Bitcoin could in the long term generate energy use equivalent to that of the whole world or that of Ireland or Portugal. One study has shown that Bitcoin mining could alone be responsible for exceeding 2 degrees of climate warming. But the energy aspect of Bitcoin is far from being the only problem. The possibility of the Bitcoin network being corrupted in the near future because of the nature of the competition to validate transactions represents another considerable problem. This is because huge specialised computer infrastructures is necessary to validate transactions and perform the mining. This phenomenon subverts the democratic and decentralised character of Bitcoin and threaten its security. Particularly, if a monopoly on the power of mining started to become apparent. Not to mention the problems of fungibility of cryptocurrency when all Bitcoins are not considered of equal value because many have been used by criminals and put on a blacklist by exchange platforms.

Although several improvements have been made to the Bitcoin protocol, it has certain fundamental limitations which seem to me to stem from its ideological and slightly utopian character. Replacing a known and trusted third party by a competitive, almost anarchical and unstable organism, requiring inefficient energy costs, seems to me to be at least questionable. I believe that in order to analyse the chances of success of Bitcoin dispassionately we must not forget that as humans we often behave in an irrational way. We tend to considerably overestimate the impact of innovations, and to extrapolate from past performance such as the spectacular rise in the value of Bitcoin over recent years. This often makes our future expectations somewhat biased.

It would therefore be premature to judge whether, as with the emergence of the Internet, the advent of Bitcoin represents a real and lasting revolution in the history of technologies.

Professor Samuel Ouzan Professor of Finance and a researcher in behavioral economics and fintech NEOMA Business School in France

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All Leaders Are Not Created Equal To Save the Company — Change the Leadership Style Who can handle the crisis management role? This is a predicament. Clear thinking must prevail and a special set of skills must be applied.

If there is a qualified leader within the company, then delegate the job of turnaround to that person — and provide proper support. If there is not a qualified leader in the company, and there usually isn't, don't hesitate to go outside to locate a professional at this type of work. Consider adding this experience to the Board of Directors.

But what guides the decision?

Let's put this leadership role into proper perspective. Leadership requirements differ between those for healthy, growing companies and for those in a troubled situation. The CEO that managed the company while it got into trouble probably doesn't have the skills to doctor it back to health. Compare the differences in our chart.

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Contrasting Leadership Styles

Troubled or Turnaround Situation

Skill

Stable or Growth Scenario

Focus

On Objectives

Survival, action, problem-solving

Decision Making

Deliberate

Decisive, Immediate

Authority

Delegate

Direct Involvement

People

Develop

Recruit talent Communications

Respected for:

Management reputation

Financial credibility

Known for:

Consistency

Issue 18 | 87 Ability to shift gears

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AMERICAS BUSINESS

Differences in style are a key to success, in either situation. In the stable or growth scenario, team building and coaching are buzzwords. But in the initial crisis and subsequent turnaround situation, time is an enemy.

Decisive action is required.

The focus is dramatically different.

This is one reason why the troubled environment is so foreign to many managers, and hence, the difficulty finding qualified talent from within the company.

The stable environment allows for mistakes and longer lead cycles to achieve goals. Troubled companies have primarily one goal — to survive and get well. If the symptoms persist with no cure, the patient can die.

Just as with a critical patient, the immediate focus at a troubled company should be on action — make something happen. The first goal in an absolute crisis is to stabilize and buy time. After calming the waters, take a reading on where things stand — which is normally still. Look for changes in ratios and trends to determine what is, or more importantly, what is not going on in the business.

Following this diagnostic stage, the transition can begin towards a turnaround. Most importantly, the leader needs to get things moving again. Movement must occur in two areas — On the Volume In (revenue/sales) side, look at where and how revenue is generated. Is it from existing customers and contracts or new business? Most

importantly, keep it coming in. On the Volume Out (throughput/production) side, look at getting the product or service 'out the door'. How else can you bill for it?

Companies often get into trouble because management procrastinates when it comes to making decisions. If the decision is to be made by default, it is akin to making no decision at all.

Much of that early, and overall, survival also depends upon being immediate — upon making decisions in a timely manner. Even a wrong decision means movement and direction. If a decision turns out to be wrong, change it, but keep things moving.

Time is also an important dimension when it comes to authority. In a stable company, there is time to delegate and nurture the growth of the management team; time to work on long term issues and projects.

In the troubled situation delegating takes on a different role. Managers must be held accountable not only for performance, but for timely results.

In a troubled situation, the decision maker must get directly involved. It is hard to worry about the long-term future when there may not be one.

The leader is pressed closer to the immediacy of day-to-day operations. If you want action, request a decision . . . or make one.

In a stable situation there is time to develop talent. But when in trouble, you must exploit the talents of those employees that remain who can perform and bring them to new levels, then recruit talent that is lacking. It means building permanent

management teams that can bring the company back to health — and add value to the company.

Communication is critical — with everyone who has a stake in the company's success. Talk to employees, but more importantly; listen to what they have to say. Be assured, they know when and where problems exist.

What message are you sending?

Remember, what is not said is often more destructive than what is. Unnatural actions or behavior, such as 'closed door meetings,' will most certainly set off the rumor mill.

People need to know or they are left to their own imaginations — and that is always worse.

Equally important, level with people — then get the stay versus go decision.

To address the issues in a forthright manner is no guarantee that you will keep everyone, or that everyone will believe what has been said. But to not communicate what is going on is a lack of leadership; so don't be surprised when employees don't do what you want them to.

Turnaround leaders didn't start out as such — they were often managers that worked their way up the corporate ladder through hard work and (hopefully) fair play to build a solid management reputation. They have also developed a set of skills to handle problem solving, getting results with minimal resources, (tight) cash flow management, negotiating and dealing with bankers, investors and creditors.

The stakeholders will usually work with a turnaround leader — if he or she is credible.

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A key initial element to a successful turnaround is to establish a good relationship with your bank. Capital is always required in tough times, while its nice to have in good times as well. If the leaders who were in power while the company's position was allowed to deteriorate are still there, why should the lender believe that they would now be instrumental in correcting the situation? With all the suspicion that can surround a troubled company, it is important that trust is re established with the bank. Credibility with the lender(s) is mandatory to success — and most likely to keeping that cash flow at the bank. And with the bank holding the trump card, the institution must feel comfortable working with the turnaround leader. It means laying everything out on the table to keep the situation honest — and honoring commitments made to the lender.

Where consistency is important in a stable environment the name of the game in a turnaround situation is uncertainty. You can absolutely, positively count on surprises.

One alternative is to work with consultants. They can't be leaders because they can't make decisions for the company. They can make recommendations, but often to the same leader(s) who failed to make a decision in the first place.

The turnaround practitioner, by contrast, is a hands-on decision maker who actually takes control of the company — often as CEO — for a period of time. He is in control of the company's destiny.

He must know how to be decisive, know how to isolate the problems and find solutions. A good practitioner has three goals; 1) get control, stabilize the situation, jump-start the turnaround, 2) develop a sound plan, and 3) hire their permanent replacement.

Affecting a turnaround takes an array of skills. When in crisis there is no time for a warm up. Just as with that patient in intensive care, the longer a company is on the critical list, the harder it is to nurse "When it rains, it pours" may be clichéd, it back to health. To but when applied to a troubled company, affect rehabilitation, the one can be sure that 'Murphy is shaking right leader will know the clouds.' how to make the quick and proper decisions, put a plan into action and keep a talented team The ability to deal with change at a moving towards a healthy and more rapid pace is essential. This is why valuable end. a seasoned practitioner can be the answer to a successful turnaround plan. The existing leadership is often 'out of its element' as it enters this untrodden ground of trouble. And when people haven't had to manage in this environment before, the odds are that they will at the very least, have a difficult time.

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John M. Collard, Chairman Chairman, CTP, CITM John M. Collard, Chairman John M. Collard is Chairman of Strategic Management Partners, Inc. in Annapolis, Maryland, USA, specializing in turnaround management, outside director leadership, investment and asset recovery, and rebuilding underperforming distressed troubled companies. John is inducted into the Turnaround Management, Restructuring, Distressed Investing Industry Hall of Fame. John is a Certified Turnaround Professional (CTP), Certified International Turnaround Manager (CITM), with 35+ years senior operating leadership, $85M+ asset and investment recovery, 45+ transactions worth $1.2B, and $80M fund management experience.

Best Retail Bank in Portugal 2020 Thanks to our customers for trusting us Helping Portuguese families and companies to prosper in a digital way.

The prize is the sole responsibility of the entity who awarded it.

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Is the Board to Blame?

A bankruptcy trust for creditors (including former workers and trade vendors) who lost significant sums of money in the Toys “R” Us Inc. (TRU) bankruptcy sued former Chief Executive Officer David Brandon, several other directors and executives of TRU, and its former private equity owners. 1 The lawsuit accuses Brandon and other TRU executives and board members of, among other things, conspiring to keep suppliers in the dark about TRU’s real financial condition in the months preceding TRU’s collapse. As a result, post-bankruptcy suppliers and other creditors collectively lost $800 million, an additional $1.76 billion in prebankruptcy claims were left unpaid, and 31,000 employees lost their jobs, according to the complaint.

The complaint asserts that the company continued to purchase goods from suppliers on credit even after it

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became clear to directors that financing would evaporate because of a terrible fourth quarter. Between December 2017 and March 14, 2018, TRU supposedly placed $600 million of orders on credit, at the instruction of the company’s board, while assuring suppliers that TRU would emerge from bankruptcy.

Under Delaware law, the duties of directors of a solvent corporation run to the corporation, which is to be managed for the benefit of its shareholders. No fiduciary duties are owed to creditors of a solvent corporation. The general rule is that directors do not owe creditors duties beyond the relevant contractual terms.

When a corporation becomes insolvent, or approaches insolvency, directors of such a firm still do not owe any particular duties to creditors, but continue to owe fiduciary duties to the

corporation for the benefit of all of its residual claimants, a category which includes creditors. They do not have a duty to shut down the insolvent firm and liquidate its assets for distribution to creditors – although they may make a business judgment decision that this is indeed the best route to maximize the firm’s value. If the board of an insolvent corporation, acting with due diligence and good faith, pursues a business strategy that it believes will increase the corporation’s value, but that also involves the incurrence of additional debt, it does not become a guarantor of that strategy’s success. That the strategy results in continued insolvency and an even more insolvent entity does not in itself give rise to a cause of action. Disinterested directors therefore continue to be substantially protected from ex post facto second-guessing by courts and other constituencies by the business judgment rule, even if the corporation is insolvent.

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Decisions made by officers and directors of corporations typically have not subjected the individuals to personal liability. Even if an officer or director makes what turns out to be a bad business decision, such decision does not render the person liable.

The duty of care that an officer or director must exercise relates to the diligence that the person uses to make decisions. In order to fulfill this duty, it is strongly recommended that an officer or director follow several practices, including the following: (a) regularly attend board and committee meetings; (b) remain informed about the business and affairs of the corporation; (c) rely on information provided by others, such as reports, financial statements, and opinions; and (d) make inquiries about problems that may arise with respect to the corporation.

The responsibilities of the board are separate and distinct from those of management. The board does not manage the company. To inform its decisions, a board relies on materials prepared by management. The “duty of care” requires that directors make decisions with due deliberation. A “duty of care” is violated when a director has committed gross negligence by failing to inform him- or herself fully and in a deliberate manner.

Under the “business judgment rule,” a court will not second-guess a board’s decision if such decision was made (a) on an informed basis, (b) in good faith,

and (c) in the honest belief that the action to be taken (or not taken) was in the best interest of the corporation.

Directors are given the presumption that the business judgment rule has been satisfied unless the directors are interested/engaging in self-dealing, lack independence, are shown to not be acting in good faith, or reach their decision through a grossly negligent process. Thus, where a board (a) followed a reasonable process under the circumstances, (b) took into account the key relevant facts, and (c) made its decision in “good faith,” the board will generally be insulated from liability related to a particular decision or action it takes. Note that acting in “good faith” requires, among other things, that the board act in advancing the best interests of the corporation, without conflicts of interest, and without demonstrating a disregard for its duties such as by turning a blind eye to issues for which it is responsible.

Successful Chapter 11 reorganizations can be very difficult to achieve– especially in certain industries, such as retail. The time within which the debtor must turn things around has been shortened by the Bankruptcy Code’s deadline by which to assume or to reject unexpired leases. Further, in retail cases, secured lenders are very conscious of the required timing of a potential liquidation sale if a successful turnaround cannot be achieved. It is necessary to capture the right season for a sale. The fourth calendar quarter may be best. The third calendar quarter may be worst. Landlords become most aggressive in wanting their stores back in order to fill a “dark hole” for the critical fourth quarter–which means a lead time to retrofit the store for a new tenant. Despite the tools that the Bankruptcy Code provides, it is a race against the clock with impatient lenders and impatient landlords. We are not blaming them.

The creditors’ committee and the Bankruptcy Judge want to facilitate job

preservation and also the retention of a customer, but those goals may not be achievable in the face of ongoing operating losses and in the face of lenders and landlords who have witnessed a relatively low success rate in retail Chapter 11 case.

Sears, Forever 21, and TRU are examples of recent “administratively insolvent” cases. In each of these recent cases, the company was left with insufficient funds to satisfy post-petition claims. So vendors that sustained losses prior to the petition date got burned a second time when they were unable to be fully paid on account of goods and services supplied to the debtor after the bankruptcy filing.

Allegations in the TRU complaint include that the board was inattentive to the likelihood of growing administrative insolvency and/or that the board knowingly permitted management to incur additional indebtedness– including continued purchase of new product–when it should not have done so. The TRU complaint also alleges that the board gave direction to obtain additional credit from vendors at a time when the board knew that such credit could not be repaid.

Should the board be liable, and if so, what should the plaintiffs be required to prove?

In each of the Sears, Forever 21, and TRU Chapter 11 cases mentioned above, there was a chief restructuring officer (CRO) retained by the debtor who was accountable to the board. CROs are engaged so that management can focus on turning around the business rather than on the day-to-day handling of the Chapter 11 case. CROs are presumed to know the rules of Chapter 11 – one of which is that a debtor must remain “administratively solvent,” i.e., maintain sufficient assets to satisfy all obligations incurred from and after the bankruptcy petition is filed. Counsel undoubtedly knows that.

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The debtor is not expected to become profitable instantaneously on the petition date. But after a fair opportunity to prove that a turnaround is possible (i.e., more likely than not to occur based upon current knowledge and reasonable assumptions), the debtor should not be falling increasingly behind on its administrative liabilities beyond the point of no return. That allegedly happened in the TRU case. We have no inside information. The Delaware Chancery Court in a recent case 2 held that “directors cannot be held liable for continuing to operate an insolvent entity in the good faith belief that they may achieve profitability, even if their decisions ultimately lead to greater losses for creditors.”

Therefore, it would be bad precedent to hold the TRU board liable if the TRU board asked the right questions, received reasonable answers, and relied on management and/or the CRO without a basis on which to disbelieve or distrust management or the CRO. A board is not a guarantor of results promised by management. Board membership of distressed businesses should not be discouraged.

It is appropriate for the board to rely on a CRO and other restructuring professionals to keep the board informed of when the debtor is getting too far out on the limb. That is a principal function of the CRO. The CRO is the bankruptcy business/finance expert who is charged with overseeing the debtor’s business and financial affairs as they relate to compliance with the Bankruptcy Code and Bankruptcy Rules. The CRO is typically part of the interface between management and other professional advisors. It is the task of the CRO to rein in management and to alert the board if the debtor is making purchases beyond its reasonably likely ability to pay, but even in such situations, if making such purchases/incurring such debt is based on the good faith belief that incurrence of such debt in the short term will ultimately maximize value for all creditors (and potentially yield sufficient funds to satisfy such obligations), such actions, if properly informed, could be protected under the business judgment rule. It is the job of the CRO to ensure that unsecured creditors are not unfairly being taken advantage of–including in favor of a debtor’s secured creditors–in order to buy time to get a deal done that does not maximize value for the corporation and all of its creditors. At a minimum, the CRO must ensure that the board is aware when the CRO believes that additional debt is being incurred beyond a company’s ability to repay such debt.

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A prudent board of a company in Chapter 11 bankruptcy should require of management, and especially of the CRO and other bankruptcy/restructuring professionals, regular reporting, including but not limited to the following:

1.

Accrued post-petition liabilities to vendors, employees, taxes, etc.

2.

Accrued post-petition professional fees (net of “carve outs” from the secured lenders)

3.

Outstanding purchase orders for goods not yet received

4.

Goods in transit/awaiting acceptance by the debtor

5.

Rolling payments to vendors versus accrual of additional liabilities–is the net number increasing?

6.

Projections of further expense reductions to improve cash flow

7.

Projections of income and expenses on an accrual basis, excluding Chapter 11-related expenses

8.

Projections of cash flow, including Chapter 11-related expenses

9.

Actual to projected results of cash flow and of operations

10. YOY results 11. Outstanding and future quarterly Chapter 11 operating fees owed to the United States Trustee (which fees are now assessed at 1% of quarterly disbursements for all amounts disbursed greater than $1 million (capped at $250,000 per quarter).

12. Outstanding liabilities for “20 day” Section 503(b)(9) claims.

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It is the job of the board to challenge the reasonableness of assumptions underlying projections. The board should obtain the input of the CRO and other bankruptcy professionals/advisors as to whether management is realistic or overly optimistic. The CRO and other bankruptcy professionals/advisors have the most credibility, on which the board should rely in this regard.

What are the limits to be established by the board on unpaid/unpayable administrative claims? It should not be zero. Businesses do not turn around immediately upon commencement of a Chapter 11 case. But the board should, after consultation with the CRO and management, inquire of management what will be the guardrails not to be breached absent extraordinary (positive) circumstances or a good faith belief that doing so will maximize the value of the corporation for the benefit of all stakeholders, including creditors.

Assuming that a board has abided by the protocol described above, it should be insulated from liability for administrative insolvency – unless the board knowingly or unreasonably permitted or directed unreasonable excesses. If the board asked the right questions, received the right reporting, and reasonably relied on the CRO and management, the board should not be liable. And, when it comes to “reasonableness,” the board should not be second-guessed by Monday morning quarterbacks unless the board’s reliance was reckless or evidenced self-dealing or other personal gain, the antithesis of maximizing value for the company and all of its residual stakeholders.

Kenneth A. Rosen, Esq. Partner Lowenstein Sandler, LLP

Philip J. Gross, Esq. Counsel Lowenstein Sandler, LLP

1

2

See Bloomberg News, Toys ‘R’ Us Creditors Sue Directors and Private-Equity Owners, available at https://www.bloomberg. com/news/articles/2020-03-13/toys-r-us-creditors-suedirectors-and-private-equity-owners.

Quadrant Structured Prods. Co. v. Vertin, 115 A.3d 535, 547 (Del. Ch. 2015).

For an excellent treatment of the topic, see: Columbia Law School Millstein Center for Global Markets and Corporate Ownership, Fiduciary Duties of Corporate Directors in Uncertain Times, Ellen J. Odoner, Stephen A. Radin, Lyuba A. Goltser, and Andrew E. Blumberg (August 2017).

Thomson Reuters Practical Law Bankruptcy, Crucial Steps to Be Taken by the Board of Directors of Financially Troubled Companies (2016).

Westlaw Journal Bankruptcy, Nearing the End Zone: Developments in the ‘Zone of Insolvency’ (2016).

ABI Journal, The Fiduciary Duties of Directors of Troubled Companies, Marshall S. Huebner and Darren S. Klein (Feb. 2015).

Colleen M. Maker, Esq. Associate Lowenstein Sandler, LLP

In North American Catholic Educational Programming Foundation, Inc. v. Gheewalla, the court summarized the duties of directors of solvent corporations. 930 A.2d 92, 99 (Del. 2007). These duties were further clarified and explained by the Delaware Chancery Court in Quadrant Structured Prods. Co. v. Vertin, 115 A.3d 535, 547 (Del. Ch. 2015).

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THE POWER OF NETWORKING AND REFERRALS FOR BUSINESS GROWTH Word-of-mouth referrals are far more likely to convert into clients or customers when compared to other methods of lead generation.

Why? Because your business has normally come as highly regarded by someone they trust and respect. This means that if the referral source speaks positively of you, the potential client is essentially sold before even picking up the phone, resulting in a clear and easy win if you meet expectation with a positive first impression.

But how easy is it to secure a regular drip-feed of referrals? And what can aspiring entrepreneurs do to increase their chances of securing referrals from the outset?

FOCUS ON DELIVERING QUALITY PRODUCTS AND SERVICES When looking to grow your business, it is important to remember why you started it up in the first place.

Someone once told me ‘focus on your service delivery and the money will come’ and they couldn’t have been more right. Remain accountable at every stage of growth by maintaining the same high standards in delivering your products or services. Aside from enabling you to retain clients for the long-term, this approach will keep customers satisfied, resulting in natural referrals as a result.

NETWORK WITH LIKE-MINDED PROFESSIONALS Meeting and networking with other business leaders who share the same ideas and aspirations as you, is a key driver of business referrals.

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There is no point in wasting time on pitching to business owners who aren’t aware of, or engaged in, what you are doing, nor those who don’t work with people likely to benefit from your products or services.

BE PROFESSIONAL AND CONSISTENT

Networking isn’t necessarily about who is in the room, but who the people in the room are connected to. Be sure to operate in the right circles and spend time on developing positive relationships. In doing this, referrals will start to come.

A short, sweet and direct response is crucial, as going for a long-winded, jargon-laden answer is bound to turn the attentions of some elsewhere.

Opting for a response that gets straight to the point in an easy-to-understand way is far more likely to hook your audience and encourage them to ask you more about your business…. Just remember to do this in return.

For many entrepreneurs, providing an engaging and impactful answer to the question ‘What do you do?’ can be a real minefield.

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SPEND TIME BUILDING NEW RELATIONSHIPS One area in which a lot of business leaders fail to capitalise is following up on potential sales leads, due to the extremely hectic schedule that often comes hand in hand with entrepreneurship.

When you have plenty on your plate, it can be all too easy to forget to follow up on a new avenue of exploration, but the objective of having networked in the first place is essentially flawed if you don’t.

It’s always a good idea to follow up any first point of contact with an email and, if fitting, invite them for a face to face meeting to discuss how you can take some of your ideas forward together.

Nowadays more so than ever before, it is also important to connect and communicate with prospective clients on social media.

Connecting with people on LinkedIn or Facebook can open up new avenues, or even following them on Twitter is a simple yet important step to take in the larger follow-up process.

THE BIG TAKE AWAY POINTS Referrals through word-of-mouth can aid any business in driving growth and should never be underestimated or neglected.

By taking the steps outlined above into account, not only will you start to build a positive network of likeminded peers, but you are more likely to establish quality working-relationships with individuals able to support your business growth for the long-term. The key thing to remember is that it is a two-way street and just as often as you receive word of mouth referrals, you should also dedicate time to issuing them in return.

Reece Mennie CEO Hunter Jones

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AMERICAS INTERVIEW

Client-Centric Investment Solutions Global Banking & Finance Review spoke with Francisco Brunet, Managing Director of SURA Investment Management & Head of Distribution in Mexico about the challenges and opportunities facing the investment industry and the company’s success.

Congratulations on your awardwinning success. What do you attribute to your success?

What are the biggest challenges and opportunities you see facing the investment industry Mexico?

This award is indeed a welcome acknowledgement of the work we have done as a team effort. At SURA Investment Management, we have a top-level team of investment professionals each of whom are specialized in a certain category of assets. This allows us consistency not just with our processes, especially those relating to investments, but also in terms of the values that we uphold at SURA Investment Management, along with the commitment we have made as an Organization with both Mexico and the region in general. Our focus is on providing our clients with better options, supported by welldiversified investment strategies centered on assets with optimal risk/return ratios that create true added value for our clients, as they themselves are quick to recognize.

The biggest challenges facing the industry today have to do with the competition. There are many world class players that are keenly eyeing the Mexican market, and for some time now we have seen a certain amount of sophistication among investors whose appetite for risk and diversification has increased, which is why we are seeing a great opportunity rather than a challenge.

What I mean by that, is that our clients are increasingly looking to asset managers with tried and tested processes who are able to offer the experience they need along with teams of staff with career plans for whom international certifications such as CFA are a 'must'. Also ESG criteria must be firmly embedded in the processes used and the decisions made when choosing where to invest,

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creativity and innovation are another key factor for product offerings, and of course, being a 'client centric' investment firm, all of which have been fundamental pillars guiding our framework for action for many years at SURA Investment Management.

How are industry and regulatory drivers impacting investments for institutional clients?

The changes that regulators are introducing to our industry all have a basic purpose and that is for the good of the final investor. These decisions obviously have an impact on us, as asset managers, but as previously mentioned, our clearly-defined processes and our capability to listen attentively to our clients in order to really understand their needs undoubtedly puts us in a privileged position in terms of being able to promptly act on these issues.

On the other hand, and as previously mentioned, we see that our industry is increasingly introducing ESG criteria in the investment decision-making process, especially with regard to institutional clients. SURA Investment Management has just become a PRI signatory and the SURA Business Group, to which we belong, has been included in the Dow Jones Sustainability Index for many years now, so we have long been genuinely committed to the trends affecting our industry.

in this field. Without a doubt, life cycle funds are the best vehicles for private contributory pension plans. In addition to the “traditional assets”, as we call them, we are working on creating alternate investment products, mainly in the real estate and private debt segments. These are asset classes that we have in other countries and now we are transferring our expertise from one country to another, and certainly these life cycle funds shall prove to be a great investment option for the Mexican market.

How does Sura Investment Management support the social economic development of Mexico?

As previously mentioned, we are PRI signatories and the SURA Business Group to which we belong has long been included in the DOW Jones Sustainability Index, which speaks to the Group's commitment to Mexico and Latin America, a commitment that lies at the very core of our Organization. ESG criteria are becoming increasingly relevant in our decision-making process as investment managers. Furthermore, SURA created the SURA Foundation in Mexico in 2019, which is firmly committed to furthering financial education among the most vulnerable segments of the population. This is certainly an investment in the country’s future and one where SURA Investment Management and Grupo SURA are firmly committed to bringing about the inherent benefits.

What is your business strategy this year?

Can you tell us about some of the investment services available?

Our experience now spans more than 20 years in our industry, as independent asset managers dedicated to the institutional market. This has allowed us to improve upon the products and services we provide the market by making these more sophisticated, offering an excellent variety of debt and equity investment strategies, both on a local and international level, all of which have been consistently placed within the first quartile of their respective categories. In addition to these strategies, we were the first in Mexico to offer a family of funds known as "Ciclos de Vida" (Life Cycles in English) which have a track record of more than 10 years and today are market leaders according to several consultants and specialists

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Our strategy this year is focused on consolidating the corporate segment, mainly with respect to private pension plans, and at the same time expanding our Wealth Management and Insurance segment in Mexico. Our mandate is to become a truly client-centric organization in all areas, processes and individuals; to get closer to our clients, to listen to what they say and to maintain the highest standards with which we normally serve them, this coupled with the care and perfection of our investment strategies, our capacity to innovate in terms of vehicles and strategies, all of which shall drive our growth both this year and the years to come.

AMERICAS INTERVIEW

Francisco Brunet Managing Director of SURA Investment Management & Head of Distribution in Mexico

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Asia 40 Issue 18

ASIA INTERVIEW

Customer First Health Insurance In 2019, we presented Bupa with the award for Best Health Insurance Company Hong Kong 2019. A leading health insurer since 1976, Bupa provides both health insurance and clinics in Hong Kong to meet the needs of its customers. Founded in 1947, Bupa has since expanded on a global scale to become an award-winning insurance provider. In addition to Bupa’s outstanding achievement in Hong Kong, Bupa Global was named the winner of Best Individual International Healthcare Provider at the prestigious Health Insurance and Protection Awards 2019 in the UK. Following the presentation of the Bupa award in London, we sat down with Neil Kirby, Marketing and Sales Director of Bupa Global, to find out more about the company’s success story.

We began by asking Mr. Kirby what initiatives have led Bupa to become a leading health insurer around the world.

Bupa’s purpose is to help people live

longer, healthier, happier lives. Mr. Kirby says this sets them apart in the highly competitive health insurance market. He largely credits the award received by Bupa to their “Live Your Best Life” campaign, which truly resonated with potential customers in Hong Kong. Bupa further differentiates itself from other companies by exclusively offering health insurance.

“We are not a multi-line insurance provider. All we do is health,” said Mr. Kirby, “healthcare is in our DNA.” According to Mr. Kirby, Hong Kong is a mature market with considerable competition, presenting a challenge to any insurance provider. “It’s about how you are able to differentiate yourself. Hong Kong is strongly driven by financial services and has an international population. Because Bupa Global plans provide access to excellent international care, we are a distinctive option.”

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ASIA INTERVIEW

Despite public healthcare available in Hong Kong, there are those who consider private health treatment. “It’s always down to a person’s unique situation,” Mr. Kirby says. “It’s about knowing your medical history and selecting a plan to support their needs as a person or as a family.”

Bupa’s domestic and international business offer different levels of cover across over twenty insurance plans.

With credit for the Hong Kong award given to an impactful campaign, we asked Mr. Kirby to elaborate on the inspiration behind the successful Art Show outreach. According to Mr. Kirby, the Live Your Best Life campaign was not simply based around having insurance but was to promote general wellbeing and self-care. The campaign, he says, is truly about summarizing Bupa’s goals as an insurance provider to encourage each customer to live their best life. In conjunction with running hospitals and clinics, Bupa offers extensive wellness services, including annual health checks, to ensure all customers can live their best possible lives.

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In addition to helping domestic customers meet their healthcare needs, Bupa Global also offers support on the international level, making digital services a key component of its support platform. “Yes, we have insurance plans,” says Mr. Kirby, “but on top of that, we offer access to virtual care services as well as integrated pre-assignment support for expats and their families when moving abroad.” Mr. Kirby also notes that Bupa’s digital services are invaluable to serving corporate customers, ensuring that their employees have access to care 24/7 in their language at their location. When asked to elaborate on the complexity of providing international services, Mr. Kirby lauds Bupa’s network. “We put a lot of time and effort into managing our network,” he says. “We make sure clinicians are there for customers in terms of the local language and their understanding of the local healthcare system so they can guide customers through the experience.” It is, he notes, a service of particular benefit in Hong Kong and China.

ASIA INTERVIEW

We asked Mr. Kirby if there were notable differences between Hong Kong and China in terms of insurance plans and treatments.

Hong Kong, he says, is a unique market that differs from China but shares similarities with key markets in Singapore and Dubai. “Clients in these markets are looking for access to domestic care as well as care outside of their small geographic region, especially for hospital inpatient services, which makes the global nature of Bupa’s plans ideal.”

better healthcare for customers in their facilities around the world. “We focus on our customers, driven by very strong insight, not only from a market research perspective but from working with and listening to our brokers, as well as seeing the feedback we get from our customers on a daily basis. If we do the right thing for the customer, they will stay with us over their lifetime which is what we're trying to achieve. Ultimately, our policies are designed to meet our customers’ needs, whatever stage they’re at in life.”

Moving forward, Bupa’s business strategy remains customer-driven, says Mr. Kirby. With no shareholders, Bupa reinvests profits to provide

Neil Kirby Marketing & Sales Director Bupa Global

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ASIA BUSINESS

Why small offices are currently best at clearing compliance hurdles ‘There are two things inevitable in life,’ goes the old adage; ‘death and taxes’.

For the modern financial professional one might add: ‘and compliance’. And, like both death and taxes, compliance isn’t just inevitable but global jurisdictions are interlinked, policies are paired and the law, rightly, has a case to scrutinise financial dealings wherever they may be. This was a point well made just last week when a large European multinational bank was hit by $59 million worth of fines in Hong Kong and Singapore for overcharging clients through a ten year period.

Hong Kong’s Securities and Future Commission (SFC) referred to ‘systematically overcharging,’ and said the bank’s ‘misconduct involved deception and a pervasive abuse of trust resulting in significant additional revenue - to which it was not entitled.’

No one will be more perturbed by this than the bank’s own management.

You don’t become one of the biggest and oldest banks in the world without championing client trust and they will be seeking to rebuild that swiftly.

However, the fact remains that this is by no means an isolated case.

Two years ago Boston Consulting Group estimated compliance fines had cost banks $321 billion globally since the financial crash; it is likely now billions more. For a multitude of reasons, large financial institutions are trying but still failing to proof their operations against malpractice. In part, or in whole, this is because of the size of these organisations.

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Large systems with multiple accounts will always struggle to update as fast as smaller, more nimble, setups that are already built on fully digital integrated networks. However, as the SFC made clear, the real damage in this case was done not by antiquated systems but a systematic abuse by individual employees. I do not want to dwell on how and why this was able to happen but I do want to suggest that smaller, newer players in the financial world can win back some of the public trust that has been lost.

Here’s how: Firstly, smaller firms are able to offer a more bespoke service in a wealth management industry becoming synonymous with the ‘advice gap’.

This means if you’ve got a question over the tax exposure of your portfolio, or if you’re worried about how a policy change might impact your offshore holdings, you’ll be able to speak directly with the one person who is across all your dealing if you’re working with a small team, as opposed to going through the clunking machinations and siloed departments of a huge multinational.

This is one of the reasons I believe we will see a welcome return to the family office model. In recent years, as post recession costs, tight margins and compliance have led to service assimilation at large financial organisations, family office style finance has felt increasingly elusive something really only for the very, very wealthy who already have such private

setups in place. However, the idea of a one-stop-shop for all a family’s needs: from tax efficiency, to property advice to next generation planning, has once again become viable as the private client sector has realised it can tie up and present a united front of services for those with complex needs. For a relationship manager at an international banking marque and the family office adviser at a bespoke boutique, that presents an opportunity. So, family office services have come back into fashion but I believe it will be the smaller players who are best placed to deliver a true family office service.

The issues around compliance illustrate this point perfectly: you need to be able to react quickly and calmly to a compliance change. You need to have the information to hand and you need to be able to reassure, discuss and explain with the regulator and client as needed.

If you are dealing with the combined wealth of just half a dozen families, or even just one, then that is second nature. Within a multinational financial setup a relationship manager is going to have to speak with tax departments, brokers, advisers, fund managers and lawyers across multiple offices. In a small advisory you can speak to the client, identify the most prudent route and act accordingly.

Another illustration of the importance of compliance process is in countering the cyber threat.

I don’t just mean having all the necessary digital security, firewalls and encoding in place - although that is

ASIA BUSINESS

obviously imperative. It’s also crucial to have met all the regulations around this, so that if you are hacked you don't fall victim to a hefty fine as well.

There’s a cross over here with the advent of regtech. While watching out for nefarious cyber attacks, you also need to make sure the money you’re managing isn’t being laundered or manipulated elsewhere. Again, bringing in an agile digital setup will be in the DNA of a bespoke service office. By contrast, there’s a reason big banks continue to be the victims of data breaches, denials of service and ransomware.

This is all part of a bigger picture that has seen the pendulum of innovation within our sector swing from large firms and consolidation, back to small, new offices that are looking to make up perceived shortfalls of service. That all makes for a more dynamic marketplace

- one in which we can retain and build trust and one in which the client should be the ultimate winner. That is timely as more and more people, especially in Asia, enter the High Networth bracket and we aim to keep them there.

Regardless of the size of your firm the services you provide are going to be multifaceted and complex and that’s why compliance is so important. You aren’t just looking to prove you’re within the law, you’re looking to prove you’re a strong, safe and dextrous pair of hands.

It’s always worth having compliance at front of mind because it is the ultimate test case for your service. If a client needs to exit several large positions in multiple markets following a law change do you have the capacity to do that swiftly and without collateral loss? Are you able to really justify your one-stopshop tag? Sometimes, a call from the regulator will give you the best answer.

Angel Lai Yan Young CEO of Harmony Advisors Limited former Managing Director of Goldman Sachs Asia LLC https://www.harmonyadvisors.com

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ASIA INTERVIEW

Award-Winning Wealth Management Platform Shares Insight on Company Success In this exclusive interview Yu Chen, Head of Investor Relations and Corporate Development at Lufax Holding, gives us a look inside the Lufax success story.

Congratulations on your awardwinning success. Can you tell us about Lufax Holding and what you attribute to your success?

We at Lufax Holding (“Lufax”) are dedicated to providing our 44 million individual customers with secure, professional, and efficient financial services, and helping our institutional clients address their financial and technological needs. Lufax is an associate of Ping An Group, one of the world’s largest retail financial services conglomerates and insurance giants.

At Lufax’s core is our financial DNA, embedded with product expertise, proprietary data, as well as risk and

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capital management capabilities.

The company leverages advanced technologies in big data analytics, artificial intelligence (AI), blockchain, and cloud computing to infuse and enhance our financial DNA.

together in a virtuous cycle, giving rise to easier, safer, and more efficient solutions, creating value for the investor community, and injecting capital back into the real economy and benefit the greater society.

The financial DNA of Lufax differentiates itself from the Internet-native platforms in its emphasis on risk management and due diligence; the eight years of experience serving customer online sets Lufax apart from traditional financial institutions in technological prowess.

Lufax is truly a unique platform, can you tell us more about this unique platform?

It is this fin-and-tech bilateral approach to which we attribute our success, and through which we stay inspired. Lufax has been leading the way in the application of financial technologies (FinTech) in wealth and asset management. At Lufax, tech and fin are like yin and yang working

Lufax operates a world-leading comprehensive online wealth management platform and is a provider of turnkey technological solutions for financial institutions. The company leverages its global financial footprint and technological innovations in building an underlying robust risk management apparatus, and providing institutions, enterprises, and investors with secure, professional, and efficient financial information and services. Lufax’s wealth management platform lu.com has

ASIA INTERVIEW

more than 44 million registered users, more than 6,000 products, and more than 300 institution partners, helping match investors with suitable products from said institutions. In addition to serving individuals investors, Lufax works closely with financial institutions in exploring use cases for broader FinTech application and empowering the traditional finance sector with its technological capabilities and operational expertise. The company completed its Series C financing at a post-money valuation of USD39.4 billion.

This makes Lufax one of the world’s highest valuated unicorns. Lufax has been named by KPMG as one of the World’s Top 100 Fintech Innovators for five consecutive years. The company ranked 26th on the BrandZ™ 2019 Top 100 Most Valuable Chinese Brands list, being the first FinTech entries on the list.

What are the challenges and opportunities you see taking place in China right now?

China’s FinTech landscape is a very crowded space with lots of niches. The bar of play is going up very fast, and the winners are those armed with financial DNA, a wealth of data, and breakthrough technologies. Four or five years ago, FinTech companies were much more siloed. Each company tried to fight in its own space, do its own thing, and control the process end-to-end. Going forward, we expect to see much closer cooperation amongst FinTech companies, as well as between FinTech companies and traditional financial institutions.

Whereas customers in Asia are generally savvier than those in the West when it comes to mobile

phones, they are often not as financially sophisticated as their western counterparts. The key to individualized investor education is through understanding them better and addressing their sources of stress.

We aim to help alleviate some of the stress through educating investors the risk-return tradeoff and wealth management strategies, while helping them transition from a largely shortterm return-based investment strategy to one that is longer-term and goalbased, so they are less perturbed by short-term volatilities.

In addition to seeking deeper collaboration and redoubling our efforts in investor education, we are also working on bringing premium financial advisory services to more customers through AI-enabled

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ASIA INTERVIEW investors make informed decisions. These powerful technologies have helped build Lufax's data-driven risk management apparatus and allowed for real-time suitability assessments.

Lufax advocates for diversification through an asset allocation plan. Investor education is not only an integral part of compliance, but also helps our customers better understand risks and be informed with the health of their investments. Through this we are able to nudge our customers toward more suitable products.

FinTech that connects the right customer to the right product, done with more transparency, more intelligence, and more investor education, can help direct money to the right areas and support the real economy. Smart technologies like AI can help improve investor education, facilitate better service personalization, and assist in risk management. This will allow China’s wealth management to bypass the stage of widespread human advisory services and leapfrog to inclusive, AI-enabled advisory services that extend coverage to the mass affluent and even the mass market.

What do you attribute to your rapid growth?

bots. Even as smart technologies are effecting incremental changes and gradually moving the sector to a more digitized future in mature markets like the US and Europe, the fact that wealth management advisory services are largely absent in China has created an opening for a leapfrogging transformation through robo-advisory empowered by AI and big data analytics, the same way the low penetration of credit cards allowed mobile payment to take off in China.

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How has Lufax embraced changes in the industry and regulations?

We are actively creating avenues to foster more dialogue between innovation and regulation. Risk management is the key for us as a provider of financial services. The application of big data technologies and artificial intelligence within our dynamic KYC system allows us to help better assess the risk appetite, capacity, and attitude of individual customers. At the same time, Lufax leverages big data technologies in evaluating the risk of underlying assets of financial products, and thus helps its

A lot of the success we saw was thanks to the unique combination of first world technology and emerging market growth.

The FinTech story will continue to be a fast-growing, emerging market story.

Meanwhile, the grounds are constantly shifting in the FinTech space. The profit cycles rarely go beyond three years.

Business models that have once induced value creation will reduce quite swiftly as time progresses. Those who capture the most value and avoid diminishing returns are the ones who continue to be ahead the innovation curve.

How do you approach Corporate Social Responsibility?

Lufax has been working with the government-backed China Foundation for Poverty Alleviation (CFPA) in the award-winning “Dream Land” CSR initiative. The “Dream Land” approach combines poverty-alleviation-through-

ASIA INTERVIEW

entrepreneurship and environmentally friendly projects. Through targeted financial support, Lufax’s efforts helped local honey productions in four remote and bucolic villages, and preserved habitats for honeybees and pandas alike.

These projects also help generate local jobs and act as a bulwark to safeguard the future and sustainable development of said villages.

What are your plans for the year ahead?

The rapid advancement of smart technologies, such as AI, big data analytics, cloud computing, and blockchain, compounded with the changing demographics in the existing and potential customer base of wealth management services, makes a compelling case for both wealth managers and regulators to embrace the increasingly available and progressively sophisticated FinTech solutions.

The most intrinsic advantage of Fintech is its extraordinary ability to handle scale and capacity, all without compromise to customer experience. At Lufax, a technology-enabled, self-improving future of finance is not just an attractive option, but our deepest commitment.

The prohibitive cost of providing oneon-one advisory services has long prevented many wealth managers from serving those who are not high-networth (HNW) and ultra-high-net-worth (UHNW) individuals. The rise of smart technologies has changed the calculus.

FinTech solutions are now replicating the professional services and best practices enjoyed by the HNW and UHNW individuals and bringing them to a wider customer base.

We are hard at work to democratise high-quality wealth management services beyond the wealthy and affluent investors. Through technological advances we endeavour to make financial services ever more inclusive and help integrate more and more investor education into the process.

Technology is effecting seismic changes in the financial landscape. The disruptive revolution in payment and financing has paved the way for a technological transformation of personal investment and wealth management. We hold great expectations for what a deeper integration of technology and finance will do to elevate wealth management capabilities and allow for healthier investment strategies.

Yu, Chen Head of Investor Relations and Corporate Development Lufax Holding Ltd

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ASIA TECHNOLOGY

Digital by default: a new era in financial services

Ryan Stewart, financial services lead at digital transformation specialist Cloud Technology Solutions, explores the current state of digital adoption in the sector and explains why unstructured data represents the next frontier for innovative finance firms.

In financial services, the need to embrace digital transformation has never been so pressing.

The increase in the number of new disruptors in the sector has been well documented in recent years. New entrants like Monzo have adopted technology in a way that’s allowed them to bring new and innovative customer offerings to market. As a result, many newer players have enjoyed success and eroded the market share of major financial institutions.

Widespread digital adoption has accelerated the growth of FinTech, which now accounts for 33 per cent of financial services’ revenue share.

Meanwhile, our survey of senior IT decision-makers found the majority of financial services firms are now using machine learning (ML) in areas like compliance and to improve customer experiences. But when it comes to the extent of the gains to be made here, the work done so far has barely scratched the surface.

Delving into the data

In response, the industry as a whole has recognised the need to digitally transform. The sector’s biggest players are realising that, in an environment where consumers have more choice, a business-as-usual approach is not enough. Failing to respond to the innovations transforming the sector could see slow-moving firms left in the wake of their trailblazing competitors.

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While digital adoption and the use of nascent technology such as ML in financial services is on the rise, there is still a huge opportunity in the sector for further innovation through data.

Currently, the application of data analysis tools has been limited to the structured data financial services firms

hold. This kind of analysis has resulted in some genuinely innovative solutions being brought to the market, with ML being used to identify and block fraudulent activity in real time.

However, almost all financial services firms are failing to tap into the potential of their unstructured data, which accounts for an estimated 80 per cent of what they hold and includes things like audio files, emails and image files.

Only three per cent of financial services firms are using ML to analyse this data according to our research. This presents a massive opportunity for ambitious firms to vastly increase the volume of data they are interpreting.

By analysing unstructured data, firms can gain significant advantages, such as the ability to identify patterns in customer liaison which could indicate when customers are at risk of leaving or defaulting on their payments. An

ASIA TECHNOLOGY

insight that could help businesses steal a march on their competitors.

Looking ahead, collecting and interrogating unstructured data to unlock this kind of insight is set to become the next focus for the sector.

By pivoting to unlock the value of their unstructured data, we can expect firms to uncover new levels of business insights, with potentially transformative effects for the way they operate and engage with their customers.

Embracing change Many established firms face inherent disadvantages compared to their digitally native competitors and often the size and scale of their legacy IT infrastructure can hold them back.

Legacy IT poses problems because using old systems can result in slow data retrieval times and are often

incompatible with new applications and technology. This creates a barrier for firms that want to use ML to analyse their unstructured data but can’t integrate the technology with existing legacy systems and have not yet adopted the cloud-based infrastructure needed to enable its use.

To some extent, this explains why many established financial services firms have been unable to match the pace of innovation set by cloudnative disruptors unbridled by creaking IT infrastructure.

Changing this is essential for those that aspire to remain market leading.

While we are seeing greater innovation and new technology in the sector, there are still those with antiquated beliefs that cloud infrastructure could compromise data security. Ironically, this misconception can lead to firms committing to less secure on-site

legacy systems, incurring significant operational costs and system downtime that could put data at risk.

However, attitudes towards cloud security have changed in the last two years. This is in no small part down to the robust security credentials of public cloud, which allow firms to benefit from the security protocols of major global providers like Google.

As growing trust in cloud security converges with the economic imperative to innovate, data security concerns are likely to become less of a barrier to comprehensive digital transformation in the coming year.

Addressing the skills gap To unlock the potential of their data, many firms also need to address an existing skills gap within their businesses. This means creating new positions for data scientists and

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ASIA TECHNOLOGY

building an understanding of these roles with employees. Firms will need to invest more heavily in data scientists who can build the data lakes needed to store and analyse unstructured data – rather than relying on off-the-shelf solutions designed to do this.

We are already seeing big players in the financial services sector invest in data scientists. Blackstone now has a 14 strong team of data scientists, an increase from having none at all five years ago, and has been able to use the team to help win new portfolio clients by providing unique data-driven insight into their markets.

Having this kind of expertise inhouse is essential for firms looking to keep pace with the innovation being driven by data and technology in the sector. And with the majority of data scientists now familiar with working in cloud environments, the move towards investing in data specialists is increasingly tied to shifting from legacy IT to cloud services.

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Data and the future of financial services Looking back across recent years in financial services, there is no question that investment into digital transformation projects has shaped the industry we see today. Use of cloud services and ML is increasingly common across the sector – and there are some genuinely innovative examples of data analysis in the industry.

However, financial services firms cannot afford to rest on their laurels.

While many have dipped their toes into the potential of sophisticated analytics and ML, the data held by financial services firms still holds a huge amount of untapped potential.

To really benefit from this, firms need to turn their attention to analysing and understanding their largest pool of information – unstructured data.

Wider adoption of ML and investment in leading practitioners of the technology is key to do this. If forward thinking firms can grasp this opportunity, we will see the industry transform in the next five years.

Ryan Steward Financial Services Lead Cloud Technology Solutions

THAI UNION

RISING TO THE FUTURE At Thai Union, our goal is to be the world's most trusted

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No.1 Ranked Company in Food Products Industry by DJSI 2018 and 2019

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FTSE4Good Emerging Index Constituent

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tuna processor and exporter, we have grown into a global seafood leader committed to seafood expertise and innovation.

Ranked No. 1 on Seafood Stewardship Index

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Global Banking & Finance

Our ambitious growth plans are rooted in a commitment to sustainability and forward-looking innovations.

Our portfolio of brands includes convenient consumer favorites that have brought nutritious and tasty seafood to tables around the world for over a century.

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seafood leader, caring for our resources to nurture-generations to come. We want to be the industry's leading agent of change, making a real positive difference to our consumers, our customers and the way the category is managed.

Since our beginnings over 40 years ago as a canned

Thai Union Group PCL. |

thaiunion.com

Award 2019: Best CEO Global Banking & Finance Award 2019: Best CFO

ASIA INTERVIEW

Forefront Investment Banking Pioneer HBL Opens Branches and Opportunities in China A pioneer in investment banking, Habib Bank Limited (HBL) is a platform that has enabled millions to achieve their investment goals.

Originally established in 1941, HBL has become Pakistan’s largest private bank and has been a catalyst for progress, expanding to international operations in fifteen countries across three continents. Now, HBL has become the first Pakistani bank to open branches in China. In an interview with Farhan Talib, the Regional General Manager China & Singapore at Habib Bank Limited, we learn what opportunities this historical achievement provides, as well as their plans for the future.

Habib Bank Limited is the largest and most active investment bank in Pakistan, offering a wide range of services. How does your investment team structure allow you to meet the various needs of clients?

HBL is the leading investment bank and the largest bank in Pakistan, with noteworthy international credentials.

It is the most active investment bank in Pakistan having conducted 210+ transactions exceeding over USD 40 billion. It acts as a one stop shop for its clients with dedicated teams for Advisory & Equity Capital Market (ECM), Debt Capital Markets (DCM) & Syndication and Project Financing & Infrastructure Advisory services.

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The Advisory and Equity Capital Markets (ECM) team is the only dedicated equity advisory team in Pakistan with over 25 years of unparalleled expertise in international and local listing, cross border M&As and private placements having conducted over 30 transactions exceeding USD 1.8 billion. The Debt Capital Markets (DCM) & Syndication has conducted over 130 transactions exceeding USD 25 billion. The team has been at the forefront in domestic debt syndications and debt capital market with access to key stakeholders, investors and regulators. The Project Finance team has executed over 50 transactions exceeding over USD 14 billion, having a dedicated team of project finance specialists with unmatched experience in the power sector.

What advantage does your on-ground presence in China offer?

In mainland China, HBL already has a fully operational branch in Urumqi and has recently been awarded the branch license for Beijing.

In November 2019, HBL created history by becoming the first and only bank from Pakistan and one of the three banks from the South Asia and MENA region to offer end-to-end RMB intermediation.

The HBL Urumqi Branch has formally commenced the RMB business. With the commencement of RMB clearing capability, HBL Urumqi Branch is providing clearing to HBL branches, subsidiaries and affiliates. HBL Urumqi Branch is the only foreign bank branch in Xinjiang province.

In December 2019, HBL became the first Pakistani bank to be awarded the much coveted branch license to offer financial services to clients in Beijing, China’s capital city. The preparatory work of setting up the HBL Beijing branch is now underway. With approval from relevant regulators, the Beijing branch is expected to commence offering a full range of products & service for our esteemed clients from the third quarter of 2020.

China is going to be a very important country for HBL going forward, not only in terms of HBL’s business in China and CPEC, but also

for Chinese companies working on projects in countries where HBL has branch network or through HBL’s affiliates.

HBL is already the largest executor of CPEC related financing in Pakistan.

HBL’s presence in China will allow us to interact with state-owned enterprises (SOEs) and leading financial institutions involved in CPEC and across Belt and Road Initiative (BRI) corridors. HBL is now positioned to take a leading role in the regional RMB trade, remittance and investment flows. This unparalleled capacity will further strengthen HBL’s leadership in Pakistan with respect to the China business.

In Gwadar, HBL is an active player through its branch presence and strategic relationships with China Overseas Port Holding Company (Port Operator) and China Communication Construction Company (Free Zone developer / Business Centre owner). HBL was the first bank to open a branch in GFZ area after signing an MOU with COPHC for strategic cooperation. Today, HBL is offering a wide range of financial services to Chinese clients which include remittances, trade, lending, CNY accounts etc. HBL has been successful in onboarding all Chinese investor accounts that are present in GFZ and is also engaged with potential investors.

Overall, HBL has been at the forefront in advising on and arranging financing for CPEC projects and has participated in seven landmark CPEC transactions, namely Thar Energy Limited, ThalNova, Engro Powergen Thar Private Limited, Karot Hydro Power Project, China Electric Power Equipment and Technology (CET) Matiari-Lahore DC transmission Line and Sindh Engro Coal Mining Company, worth over USD ~6.5bn. In April 2016, HBL closed the first 2 CPEC projects (EPTL and SECMC) in Pakistan with Sinosure backed funding under Sinosure’s buyer credit policy. HBL has been mandated as a Financial Advisor & Arranger for 2 other CPEC projects –a 330MW mine mouth coal-fired power plant being set up by ThalNova Pvt. Ltd and another 330MW mine mouth coal-fired power plant being set up by Thar Energy Limited.

ASIA INTERVIEW HBL has been a preferred partner of Chinese Institutions for Advisory and Arrangement Services. In 2018, HBL has entered into an agreement with CICC to jointly offer IB services to companies in Pakistan and China. It has been mandated as Joint Lead Arranger for Government of Pakistan’s Inaugural PANDA bond issue with CICC, CDB and Citibank. CDB has also provided HBL with a USD 500mn credit line to meet the short and long term project finance needs. State Grid Corporation of China has also hired HBL as financial advisor for ±660 KV HVDC CET Transmission Line Project the first privately owned transmission line project in Pakistan. It has also been involved in major partnerships with Chinese firms including State Grid Corporation of China, China Development Bank, China State Construction, CMEC, Power China, China Construction Bank, etc.

HBL also enjoys the unique position in the market for provision of funding projects through an On- lending structure through China Development Bank’s (CDB) on-lending dollars.

Through this arrangement HBL can facilitate various projects in Pakistan for provision USD financing when other such avenues are not available.

Habib Bank Limited has always been a pioneer in investment banking, recently you acted as the Mandated Lead Advisor and Arranger in the issuing the first OTC Listing Sukuk in Pakistan for Agha Steel Industries Limited (“ASIL”). What challenges presented?

The assignment was signed after taking into consideration the many challenges it presented and developing a roadmap to address those challenges.

• Corporate Structure The company was operating as an AOP (Partnership Entity) till May 2017 and had to be converted to a corporate entity as a public unlisted company.

The corporate restructuring was critical to ensure the highest standards of corporate governance, adherence to regulatory compliance, ensure transparency in business management and regulatory disclosures.

• Security Structure

What was the impact of the Sukuk Issue?

Since the business was being run by the partners, the charges of existing lenders were not rationalized. Personal guarantees of directors as well as varying security was provided for debt facility to various lending institutions. For many short term facilities, fixed assets were hypothecated with financial institutions at varying margins.

The challenge required realignment of the security structure with the lenders through negotiations.

The Issue was oversubscribed by 1.76x and the spread came down to 0.80%. As a result, the Green Shoe Option was exercised by the Company at the cutoff rate. The Sukuk enabled the company to get comparatively fewer covenants and re-profile payment structure. Inverse Dutch Auction allowed the company to improve its overall cost of financing by 20bps on a Rs 5bn issue.

• Cost of Financing and Placement

HBL continues to strive for creating value for customers through innovative deal structuring, cross border M&As, Infrastructure Project Finance, Capital Markets and Private Placements. HBL is also focused on utilizing technology platforms for providing effective services to its huge client base.

The critical challenge was to improve the cost of financing for the company, and efficient placement of the instrument to a targeted group of investors. The entity rating and instrument rating was A and A+ respectively, which also limited the potential investor base for issuance since the Government owned funds require a higher rating for participation.

You used an innovative method of competitive bidding for the Sukuk Issue, can you tell us about this and how it was received?

During the structuring of the transaction, it was analyzed that the liquidity in the Islamic financial system is much higher and the supply of Islamic assets were comparatively lower. In order to capitalize on the liquidity differential, the Board was advised by HBL to issue a Sukuk Bond for these investors.

Meanwhile, in order to maximize the efficiency, it was also advised that the placement to be conducted through an Inverse Dutch Auction method. This was targeted to allow a larger pool of potential investors to participate and to get the lowest possible rate. A cap of 100bps was placed on the spread to be paid against the Sukuk Issue and the placement was conducted through a private book building mechanism.

Based on the bids received, the price was determined on the cut off where the Sukuk Issue stood fully subscribed starting from the lowest bid available.

Agha Steel’s entry in the Debt Capital market got an overwhelming response from the participants. Interest in the Sukuk Issue was solicited from over 100 potential Qualified Institutional Buyers (“QIB”).

What’s next for HBL Investment Banking?

HBL is also in process of creating innovative structures for Energy Loan Securitization with a focus to create a new asset class for investors which offers adequate return opportunities with managed risk. In addition, we continue to assist the Government in various privatization transactions through mobilizing domestic and international investors. We are also advising our private sector clients for outbound investments in other jurisdictions and in discussions with the regulators to develop effective transaction structures for cross border capital flow.

Farhan Talib Regional General Manager China & Singapore Habib Bank Limited Farhan Talib held the position of Head of Corporate and Investment Banking till Jan 15, 2020.

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The

7

essential qualities of great leaders If you want to become the leader that your team want to follow, there are seven essential skills you need to master, to achieve your goal.

1. Your Mindset - recognising that leadership is responsibility not power 2. Your Team Building skills - hiring the people who share your values and buy into your vision 3. Your Team’s Performance - helping every team member to fulfil their potential 4. Your Feedback skills - giving feedback that inspires improved performance every time!

5. Your Communication skills - the golden thread running through all of the other essential skills 6. Your Team’s Rhythm - setting the pace, keeping everyone focused on continuous improvement 7. Your Personal Management System - protecting your own time and energy, and remembering that you need development too

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Chief amongst all of these is communication.

Whenever I go into a business and talk to the team, one of their biggest complaints is always about communication - that they aren't communicated with effectively, that they don't know what's going on, that they're kept in the dark. When they’re given information, it's often too late, or missing important details.

To be seen as a great communicator by your team is crucial for any leader, and it’s essential for keeping your team engaged. And we all know that an engaged team have real enthusiasm for their work, they’re emotionally committed to your team and its goals, they don’t leave you, they are way more productive and they take ownership for their role.

Unfortunately, there’s plenty of research out there that tells us less than a third of employees are engaged, and that leaders, and the way we communicate, are largely to blame for this shocking statistic.

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Here are the 7 most common mistakes leaders make: Not communicating enough One of the biggest complaints I hear from teams is that they are not kept informed of what’s going on in the business, with many managers believing that information should be given on a ‘need to know’ basis. What they miss out on by keeping their team in the dark, is the trust that comes from transparency, and the engagement that comes from a belief that we’re all in this together. Open communication really is essential to building a successful team.

Underestimating your team’s knowledge and ability One of the biggest mistakes I see managers making is to treat their team members as if they are stupid, lazy and occasionally belligerent children.

Whether you have hired well (to your values) or not, I believe that everyone who comes to work with you is full of potential, has their own motivation, and is usually smart (whether that’s street

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smart or educationally smart), and it’s up to you to engage them in a way that draws the very best out of them. Treat people like stupid children, and they will usually behave that way. Treat them as the bright and capable adults that they are, give them the training that they need, and they will blossom and shine.

Lying Let’s be honest! We all know that leaders lie to their employees all the time. Little white lies and big fat porky pies. And this lying is very much linked to mistakes one and two - trying to hide the truth from the team and treating them like children.

Lying is a dangerous game for a leader to play, regardless of the motivation for doing it. Lies have a way of being uncovered by your very smart team, and there is no quicker way to lose trust and respect, than to be caught in a lie.

Every team values a manager who is straight with them - who they can rely on to tell them the honest truth, and not sugar-coat feedback or bad news, a manager who delivers on their promises. When you tell somebody straight what the situation is, or how they need to improve their performance, you give them a chance, and the choice, to think and act for themselves.

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Being unapproachable Many leaders wrongly believe that to be a good people manager they have to be aloof from their team. Some go on a power trip, barking orders, before disappearing behind a closed door, not to be disturbed, leaving their team floundering, and too afraid to ask for help.

As a communication strategy, this is disastrous. All of the communication is one way - from you to the team, and certainly not delivered in a productive way.

Problems and challenges are left unresolved because your team don’t see the point in raising them, and over time, your operation becomes increasingly inefficient and dysfunctional.

real threat in every workplace, and it’s up to you to make sure that you don’t go down this path.

It’s up to you to create a culture of open and honest face to face communication.

Believing that ‘I sent an e mail’ is enough A third issue with e mail, is a leader over-relying on an e mail to get their message across to their team, or an individual within it. Not following up to check that the message was received at all, let alone as intended. Not taking into account possible technology glitches, or an e mail getting lost in someone’s over full inbox. Not understanding the communication needs of different individuals in their team.

Being too approachable On the other hand, it’s also a problem to be there to answer every question and give the solution to every problem. You want your team to think for themselves, and you also want to protect your own time, while giving your team the time and the input they need.

So many problems are caused, and deadlines missed, as a result of this one mistake alone.

Over-using e mail There are two major issues with e mail communication between a leader and their team.

Ok, so that’s how not to communicate. Let’s turn our attention to how to communicate well.

One is overuse. In general we all send way too many e mails and worse still, we often expect an almost immediate response, regardless of the day or time it is sent.

You’ll have heard of the Shadow of the Leader; how all of your communication - everything you say, and don’t say; everything you do, and don’t do - is being observed, received and acted on, by your team.

The second issue is that weaker leaders hide behind e mail rather than being straight and having that honest conversation we were talking about a minute ago.

We all know the communication problems that e mail can cause, with even the most carefully crafted e mail, being misinterpreted and not received as the sender intended it. As a result, e mail bullying (intentional or not) is a very

E mail is good as a back up to face to face or telephone conversation, but in a highly engaged team, it should never be the only method of communication used.

How you show up every day, how you respond to challenges and complaints and stressful situations, how true you stay to your stated values in what you say and do, sets the tone for your team, and over time, builds your team culture.

So it’s pretty damn important that you’re constantly focused on communicating well.

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And here’s how to do that…

Communicate in line with your values What on earth does that mean?

Well if values are the things that are most important to us about how we want to operate and live our life - the compass that guides all of our decisions, behaviours and actions - then I’m talking about communicating in a way that stays true to what’s important to us.

Maybe it’s being kind Maybe it’s always being straight with people Maybe it’s always trying to find win-win solutions to problems Sounds like it should be easy, but of course it isn’t. We all do things at times that go against our values and leave us feeling cross with ourselves.

You know, you wanted to be kind but then you found yourself gossiping about someone and laughing about them behind their back. Or you had the opportunity to help someone with some really straight-talking feedback, and you fudged it, laughed it off, let them carry on under-performing.

When you do something that goes against your values, you feel it in your gut. I bet you’ve caught yourself saying ‘It just didn’t feel right’ or ‘I knew I should have listened to my gut’ - well, that’s your values talking, so listen to them, because, when you communicate in line with your values, you feel really good about yourself.

Learn to be more self-aware You can’t really be a good leader if you don’t know yourself; if you don’t know what your values are, what you struggle with, what your triggers are, what gets you ‘in the zone’. Being self-aware helps you

to be true to yourself, to be more open and authentic in your communication, to understand your successes and failures, and what you need from your team to complement or make up for the skills you have or don’t have.

So how can you begin to develop this awareness?

At least once a week, take time to think and reflect. I know, it sounds almost too simple, doesn’t it. It’s a lesson I learned some time ago from a fellow business owner. He told me that every week, he set aside 90 minutes to reflect on the previous 7 days, asking himself questions like: -

What was I aiming to achieve?

What went well, and why?

What didn’t, and why?

Did I do anything or say anything that wasn’t in line with my values?

What lessons have I learned about myself this week?

What am I going to do better next week?

Of course, most leaders don’t take time to think. Some might even consider this sort of exercise a waste of valuable time - too fluffy maybe.

But the investment of that 90 minutes, or even a third of that time, once a week, could be the difference between being an average leader, and a great leader. I’d say that makes it worth the effort.

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ASIA BUSINESS Listen more than you speak I’m sure you’ll have come across the saying, ‘you have two ears and one mouth so use them in that proportion’.

Be the leader who listens more than they speak. All great communicators listen to their team, giving everyone the opportunity to share their opinion, their knowledge and their experience, making sure that any introverts in their team are not drowned out, watching for non verbal clues as well as what is said.

Being known for your willingness to listen, brings you closer to your team; it shows you care about them as individuals and their input to the business. When people feel appreciated in this way, they’re more likely to respect your opinion, which gives you greater influence as a leader.

Listening to your team gives you the chance to catch potential issues before they become big problems. It helps you tap into your team’s energy and notice when someone needs input, or a figurative arm round the shoulder, or some training. Every aspect of your role as leader will benefit from your efforts to become a better listener.

Admit when you don’t know something or when you’re wrong Few managers want to show vulnerability, but actually, owning a mistake or admitting that you don’t have all the answers, will grow your respect with your team. If you’re honest, say you don’t know something, and ask for their help to work out the answer, you’ll be amazed at the number of brownie points that earns you with the team.

Ask for feedback ‘What can I do better to help you improve your performance?’ is a great question to ask your team members, particularly during performance reviews and 1:1s.

How can I improve? What can I do better? What blocks can I remove that will help you to operate more efficiently/ give our clients a better service?

These questions all show your team that you care, that you know you’re not perfect, and that you value their opinion.

Of course, you then have to reflect on and respond to their feedback, acting on it whenever possible.

Communicating consistently about the key focus for your team - where you’re headed, what your three big goals are this year/ this quarter/ this month, what progress you’re making, what’s working, what’s not.

Have some fun Just because you’re the leader doesn’t mean you have to stop having fun.

Some of the most productive teams I’ve ever worked with put having fun right up near the top of the agenda, and there are loads of studies out there that will tell you that a happy team perform way better than an unhappy one.

What can you do to bring some fun into your workspace?

Communicating with clarity keeping things simple, keeping your communication regular.

Communicating with confidence.

Know your people Get to know the person behind the employee, from day one and to be prepared to communicate with them about their life beyond work.

Talking to your people about the things they care most about - their children, their pets, their car, their football team - showing that you’re not just interested in what they can do for you and the business - allowing them to bring a little of what they love into the workplace - inspires much greater engagement in your team.

When you are consistent in the what and the how of your communication, your team know where they’re at and able to work productively with confidence in your leadership, knowing that if there is something they need to know, you’ll tell them.

Communication is the constant, golden thread that runs through every element of your role as a leader. The degree to which you master these skills, and the effort you put into improving them every day, will determine your success in becoming the leader your team want to follow.

Be kind In these days where kindness is at a premium, be a kind communicator. Be firm, be straight as I’ve said before, but also be friendly, consistent and above all fair, finding win-win solutions whenever you can.

Be consistent Being consistent both in terms of what you communicate and how you communicate will win you an awful lot of respect from your team.

Marianne Page Marianne Page founder of Marianne Page Ltd. and author of the bestselling book, Simple Logical Repeatable. She has 27 years of senior management experience with McDonald’s under her belt, and a further ten working with successful small business owners, helping them to scale, grow and occasionally sell their business. https://www.mariannepage.co.uk/

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Growing Securities Company Celebrates 20 Years of Success with Finance Award BIDV Securities Joint Stock Company (BSC), which is celebrating its 20th anniversary this year, was recently announced as the Global Banking and Finance Award winner for Best Brokerage House Vietnam 2019.

The General Director of BIDV Securities Joint Stock Company (BSC), Mr. Đỗ Huy Hoài, joined us in London to receive the award and give us this exclusive interview to discuss their 20 years of successful operation, Vietnam's securities market, and the derivatives market.

Established in 1999, BSC was one of the first two securities companies to be founded in Vietnam. The business models of BSC

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are to accompany, share, and provide the best financial and banking services for customers, deliver the best value to shareholders, and create a professional, friendly working environment, career opportunities, and rewarding benefits for all employees. BSC is a pioneer in community development and is the longest-established financial institution with the most valuable brand in Vietnam. Over 20 years of our development and operation, BSC is the first choice in Vietnam’s economic organizations, businesses, and individuals for financial and banking services.

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According to Mr. Đỗ Huy Hoài, BSC offers a competitive advantage to clients, noting that BSC is currently involved in five different areas of expertise permitted by the SSC. “From our point of view,” he says, “we have three major competitive advantages. First, we possess a well-trained and highly qualified team of employees and experts who are well-accustomed to BSC’s traditions and cultures. They distinguish themselves among others in the market. Secondly, we are proud to have looked to the future as we are developing products that are suitable for the upcoming 4.0 revolution. Our third advantage comes from our vast network of agencies all over Vietnam, and we’re expecting to expand even more in order to get in touch with investors.”

Looking at the state of the securities market in Vietnam, we asked Mr. Đỗ Huy Hoài about the current opportunities and challenges. “Presently,” he says, “the Vietnamese securities market is experiencing a correctional phase with a decline of 30% in terms of liquidity. However, this is expected as the market has gone through an explosive uptrend at the end of 2017.” He additionally notes that the ongoing

trade war between China and the US has negatively impacted investors’ expectations. “This reaction is not limited only to Vietnam as you can see,” he says, “there’s also a correction in the US and the Asia-Pacific region markets."

In Mr. Đỗ Huy Hoài’s opinion, however, the macroeconomy in Vietnam is faring quite well.

He states that indicators are strong and the structure of the economy, as well as the business environment, is advantageous, which is the base for the securities market to grow. He feels that, in the face of the trade war, the current downtrend is only temporary.

Currently on a watchlist from being a frontier financial market to a secondary financial market, Vietnam is looking at a considerable upgrade, and we asked what that sort of upgrade might mean for Vietnam. Mr. Đỗ Huy Hoài confirms that such an upgrade would be both beneficial and expected for the market, proving that the international outlook on the Vietnam securities market over the past 20 years has vastly improved in terms of growth and development.

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“With such an upgrade,” he says, “the Vietnam Securities market would benefit greatly and, this would be advantageous for both domestic and foreign investors. A move from being a frontier market to an emerging one would result in an inflow of investment from foreign funds as room for these investors has been upgraded. For domestic investors,” he continues, “they would become more assured to join the market as with these positive changes. As for Vietnamese companies, the development of the securities market is a signal that the business environment is becoming more transparent and that they can employ the market to raise capital-- a scenario that is certainly attractive to both the securities market and business owners.”

At the same time, I hope that our market conditions and the environment are wellequipped to accommodate these investors and businesses.”

Moving to the topic of the derivatives market, we asked Mr. Đỗ Huy Hoài about the types of instruments and research BSC employs. The derivatives market is, he says, an inevitable step in the growth of the securities market for Vietnam, which shows the government’s commitment to further developing the market.

Currently, BSC has a product based on the VN30 Index, which, according to Mr. Đỗ Huy Hoài, attracts the attention of the public and investors. He further notes that, on 20th June, a new product called “Covered Warrant” was officially traded. He states that, although We next asked Mr. Đỗ Huy Hoài to discuss relatively new, the product has already garnered what makes Vietnam an attractive investment some attention for itself. destination and why. Its attractiveness, he says, stems from three key factors. Firstly, Bond derivatives, which would be derived he names the geopolitical factor. “Vietnam from government bonds and supply another is within a dynamic and developing region variety to both the bond and derivatives of Asia-Pacific and more specifically, the market, are also expected to be introduced, Southeast Asian region which is often dubbed he says. “We hope that with such a powerful as the most dynamic region in the world with development together with the government’s average GDP growth of 6-6.5%. With such a encouragement, other infrastructure of the position, Vietnam is rife with opportunities to derivative market as well as its products will grow further into the future.” become more diversified in much shorter time to satisfy the needs of investors.”

Secondly, he acknowledges the stability of Vietnam’s macroeconomy. “Inflation is low Ac c ording to M r. Đỗ Huy Hoà i, B IDV and interest is stable,” he says. “Our monetary Se c uritie s Joint Stoc k Com pa ny ’s stra t eg i es and fiscal policies are encouraging growth in f or f uture deve lopm e nt involve a f ive-yea r all sectors of the economy.” To date, Vietnam pla n to nav iga te a nd f ur the r the c om p a n y ’s has signed approximately thirteen bilateral position in the m arke t. “In the shor t te r m ,” h e and multilateral treaties with multiple say s, “ we look to e x pa nd our c a pita l a b i l i t y countries, including the US, China, India, and by se a rc hing f or a nd inv iting pro m i n en t Japan. Most recently, Vietnam has signed sha re holde rs to j oin the c ompany. We h o p e the European Union Vietnam Free Trade tha t, with the j oining of the se pe op l e, w e Agreement treaty, which is, according to Mr. will ga in m ore f ina nc ia l c a pa bility a s w el l a s Đỗ Huy Hoài, a great catalyst for the growth e x pe rie nc e in orde r to suppor t the c om p an y ’s of the economy in the future. busine ss a nd ope ra tions. ” Lastly, he credits Vietnam’s population. “Our M r. Đ ỗ H u y H o à i s t a t e s t h a t B S C w o u l d a l s o economy is supported by its golden population,” l i k e t o h i g h l i g h t i t s f o c u s o n i n t r o d u c i n g he says. “As such, our labor force is joining in to n e w p r o d u c t s . propel economic growth well into the future. I expect that with these factors, Vietnam will be even more attractive to investors worldwide.

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The core of the first phase with the products centers on presenting them to the public, while the second phase would see the initiation of acceptance and investment en masse.

BSC seeks to further develop its current technological and derivatives products in order to solidify its position in the market.

Additionally, BSC plans to continue with the upgrade of its technological framework so it can support growing operational transactions, services, and products. The company plans to continue consolidating and advancing its teams of employees and experts in the financial sector, stating that they are wellequipped with expertise in their field and accustomed to BSC’s tradition, making them key factors driving the company’s competitive advantage forward.

Last but not least, Mr. Đỗ Huy Hoài confirms that BSC remains wholly committed to its corporate responsibility. “By engaging in a wide range of activities, we show that we are responsible to the community. Besides paying our taxes, we take the initiative to build schools in remote areas of Vietnam, bringing warmth and joy to children there. Through these actions, we hope that our personnel can contribute not only to the business but also to society.”

Mr: Đỗ Huy Hoài General Director BIDV Securities Joint Stock Company (BSC)

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The process of creating the best results PT Sucorinvest Asset Management is boutique asset management firm that serves clients’ niche of investment objectives and risk profiles through a broad range of tailor-made investment capabilities. In this exclusive interview, Mr. Jemmy Paul Wawointana, CEO of PT Sucorinvest Asset Management discusses the key trends in asset management, the company’s growth, and commitment to creating the best results.

In the past 12 months, PT Sucorinvest Asset Management has formed alliances with banks and other selling agents, how has this contributed to your AUM growth, customer base and portfolio stability?

Sucorinvest Asset Management added 3 new non-banking and 2 new banking selling agents in what had been a challenging yet fruitful year, 2019. Our total AUM grew by 85% along the year, bringing the total to Rp 10.5 trillion (USD 754 million) and amongst that the growth of our AUM from selling agents grew by a stellar 258%. Noting that Indonesian mutual funds industry

only grew by 7% last year mainly due to volatile market conditions, we are contented by the trust our selling agents have placed on us for that has expanded our customer base vastly and thus provided better portfolio stability than that of overly institutional clients-reliant client base. We are happy to report that our total investors count has grew to more than 100.000 investors or roughly almost 6% of total Indonesian mutual fund investors’ count.

What is Sucorinvest investment philosophy and how do you add maximum value to your customers?

We believe in finding value within each business and market cycles for our alpha creation process. This investment philosophy has been a result of a major revamp we had done back in 2015 and since that by adhering to it we have consistently provided superior returns across all asset classes, all in terms of pure performance, risk, and liquidity. Previously we only focussed on practicing value investing philosophy alone but using years’ worth of back

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testing analyses we concluded if both market and business cycles were also considered within our investment decisions the result would be both higher upside potential and more strictly managed downside risks. To illustrate, Sucor enjoyed both upside realisation of Indonesian coal industry and successfully dodged property sector’s downturn in 2016-2017.

Why does Sucorinvest recommend both a top-down and bottom-up approach?

Our investment process incorporates both top-down and bottom-up approach to provide high-caliber, consistent performance and is derived from our investment philosophy. We strongly believe it is practically incomplete to only scrutinise one approach, while applying both have provided us benchmark-beating performances. By approaching our investment decisions using both methods, for example, we have deducted that from top-down view 2019 would not have been the ‘strong rebound’ year for Indonesian equity markets after a negative-performing 2018. Moreover, our bottom-up analyses provided selections of highly potential selection of assets and thus the combination of these successfully helped Sucorinvest Asset Management outperform all asset classes of our investments in 2019.

What key trends will drive asset growth in 2020 and beyond?

Both Indonesia and its neighbouring ASEAN countries are still very promising group of countries to post strong asset growth in the future, this is due mostly to its geographical condition being in a strategic position within the Asian region of which expected to host most of middle-incomers in the rather near future. Moreover, ASEAN region still suffers from a far-from-optimum level of financial and investment literacy – posing both challenge and huge potentials for the industry. Our belief

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is that these potentials will in the near term be driven by how companies could earn investors trust in providing strong and dependable performance, while in the longer term ESG-compliance will significantly hold more importance within the industry.

What are the pressures on the asset management industry in 2020? What does the future hold?

Arguably still in a rather rapid pace of development, the industry seemingly is facing some fundamental issues to revisit and be taken care of, namely trust from investors and more refined regulatory frameworks. We strongly believe it is of utmost importance to first help investors to our best in formulating their optimum investment solutions and later complete the establishment of trust by providing strong performance and dependable risk management. The future growth of the industry will be benefited by its strong fundamental drive i.e. the needs for investment in an economically- developing population.

However, it is also important for related regulations to dynamically adapt and provide safe yet growing environment for investors and asset management companies – a condition we believe would only be achieved by a collaboration of the two sides.

How is Sucorinvest preparing for the challenges ahead and turning them into competitive advantages?

Sucorinvest Asset Management’s main objective have always been to become our investors’ trustworthy partner in fulfilling their investment needs. We have, from our 23 years’ experience in the industry, also crystallised our apprehension that keeping trust is truly delicate and has thus always ensured decisions made are never short-term minded, quick fixes that will only jeopardise long-term trust from investors. Furthermore, we are always keen in ensuring our customers are receiving the most satisfactory

services possible so as to again distance ourselves to competitors.

These strongly kept philosophies have provided foundations that we will bring to far future, and combined with major strengthening in our aspiration to provide benchmarkbeating performances that has been proven through wide-range of market volatilities, we are confident our brisk pace of growth will be sustainable despite various circumstances in the time to come.

How is Sucorinvest using technology to drive customer engagement, improve data mining, strengthen operational efficiency and regulatory tax reporting?

We are putting more and more effort in extending our reach towards our customers through efficient, customercentric paths such as utilising social media platforms to produce two-way, inclusive ways of communication with our investors. This push will then be followed up by what we believe still is and will always be the best way to generate purposeful engagements with our customers: Face-to-face offline meetings catered to each groups’ investment needs.

In bolstering our overall efficiency, Sucorinvest Asset Management has been working towards a novel system that will provide technology-based aides to support the team throughout our investment processes. This system that is scheduled to be fully operational in the first quarter of 2020 will not only help the whole investment function perform more efficiently, but will also help cutting numerous steps within back-office processes and on the whole will gain us much needed edge in this ever-changing asset management industry.

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Jemmy Paul Wawointana Chief Executive Officer PT Sucorinvest Asset Management

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Global Banking & Finance AwardsÂŽ 2019 AWARD WINNERS

Global Banking & Finance Awards® 2019 AWARD WINNERS Global Banking & Finance Review is privileged to honour those financial institutions who have achieved outstanding results and who stand out in their particular area of expertise in the banking and finance industry.

Global Banking & Finance Review would like to congratulate the award winners and look forward to their continued success. The awards were created to recognize companies of all sizes that are prominent in particular areas of expertise and excellence within the financial community. They reflect the involvement of leading financial organizations and recognize the accomplishment, achievement, innovation, strategy, progressive and motivating changes taking place within the financial sector.

COMPANY NAMES A2X Markets AfricaDev Consulting African Export Import Bank African Guarantee Fund Clickatell Hightech Payment Systems (HPS) INTER BANK TRADING AFRICA (IBTA) Safaricom Ltd Stock Exchange of Mauritius Tracom Services ltd Credins Bank Easypay Intesa Sanpaolo Bank Albania SIGAL UNIQA GROUP AUSTRIA TIRANA BANK SA Fidor Solutions BancSabadell d’Andorra Crèdit Andorrà Crèdit Andorrà MORABANC Banco de Fomento Angola Banco Millennium Atlantico Standard Bank Angola Unitel Unitel Crowdium Portfolio Personal Inversiones (PPI) Portfolio Personal Inversiones (PPI) ACBA-CREDIT AGRICOLE Bank ARMECONOMBANK Converse Bank CJSC Converse Bank CJSC Evocabank FINCA Universal Credit Organization

TITLES Best New Stock Exchange Africa 2019 Best Financial Consultancy Africa 2019 Best Project Finance Bank Africa 2019 Best Financial Guarantee Provider for SME’s Africa 2019 Most Innovative Mobile Commerce Solution Africa 2019 Best Payment Solutions Provider Africa 2019 Best New Trade Finance and Project Funding Advisory Company Africa 2019 Best Telecommunication Africa 2019 Best Stock Exchange in Africa 2019 Best Financial Technology Solutions Provider Africa 2019 Best CSR Bank Albania 2019 Best Digital Payment Platform Albania 2019 Best Digital Bank Albania 2019 Best Insurance Company in Albania 2019 Best SME Bank Albania 2019 Best Digital Banking Technology Implementation Algeria 2019 Best Internet Bank Andorra 2019 Best CSR Bank Andorra 2019 Best Private Bank Andorra 2019 Best Commercial Bank Andorra 2019 Best Commercial Bank Angola 2019 Best Internet Bank Angola 2019 Best Bank for Credit Card Angola 2019 Best Angolan Chairperson – Isabel Dos Santos for 2019 Best Telecommunications Companies in Angola 2019 Best Real Estate Crowd Funding Service Provider Argentina 2019 Best Research House Argentina 2019 Most Innovative Online Broker Argentina 2019 Best Retail Bank Armenia 2019 Fastest Growing Commercial Bank Armenia 2019 Fastest Growing Retail Bank Armenia 2019 Fastest Growing Trade Finance Bank Armenia 2019 Best Digital Bank Armenia 2019 Best Business Loan Provider Armenia 2019

Global Banking & Finance Awards® 2019 AWARD WINNERS

SEF International BOC Aviation FE CREDIT-VPBank Finance Company limited Fosun International Limited Gemini Capital Markets Juno Markets Worawat Narknawdee Binary.com essDOCS Euler Hermes OANDA Sanne Group The Stock Exchange of Thailand AIA Australia Assembly Payments GAIN Capital GAIN Capital Heritage Bank Learn to Trade National Australia Bank Stellar Super VanEck Australia Westpac Institutional Bank fair-finance Vorsorgekasse Ag Kathrein Privatbank-Austria Amrahbank OJSC Baku Stock Exchange

GoldenPay MilliKart LLC Nikoil Bank OJSC Xalq Bank CB Pasha Bank OJSC Pasha Life Rabitabank UNIBANK Commercial Bank OJSC Scotia Wealth Management Bahamas Al Baraka Banking Group B.S.C. Al Baraka Banking Group B.S.C. Al Hilal Life B.S.C (C) Al Salam Bank Bahrain Arab Financial Services (AFS) Bahrain Islamic Bank BSC Diyar Al Muharraq Ithmaar Bank Kuwait Finance House Bahrain B.S.C. © meem by Gulf International Bank National Bank of Bahrain Payment International Enterprise SICO BSC (c) SICO BSC ©

Best Micro Finance Company Armenia 2019 Best Aircraft Leasing Company Asia 2019 Best Consumer Finance Company for Customer Experience Asia 2019 Best Investment Management Company Asia 2019 Best ECN Broker Asia 2019 Best IB Program Asia 2019 Best New Trading CEO Asia 2019 Best Binary Company Asia Pacific 2019 Best Paperless Trade Solutions Provider APAC 2019 Best Trade Credit Insurance Company Asia Pacific 2019 Best CFD Broker Asia Pacific 2019 Best Fund Administration Company Asia Pacific 2019 Best Stock Exchange Asia Pacific 2019 Best Life insurance Company Australia 2019 Fastest Growing Fintech Australia 2019 Best CFD Broker Australia 2019 Best FOREX Broker Australia 2019 Best Customer Service Bank Australia 2019 Best Forex Education Provider Australia 2019 Best Bank for Capital Markets Service Australia 2019 Best New SMSF Firm Australia 2019 Best ETF Provider Australia 2019 Best Trade Finance Bank Australia 2019 Best Provident Fund Provider Austria 2019 Best Private Bank Austria 2019 Best Retail Bank Azerbaijan 2019 Best Capital Markets Consulting Services (Listing Advisory Program) Azerbaijan 2019 Fastest Growing Online Payment Platform Azerbaijan 2019 Best Mobile Application Azerbaijan 2019 Fastest Growing Retail Bank Azerbaijan 2019 Best Corporate Bank Azerbaijan 2019 Best Trade Finance Bank Azerbaijan 2019 Best Life Insurance Company Azerbaijan 2019 Best Bank for Customer Engagement Azerbaijan 2019 Best Digital Banking Azerbaijan 2019 Best Holistic Wealth Management Service Bahamas 2019 Best Banking Leadership (Adnan Ahmed Yousif) Bahrain 2019 Best Investor Relations Bank Bahrain 2019 Best Life & Health Insurer Bahrain 2019 Best Islamic Private Bank Bahrain 2019 Best Electronic Payment Service Provider Bahrain 2019 Best Youth Bank Initiative (Vevo Youth Account) Bahrain 2019 Best Real Estate Development Company Bahrain 2019 Most Innovative Bank for ATM Services Bahrain 2019 Best Islamic Retail Bank Bahrain 2019 Most Innovative Digital Banking Initiative Bahrain 2019 Best Customer Service Bank Bahrain 2019 Best FinTech Company Bahrain 2019 Best Equity Fund (Khaleej Equity Fund) Bahrain 2019 Best Fixed Income Funds Bahrain 2019

Global Banking & Finance Awards® 2019 AWARD WINNERS

Solidarity Bahrain BSC UAE Exchange Centre Co Bahrain WLL Artezio LLC Belgazprombank Belarus Belgazprombank Belarus Belinvestbank JSC

BNB-Bank Amonis KBC Bank SOCIETE GENERALE BENIN LOM Financial (Bermuda) Limited Banco Mercantil Santa Cruz Nova Banka AD Banja Luka Mr Amer Bukvic, CEO Bosna Bank International Bank of Baroda Botswana Ltd First National Bank of Botswana Ltd Stanbic Bank Botswana Limited Standard Chartered Bank Botswana BNP Paribas Bank Banco BMG Banco de Brasilia Sparta Fundos Maybank-Brunei RHB Bank Berhad Standard Chartered Securities Brunei Coface Bulgaria UBB Asset Management Varchev Finance Ltd Societe Generale Burkina Faso Jubilee Insurance Company of Burundi Canadia Bank PLC Foreign Trade Bank of Cambodia Forte Insurance (Cambodia) Plc. KB Daehan Specialized Bank Kookmin Bank Cambodia Plc Kookmin Bank Cambodia Plc MAYBANK (CAMBODIA) PLC. 2019 PayGo Rural Development Bank (RDB) Sacombank Cambodia Sathapana Bank Plc Smart Axiata Co., Ltd Smart Axiata Co., Ltd Softline Cambodia Sovannaphum Life Assurance Public Limited Company Wing (Cambodia) Limited Specialised Bank BGFIBank CAMEROUN Société Générale Cameroun Société Générale Cameroun

Best Motor Insurance Company Bahrain 2019 Best Remittance Exchange Company Bahrain 2019 Best Software Solutions Provider Belarus 2019 Best Corporate Bank Belarus 2019 Best Retail Bank Belarus 2019 Best EcoLogical Business Exchange Payment Online Service Provider Belarus 2019 Best SME Bank Belarus 2019 Best Pension Fund Provider Belgium 2019 Best Trade Finance Bank Belgium 2019 Best Corporate Bank Benin 2019 Best Wealth Management Company Bermuda 2019 Best Retail Bank Bolivia 2019 Best Retail Bank Bosnia 2019 Best Banking CEO Bosnia and Herzegovina 2019 Best Bank for International Banking Services Botswana 2019 Most Innovative Commercial Bank Botswana 2019 Best Bank Foreign Exchange Service Provider Botswana 2019 Best Bank for Loyalty Programme Botswana 2019 Best Asset Management Bank Brazil 2019 Best Investor Relations Bank Brazil 2019 Fastest Growing Retail Bank in Brazil 2019 Best Fixed Income House Brazil 2019 Best Asset Management Bank Brazil 2019 Fastest Growing Corporate Bank Brunei 2019 Best Bank for Loans Brunei 2019 Best Wealth Management Bank Brunei 2019 Best Credit Insurer Provider Bulgaria 2019 Best Asset Management Company Bulgaria 2019 Best Forex Trading Company Bulgaria 2019 Best Commercial Bank in Burkina Faso 2019 Best Travel Insurance Company Burundi 2019 Best Commercial Bank Cambodia 2019 Best Internet Bank Cambodia 2019 Best General Insurance Company Cambodia 2019 Fastest Growing Bank for Loans Cambodia 2019 Best Bank for Loan Cambodia 2019 Best Foreign Exchange Bank Cambodia 2019 Best SME Bank Cambodia 2019 Best Online Payments Solution Provider Cambodia 2019 Best Rural Development Bank Cambodia 2019 Best Retail Bank Cambodia 2019 Best Mobile Banking Application Cambodia 2019 Best CSR Company Cambodia 2019 Best Telecommunications Company Cambodia 2019 Best IT Solution Provider in Cambodia for 2019 Fastest Growing Life Insurance Company Cambodia 2019 Best Mobile Payment Solutions Cambodia 2019 Best Investment Bank Cameroon 2019 Best Corporate Bank Cameroon 2019 Best Retail Bank Cameroon 2019

Global Banking & Finance Awards® 2019 AWARD WINNERS

United Bank for Africa-Cameroon d1g1t Scotia Wealth Management Canada ScotiaTrade ScotiaTrade Banco de Fomento Internacional S.A. Banco Interatlântico, S.A. Garantia Seguros Scotia Wealth Management Cayman Islands Scotiabank & Trust (Cayman) Ltd Gyals Tugrug Societe Generale Tchadienne de Banque Banchile Inversiones Banco de Chile Banco de Chile Banco Internacional Chile Agricultural Bank of China China Asset Management Co China Securities Index Co., Ltd China Systems EasyMarkets ICBC Financial Leasing Co Ltd Lufax Orient Securities UOB China Banque of Africa Democratic Republic of Congo Equity Bank Congo Société Général Côte d’Ivoire Erste Asset Management Croatia InterCapital Securities Bank of Cyprus TeleTrade TrioMarkets Ltd Ceskoslovenska Obchodni Banka Ceskoslovenska Obchodni Banka Colosseum, a.s.

Equa Bank AS-Czech Republic Factoring KB AS ING Bank UniCredit Bank PensionDanmark SimCorp ADIB-Egypt aiBANK (Arab Investment Bank) Al Ahli Bank of Kuwait- Egypt Amlak Finance Egypt Arab African International Bank Arab Misr Insurance Group | gig Banque Misr Banque Misr Banque Misr

Best Internet Bank Cameroon 2019 Best New Wealth Management Platform Canada 2019 Best Holistic Wealth Management Service Canada 2019 Best Self Directed Online Brokerage iTRADE Canada 2019 Best Self Directed Online Investment Platform iTRADE Canada 2019 Best Investment Bank Cape Verde 2019 Best Commercial Bank Cabo Verde 2019 Best Insurance Company Cape Verde 2019 Best Holistic Wealth Management Service Cayman Islands 2019 Best Digital Bank Cayman Islands 2019 Fastest Growing Credit Union in Central Asia 2019 Best Corporate Bank Chad 2019 Best Investment Bank Chile 2019 Best Internet Bank Chile 2019 Best Mobile Bank Chile 2019 Fastest Growing SME Bank Chile 2019 Most Innovative Loan Product (Working Capital Loan) China 2019 Best Fund Management Company China 2019 Best Index Provider China 2019 Best Trade Finance Software Solutions Provider China 2019 Best Trading Platform China 2019 Best Leasing Company China 2019 Most Innovative Financial Technology Provider China 2019 Best Investor Relation Company China 2019 Fastest Growing Wealth Management Bank China 2019 Best Retail Banking Congo 2019 Best SME Bank Congo 2019 Best Corporate Bank Côte d’Ivoire 2019 Best Fund Management Company Croatia 2019 Best Brokerage Company Croatia 2019 Best Private Bank Cyprus 2019 Best CFD Broker Cyprus 2019 Best New Forex Trading Platform Cyprus 2019 Best Investor Relation Bank Czech Republic 2019 Best Trade Finance Bank Czech Republic 2019 Best Online Trading Platform Czech Republic 2019 Best Retail Bank Czech Republic 2019 Best Factoring Company Czech Republic 2019 Best Bank for Digital Transformation Czech Republic 2019 Best Corporate Bank Czech Republic 2019 Best Pension Fund Provider Denmark 2019 Best Investor Relations Company Denmark 2019 Fastest Growing SME Bank Egypt 2019 Best Corporate Governance Bank Egypt 2019 Fastest Growing Retail Bank Egypt 2019 Best Islamic Mortgage Finance Company Egypt 2019 Best Investment Bank Egypt 2019 Best General insurance Company Egypt 2019 Best CSR Bank Egypt 2019 Best Islamic Corporate Bank Egypt 2019 Fastest Growing Trade Finance Bank Egypt 2019

Global Banking & Finance Awards® 2019 AWARD WINNERS

Egypt Factors Ghabbour Auto Ghabbour Auto Infinity Solar MISR Capital Investments MISR Capital Investments QNB ALAHLI QNB ALAHLI QNB ALAHLI QNB ALAHLI QNB ALAHLI QNB ALAHLI Servfund Admiral Markets LHV Asset Management Awash Bank Cooperative Bank of Oromia Enat Bank SC Ethiopia Oromia International Bank United Bank Ethiopia ACI Worldwide ACXIT Capital Partner AEVI DIMOCO ETFinance Financial Software and Systems Fineon Exchange Learn to Trade MultiBank Group Pyramidal Technologies Ltd Sanne Group JFD Group Ltd Steward Redqueen International Investment Bank Dorsum Co Ltd NAI Ukraine Black Sea Trade and Development Bank Zagrebacka Banka Axiom Alternative Investments Bank of India France LEMONWAY Worldline XTB-France Access Bank Gambia Limited Ecobank Gambia Guaranty Trust Bank (Gambia) Limited Standard Chartered Bank Gambia Limited Trust Bank Limited Huxley Huxley Huxley

Best Factoring Company Egypt 2019 Best Investor Relations in Egypt 2019 Best Automotive Manufacturer in Egypt 2019 Best Solar Solutions Provider Egypt 2019 Best Asset Manager Egypt 2019 Best Equity Fund Product ( Banque Misr III) Egypt 2019 Best Bank for Treasury Activities Egypt 2019 Best Corporate Bank Egypt 2019 Best Digital Banking Products and Services Egypt 2019 Best Retail Bank Egypt 2019 Best SME Bank Egypt 2019 Best Trade Finance Bank Egypt 2019 Best Fund Administration Service Provider Egypt 2019 Best Forex Company Estonia 2019 Best Pension Fund Estonia 2019 Best Retail Bank Ethiopia 2019 Best Agricultural Value Chain Financing Ethiopia 2019 Best Bank for Women Financial Services Ethiopia 2019 Best Bank for International Banking Services Ethiopia 2019 Best Internet Banking Ethiopia 2019 Best Enterprise Fraud Prevention Provider Europe 2019 Best Boutique Merchant Bank Europe 2019 Best New Payment Solution Provider Europe 2019 Best Mobile Payment Solutions Provider Europe 2019 Best New CFD Broker Europe 2019 Best Adaptive Authentication Solution Europe 2019 Best New Export Finance Platform Europe 2019 Best Forex Education Provider Europe 2019 Best Financial Derivatives Broker Europe 2019 Best Forensic Technology Service Provider Europe 2019 Best Fund Administration Company Europe 2019 Fastest Growing Investment Company Europe 2019 Best Impact and Sustainability Advisory Europe 2019 Best Bank for Sustainable Development Central and Eastern Europe 2019 Best Investment Software Solution Provider CEE 2019 Best Real Estate Consulting Company CIS & Eastern Europe 2019 Best Development Financing Bank South East Europe 2019 Best Investment Bank South East Europe 2019 Fastest Growing Asset Management Company France 2019 Best Bank for International Banking Services France 2019 Best Payments Solutions Provider France 2019 Best Investor Relations Company France 2019 Best Forex Broker France 2019 Fastest Growing Commercial Bank Gambia 2019 Best Retail Bank Gambia 2019 Best Private Bank Gambia 2019 Best International Banking Services Provider Gambia 2019 Best Commercial Bank Gambia 2019 Best Executive Search Firm in Digital & Transformation in GCC 2019 Best Executive Search Firm in GCC 2019 Best Executive Search Firm in Cyber Security in GCC 2019

Global Banking & Finance AwardsÂŽ 2019 AWARD WINNERS

National Investments Company National Investments Company Alta Software Basisbank JSC MFO CRYSTAL JSC MFO CRYSTAL Admiral Markets Fidor Bank Fidor Bank Fidor Bank GLS Gemeinschafts Bank Solactive Targobank AG Access Bank Ghana Agricultural Development Bank Barclays Bank of Ghana DreamOval Ltd Ecobank Ghana Limited Omnibank United Pension Trustees Ltd Eurobank Ergasias SA Societe Generale Guinee Bank of India Hong Kong Blackwell Global Holdings Limited (Hong Kong) BOCHK Asset Management Limited Bupa Global China Asset Management (Hong Kong) Limited Haitong International Securities Group Limited Hongkong and Shanghai Banking Corporation Limited Informatica Software Ltd New World Development Company Ltd K & H Bank TeleTrade Landsbankinn Landsbankinn Financial Software and Systems OctaFX VIKASA Capital Bank OCBC NISP Bank OCBC NISP FBS Markets Inc Fundnel GKInvest PT Asuransi Allianz Life Indonesia PT Bank ICBC Indonesia PT Bank JTrust Indonesia Tbk PT Bank Maybank Indonesia PT Danareksa Sekuritas PT Sun Life Financial Indonesia PT Topgrowth Futures PT. Ciptadana Asset Management PT. Indo Premier Investment Management

Best Investment Advisory Firm GCC 2019 Best Investment Management Company GCC 2019 Best Core Banking Solutions Provider Georgia 2019 Best Bank for Online Services Georgia 2019 Fastest Growing Non-Banking Financial Institution Georgia 2019 Best Investor Relations Company Georgia 2019 Best Forex Company Germany 2019 Best Banking CEO Matthias Kroener Germany 2019 Best Mobile Banking Germany 2019 Best Retail Bank Germany 2019 Best CSR Bank Germany 2019 Best Index Solution Provider Germany 2019 Fastest Growing Retail Bank Germany 2019 Best Retail Bank Ghana 2019 Best Agribusiness Bank Ghana 2019 Fastest Growing Commercial Bank Ghana 2019 Best IT Solutions Provider Ghana 2019 Best Digital Bank Ghana 2019 Best SME Bank Ghana 2019 Best Pension Trustees Ghana 2019 Best Savings Bank Greece 2019 Best Retail Bank Guinea 2019 Best Customer Service Bank Hong Kong 2019 Best New Multi-Asset Broker Hong Kong 2019 Best Asset Management Company Hong Kong 2019 Best Health Insurance Company Hong Kong 2019 Fastest Growing Asset Management Company Hong Kong 2019 Best Securities Brokerage Company Hong Kong 2019 Best Investor Relations Bank Hong Kong 2019 Best Data Enterprise Cloud Management Company Hong Kong 2019 Best Property Development Company Hong Kong 2019 Best Trade Finance Bank Hungary 2019 Best CFD Broker Hungary 2019 Best Internet Bank Iceland 2019 Best Commercial Bank Iceland 2019 Best Adaptive Authentication Solution India 2019 Best Forex Broker APAC 2019 Most Innovative Investment Advisory Company India 2019 Best Corporate Governance Bank Indonesia 2019 Best Foreign Exchange Bank Indonesia 2019 Best Forex Broker Indonesia 2019 Best New Private Investment Platform Indonesia 2019 Fastest Growing Futures Broker Indonesia 2019 Best Takaful Family Provider Indonesia 2019 Best Green Bank Indonesia 2019 Fastest Growing SME Bank Indonesia 2019 Best Corporate Bank Indonesia 2019 Best Investment Banking Company Indonesia 2019 Best CSR Company Indonesia 2019 Best Futures Brokerage Company Indonesia 2019 Best Money Market Fund Provider Indonesia 2019 Best ETF Provider Indonesia 2019

Global Banking & Finance AwardsÂŽ 2019 AWARD WINNERS

PT. Sucorinvest Asset Management RDTX group AQMetrics Fenergo Immedis Ireland BARENTS RE Coface INVEST BANCA TeleTrade NCB Insurance Company Ltd Scotia Wealth Management Jamaica Caulis Inc. JCB CO LTD MUFG Bank (Malaysia) Berhad MUFJ Financial Group SBI Sumishin Net Bank, Ltd. Sumitomo Mitsui Financial Group Arab Orient Insurance Company Arab Union International Insurance Company Cairo Amman Bank Comprehensive Leasing Co. INVESTBANK INVESTBANK INVESTBANK INVESTBANK INVESTBANK Jordan Insurance Company Jordan Islamic Bank Jordan UAE Exchange ProgressSoft Corporation Alfa Bank Amanie Advisors AsiaCredit Bank Joint-Stock Company ATFBank JSC Centras Insurance Halyk Finance JSC Halyk Bank of Kazakhstan JSC Halyk Bank of Kazakhstan Barclays Bank of Kenya Centum Investment Company Plc Equity Bank Kenya Equity Group Foundation First Community Bank Kenya Commercial Bank Kenya Commercial Bank Kestrel Capital (East Africa) Ltd Liquid Telecom Kenya Paramount Bank Limited Standard Chartered Bank Kenya Standard Investment Bank Limited

Best Asset Management Company Indonesia 2019 Best Real Estate Developer Company Indonesia 2019 Best Risk Analytics Solutions Provider Ireland 2019 Fastest Growing Client Lifecycle Management Solutions Provider Ireland 2019 Best Global Payroll & Mobility Tax Solutions Provider Ireland 2019 Best Reinsurance Company Italy 2019 Best Credit Insurance Company in Italy 2019 Fastest Growing Security Broker Italy 2019 Best CFD Broker Italy 2019 Best Insurance Product (PROCARE) Jamaica 2019 Best Holistic Wealth Management Service Jamaica 2019 Best New Cyber Security Solution Provider Japan 2019 Best Payment Solution Provider Japan 2019 Best Islamic Corporate Bank Japan 2019 Best CSR Financial Group Japan 2019 Best Internet Bank Japan 2019 Best Investor Relations Company Japan 2019 Best Non-Life Insurance Company Jordan 2019 Best Travel Insurance Company Jordan 2019 Best Bank for Youth & Students Jordan 2019 Best Leasing Company Jordan 2019 Best Bank for Cards Jordan 2019 Best Corporate Bank Jordan 2019 Best CSR Bank Jordan 2019 Best Internet Bank Jordan 2019 Best Retail Bank Jordan 2019 Fastest Growing Life Insurance Company Jordan 2019 Best Corporate Governance Bank Jordan 2019 Best Money Transfer Company Jordan 2019 Best Payment Solution Provider Jordan 2019 Best Commercial Bank Kazakhstan 2019 Best Shariah Advisory Firm Kazakhstan 2019 Best Bank for Money Transfer Kazakhstan 2019 Best Private Bank Kazakhstan 2019 Best Non-Life Insurance Company Kazakhstan 2019 Best Investment Bank Kazakhstan 2019 Best Investor Relations Bank Kazakhstan 2019 Best Retail Bank Kazakhstan 2019 Best Retail Bank Kenya 2019 Best Investment Management Company Kenya 2019 Best Bank in Mobile Banking Kenya 2019 Best Corporate Philanthropy Foundation Kenya 2019 Best Islamic Retail Bank Kenya 2019 Best Corporate Governance Bank Kenya 2019 Best Customer Service Bank Kenya 2019 Best Investment Research House Kenya 2019 Best Telecommunications Company Kenya 2019 Fastest Growing Retail Bank Kenya 2019 Best Commercial Bank Kenya 2019 Best Corporate Finance Advisory Kenya 2019

Global Banking & Finance AwardsÂŽ 2019 AWARD WINNERS

Standard Investment Bank Limited U&I Microfinance Bank Ahli United Bank Kuwait Gulf Custody Company Kuwait Telecommunications Co. (VIVA) Kuwait Telecommunications Co. (VIVA) National Investments Company Warba Bank Watani Financial Brokerage Company CJSC Kyrgyz Swiss Bank Demir Kyrgyz International Bank FINCA Bank Halyk Bank Kyrgyzstan Kompanion Bank OJSC Commercial bank KYRGYZSTAN Optima Bank Allianz General Laos Ernst & Young Laos Ernst & Young Laos Joint Development Bank Lao China Bank Phongsavanh Bank Sacombank Lao Everfx HotForex WIZZIT International / NMB Citadele Bank Al-Bahriah Insurance & Reinsurance S.A.L AROPE Insurance S.A.L. Beirut Consulting Blominvest Bank CreditBank SAL LGBBANK MEAB Bank sal Saradar Bank Lebanon Tetracom Standard Lesotho Bank Ltd Access Bank Liberia Šiaulių bankas Banque de Luxembourg Banque Internationale à Luxembourg Banque Internationale à Luxembourg Carlisle Management Carlisle Management FERNBACH Financial Software S.A. mangopay Mirabaud Asset Management OCBC Wing Hang Bank Limited Diners Club Macedonia Eurostandard Bank AD Skopje Sparkasse Bank Makedonija AD Skopje

Best Equity Trade service provider Kenya 2019 Best MicroFinance Bank Kenya 2019 Most Innovative Digital Banking Initiative (Smart Branch) Kuwait 2019 Best Custodian and Fund Administrator Kuwait 2019 Best Investor Relations Company Kuwait 2019 Best Telecommunications Company Kuwait 2019 Best Telecommunications Company Kuwait 2019 Fastest Growing Investment Bank Kuwait 2019 Best Financial Brokerage Company Kuwait 2019 Fastest Growing Commercial Bank Kyrgyzstan 2019 Best Retail Bank Kyrgyzstan 2019 Fastest Growing Retail Bank Kyrgyzstan 2019 Best Treasury Bank Kyrgyzstan 2019 Best Microfinance Bank Kyrgyzstan 2019 Best Private Bank KYRGYZSTAN 2019 Best Mobile Banking Application Kyrgyz Republic 2019 Best Insurance Company in Customer Service Laos 2019 Best Advisory Firm Laos 2019 Best Tax Audit Service provider Laos 2019 Best Commercial Bank Laos 2019 Fastest Growing SME Bank Laos 2019 Best CSR Bank Laos 2019 Best Banking CEO (Mr. Pham Quang Phu) Lao 2019 Best New Forex Education Provider Latin America 2019 Best Forex Customer Service Provider Latin America 2019 Mobile Banking Technology Solutions Provider Latin America 2019 Best Bank for Digital Services Latvia 2019 Best Marine Insurance Company Lebanon 2019 Best Insurance Company Lebanon 2019 Best Financial Advisory Lebanon 2019 Best Investor Relations Bank Lebanon 2019 Best Factoring Bank Lebanon 2019 Best Retail Bank Lebanon 2019 Best Rebranding Campaign (The Bank Of Together) Lebanon 2019 Fastest Growing Private Bank Lebanon 2019 Best Technology Advisory Company Lebanon 2019 Best Retail Bank Lesotho 2019 Best Microfinance Bank Liberia 2019 Best Bank for SME Lithuania 2019 Best Wealth Management Bank Luxembourg 2019 Best Corporate Bank Luxembourg 2019 Best Retail Bank Luxembourg 2019 Best European Long Term Growth Fund Luxembourg 2019 Best Fund Management Company Luxembourg 2019 Best Financial Software Solutions Provider Luxembourg 2019 Best End-to-End Payment Technology Platform Luxembourg 2019 Best Private Equity Firm Luxembourg 2019 Best Retail Bank Macau 2019 Best Credit Card Customer Service Company Macedonia 2019 Best Bank for Loans Macedonia 2019 Fastest Growing Retail Bank Macedonia 2019

Global Banking & Finance Awards® 2019 AWARD WINNERS

Sparkasse Bank Makedonija AD Skopje Stopanska banka a.d. Bitola Stopanska banka a.d. Bitola CDH Investment Bank EcoBank Malawi FDH Bank FDH Bank First Capital Bank NedBank Malawi NedBank Malawi NICO Asset Managers Standard Bank Malawi Standard Bank Malawi Telekom Networks Malawi Vanguard Life Assurance Company Ltd-Malawi AETINS AmBank Group Eqhwan Mokhzanee, AmBank Islamic Berhad AmBank Islamic Berhad Bank Islam Malaysia Berhad Etiqa Insurance & Takaful Bhd Export-Import Bank of Malaysia Berhad (EXIM Bank)

Export-Import Bank of Malaysia Berhad (EXIM Bank) Hellogold Sdn Bhd Hong Leong Assurance Hong Leong Bank Islamic Banking & Finance Institute Malaysia-IBFIM Kenanga Investment Bank Berhad Maybank Islamic Bhd Mobility One limited Pheim Unit Trusts Berhad Public Bank Malaysia Sun Life Malaysia Takaful Berhad Suria Muhabat Sdn Bhd Tropicana Corporation Berhad UOB Asset Management (Malaysia) Berhad Ooredoo Maldives Plc Aqubix Exante Broker Malta Jesmond Mizzi Financial Advisors Ltd MAPFRE Middlesea plc La Banque Islamique de Mauritanie La Banque Islamique de Mauritanie ABC Banking Corporation Ltd Afrasia Bank Bank One Limited deVere Investment Limited PLEION Investment Adviser Sanne Group SBM Bank (Mauritius) Ltd

Fastest Growing Corporate Bank Macedonia 2019 Best Corporate Bank Macedonia 2019 Best Retail Bank Macedonia 2019 Best Investment Bank Malawi 2019 Best Commercial Bank Malawi 2019 Best Retail Bank Malawi 2019 Best SME Bank Malawi 2019 Fastest Growing Commercial Bank Malawi 2019 Best Customer Service Bank Malawi 2019 Best Internet Bank Malawi 2019 Best Asset Management Company Malawi 2019 Best Cash Management Bank Malawi 2019 Best CSR Bank Malawi 2019 Best Telecommunications Company Malawi 2019 Best Life Insurance Company Malawi 2019 Best Insurance Technology Solutions Provider Malaysia 2019 Best SME Bank Malaysia 2019 Best Islamic Banking CEO Malaysia 2019 Most Promising Islamic Bank Malaysia 2019 Best Islamic Retail Bank Malaysia 2019 Best Takaful Service Provider Malaysia 2019 Most Innovative Export Financing Program (HALAL To Overseas (H20)) Malaysia 2019 Best Vendor Financing Program Malaysia 2019 Most innovative New Gold Savings App Malaysia 2019 Best Life Insurance Company Malaysia 2019 Fastest Growing Retail Bank Malaysia 2019 Best Islamic Finance Training Provider Malaysia 2019 Best Investment Bank Malaysia 2019 Best Islamic Commercial Bank Malaysia 2019 Best Mobile Payment Solutions Provider Malaysia 2019 Best Islamic Fund Product (Dana Makmur Pheim) Malaysia 2019 Best Bank for Remittance Services Malaysia 2019 Most Innovative Takaful Product (Mulia) Malaysia 2019 Best Money Exchange Provider Malaysia 2019 Best Real Estate Development Company Malaysia 2019 Best Asset Management Malaysia 2019 Best Investor Relations Company Maldives 2019 Best Compliance Technology Solutions Provider Malta 2019 Best Trading Platform Malta 2019 Best Financial Advisory Malta 2019 Best Business Insurance Company Malta 2019 Best Islamic Corporate Bank Mauritanie 2019 Best Islamic Retail Bank Mauritanie 2019 Best Bank for International Banking Services Mauritius 2019 Best Foreign Exchange Bank Mauritius 2019 Best Corporate Bank Mauritius 2019 Best New Investment Banking Company Mauritius 2019 Best Wealth Management Company Mauritius 2019 Best Fund Administration Company Mauritius 2019 Best Bank for Stock Broking Mauritius 2019

Global Banking & Finance AwardsÂŽ 2019 AWARD WINNERS

SBM Bank (Mauritius) Ltd SBM Bank (Mauritius) Ltd VIKASA Capital Ethica Institute of Islamic Finance NextCare Insurance Oman Reinsurance Company Qatar Insurance Co BBVA in Switzerland Profuturo Afore, S.A. de C.V. Sura Asset Management Mexico UNIFIN Financiera, SAB de CV UNIFIN Financiera, SAB de CV BC Moldindconbank SA BC Moldova Agroindbank SA Donaris Vienna Insurance Group SA Eximbank Victoriabank Compagnie Monégasque de Banque BDSec JSC Bodi Insurance Bogd Bank Chinggis Khaan Bank Golomt Bank National Investment Bank Tenger Insurance Trade and Development Bank of Mongolia Attijari Intermediation Attijariwafa Bank Attijariwafa Bank BMCE Capital Markets Saham Assurance Saham Assurance SIX Financial Information UNIQA Insurance Group Montenegro Banco Unico SA Banco Unico SA Banco Unico SA Barclays Bank Mocambique Barclays Bank Mocambique Barclays Bank Mocambique Millennium Bim Mozambique Moza Banco Moçambique Previdente S.G.F.P, S.A., AYA Myanmar Insurance (AMI) Kanbawza Bank (KBZ Bank) Kanbawza Bank (KBZ Bank) Myanmar Oriental Bank United Amara Bank Bank WIndhoek Nedbank Namibia Limited Standard Bank Namibia

Best CSR Bank Mauritius 2019 Best Retail Bank Mauritius 2019 Most Innovative Investment Advisory Company Mauritius 2019 Best Islamic Finance Education Provider MENA 2019 Best Health Insurance TPA Service Provider MENA 2019 Best Reinsurance Company MENA 2019 Best Personal Insurance Company MENA 2019 Best Offshore Private Banking Mexico 2019 Best Pension Fund Manager Mexico 2019 Best Investment Management Mexico 2019 Best Investors Relations Company Mexico 2019 Best Leasing Company Mexico 2019 Best Retail Bank Moldova 2019 Best Commercial Bank Moldova 2019 Best Property Insurance Company Moldova 2019 Best Bank for Customer Services Moldova 2019 Most Innovative Bank for Payments Moldova 2019 Best Private Bank Monaco 2019 Best Securities Brokerage Company Mongolia 2019 Best Health Insurance Company Mongolia 2019 Best New Commercial Bank Mongolia 2019 Best Investment Bank Mongolia 2019 Best Digital Bank in Mongolia 2019 Best Corporate Governance Bank Mongolia 2019 Best Online Insurance Company Mongolia 2019 Best Commercial Bank Mongolia 2019 Best Securities Brokerage Company Morocco 2019 Best Banking CEO (Mr. Mohammed El Kettani) Morocco 2019 Best Retail Bank Morocco 2019 Best Trading Platform Morocco 2019 Best Health Insurance Company Morocco 2019 Best Motor Insurance Company Morocco 2019 Best Market Intelligence Data Provider Morocco 2019 Best Insurance Company in Montenegro 2019 Best Banking CEO "António Correia" Mozambique 2019 Best Internet Bank Mozambique 2019 Fastest Growing Retail Bank Mozambique 2019 Best Corporate Bank Mozambique 2019 Best Investment Bank Mozambique 2019 Best Retail Bank Mozambique 2019 Best Trade Finance Bank Mozambique 2019 Best CSR Bank Mozambique 2019 Best Pension Fund CEO (Aldo Tempe) Mozambique 2019 Best Private Insurance Company Myanmar 2019 Best Bank for Card Services Myanmar 2019 Best Bank for Mobile Banking Application Myanmar 2019 Best Corporate Governance Bank Myanmar 2019 Best Banking CEO (Christopher Loh) Myanmar 2019 Best Corporate Bank Namibia 2019 Best Customer Service Bank Namibia 2019 Best Investment Bank Namibia 2019

Global Banking & Finance Awards® 2019 AWARD WINNERS

Prabhu Bank Aegon NV Atradius Credit Insurance NV ING Netherlands Afrinvest Asset Management Limited AXA Mansard Insurance plc Bank of Industry Ltd Cellulant Coronation Merchant Bank DLM Advisory Partners Ecobank Nigeria Ecobank Nigeria FBN Insurance Limited FINCA Microfinance Bank Ltd Nigeria First Ally Capital First Bank of Nigeria Limited Guaranty Trust Bank Guaranty Trust Bank Jaiz Bank Plc LAPO Microfinance Bank Ltd Rosabon Financial Services Rosabon Financial Services Stanbic IBTC Asset Management Limited Stanbic IBTC Holdings 2019 Sterling Bank of Nigeria United Bank for Africa WEMA BANK Zenith Bank Plc Danske Bank Nordic Investment Bank Signicat Sparebanken Vest Ahlibank Alizz Islamic Bank Bank Dhofar Bank Dhofar

Bank Dhofar Bank Muscat Bank Nizwa Macro Software Systems LLC Maisarah Islamic Banking Services National Life & General Insurance Company SAOG Oman Development Bank Oman Qatar Insurance Company Oman Qatar Insurance Company Oman Reinsurance Company Oman United Insurance Company Ooredoo Sohar International Sohar International

Best Commercial Bank Nepal 2019 Best Investor Relations Company Netherlands 2019 Best Trade Credit Insurance Company Netherlands 2019 Best Private Bank Netherlands 2019 Fastest Growing Asset Management Company Nigeria 2019 Fastest Growing Health Insurance Company Nigeria 2019 Best Development Bank Nigeria 2019 Best Digital Payment Solutions Provider Nigeria 2019 Best Investment Bank Nigeria 2019 Best Securitisation House Nigeria 2019 Best Commercial Bank Nigeria 2019 Best Corporate Bank Nigeria 2019 Best Life Insurance Company Nigeria 2019 Fastest Growing Microfinance Bank Nigeria 2019 Most Innovative Financial Services Group Nigeria 2019 Best Retail Bank Nigeria 2019 Best CSR Bank Nigeria 2019 Best Mobile Banking Application Nigeria 2019 Fastest Growing Islamic Retail Bank Nigeria 2019 Best Microfinance Bank Nigeria 2019 Best Leasing Company Nigeria 2019 Best Finance Management Company Nigeria 2019 Best Non-Pension Asset Management Company Nigeria 2019 Best Corporate Governance Company Nigeria 2019 Fastest Growing Retail Bank Nigeria 2019 Best Investor Relations Bank Nigeria 2019 Best Internet Bank Nigeria 2019 Best Customer Service Bank Nigeria 2019 Best Trade Finance Bank Nordic 2019 Best Green Bonds Issuer Nordics 2019 Best Digital Solutions Platform Norway 2019 Best CSR Bank Norway 2019 Best Retail Bank Oman 2019 Best CSR Bank Oman 2019 Best Mobile Banking Application Oman 2019 Best Bank for Marketing Campaign (BankDhofar Mobile Banking App) Oman 2019 Best Private Bank Oman 2019 Best Corporate Bank Oman 2019 Fastest Growing Islamic Retail Bank Oman 2019 Best IT Service Provider Oman 2019 Best Islamic Retail Bank Oman 2019 Best Health Insurance Company Oman 2019 Best Microfinance Bank Oman 2019 Best Insurance Company for Online Services Oman 2019 Best Motor Insurance Company Oman 2019 Best Reinsurance Company Oman 2019 Best Life Insurance Company Oman 2019 Best Telecommunications Company Oman 2019 Best Customer Service Bank Oman 2019 Best Social Media Bank Oman 2019

Global Banking & Finance AwardsÂŽ 2019 AWARD WINNERS

Takaful Oman Insurance S.A.O.G UNIMONI Habib Bank Limited Habib Bank Limited Khushhali Microfinance Bank Limited Quds Bank Quds Bank Quds Bank AFP Integra BBVA in Switzerland Mibanco Pacífico Seguros Sura Peru Bancnet BPI Asset Management and Trust Corporation BPI Capital Corporation BPI Capital Corporation BPI Capital Corporation China Banking Corporation China Banking Corporation City Savings Bank, Inc. Development Bank of the Philippines Esquire Financing Inc FPG Insurance Co., Inc. Globe Fintech Innovations, Inc. Home Credit Philippines ING Bank Philippines Learn to Trade Malayan Bank Manulife Philippines Maybank Philippines Inc. Megaworld Corporation Personal Finance Advisers Philippines Corporation Philippine American Life & General Insurance Company Robinsons Bank Corporation Union Bank of the Philippines Union Bank of the Philippines Bank Pekao SA BGŻ BNP Paribas S.A BANCO ATLANTICO EUROPA Banco Comercial Português S.A. Banco Finantia Banco Finantia Banco Invest Banco Santander Totta Bison Bank TeleTrade Whitestar Asset Solutions S.A. Ahlibank Q.S.C. Barwa Bank

Best Takaful Insurance Provider Oman 2019 Best Remittance Exchange House Oman 2019 Best Investment Bank Pakistan 2019 Best Sukuk Deal Pakistan 2019 Best Microfinance Bank Pakistan 2019 Best Bank for Credit Cards Palestine 2019 Best Customer Service Bank Palestine 2019 Fastest Growing Commercial Bank Palestine 2019 Best AFP Peru 2019 Best Offshore Private Banking Peru 2019 Best Microfinance Bank Peru 2019 Best Insurance Company Peru 2019 Best Asset Management Company Peru 2019 Best ATM Technology Solutions Provider Philippines 2019 Best Fund Product (BPI Invest Global Equity Fund-of-Funds) Philippines 2019 Best Investment Bank Philippines 2019 Best Bond House Philippines 2019 Best Equity House Philippines 2019 Best Corporate Governance Bank Philippines 2019 Best Investor Relations Bank Philippines 2019 Best CSR Bank Philippines 2019 Best Green Bank Philippines 2019 Best SME Finance Company Philippines 2019 Fastest Growing Motor Insurance Company Philippines 2019 Best Financial Inclusion Technology Solutions Provider Philippines 2019 Best Consumer Finance Company Philippines 2019 Best New Digital Banking Services Philippines 2019 Best Forex Education Provider Philippines 2019 Best Savings Bank Philippines 2019 Best Digital Life Insurance Company Philippines 2019 Fastest Growing Corporate Bank Philippines 2019 Best Real Estate Developer Philippines 2019 Best Financial Education Provider Philippines 2019 Best Life Insurance Company Philippines 2019 Fastest Growing Retail Bank Philippines 2019 Best Digital Bank Philippines 2019 Most Innovative Cash Management Services Bank Philippines 2019 Best Corporate Bank Poland 2019 Best CSR Bank Poland 2019 Best Trade Finance Bank Portugal 2019 Best IR Bank Portugal 2019 Best Corporate Bank Portugal 2019 Best Private Bank Portugal 2019 Most Innovative Investment Bank Portugal 2019 Best Retail Bank Portugal 2019 Best Corporate Governance Bank Portugal 2019 Best CFD Broker Portugal 2019 Best Credit Portfolio Management Company Portugal 2019 Fastest Growing Treasury Bank Qatar 2019 Best Islamic Banking CEO of the Year

Global Banking & Finance Awards® 2019 AWARD WINNERS

Barwa Bank Doha Bank Dr. R. Seetharaman, Chief Executive Officer of Doha Bank Ezdan Holding Group Unimoni Exchange Banca Comerciala Romana Banca Comerciala Romana Alfa-Bank Bank Saint-Petersburg Bank Saint-Petersburg CASHOFF Lab LLC JSCB Avangard JSCB Avangard Otkritie Bank Tinkoff Bank Russia Banque Populaire du Rwanda Plc| Alinma Bank Aljazira Takaful Derayah Financial Emaar Economic City Gulf Finance Saudi Arabia Huxley Huxley Huxley KPMG Al Fozan and Partners Saudi Arabia meem by Gulf International Bank MEFIC Capital Saudi ORIX Leasing Company Saudi Telecom Company SEDCO Holding Sidra Capital The Company for Cooperative Insurance "Tawuniya" The National Commercial Bank The Saudi British Bank (SABB) The Saudi Investment Bank United Company for Financial Services (Tasheel Finance) GAINDE 2000 Orabank Senegal Orabank Senegal Ecobank Sierra Leone Ecobank Sierra Leone Guaranty Trust Bank Rokel Commercial Bank (SL) Ltd Asia Plantation Capital Singapore Desfran Investment Consultancy Service Limited RHB Bank Singapore Ivory Capital Private Ltd Singapore Validus Capital CredoLab Turnkey Lender

(Mr. Khalid Yousef Al-Subeai) Qatar 2019 Best Private Bank Qatar 2019 Best Commercial Bank Qatar 2019 Best Banking CEO Qatar 2019 Best Holding Company Qatar 2019 Best Money Exchange Qatar 2019 Best Commercial Bank Romania 2019 Best Retail Bank Romania 2019 Best Private Bank Russia 2019 Best Bank for Escrow Accounts Russia 2019 Best Mortgage Bank Russia 2019 Best Digital Banking Technology Provider Russia 2019 Best Internet Bank Russia 2019 Best Corporate Bank Russia 2019 Fastest Growing Private Bank Russia 2019 Best Online Brokerage Russia 2019 Best Corporate Bank Rwanda 2019 Best Islamic Corporate Bank Saudi Arabia 2019 Best Takaful Operator Saudi Arabia 2019 Best Sharia Compliant Equity Fund Saudi Arabia 2019 Best Investor Relations Company Saudi Arabia 2019 Best SME Company Saudi Arabia 2019 Best Executive Search Firm in Saudi Arabia 2019 Best Executive Search Firm in Digital & Transformation in Saudi Arabia 2019 Best Executive Search Firm in Cyber Security in Saudi Arabia 2019 Best Audit and Tax Advisory Saudi Arabia 2019 Best Shariah Compliant Digital Bank KSA 2019 Best Shariah Compliant Digital Bank KSA 2019 Best Leasing Company Saudi Arabia 2019 Best Telecom Company Saudi Arabia 2019 Best Corporate Governance In A Company Saudi Arabia 2019 Best Real Estate Investment Advisory Saudi Arabia 2019 Best Electronic General Insurance Company Saudi Arabia 2019 Best Bank for Remittances KSA 2019 Best CSR Bank Saudi Arabia 2019 Best Social Media Bank Saudi Arabia 2019 Best New Shariah Compliant Consumer Finance Company Saudi Arabia 2019 Most Innovative E-Payment Solutions Provider Senegal 2019 Best Corporate Bank Senegal 2019 Best Corporate Bank Senegal 2019 Best Internet Bank Sierra Leone 2019 Best Retail Bank Sierra Leone 2019 Fastest Growing Retail Bank Sierra Leone 2019 Best Commercial Bank Sierra Leone 2019 Best Agri Business Company Singapore 2019 Fastest Growing Corporate Advisory Singapore 2019 Best CSR Initiative (RHB Financial Literacy) Singapore 2019 Deal of the Year “LCY Chemical Corp. Buyout” Taiwan 2019 Best New Online SME Lending Platform – Singapore 2019 Best New Fintech Company Singapore 2019 Best SME Fintech Solutions Provider Singapore 2019

Global Banking & Finance Awards® 2019 AWARD WINNERS

COFACE Aviva Ltd Crossinvest Crossinvest Phillip Securities Pte Ltd UTI International Singapore Pvt Ltd Maybank Kim Eng Securities Pte Ltd OCBC Securities Humantics Pte Ltd CREALOGIX ASM Pacific Technology 2019 Knowesis Singtel CrashDetech Entersekt Learn to Trade MMI Holdings Mota-Engil Africa NBC Holdings Nedbank Sanne Group Sanne Group-South Africa Absa Bank Ltd Absa Bank Ltd Absa Bank Ltd Absa Bank Ltd Argon Asset Management Natal Joint Municipal Pension / KwaZulu-Natal Joint Municipal Provident Funds Botswana Investment and Trade Centre Admiral Markets Akerton Partners Cecabank Everfx SegurCaixa Adeslas VSN AIA Insurance Lanka Limited Amana Bank PLC Ambeon Holdings PLC Colombo Land & Development Co. PLC. Commercial Bank of Ceylon Plc Comtrust Asset Management Cooperative Insurance Company Ltd EPIC Lanka Group FriMi Digital Bank Gensoft ERP Habib Bank Limited HDFC Bank of Sri Lanka ICICI Bank M S Technologies (Pvt) Ltd

Best Credit Insurer Singapore 2019 Best Life Insurance Company Singapore 2019 Best Independent Wealth Manager Singapore 2019 Best Discretionary and Advisory Service Singapore 2019 Best CFD Brokerage Singapore 2019 Best Mutual Fund Provider Singapore 2019 Best Security Broker, Singapore, 2019 Best Online Trading Platform Singapore 2019 Best Digital Transformation Company Singapore 2019 Best New Banking Technology Solutions Provider Singapore 2019 Best Packaging Technology Solution Provider Singapore 2019 Best Data Analytics Solutions Provider Singapore 2019 Best Telecommunication Company Singapore 2019 Most Promising Tech CEO (Jaco Gerrits) South Africa 2019 Best Digital Security Solutions Provider South Africa 2019 Best Forex Education Provider South Africa 2019 Best Life Insurance Company South Africa 2019 Best Investor Relations Company Africa 2019 Best Pension Fund Administrator South Africa 2019 Most Innovative Retail Bank South Africa 2019 Best Hedge Fund Administration Company South Africa 2019.

Best Fund Administration Company South Africa 2019 Best Islamic Corporate Bank South Africa 2019 Best Islamic Retail Bank South Africa 2019 Most Innovative Islamic Youth Banking Services South Africa 2019 Best Islamic Trade Finance Provider South Africa 2109 Best Asset Management Company South Africa 2019 Best Pension Fund (NJMPF) South Africa 2019 Best Regional Investment Authority Southern Africa 2019 Best Forex Company Spain 2019 Best Corporate Advisory Company Spain 2019 Best Custodian Bank Spain 2019 Best New Forex Education Provider Spain 2019 Best Insurance Company Spain 2019 Best Business Process Management Software Solution Provider Spain 2019 Best Life Insurance Company Sri Lanka 2019 Best Islamic Retail Bank Sri Lanka 2019 Most Innovative Holdings Company Sri Lanka 2019 Best Real Estate Development Company Sri Lanka 2019 Best Internet Bank Sri Lanka 2019 Best Performing Fund (Comtrust Equity Fund) Sri Lanka 2019 Fastest Growing General Insurance Company Sri Lanka 2019 Best Card Management System Provider Sri Lanka 2019 Best New Fin-tech Bank Sri Lanka 2019 Best Logistics Software Solution Provider Sri Lanka 2019 Best Customer Service Bank Sri Lanka 2019 Fastest Growing Housing Development Bank Sri Lanka 2019 Fastest Growing Corporate Bank Sri Lanka 2019 Best IT Solution Provider Sri Lanka 2019

Global Banking & Finance AwardsÂŽ 2019 AWARD WINNERS

Nation Lanka Finance PLC National Development Bank PLC National Development Bank PLC National Development Bank PLC National Development Bank PLC National Development Bank PLC National Savings Bank People’s Bank Investment Banking Unit People’s Insurance PLC SANASA Development Bank PLC Sanasa Life Insurance Company Limited Seylan Bank PLC SoftLogic Life Insurance SoftLogic Life Insurance SoftLogic Life Insurance Sri Lanka Insurance Corporation Ltd Sri Lanka Savings Bank Ltd Sri Lanka Telecom Union Bank Of Colombo PlC Virtusa Corporation BBVA in Switzerland Fides Treasury Services Fubon Financial Holdings Fubon Insurance Fubon Securities Fubon Securities Fubon Securities Nanshan Life Insurance Co., Ltd Taipei Fubon Bank Taipei Fubon Bank Taipei Fubon Bank Taipei Fubon Bank Taipei Fubon Bank Taipei Fubon Bank Taipei Fubon Bank Taipei Fubon Bank TAIWAN LIFE INSURANCE CO.,LTD Access Bank Tanzania Equity Bank Tanzania Ltd Exim Bank Tanzania Orbit Securities Co Ltd Orbit Securities Co Ltd Orbit Securities Co Ltd Bangkok Insurance Bank of Ayudhya Public Company Limited BCPG Public Company Ltd Claim Di Islamic Bank of Thailand Kasikornbank PCL

Fastest Growing Leasing Company Sri Lanka 2019 Best Automobile Lending Initiative Sri Lanka 2019 Best Bank for Project Financing Sri Lanka 2019 Best Financial Services Group Sri Lanka 2019 Best SME Bank Sri Lanka 2019 Most Innovative Digital Transformation Sri Lanka 2019 Best Savings Bank Sri Lanka 2019 Fastest Growing Investment Banking Unit Sri Lanka 2019 Best Insurance Company for Customer Service Sri Lanka 2019 Fastest Growing SME Bank Sri Lanka 2019 Best Micro Insurance Company Sri Lanka 2019 Best Bank for Personal Loans Sri Lanka 2019 Best Health Insurance Company Sri Lanka 2019 Fastest Growing Health Insurance Company Sri Lanka 2019 Most Innovative Insurance Marketing Campaign Sri Lanka 2019 Best Motor Insurance Company Sri Lanka 2019 Best Micro Finance Bank Sri Lanka 2019 Best Telecommunication Company Sri Lanka 2019 Best Cash Management Bank Sri Lanka 2019 Best Digital Process Automation Services Provider Sri Lanka 2019 Best Bank for Digital Solutions in Wealth Management Switzerland 2019 Best Multi-Banking Solutions Provider Switzerland 2019 Best CSR Company Taiwan 2019 Best Non-Life Insurance Company Taiwan 2019 Best Customer Service Broker Taiwan 2019 Best Internet Broker Taiwan 2019 Best Investment Bank Taiwan 2019 Best Life Insurance Company Taiwan 2019 Best Credit Card Offering Taiwan 2019 Best Internet Bank Taiwan 2019 Best Mobile Initiative of SME Bank Taiwan 2019 Best Online Lending Service Taiwan 2019 The Best Trust Services for elderly persons Taiwan 2019 Best Customer Service Bank Taiwan 2019 Best Payment Bank Taiwan 2019 Best Syndication Bank Taiwan 2019 Fastest Growing Life Insurance Company Taiwan 2019 Best CSR Bank Tanzania 2019 Best Agency Bank Tanzania 2019 Best Investment Bank Tanzania 2019 Best Equities Broker Tanzania 2019 Best M&A Transaction Advisory Tanzania 2019 Best Securities Broker Tanzania 2019 Best Travel Insurance Company Thailand 2019 Best Bank for Mobile Banking Application Thailand 2019 Best Renewable Energy Production Company Thailand 2019 Best Insurance Mobile Claim Solution Provider Thailand 2019 Best Islamic Finance Provider Thailand 2019 Best SMEs Bank in Thailand 2019

Global Banking & Finance Awards® 2019 AWARD WINNERS

Krungsri Asset Management Company Co. Ltd. Krungsri Asset Management Company Co. Ltd. Krungsri Securities Omise Savings Asia Company Limited Thailand SCB ABACUS Thai Credit Retail Bank Thai Union Group PCL

Thai Union Group PCL Thaire Life Assurrance PCL Thanachart Bank Thanachart Fund TISCO Asset Management Co Ltd TMB Bank Public Company Ltd Bank of Africa Togo Bank of Africa Togo AMEN BANK COTUNACE Akbank T.A.S. Al Baraka Bank Alnus Yatırım Menkul Değerler A.Ş.

BIS Cozum Euler Hermes Fibabanka Turkey Halk Yatırım Menkul Değerler AŞ Halk Yatırım Menkul Değerler AŞ HSBC Bank Turkey Yapi Kredi Bank YAPI KREDİ FAKTORİNG A.Ş.

Yapı Kredi Asset Management Yapı Kredi Asset Management Yapı Kredi Bankası A.Ş.

Yapı Kredi Bankası A.Ş.

Yapı Kredi Leasing Ziraat Bankası ÜNLÜ Menkul Değerler A.Ş.

Aafaq Islamic Finance PSC Aafiya TPA Services UAE Abu Dhabi Commercial Bank Abu Dhabi Islamic Bank (ADIB) ADS Securities Al Ramz Capital Alliance Insurance Company PSC Amlak Finance P.J.S.C. Amlak Finance P.J.S.C. Beehive Commercial Bank of Dubai

Best Asset Management Thailand 2019 Best Fund Management Company Thailand 2019 Best Securities Trading Service Thailand 2019 Best Online Payment Solution Provider Thailand 2019 Best Financial Product Comparison Platform Thailand 2019 Best Data Analytics Solutions Provider Thailand 2019 Fastest Growing Retail Bank Thailand 2019 Best Group CEO in Thailand 2019 Mr. Thiraphong Chansiri, President and CEO, Thai Union Group PCL Best Group CFO in Thailand 2019 Mr. Joerg Ayrle, Group CFO, Thai Union Group PCL. Best Life Reinsurance Company Thailand 2019 Best Bank for Auto Financing Thailand 2019 Fastest Growing Mutual Fund Provider Thailand 2019 Best Provident Fund Provider Thailand 2019 Best Banking Product (TMB Smart Port) Thailand 2019.

Best Corporate Bank Togo 2019 Best Retail Bank Togo 2019 Best Digital Bank Tunisia 2019 Best Credit Insurance Company Tunisia 2019 Best Project Finance Bank Turkey 2019 Best Investor Relations Banking Turkey 2019 Best Stock Exchange Broker Turkey 2019 Best Factoring Software Solutions Provider Turkey 2019 Best Credit Insurance Company Turkey 2019 Fastest Growing Agricultural Finance Bank Turkey 2019 Best Corporate Finance Advisory Turkey 2019 Best CSR Company Turkey 2019 Fastest Growing Bank for Premier Banking Turkey 2019 Best Private Banking Turkey 2019 Best Factoring Company Turkey 2019 Best Asset Management Company Turkey 2019 Best Pension Funds Management Company Turkey 2019 Best Retail Bank Turkey 2019 Best SME Bank Turkey 2019 Best Leasing Company Turkey 2019 Most Innovative Digital Transformation Project Turkey 2019 Best M & A Advisory Turkey 2019 Best Customer Service for Islamic Finance UAE 2019 Best Health Insurance TPA Service Provider UAE 2019 Best SME Bank UAE 2019 Best Banca Takaful Provider U.A.E. 2019 Best Forex Broker UAE 2019 Best Securities Brokerage Company UAE 2019 Best Life Insurance Company UAE 2019 Best Islamic Finance CSR Company UAE 2019 Best Sharia Compliant Property Finance Company UAE 2019 Best Peer to Peer (P2P) Lending Platform UAE 2019 Best Cash Management Bank UAE 2019

Global Banking & Finance Awards® 2019 AWARD WINNERS

CROWE MAK Dubai Islamic Insurance & Reinsurance (AMAN) Emirates NBD Evarei Management LLC Export Trading Group (ETG) Habib Bank Limited IG LTD Mashreq Bank Mashreq Bank Mashreq Bank Mashreq Bank Mashreq Bank Minhaj Advisory Noor Takaful OutSystems Pyramedia Siraj Finance TANQIA SIYANA Waha Capital Bank of Africa Uganda Attivo Networks House of Borse Learn to Trade Tellimer Alfa Bank Ukraine Bank Clearing House Marksman Capital Partners OTP Capital Payforce LLC Quantum Attivo Networks Aloqabank JSC Joint-Stock Commercial Bank Asaka JSC Agrobank KDB Bank Uzbekistan SEIDE Ltd Turonbank ASIA COMMERCIAL BANK ASIA COMMERCIAL BANK ASIA COMMERCIAL BANK ASIA COMMERCIAL BANK Bank for Investment & Development of Vietnam (BIDV) Bank for Investment & Development of Vietnam (BIDV) Bao Viet Insurance Corporation Bao Viet Insurance Corporation Baoviet Fund Management Company BAOVIET Holdings BAOVIET LIFE BAOVIET LIFE

Best Tax and Audit Service Provider UAE 2019 Best Motor Insurance Provider UAE 2019 Best Private Bank UAE 2019 Best Real Estate Investment CEO Stefan Hickmott UAE 2019 Fastest Growing Agricultural Supply Chain Company UAE 2019 Fastest Growing Bank for Remittance Services UAE 2019 Best CFD Trading Platform UAE 2019 Best Mobile Banking Application UAE 2019 Best Bank for Factoring UAE 2019 Best Bank for Structure Financing UAE 2019 Best Retail Bank UAE 2019 Best Corporate Finance Deals UAE 2019 Best Islamic Financial Business Advisory Service Provider UAE 2019 Best Takaful Company UAE 2019 Best Compliance Technology Solution Provider UAE 2019 Best Media Company CEO UAE 2019 (Nashwa Al Ruwaini) Best New Islamic Finance Company UAE 2019 Best Environmental Conservation Technology Solution Provider UAE 2019 Best IR Company UAE 2019 Best SME Bank Uganda 2019 Most Innovative Cybersecurity Solution UK 2019 Best ECN Broker United Kingdom 2019 Best Forex Education Provider UK 2019 Best Research and Analytics Solutions Provider UK 2019 Best SME Bank Ukraine 2019 Best Private Bank Ukraine 2019 Best New Corporate Advisory Firm Ukraine 2019 Best Pension Funds Provider Ukraine 2019 Best Mobile Banking Developer Ukraine 2019 Best Business Software Solutions Provider Ukraine 2019 Most Innovative Cybersecurity Solution USA 2019 Best Investor Relation Bank Uzbekistan 2019 Best Project Financing Bank Uzbekistan 2019 Best Retail Bank Uzbekistan 2019 Best Bank for International Banking Services Uzbekistan 2019 Best Property Portal Uzbekistan 2019 Best Bank for Loans Uzbekistan 2019 Most Innovative Banking Product Vietnam 2019 Best Commercial Bank Vietnam 2019 Best CSR Bank Vietnam 2019 Best SME Bank Vietnam 2019 Best Bond Issuance Vietnam 2019 Best DCM House Vietnam 2019 Best General Insurance Company for Customer Service Vietnam 2019 Best General Insurance Company Vietnam 2019 Best Fund Management Company Vietnam 2019 Best Corporate Governance Financial Holdings Vietnam 2019 Best Insurance Company for CSR Activities Vietnam 2019 An Phat Cat Tuong – Most Innovative New Life Insurance Product Vietnam 2019

Global Banking & Finance Awards® 2019 AWARD WINNERS

BIDV Securities Joint Stock Company (BSC) FBS Markets Inc FE CREDIT-VPBank Finance Company limited Indochina Capital Corporation Vietnam Manulife (Vietnam) Limited National Citizen Bank National Citizen Bank Sai Gon Joint Stock Commercial Bank Softline Vietnam Techcombank Tien Phong Commercial Joint Stock Bank (TPBank) Tien Phong Commercial Joint Stock Bank (TPBank) Tien Phong Commercial Joint Stock Bank (TPBank) Tien Phong Commercial Joint Stock Bank (TPBank) VietinBank VietinBank Vietnam Asia Commercial Joint Stock Bank (VietABank) Vietnam Prosperity Joint-Stock Commercial Bank (VPBank) Vingroup Access Bank Zambia Limited African Banking Corporation Zambia Limited T/A Atlas Mara Zambia Barclays Bank Zambia Plc Barclays Bank Zambia Plc Cavmont Bank Ltd Cavmont Bank Ltd Madison Life Insurance Company Metropolitan Life Insurance Pangaea Securities Limited CBZ Bank FBC Holdings First Capital Bank NedBank Zimbabwe POSB Stanbic Bank Zimbabwe Ltd Steward Bank Limited ZB Financial Holdings

Best Brokerage House Vietnam 2019 Best Forex Broker Vietnam 2019 Best Consumer Finance Company Vietnam 2019 Best Real Estate Development Company Vietnam 2019 Best Life Insurance Company for Digital Transformation Vietnam 2019 Best Mobile Banking Application Vietnam 2019 Most Innovative Banking Initiative for Women Vietnam 2019 – Visa Card for Women Best Customer Service Bank Vietnam 2019 Best Cloud Solution Provider Vietnam 2019 Best Trade Finance Bank Vietnam 2019 QuickPay – Best Payment Gateways Vietnam 2019 Best Bank for Home Loans Vietnam 2019 Savy – Best Mobile Savings Bank App Vietnam 2019 Fastest Growing Retail Bank Vietnam 2019 Leading Contact Center Vietnam 2019 Best Retail Bank Vietnam 2019 Best Bank for Sustainable Development Vietnam 2019 Best Youth Centric Digital Banking Platform-YOLO Vietnam 2019 Best Investor Relations Company Vietnam 2019 Best Banking Product for Non Customers (Access Africa – Money Transfer Platform for Non Customers) Zambia 2019 Fastest Growing Retail Bank Zambia 2019 Best CSR Bank Zambia 2019 Best Corporate Bank Zambia 2019 Best SME Bank Zambia 2019 Best Customer Service Bank Zambia 2019 Best Life Insurance Company Zambia 2019 Best Health Insurance Company Zambia 2019 Best Mergers & Acquisitions Advisory Zambia 2019 Best Investor Relation Bank Zimbabwe 2019 Best Vehicle Insurance Company Zimbabwe 2019 Best Bank for Debit Cards Zimbabwe 2019 Best Retail Bank Zimbabwe 2019 Best Bank for International Banking Services Zimbabwe 2019 Best Commercial Bank Zimbabwe 2019 Best Digital Bank Zimbabwe 2019 Best CSR Company Zimbabwe 2019

Global Banking & Finance Awards® 2019 AWARD WINNERS

EMEA 94 Issue 18

EMEA INTERVIEW

Benchmark of Investment Banking

Banco de Fomento Internacional, S. A. (BFI) is working to develop sustainable financial solutions in Cape Verde. In this interview with Luis P. Rodrigues, CEO of BFI, we discover what makes BFI unique, as well as the trends, challenges, and opportunities the business faces for future growth in Cape Verde.

When asked what makes BFI so unique, Rodrigues says that BFI intends to position itself as the benchmark of investment banking and local private banking by using a business model that favours personalised banking as the differentiating element of its strategy.

“BFI has the particularity of assuming, strategically, the need to differentiate commercial banking from investment banking,” he says. “It is an absolutely necessary specialization that the Cape Verde banking sector requires.

BFI is, in essence, the only investment bank in Cape Verde.”

“The importance of offering these services in the Cape Verde financial system is immense,” he continues.

“They are sustained by the demand for infrastructure projects, both nationally and throughout the African continent, taking advantage that Cape Verde is generally recognised as a sustainable country with political stability, great levels of security, welleducated people, and with its currency pegged to the Euro. It is a particularly interesting market in which to promote an investment bank.”

According to Rodrigues, BFI is, on the operational level, unique because of their conservative decision-making process. “This process,” he says, “is the accumulated experience of its professionals, the knowledge of each client, and the context-environment analysis of circumstances. It is a specific type of service that is not to be confused with traditional commercial banking-it is personalized to the customer yet remains complementary to the traditional commercial banking industry.”

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EMEA INTERVIEW

Asked about the current investment banking trends and challenges in economies such as that of Cape Verde, Rodrigues says that BFI's major challenge is to consolidate its strategic orientation. “We intend to remain a modern bank with committed employees and solid results based on a set of institutional values and sound management,” he says. “The banking sector in Cape Verde has developed itself remarkably well in recent years. It is well-served by traditional commercial banking. BFI's strategy is to consolidate private banking and investment services in a fast-growing country with great investment opportunities, especially in structural projects,” he says. “With the constructive willingness of the Cape Verde governors, regulators, and state agencies, Cape Verde is making its economy prosper by transforming into a platform in the Mid Atlantic for global business and investment flows.”

The banking industry, according to Rodrigues, as a key participant in the globalisation, has several challenges to address. “First, Banks are already fully engaged in meeting standard accounting requirements and the resulting changes to their business model with specific focus on provisions – the IFRS 9, is a perfect example. Pressure to build appropriate models and reporting requirements only leads to greater complexity! Second, Banks are required to utilise their customer knowledge to not only retain but grow their customer returns through more effective cross-selling. Third, the traditional physical and technical infrastructure of banks has proven to be too rigid to accommodate new trends, which has limited their ability to respond to the marketplace dynamic requirements.”

Where investment banking is concerned, Rodrigues says that separation from commercial activity is an absolute must. “Funding has become the ultimate challenge and the industry is orienting itself to

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offer in-demand services. Investment banks have been facing significant pressure to reduce their cost base, although the industry standards have dictated increasing costs with AML and Compliance. The challenge is definitely there.”

On the topic of innovation, Rodrigues says that BFI aims to develop its operational capacity through further improvement and integration of processes that enable the bank to better meet the expectations of its clients. “This policy of innovative process allows us to offer customers greater added value as well as a more competitive and differentiated offer. It has also developed the infrastructure of our private and investment banking integration,” he says. “I believe these were the considerations that led Mastercard to authorize BFI to be the first bank in North Africa to issue the two most prestigious credit cards in their portfolio: World Elite and Platinum, which was a very important recognition for both for BFI and Cape Verde.”

With customers at the centre of their success strategy, Rodrigues says that BFI strives to create the best experience through presence and personal contact approach. “By combining a constant improvement of computer tools (CRM and home banking) with more demanding faceto-face strategies, we aim to provide our clients with high quality services and results tailored to their needs.

Although BFI’s customers are scattered around the world, we are always nearby. We try to make the most of emerging technologies by developing and adapting new products.”

In addition to its client-oriented commitments to provide exemplary service, BFI is an institution owned mostly by private investors, without any direct reliance on other financial institutions. “Its management is almost entirely independent of the shareholder body,” says Rodrigues.

“As such, it assumes that customer service is the cornerstone of its

business. We want to think that we are a true partner who protects the interests of each customer without any self-interest other than growing sustainably. No other interest subsidizes our performance other than providing the best customer service possible.

Asked to describe how BFI provides financial counselling and whether they aim to cater more to business customers or private clients, Rodrigues says that the orientation of BFI’s services is bisected, with one oriented to enterprises and investment banking, and another for private banking.

“In either case,” he continues, “each client is assigned an account or project manager. It is in creating a strong relationship with our customers, based on trust and transparency, that we build both their success and ours.

In investment banking, we have a group of professionals with extensive experience in the development and monitoring of projects, who periodically meet in specific and specialised forums to jointly find the best solutions for each situation,” he says. “We also have a global network of national and transnational institutions, with whom we maintain close ties for fundraising, specific expertise and support in the syndication of operations. This global network is also very useful in managing personalized services for private banking, where we tailor solutions for each client.”

According to Rodrigues, BFI has professionals in many fields of expertise. Project managers specialize in investment banking services while private bankers accompany private clients. “It is up to the private bankers and project managers to establish rapport with the clients. For this reason, BFI has professional staff fluent in Portuguese, English, French, Spanish

EMEA INTERVIEW

and, most recently, in Arabic. This is essential for positioning us as a truly global institution.”

When discussing current challenges and opportunities, Rodrigues says that investors must be very wary of information overload. “Although we claim to sell two commodities in our services, confidence and information, the fact is that information has become very fast and difficult to absorb. Second, investors must be aware and account for the so-called unknown risks. One of the most important services an investment bank can provide is a professional who recognizes potential risks.”

As far as general opportunity goes, Rodrigues says that BFI is trending in some sectors and activities. “The growing popularity of the electric vehicles market offers tremendous investment opportunities,” he says.

“Entirely new markets are going to be created and new business models in shared mobility and connected services will emerge. Also, the digital revolution brings with it the growing need for cybersecurity. Fintech is a powerful growth trend, which will be around for many years to come.

“Additionally,” he says, “Africa is one of, if not the most promising continent in years to come with ROI possibilities. We are very confident in our strategy and we look forward to getting even greater client satisfaction and shareholder fulfilment. We will continue striving to be a part of the global industry and to maintain focus on maximising our expertise on this continent; we recognise the risks and believe in its potential. We have a great team and a fantastic working environment. We have imaginative marketing, cutting-edge technology, and excellent facilities.

Above all, we provide our services in and out of a democratic, safe, and prosperous country – Cape Verde.”

Luis P. Rodrigues CEO Banco de Fomento Internacional, S. A. (BFI) Luis P. Rodrigues Graduated in Business Administration and Economy from Florida International University in Miami, USA and with a Masters of Business Administration (MBA) from Drexel University in Philadelphia, Pennsylvania, USA. Presently and since 2014, assures the presidency of the Executive Members of the Board of Directors (CEO) of BFI - Banco de Fomento Internacional, S.A. in Cape Verde.Previously, worked in banks and in the sequence of the Capital Markets restructuring in 1999 in Portugal, was a Member of the Executive and General Board of Directors of BVLP- Sociedade Gestora de Mercados Regulamentados, S.A.[Lisbon Stock Exchange], with the responsibility of two major areas – Trading and Marketing. He was, simultaneously, member of the Board of Directors of Interbolsa – Sociedade Gestora de Sistemas de Liquidação e de Sistemas Centralizados de Valores Mobiliários S.A, the Central Depositary and Settlement agency in Portugal. Always in financial areas, over 35 years of experience.

Issue 18 | 97

EMEA FINANCE

The case for real-time reporting In the wake of the 2008 financial crisis, the desire for realtime cash-balance liquidity reporting began to build. Fast forward, however, and its implementation within the banking industry remains limited. Deutsche Bank’s Andreas Hauser argues that now is the time to revive this momentum and take action The 2008 financial crisis shone a spotlight on the global banking system and, in the process, highlighted several of its faults. For one, banks were revealed to be highly sensitive to fluctuations during the day and highly unable to quickly address them.

The revelation awakened regulators to the system’s inherent dangers – leading the Basel Committee on Banking Supervision (BCBS) to propose guidelines to track liquidity flows over the course of the business day.

The response came in the form of two complementary regulations: the qualitative BCBS 144 and the quantitative BCBS 248, released in 2008 and 2013 respectively. Most recently, the latter standard has been integrated into the Basel Framework.

Several years later, however, this concept apparently has somewhat slipped down the agenda. Outside of a handful of the world’s largest banks that are mandated to report their cash balance liquidity positions on a real-time basis, its possibilities remain mostly unexplored. And accordingly, few have capitalised on the opportunities it affords.

It is time for this trend to be reversed. While other industry standards and technologies – such as ISO 20022, Application Programming Interfaces (APIs) and Distributed Ledger Technology (DLT) – continue to command the industry’s focus, a long journey to fulfil their potential lies ahead. By contrast, the tools necessary for real-time reporting are already available and the benefits can be seized today.

Who benefits?

What has been holding banks up thus far? The lack of a broad mandate is certainly a contributory factor, as perhaps is the possibility that real-time reporting is seen as a regulatory exercise that can be avoided. Yet this is far from the case, with real-time reporting offering a range of

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important benefits. The BCBS 248 report itself suggested that the tools would be “useful in promoting sound liquidity management practices for other banks, whether they are direct participants of a large-value payment system (LVPS) or use a correspondent bank to settle payments”.

In any given 24-hour period, a bank with a large international portfolio will likely see its cash liquidity positions vary significantly. Except, of course, without real-time reporting functionality, it will not actually see it. The cash position will be varying – potentially veering from positive to negative intraday balances and return – unbeknown to the team throughout the day. Being able to report on intraday cash balances allows banks not only to guard against stress scenarios as envisaged by the BCBS, but also to retain constant control over payment execution, and improve liquidity management strategies. Put simply, banks that fail to apply such a strategy are missing out on potentially huge efficiencies.

Deutsche Bank recently conducted a study into four different financial institutions, two of which use its extended realtime reporting service and two that do not. The two users were found to have a clearly defined daily pattern, with minimal over- or under-funding across the business day. In contrast, the two non-users exhibited more random patterns and regularly wasted cash liquidity. And in cases where the account fell short of liquidity, the two institutions without real-time reporting were obliged to either borrow at additional costs or risk situations in which they may not meet their time-specific payment obligations.

The future of reporting Technology is rapidly evolving, and many of the major ongoing developments will have knock-on effects on realtime reporting.

API technologies, for example, could be used to allow information to be shared directly between banks and their payments service providers through an alternative reporting channel. In addition, a DLT solution, which removes the need for a central system to act as the processor for transactions, could be applied to correspondent banking to make all data reporting available immediately. Artificial Intelligence

EMEA FINANCE

(AI) solutions are also being explored with a view to automating a bank’s treasury functions. Crucially though, these solutions all have one thing in common: they remain a long way off widespread everyday use.

In the nearer term, the migration to a new global payment messaging standard, known as ISO 20022, is set to have far-reaching implications across the workings of any given bank – whether they adopt the standard or not. With regard to real-time reporting, ISO 20022 messages are set to provide markedly richer and more structured data, which will allow for the better analysis and control of a bank’s cash position. But, while it is likely the migration to ISO 20022 will improve reporting, it is unlikely it will cause a disruption to those who have already implemented, or those who are in the process of implementing, real-time reporting services.

No time to wait For banks seeking to improve their visibility over liquidity flows today, realtime reporting, which can already be carried out to a high standard, is their best strategy. What’s more, when compared to global projects, such as the ISO 20022 migration, the cost of implementation is negligible and can be achieved relatively quickly. Investing early, rather than waiting on new developments or mandates, will prove to be a beneficial move for banks – and one that will be swiftly rewarded.

Andreas Hauser Senior Business Product Manager, Real-time Reporting and Innovation Cash Clearing, Cash Management Deutsche Bank

Issue 18 | 99

EMEA INVESTMENT

A maturing market:

Crypto derivatives and standardisation

The price of Bitcoin is still going through a phase of adolescent mood swings and, until relatively recently, cryptocurrency trading has been approached cautiously by most financial institutions. However, this volatility means profit. Like cautious schoolkids, many market participants have avoided being the first to dive in. There’s always a risk of ridicule when advocating something not yet accepted by the wider group, but boldness can pay off. At present, more of the top dogs of the financial

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playground are dipping their toes in the water, and as trading ramps up, the infrastructure is becoming more sophisticated. There’s still a way to go but progress is being made.

The CME’s launch of crypto futures contracts in 2017 was a turning point. It marked a strategic decision from a major institution that trading cryptocurrency derivatives represented long-term potential. Shortly after the launch of these futures, trading activity spiked and the price of bitcoin shot up to $20,000 before crashing back down to $2,000.

Since this infamous tantrum, the crypto market has taken encouraging steps. Just a few weeks ago, the CME launched its much-anticipated Bitcoin options, marking another leap forward.

How these options will affect volatility of the underlying asset has yet to be seen, but it’s certain to present opportunities. Even the day after this announcement, crypto derivatives trading spiked, indicating there is high demand for the new contracts.

EMEA INVESTMENT

Additionally, banks and asset managers’ attention will be drawn to crypto trading following a recent research from Eurekahedge showing that cryptocurrency funds generated returns of more than 16 per cent in 2019, compared to just 10.4 per cent for traditional hedge funds.

With more players entering the market, having robust trading systems in place is becoming essential, and, as a result, the architecture used by the industry is becoming more standardised. So much

so that now, beneath the surface, the crypto markets are beginning to look more like other asset classes – a quiet yet significant transition into maturity.

From a technological perspective, crypto trading increasingly resembles traditional markets. Firstly, the APIs which are being used are now more straightforward with user-friendly interfaces. Looking at how orders are passed between buyers and sellers, the systems involved for the other asset classes are being transferred.

Namely, some exchanges now offer FIX connectivity – a way in which counterparties communicate. It’s seen as the universal language of capital markets. This was not the case several years ago and it’s a move which allows for easy integration with the trading systems of the more established firms. It’s all part of a process where the end-to-end lifecycle of a trade is underpinned by more efficient technology which will make trading easier and more reliable.

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EMEA INVESTMENT

As it stands, the main actors of crypto today are mainly unregulated.

Traditional asset managers want to trade digital assets, just in a regulated way. It looks like there is a bridge between the two sides soon. Regulators in the US, including the SEC and CFTC, are working on a Cryptocurrency Act for 2020 which will split crypto assets into three categories and it will force all crypto traders to play from the same rulebook. Therefore, with the introduction of a universally regulated environment in the US, this trend of standardisation looks set to get a further boost this year. Fundamentally, if the US provides more of a framework for crypto trading, not only may other countries follow suit, but clarity will draw in institutional investors and trading volumes will increase.

One area which need addressing is pricing. When it comes to options, pricing methodologies are not always the same depending if the interpretation is from equities or commodities. For cryptocurrencies, there has long been a debate around how to define the asset – they are not quite like currencies and not quite like commodities. They are their own asset, which raises a few questions around how options should be priced.

For example, in the case of Bitcoin, it’s traded on many exchanges where the price is not always the same, so what price would you use for those option?

It’s a problem which needs addressing because, in order to reach a true tipping point for broader institutional involvement, pricing techniques will have to be made uniform.

People have been talking about crypto options for a while and now it’s happening on all the major exchanges.

Despite being the underdog of the trading for some time, the introduction of more sophisticated securities such as these act as a prerequisite for a more standardised market structure.

However, for cryptocurrencies to become the mature asset the strive to be, the trading systems have got to be in place first. There are valuable lessons to be learnt from the established markets when it comes to the standard of infrastructure and a core element of this is ensuring the trading is underpinned by seamless technology.

Either way, the landscape will only become more user-friendly from here so it seems inevitable that cryptos will become integrated into the portfolios of institutional investors.

Sylvain Thieullent CEO Horizon Software

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EMEA INTERVIEW

Building Better Financial Futures

Whitestar Asset Solutions, SA, one the largest credit and real estate portfolio management companies in the industry offers integrated and complete asset management service to investors and originators. Global Banking & Finance Review caught up with João Bugalho, CEO of Whitestar Asset Solutions, SA discusses how the company is helping build better financial futures and helping support investors.

How is Whitestar Asset Solutions, SA (WS) building better financial futures?

In spite of the collection´ activity not being regulated in Portugal, WS adopts international best practices in its approach to customers. We have a highly trained work force, to which we provide regular training and education to make sure the customers in the portfolios we manage are properly addressed and managed.

There are not many activities when one can touch people´s lives as in our business. When customers come into our perimeter they have typically been involved in a nightmare for the past years (3, 4, 5 or more years), unable to solve their situation and finding it

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extremely difficult to come across an interlocutor genuinely concerned with their situation rather than their debt.

We build our business in trying to help these people, believing that a positive outcome for them is inevitably a positive outcome to our investors and, subsequently, to ourselves.

What are your areas of expertise?

We have a team in excess of 600 people, combining Whitestar and Norfin, with a breadth of knowledge and experience that allow us to provide services over any type of credit, through Whitestar, and also in Real Estate, through Norfin. This combination, leveraged by the size and track record, is unique in the Portuguese market and gives an edge that is highly appreciated by originators and investors.

What range of complementary offerings do you provide?

We cover the entire spectrum of NPLs (Secured and Unsecured) and Real Estate (from green field development, to property management, support

to inventory, selling of assets, etc) in Portugal and even manage performing loans.

How does Whitestar help investors to make informed investment allocations?

Our track record and depth of knowledge over local reality allow us to offer proper in-depth Due Diligence over the assets or portfolios under consideration, supporting investors with solid intel to facilitate their decision-making process. We know court processes and expected timings to resolution, we have a team on the ground with a unique knowledge overturning assets coming from loans into marketable property, licensing, deeding, etc. It´s a lot about local presence and track record.

How does Whitestar help investors capture growth opportunities?

We know extremely well the Portuguese market. We have been through more than one cycle, we manage circa 10 billion euros of assets in Whitestar and Norfin and we participate in virtually every

EMEA INTERVIEW

NPL transaction coming to market, supporting some investor.

How does automation and integration impact investors?

The more direct answer is less processing cost give us opportunity to be more competitive in terms of servicing fees. But it doesn´t stop there. By automating less added value processes we free up room for our people to focus on higher added value activities, which makes a difference in terms of quality and proactivity when managing assets for our clients.

How do you optimise investment portfolio performance?

On top of the regular reporting we provide investors with, we have regular roll ups with them where we explain the evolution of the portfolio and present the options, we deem more valuable going forward based on our experience and market knowledge.

Internally, we have several forums where our portfolio management teams challenge the servicing areas in relation to the development of the

business plans agreed with clients.

There is a lot of know involved and years of experience in the process, making sure we keep the right focus on the processes that end up delivering the expected outcomes.

How does improved analytics help support investment decisions?

The business relies on strong analytical skills coupled with execution capabilities. That is the cornerstone of the business. Sometimes these portfolios can be huge, the time frame to run a DD is extremely tight and the quality of the information available not the best. We use our database to fill in the gaps and our experience tell us where the typical traps might be. We are forecasting collections all the time, based on the profile of customers, characteristics of the portfolio, our perception of the originator underwriting practices and economic environment. To support these projections, we need to have solid analytical tools. Errors can simply cost too much in this business and we need to narrow down the volatility

João Bugalho Managing Director – Operations & Asset Servicing Southern Europe at Arrow Global CEO at Whitestar Asset Solutions

Issue 18 | 105

EMEA BUSINESS

Offering Mobile Working Styles Without Sacrificing Security As the always-connected, alwayson smartphone generation continues to enter the workforce, financial services organisations find themselves needing to offer more flexible work environments to stay competitive.

Many millennials in the industry have reported frustration and a general dissatisfaction with the devices and applications available to them, remarking that they want more freedom to use mobile devices. Whilst that level of convenience may be appealing to employees, the introduction of mobile devices as tools in the workplace can put financial information at greater risk of theft by cyber criminals.

Despite the risks, the benefits of mobility are too great to ignore. Beyond the human-resources implications, IT leaders in the financial services sector recognise that mobility creates a more flexible work environment, boosts operational efficiency and user productivity, and improves user experience whilst contributing to satisfaction among clients and customers alike.

The Challenges Financial services IT leaders estimate that 25-30 percent of employees require 24/7 access to corporate IT services through mobile devices. But whilst this industry leads others in digital services, it lags in adopting mobile technologies for its workforce.

The reasons for this include: •

regulatory environment – the financial sector is one of the most highly regulated industries. IT leaders face risk management, compliance pressures, and the compromised security of shadow IT.

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•

Security and data protection – compliance isn’t the only concern.

Data breaches are more costly in financial services than any other industry, due to the direct impact of the breach, but also the loss of goodwill and potential customer losses.

•

Legacy platforms and applications – only one-third of IT organisations say they have integrated mobile applications with legacy backoffice systems. They also blame security concerns for their lack of cloud-based productivity tools.

The Role of a Comprehensive Mobile Network Solution Financial services organisations need to support multiple branch locations, ATMs and advisors working to visit homes and businesses in the community. A successful mobile initiative caters to the changing needs of its customer base by incorporating a network solution that optimises, secures and delivers visibility across all enterprise and cloud applications and services. The solution has to work seamlessly in tandem with native OS security features, containerisation solutions and the locked-down security enabled through established tools such as the Apple Device Enrollment program to deliver a secure, end-to-end mobile experience. It reaches wherever they need to serve customers, and offers the flexibility to use smartphones, tablets and laptops running Windows, Android, MacOS or iOS. Mobility for Retail Banks With mobile banking becoming so popular, the traditional brick-andmortar bank branch may seem

obsolete. Indeed, between 2007-2017 the U.S. lost 10 percent of its physical bank branches. The rate of closures is even higher – approaching 50 percent – in countries such as Sweden, Norway, Denmark and the Netherlands. However, even though branch visits have fallen overall, bank branches still play a vital role — even among millennials.

Bank customers still prefer to visit a branch when opening new accounts, dealing with problems and making large transactions. Branches remain crucial for acquiring new customers and upselling and cross-selling to existing ones. Bank executives generally see the role of the branch changing, with employees using their face-to-face contact with customers to educate them on the use of their mobile devices and assist with financial decisions.

Some of the leading banks are even stationing digital ambassadors at branches, equipped with smartphones and tablets, to demonstrate services such as remote check deposit. Others are experimenting with replacing tellers in favour of roving employees who use tablets to help customers apply for loans or open accounts. Outside the branch, this mobile capability is seen as key to reaching unbanked or underbanked customers, especially in emerging markets.

Mobility for Investment Management Millennials are poised to inherit trillions of dollars over the coming years. For financial organisations this poses unique challenges. This generation tends to be averse to sit-down meetings in an office with an investment advisor, partly because they have grown up with easy access to financial information and comparisons just a click or tap away. As a result, financial advisors are

EMEA BUSINESS

adapting by using videoconferencing and other tools that offer convenience whilst maintaining the value of a faceto-face interaction. It’s no surprise, then, that more than half of investment management account holders say that they value the option of having immediate access to a video call with an advisor. Also worth considering is that the average age of a financial advisor is now 50, with 42 percent being over the age of 55. Therefore, in order to attract a new generation of advisors, investment management firms need tools that enable secure mobile working environments, including mobile apps that connect seamlessly to review portfolios, confirm balance transfers, monitor alerts, place trades and follow market movements.

Mobility in Insurance In the insurance space, agents and claim adjusters have long used mobile devices in the field to process claims.

These allow representatives to capture statements about the accident, document geo-location information,

take pictures of the scene, license plates, insurance ID cards and driver’s licenses, and contact towing services.

In the case of insurance sales, tablets can be used to automate every step of the process, from client discovery to policy submissions. By eliminating the typical back-and-forth between agent and underwriter, companies can reduce the number of meetings and significantly shorten the sales cycle. On the back end of the sales process, agents are able to easily generate quotes, ask underwriting questions, submit applications, and execute e-signatures and payments electronically, enabling them to issue new policies within minutes rather than days.

Given the rapid acceptance of mobile devices in our daily lives, financial organisations find themselves facing big challenges in the years ahead. They need to navigate a host of potential security risks while embracing and enabling their representatives with mobile technologies. If not, there is a

real risk of losing employees and customers to more-nimble, mobilenative FinTech startups. Tackling this problem requires a comprehensive mobile-network solution that enables a single, seamless and secure network. By proactively listening to the needs of their employees as well as their customers, financial services organisations will at least have a better understanding of where to start on that journey.

Achi Lewis EMEA Director NetMotion

Issue 18 | 107

EMEA INTERVIEW

How MultiBank Group evolved into one of the largest online financial derivatives Sophia Barnes, Director of Public Relations at one of the world’s leading forex and CFD brokers talks to Global Banking and Finance Review about their strong performance in 2019 and how their trading platforms differentiate them from others in the industry. Since its inception, MultiBank has evolved into one of the largest online financial derivatives providers by combing prime liquidity, cutting edge technology and first-class customer service. She also sheds some insight on how the company is ensuring the highest level of funds security and their future plans for development and growth.

2. How do you ensure the highest level of funds security?

1. What are MultiBank’s key performance indicators and what products do you offer?

3. How have your trading platforms been critical to your success?

Our average daily trading volume is currently estimated at $7.1 billion.

We also service 320,000 customers globally from over 90 countries.

We achieve this by offering over 1,000 Forex and CFD products this includes FX, Metals, Shares, Indices, Commodities and Crypto CFDs.

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MultiBank started in 2005, so we have 15 years of proven success.

This is evidenced by strong financials which are publicly available. We pride ourselves for sitting at the forefront of the forex industry and we are honoured to be recognised as a leader, particularly when it comes to client fund security. We take strict measures to ensure we are in compliance with the 7 global financial regulations that must adhere to including ASIC in Australia, BaFin in Germany, and CNMV in Spain, amongst others.

Our main platforms are MetaTrader 4 and MetaTrader 5 and what differentiates us from others in the industry is that we offer 3 different account types including ECN pricing and execution. This allows us to offer very tight spreads from 0.1 pips. All of our platforms are connected to our full suite of advanced trading tools, which include indicators, technical and fundamental analysis, market

analysis, VPS and MAM features. Our platforms are also available via browser (web trading), PC and mobile so clients can trade on the go 24/7. Another differentiating factor is that we offer customisable solutions for institutional customers. We have a separate institutional division called MultiBank Institutional which provides liquidity, execution, prime technology and white label solutions to our partners. This has been pivotal to our success.

4. What are your future plans for development and growth?

In the upcoming year in 2020, we plan to focus on global expansion with a key focus on 3 particular regions: MENA (Middle East & North Africa), LATAM (Latin America) and Southeast Asia. This will heighten our position as the go-to financial services broker in each of the region. Concurrently, we will continue our investment into trading technologies and solutions to ensure that we are always providing the most cutting-edge trading experience for our customers.

EMEA INTERVIEW

Sophia Barnes Director of Public Relations MultiBank

Issue 18 | 109

EMEA INTERVIEW

Innovative Financial Solutions from DLM Capital Group Helps in Bridging the Transportation Gap in Lagos Nigeria Securitisation is a relatively new finance technique in Nigeria. Global Banking & Finance Review spoke to Samuel Anani, Corporate Finance Analyst at DLM Advisory Partners about their role in facilitating the second future flow securitisation in the Nigerian Capital Market on behalf of their clients Primero Transport Services Limited.

Recently, you arranged and issued a second future flow securitisation in the Nigerian Capital Markets with the securitisation of Primero Transport Services Limited’s (“PTSL”) Bus Rapid Transit System (“BRTS”) ticket receivables, under a N100 billion medium term bond programme. So how was the exercise?

The exercise required a critical assessment of the potential profitability of the business and then, we needed to find a way to legally isolate its cashflows, noting the needs for operational cashflows. We achieved this by an assignment of the company’s future cashflow into an SPV. The cashflow from the sale of receivables

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was then used to pay down existing expensive debt. In addition, by separating the buses from the operating balance sheet of the company we were able to begin to redress the negative balance sheet position which came about from the high depreciation charge on the buses. Although it was tasking, the success of the deal is already beginning to have a direct impact on the lives of the average Lagosian.

Why was the securitisation necessary?

The securitisation isolates the borrower’s receivables, and this also applies to the cashflows of those receivables. This essentially gives the investor first charge over those cashflows, further securing the investment and making default entirely dependent on the performance of the receivables as opposed to other factors tied to the sponsor. The securitisation was also necessary to reduce the cost of borrowing by achieving a higher rating than a plain vanilla balance sheet bond issue.

Did it achieve the desired results?

Yes, it did. PTSL needed to increase the number of operating buses and reduce its spare ratio to improve daily cash accruals. Since the bond issue, there has been reported increase in the amount of buses deployed to serve the bustling population of Lagos. In addition, given the current ban on commercial motorcycles and tricycles in the state, Primero operating at optimum capacity has never been more important.

What is the area of coverage of the BRTS? It has a total of 27 stops which run from Ikorodu to Tafawa Balewa Square(35.5Km) in Lagos.

The future flow securitisation was expected to allow BRTS monetise its existing and predictable cash flows from ticket sales receivables generated in the ordinary course of business.

How successful has this been?

EMEA INTERVIEW

It has been very successful. The whole transaction is dependent on Primero BRT Securitisation SPV Plc being able to realise cash from the purchased future flow receivables and as such it is imperative that PTSL uses the amounts raised to ensure that the receivables deliver more than enough cash to service the bond.

Has Primero BRT Securitisation SPV Plc (“PBSP”) who is the issuer been able to meet principal and interest payment obligations owed to investors so far?

Yes, it has. PBSP has met its first semi-annual payment of interest and principal under the bond issue.

Primero BRT Securitisation SPV Plc was set up to purchase the BRTS ticket receivables from PTSL, securitise and sell under a bond issuance programme.

How well has PBSP played its role?

PBSP’s role was to raise funds to buy the receivables and then pay off the liability using cash from the purchased receivables. Payments are being made on schedule; it is performing well.

What has not worked well in the second future flow securitisation?

The business of transportation depends on volume because the more buses we have, the more the cashflow. Due to short term repairs and maintenance, some buses can be off the road from time to time, which leads to reduced cash collection. The transaction structure however provides for a bus replacement reserve and a maintenance reserve to ensure that there is always cash to meet these obligations.

So, what needs to be done now?

The next step will be to de-leverage the company via capital injection and plan for funding the next routes with much lower gearing and an economically viable cost of funds.

Samuel Anani Corporate Finance Analyst DLM Advisory Partners

Issue 18 | 111

EMEA BANKING

Fight or flight embracing digital banking in 2020 If you look at how banks have evolved in the past decade, a number of factors have changed the way consumers approach the market.

Realistically, like the majority of businesses, the integration of technology increases the chances of growth. The financial market is no different, thriving on innovation to succeed in a competitive environment. So why does the UK continue to lag behind, in contrast to nations like the U.S and China, who currently lead the way as pioneers of Fintech services? They have already used the flight mode, while the UK continues to fight change. We have accepted and valued the introduction of contactless payments into our lives and not looked back, improving efficiency for businesses and consumer purchases.

However, could we do more?

In the past decade, we have seen a great shift in the financial industry.

Thanks to technology and the emergence of cryptocurrency and mobile apps, consumers prefer to use digital tools to bank online. Why spend hours in a queue when you can do everything at the touch of a button at home. While traditional banks have been slow to react, examples are all around us of the impact of technology.

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So many people around the world use smartphones to access social media services like Facebook, search engines like Google for answers to a question and apps like Instagram to upload pictures. In the banking district, that immediacy to bring change is a cry for help from consumers who want to make payments instantly, with minimal charges. The public expects results quickly and technologies like cryptocurrency could be the answer. Do UK consumers and retail banks set a trend or simply follow? In the past and even now, the UK questions technology methods to aid financial services because it seems too bold and risky. How long did it take the internet to gain recognition as a useful tool? It will take time and patience, but with a global understanding, services like Blockchain and Artificial Intelligence could solve multiple issues.

Tracing transactions will improve, while fees will be minimised. Why wait for days for international transfers when Blockchain technology can be utilised instantly as an encrypted network to protect data. The United Nations uses facial recognition software to aid

EMEA BANKING

refugees fleeing their country without a passport, so is it time for Britain to adopt a similar approach instead of outdated banking methods?

For example, the U.S Bank, Banco Popular and BBVA Compass have introduced robotics to manage work processes.

GDPR has helped to breach the gap between data sharing and owning your own information, but why not use technology in a similar fashion. For example, Microsoft UK believes that organisations embracing Artificial Intelligence better their rivals by 11.5%. And yet the same report states that a whopping '96 percent of employees say they have never been consulted by their boss about the introduction of AI, despite 56 percent of organisations using AI today.' This demonstrates the need for technology but more importantly highlights that a level of communication and transparency is missing. The major banks like RBS and Lloyds need to wake up to the threat from customer-savvy challengers. With the latest figures predicting British banks could lose a further £8bn of revenue in the next five years, digital banking is the future and needs exposure now.

According to the Economic Forum, the Baltic States continue to thrive by embracing FinTech as the future, acting as a hub of activity in Europe. While Britain plays catch up, China is looking at ways to improve their customer experience.

Britain plays catch up, US and China are leading the way

It’s mindset what holds us back

In comparison to the UK, there's no question that the major financial markets around the world are ahead of British banks. Across the Atlantic Ocean, the United States has been working around the clock to embrace digital technology.

Seeing the positive impact it can have on their nation, they look at a number of ways to welcome digital transformation.

Because of a number of factors, the UK has stagnated as an economic force. There have been several negative incidents in recent years that have led to our cautious nature. After the 2008 financial crisis, is the nation still on its knees? In recent times, all of the publicity and struggles of Brexit, and now leaving the EU, have hampered businesses. Technology

In the final months of 2019, Chinese President Xi Jinping backed several initiatives to help technology position their country as a leading nation of finance. Ambitious plans are afoot to make Beijing the centre of Artificial Intelligence by 2030, with a worth of over 1 trillion yuan predicted, highlighting just one example of embracing technology. With leading banks around the world already looking at different ways to make transactions digital - including patenting Cryptocurrency and Blockchain, the UK has more than life after Brexit to worry about.

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EMEA BANKING needs a new revolution. A good example of a focus on digital stems from the Midlands. They have around 20,000 digital tech businesses in Yorkshire alone and continue to grow as a region thanks to technology. Should the rest of the UK follow its progress to achieve maximum results?

Considering the younger generation is our future and prefers to bank using digital methods, British banks need to react. They have already started by focusing on digital services like mobile and internet banking. Focusing on digital services, providing reduced fees for transactions and improving contactless payments can all aid the process and erase this cautious manner. What the customers want above all else are transparency and trust. British banks need to band together and embrace technology now.

Perhaps we are too traditional and do not want to upset the older aged groups of bankers. Although this is honourable, more focus towards the future generation could prove beneficial. The Business Insider created a study that showed that around 89% of people use mobile banking. Yet, bank shares in leading

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banks continue with record losses.

Are customers afraid of purchasing products online or do institutions need to provide greater clarity?

There is hope for Europe if we embrace technology It has been more than a decade since the economic meltdown of 2008. Great Britain is starting to understand how important digital banking is, but much more work lies ahead. Consumers demand more services. We need to follow the example of the United States and China; embracing AI, Blockchain and Cryptocurrencies.

Instant payments, fewer fees to pay and improved lending services are all a requirement for the demands of a nation that's on the cusp of greatness after leaving the E.U. As we step away from the outdated method of providing all services in branch, this will allow the British economy to grow. Reports from the FCA suggested only three years ago that 87% of current accounts came from the top six banks in the UK. While this is the case and they fail to adapt to greater digital methods, we will continue to fall behind leading financial nations.

We have welcomed change in the UK by adopting cardless payments and its made life much easier for all. Let's take that ingenuity and build on it for a brighter future, by welcoming change via technology. A united front across all competitors will create a greater deal of trust and offer improved faster services for the public.

Frank Zhou CEO & Founder Zeux

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EMEA TECHNOLOGY

What SMEs need from Regtech, and how they’ve been failed up to now Regtech is being touted as the next big thing after Fintech, and the basis for this is clear. Fintech is the paradigm that is supercharging financial services, so it follows there needs to be a corresponding increase in the ability to control, regulate and monitor such new systems and organisations. Regtech is simply a technology enabler for Fintech in the compliance and monitoring space.

Without the technology advances of Regtech, the growth of Fintech will be severely limited, so it is natural that it will be the next area to get some focus from industry. There is a key difference though between Fintech and Regtech. Where Fintech has seen a large number of start-ups and SMEs joining the sector, regulation and compliance systems have often been the preserve of larger enterprises. This is because most suppliers assume compliance to be an enterprise activity, but with the number of start-ups and SMEs, this has to be recognised as a growing and important market. In the UK alone, since 2005, over 60% of entrants to the financial services industry were new players and these are taking increasing levels of revenue from traditional banks 1.

Many of these entrants will be small.

Overall, SMEs now account for over 50% of private sector turnover 2 so there is significant market size.

Let’s look at where Regtech needs to develop to support the SME Fintech market and in which areas SMEs should look for their own biggest Regtech gains.

The current situation - where the market is focused on enterprises - is not unusual. Most complex IT systems are made for the enterprise market first.

SmartDebit is a Fintech payments SME that competes with enterprise suppliers, so we need functional equivalence on core IT such as resilience, monitoring, identity and privilege management.

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EMEA TECHNOLOGY

To achieve this, we have to operate as an enterprise - with the exception of our size. However, we have found it difficult to find enterprise-equivalent systems that are priced and aimed at the SME market, and we see the same with Regtech. Often such systems have minimum user number pricing which is far above SME requirements, but it’s not about price alone. SME products need to be operable without specialist skills or significant ongoing work. Even cash-rich SMEs have a limited pool of talent and are always time poor: they can’t afford to hire too many specialists who do not add to the bottom line. As such, systems that abstract complexity or reduce effort are essential to be practical.

Part of the reason for this gap in the market is that such systems were only of interest to enterprises in the past; SMEs just didn’t bother with them. This is changing. There are two drivers now that increase the enterprise-like requirements of SMEs. The first is that regulation and compliance are becoming increasingly required for smaller organisations. Due to the demands of GDPR and need for visible and demonstrable information security policies, security accreditations and quality standards, many companies are finding much more detailed regulatory work is needed than in the past. Secondly, SMEs are increasingly targeting enterprises as customers, and once they have scalable systems (which the public cloud can provide almost out-of-the-box), the only impediment is sufficient compliance and regulation to satisfy customer compliance teams.

This is causing a significant demand in compliance and Regtech from ambitious SMEs since it allows them to compete on an even footing with larger players.

So, what areas of Regtech should be of interest to SMEs? Essentially, they need systems that provide core parity with enterprises and don’t require too much expertise or resource to implement and run. At a minimum this will require automation of policies and controls for standards such as ISO27001/ISO27002 for Information Security, ISO9001 for Quality Management and, specifically for Fintech in the UK, anything that simplifies FCA compliance. SMEs

need systems that can automatically map processes to policies in order to measure coverage and integrate control test results, and in a format that provides evidence to external auditors.

This all needs to be done with minimal effort or specialist expertise from internal staff. Turn-key and automated solutions are not an initial priority for Regtech suppliers as enterprise buyers have resources and expertise that make such development investment less urgent, but this is what is needed to make SME implementation practical.

Suitable systems have been so hard to find that we have been investigating how to use off-the-shelf AI to better automate our own compliance when trying to map processes to policies. We have also co-opted traditional ITSM ticketing systems to cover checks and controls, but we are not a Regtech or AI specialist and would much rather use an SME-targeted commercial system. We hope this is the direction the market takes.

Regtech suppliers need to move out of the enterprise mindset and look at what SMEs need in a more focused way. The market is significant and growing and so is the requirement

for regulation at all levels. With a worldwide focus on security, regulation and compliance, there is no reason to think the regulation trend will change but whether Regtech suppliers will change their approach to support the SME market, where IT system suppliers have failed in the past, remains to be seen.

Gavin Scruby CIO SmartDebit

1

Accenture. “It's Time for Banks to Find Their New North Star Business Model.” Accenture, Accenture, 9 Oct. 2018, www. accenture.com/us-en/insights/banking/business-modelsbeyond-north-star-gazing.

2

https://eyfinancialservicesthoughtgallery.ie/wp-content/ uploads/2019/01/EY-The-future-of-SME-banking.pdf

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EMEA BUSINESS

Permission Marketing – A Necessity, not just a Courtesy

The word ‘permission’ holds many interpersonal undertones. When it comes to email marketing, however, it takes on two forms; implied and express which if not correctly understood could result in an abrupt tethering of business relationships.

If you have an existing business relationship with someone, then you have implied permission – or, in legal jargon, a legitimate interest - to send them campaign emails (unless stated otherwise). This could mean they are a current client or customer, donate to your charity, or are an active member of your website, club, or community.

If you don’t have implied permission to send a person email campaigns, then you need what is known as explicit consent to do so. This is only granted when someone specifically gives verifiable consent to receive marketing communications. This also means that when you, as a marketer, have asked for permission, it is clearly done so and on a separate basis from any and all other agreements. For example, requesting that they enter their email address in a subscribe form on your website, or having a separate checkbox labelled "I would like to receive marketing email from XX '' to offer their explicit consent. This approach ensures that the permission you receive is also verifiable.

Why do email marketers need permission?

In my own experience, every good business relationship that has been founded upon respect and understanding is destined to thrive. If you opt for the traditional email marketing approach of sending generalised content across a wide customerbase, without consent or any audience segmentation, it risks coming across as

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impersonal and irrelevant, potentially being sent straight to their ‘trash’ folders.

What does this say about you as a professional? For one, it says that you may lack empathy, by sending unwarranted marketing material. But most importantly, it shows fundamental errors in your ability to understand your customers’ needs.

This disconnect can cut any further opportunity for you to communicate with your customer on a more personal level through further marketing emails. 59% of respondents say that marketing emails directly influence their purchase decisions 1, so being able to effectively engage with both current and prospect customers will yield positive trends in your ROI. As renowned promoter of permissionbased marketing, Seth Godin says: “People do not buy goods and services. They buy relations, stories and magic.” I’ve found this concept to ring true when carrying out segmented email campaigns. Putting noticeable time and effort into dividing and targeting customers based on personalised criteria, for example buyer personas, trumps the ‘one-size-fits-all’ approach of direct marketing, every time. It also explains why reports show that the email click through rate is 100.95% greater in segmented email campaigns 2.

Permission marketing should indeed be a privilege (not a right) for delivering content that is anticipated, personal and relevant.

If this process is honoured, it can form the lifeblood of inbound marketing.

Permission and B2B inbound marketing Coined by HubSpot in 2006 3, the term ‘inbound marketing’ is defined as the

EMEA BUSINESS

process of attracting, converting, closing and delighting customers. This is effectively achievable by combining various channels – content marketing, search engine optimisation (SEO) and social media – in inventive ways to drive quality traffic, engagement and conversions using both ‘earned’ and ‘owned’ media.

By employing a Customer Relationship Management (CRM) platform, this enables you to nurture and grow your email marketing database, but also the email address provided by your prospect as the identifier to connectthe-dots of your other marketing activity, making it more timely, personal and relevant in the process.

Once you have received appropriate permission to send marketing communications via email, you become open to the potential of tailoring responses that continue to help, support, and empower others well after they become a customer. These more robust forms of automated marketing content can take the form of website blogs, instructional guides, candid expert interviews, white papers and even individual email follow-ups with further information, after they have visited a specific page of your site People actively want to see that their individual concerns are being understood, questions are being answered and problems are being solved. If you, as a business, can provide this content where and when it is needed the most, you will quickly build credibility and loyalty amongst your customers, which should then result in recommendations and new business opportunities.

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EMEA BUSINESS

GDPR should be every marketer’s doctrine General Data Protection Regulation (GDPR), has overhauled how businesses process and handle data. With the Information Commissioner's Office (ICO) having completed their ‘adtech’ 6-month review, following their interim report last summer, 2020 has become crunch time for marketers, if they haven’t already considered how their marketing and advertising is GDPR compliant.

With fines of up to 4% of a company's annual turnover, or £20m (whichever is greater), the risk for failure to comply is significant.

However, whilst this threat shouldn’t be taken lightly, it is clearly just best practice to have a consented, opt-in approach to email marketing – it’s good manners and will deliver far better results if your target audience actually want to hear from you.

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EMEA BUSINESS

Stephen Jenkins Founder & MD Too Many Dreams Stephen has over 20 years' marketing experience for entertainment and technology brands, including EMI, Virgin, Wall of Sound, [PIAS] Entertainment and Mobile Engagement Forum.

He was most recently employed at Millennial Media, where he went on to lead the global marketing team until the company’s sale to AOL.

Key thoughts to take away 1. Permission marketing should indeed be a privilege (not a right) of delivering content that is anticipated, personal and relevant.

In February 2016, Stephen launched Too Many Dreams, a marketing agency offering strategy, content and communications services for the creative and technology industries. As a HubSpot Partner Agency, its brand-led approach is underpinned with the latest inbound marketing, attribution and automation techniques.

2. People actively want to see that their individual concerns are being understood, questions are being answered and problems are being solved. This can be achieved through personalised email marketing content.

3. Customer and prospects email addresses can be a useful connector in your marketing activity, if employing a Customer Relationship Management (CRM) platform.

Stephen has served on the IAB Mobile Steering Committee, the MMA EMEA and Global Boards. He is a regular conference speaker, industry award judge and contributes to a range of trade titles. He is also proficient at speaking about himself in the third person.

4. More than social or other paid distribution channels, email marketing is a direct and far more cost-effective connection to your customers and prospects.

5. It is essential that you secure explicit consent and your marketing programmes are compliant with all relevant regulations in your market – not only will it ensure you are free from exposure to fines, but provides a better experience for your customers, thereby creating further value for all concerned.

1

Forsey, Caroline. “The Ultimate List of Email Marketing Stats for 2020.” HubSpot Blog, blog. hubspot.com/marketing/email-marketing-stats.

2

Walker-Ford, Mark. “15 Jaw-Dropping Email Marketing Stats You Need to Know in 2020 [Infographic].” Social Media Today, 16 Jan. 2020, www.socialmediatoday.com/news/15jaw-dropping-email-marketing-stats-you-need-to-know-in-2020-infographic/570372/.

3

HubSpot. “What Is Inbound Marketing?” HubSpot, www.hubspot.com/inbound-marketing.

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5

Predictions for Financial Crime Compliance in 2020

Many of the financial crime technology themes that dominated 2019 are expected to re-emerge as the primary focus areas for the balance of 2020, with one key difference. While 2019 might be defined as a year of talking about what should be done, 2020 will be a year of action when many of the key themes from the past few years will start to see actual development, completion and presumably the emergence of successful use cases.

What were some of the activities that lead discussions in 2019? Regulators focused more fully on advanced technologies such as how intelligent automation and advanced analytics could assist in monitoring and detecting unusual behaviour. Regulators also began more favourably accepting the integration of advanced technologies which could assist with information sharing, helping to better detect and identify illicit movements of wealth. Additionally, financial services organisations (FSOs) began to look at how to converge fraud and AML monitoring for better oversight of unusual activity.

With greater focus on Ultimate Beneficial Ownership (UBO), we also saw FSOs bringing reformation to KYC processes in order to reduce the risk customers pose to their organizations while better understanding their customers and corporate structures.

Finally, 2019 demonstrated an increased impetus to understand and mitigate the financial crime risk posed by virtual currencies, especially given the changes brought about by FATF’s June 2019 guidance and the EU’s 5th Money Laundering Directive, which came into force across the EU on the 10th January 2020.

Based on these actions and activities, here are five key areas that will emerge from the lessons learned in 2019 – and

segueing to 2020, will dramatically impact financial crime fighting and anti-money laundering activities in the year ahead.

Prediction 1 – Private-to-Private Information Sharing Information and data sharing will dominate 2020, and we should see real information sharing solutions emerge which will allow private sector organisations to share without breaching data protection legislation. The lack of information sharing has been a major hurdle in effectively fighting money laundering, and all financial services organisations and government agencies are cognizant of this challenge. Finally, after many years of talking, we are now seeing tangible advancements in information sharing solutions.

In July 2019, the UK’s Financial Conduct Authority (FCA) ran a Tech Sprint where partnerships were able to develop and validate their solutions.

2020 will be a year in which technology solutions such as these move from pilot stages to live implementations.

The Netherlands are currently at an advanced stage in testing the viability of whether shared transaction monitoring is possible, if deemed viable, which should be determined in the first half of 2020, then this will open the door for more countries and organisations developing or buying their own solutions.

Centrally monitoring transactions across several financial institutions, or having a shared KYC utility, will give organisations much better visibility of what is normal versus abnormal, thus making it much more difficult for criminals to open accounts and move their illicit funds between different financial services organizations.

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Prediction 2 – Increasing Adoption of Contextualised Financial Crime Historically transaction monitoring, an essential element for any financial institution’s compliance program, has been a rules-based system with a set of rules and thresholds, which if triggered an alert is raised for further investigation. These types of systems are essential to regulatory compliance but have their limitations. Rules-based systems ensure obvious typologies are identified and alerts are raised. Monitoring transactions in isolation based on rules risks missing anomalous behaviour which could be suspicious. Agility in optimizing systems and contextualised monitoring are the future, and that future will gain significant traction in 2020.

There has already been much talk about converging fraud and AML monitoring, and Capital Markets and AML monitoring. 2020 will be the year we see much of this talk leading to action, with organisations converging these compliance verticals. Additionally, financial organisations need to broaden their views and analyse more data to understand the context of transactions and their customers’ activity.

Contextual monitoring will be a move away from historic norms in Financial Crime & Compliance. Siloed approaches with multiple systems working in isolation does not work when trying to detect and report suspicious activity. This year financial institutions will focus on integrating multiple internal and external data sources into a centralised, contextual monitoring and investigation tool. Providing a greater understanding of customer risk and what is normal activity for a customer across the entire organisation will allow organisations to better detect abnormal customer behaviour.

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Prediction 3 – Real-time AML Monitoring Will 2020 be the year that AML monitoring moves from batch to real time? Early indicators show that technology is moving FSOs in this direction. although 2020 may be too soon for complete adoption. Clearly FSOs are discussing the move towards real-time AML monitoring, and many are currently planning their systems and support to manage this approach in the next several years.

Aligned to this, the introduction of Contingent Reimbursement Model (CRM) in the UK will also result in a number of organizations moving to real-time inbound fraud payment monitoring. Any inbound payment which is suspicious is clearly within money laundering regulations and will need to be reported.

FSOs in other countries are also looking at moving toward real-time AML monitoring, including South Africa and Spain.

While many institutions may not move all AML transaction monitoring from batch to real-time, as this would be impractical, many will take a greater risk-based approach and move some higher risk customer transactions to realtime AML monitoring. Additionally, there are operational efficiency benefits to bringing siloed AML and fraud monitoring together.

Prediction 4 – Quality not Quantity Impacts 2020 2020 will see a greater focus on fighting financial crime by placing greater importance on outcomes and providing higher quality information to the authorities as opposed to just ensuring technical compliance, a significant change for some operations.

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There is more awareness of the impact financial crime has on economies, individuals and the environment. Big awareness campaigns have been run by a number of organisations in the last year, human trafficking and wildlife crime are two such campaigns.

Barclays 1 focused on applying technology to fight human trafficking, while Standard Chartered 2 took on the illegal wildlife trade in some of its efforts. Campaigns such as these place greater focus on the effects of financial crime and greater emphasis on FSOs to conduct an effective investigation and gather sufficient information which will help the authorities recover assets and identify and stop the criminals.

Of course, complying with regulations should not be neglected, but increasingly in 2020 FSOs will focus on exceeding minimum legal and regulatory standards by adopting programs that address significant global issues. Making a real and tangible difference in fighting financial crime will continue to be a strategic direction of FSOs this year. This direction is strongly supported by the Wolfsburg Group, an association of thirteen global banks which works to address money laundering and terrorist financing efforts on a global basis.

Wolfsburg released its own detailed “Effectiveness Statement” late in 2019 said that FIs seem to be devoting a significant amount of resources to practices designed to maximise technical compliance, without necessarily optimizing the detection or deterrence of illicit activity. The organization’s recommendations included that FSOS should “establish a reasonable and risk-based set of controls to mitigate the risks of an FI being used to facilitate illicit activity.”

Prediction 5 – Greater Alignment of Standards A challenge in fighting financial crime is the consistency of the standards adopted across different jurisdictions.

Even in the EU, where 4th and 5th Money Laundering Directives have been transposed into local laws, there are differences in how the laws have been utilised. Furthermore, there are different money laundering legislation across different jurisdictions, including sentences for those found guilty of money laundering.

To better fight financial crime there must be a level playing field across the globe. This is not going to happen overnight, but Europe are taking their first steps to greater consistency. The 6th Money Laundering Directive will need to be transposed by December 2020. Some key elements of the 6th MLD are to unify predicate offences across EU member states, impose tougher sentences for money laundering offences, and to add additional offences of criminal liability for legal persons and the offence of aiding and abetting, inciting and attempting money laundering.

In 2020, the EU’s new anti-money laundering body will emerge. In December 2019, it was announced that Europe was going to set up an EU AML supervisor. Exactly what the end state of this supervisor looks like is still unclear, but it is expected that this body will enforce standards across the EU 3 and aid in the consolidated intelligence gathered across FIU’s in the EU.

Clearly, 2020 could be a big year for meaningful inter-institution collaboration with data and information sharing taking a more central role in our fight against financial crime. Combining this focus with a more consistent and planned approach to managing our data, coupled with the impact of new legislation, will make it much harder for criminals to hide in the shadows.

It will take us all working together as a collective, sharing information and aligning standards to truly fight financial crime, stop criminals and stem the illicit flow of funds. This year could be the start of a new era in how we tackle financial crime. Only time will tell if the industry adopts a stronger, results-oriented culture as it plays out its vision for the coming year.

Adam McLaughlin Adam McLaughlin NICE Actimize

1

Heathman, Amelia. “Inside the Tech-Powered Fight to Stop Human Trafficking.” Evening Standard, 30 Nov. 2018, www.standard.co.uk/tech/stop-the-traffik-barclays-tech-to-stophuman-trafficking-a4000261.html.

2

McCann, Niall. “On the Frontline of Tackling the Illegal Wildlife Trade.” Standard Chartered, 20 May 2019, www.sc.com/en/explore-our-world/on-the-frontline-of-tackling-the-illegalwildlife-trade.

3

O’Neill, Dominic, et al. “EU's Anti-Money Laundering Body Finally Takes Shape.”

Euromoney, 11 Dec. 2019, www.euromoney.com/article/b1jdvmmtyq8m88/eus-antimoney-laundering-body-finally-takes-shape.

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How finance brands can control a crisis on social

Banks are no strangers to disruption, having weathered the ongoing competition from digital startups that have disrupted the finance sector and how consumers interact with it. However, we have been navigating uncharted waters since COVID-19’s arrival in our daily lives and the financial services sector is not immune to the crisis that is building in its wake.

information and reassurance. As call centres are hard-hit 1 by the quarantine (particularly those with offshore operations in India), social has become one of the few remaining outlets for brands to talk to their customers directly and to maintain a human connection, often without being able to open their retail units.

Right now, we are seeing more and more businesses pivot their marketing strategies and adapt ways of thinking as this crisis unfolds, particularly on social media. This is because these platforms have become more important and active than ever as customers are increasingly turning to social sites for connection,

Social media as a channel has grown organically and so has its importance as a customer care channel.

During times of crisis, it is usual that the first port of call for customers to vent frustrations is their financial suppliers.

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For traditional banks, this has taken them somewhat by surprise, with many underestimating the importance of monitoring social media to get ahead of reputational challenges. This isn't at all shocking given the strict regulations and concerns about privacy and security that shroud their perceptions of its possibilities.

However, there are many compliant social activities financial brands could and should make use of to help get closer to their customers and become adept at spotting and managing a crisis over social media. Only then can they stay ahead of their agile competitors and problems as they unfold - and crucially reassure and connect with customers who are scared or upset.

So, what can banks do when things turn sour online?

Keep your ears to the ground Social media is an important window to the world. It provides businesses the

run the risk of promoting inappropriate messaging.

Reverting to a corporate tone of voice, as is usually the financial services sector’s natural instinct, at a time when customers are angry, confused or inquisitive can be as damaging as no response.

opportunity to watch behavioural trends and gain insight into their customers’ needs. It is also where banks will see the first signs of a crisis developing or customer sentiment changing.

It is essential that banking brands encourage social media teams to constantly communicate the shifts they see and possible tensions that arise in order to give the company an early warning of any crises in the making.

Should a crisis actually emerge, this active listening becomes increasingly important. Being able to read the room and gauge what their customers and beyond are saying about them online becomes essential in tailoring all communications to consumer sentiment. Without listening to what people are concerned about, banks

Planning, plugging and people Creating a crisis communications plan and ensuring that your people are properly supported to execute it are also integral parts of crisis response. We are currently in a unique situation, but ensuring that a proper escalation plan is at the ready and both employees and leadership know what their role is and what’s expected of them is a fundamental necessity. A crisis can move swiftly online, whether it be a user posting something illegal or something that threatens the bank’s online community. Without a tried and tested plan of who should say what and how, branks can run the risk of a disjointed response that can damage global

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customer perception. Keeping the entire company aligned with overall social strategy will help create the quick and rational response that is needed.

Employees also often find themselves at the heart of any brand crisis, so it is important to support them in their work environments to help them effectively manage it as it unfolds.

Right now, many of us are working remotely as a result of COVID-19 and it is a situation that is stimulating other crises for businesses. Therefore, it is essential that banks set clear remote working guidelines and maintain open and honest communication across team members in order to place their employees in the best position to overcome the difficulties as a team.

Develop human connections When banks actually begin engaging with customers on social during a crisis, especially one that engenders mass anxiety, creating and nurturing genuine human connections with their customers should be the priority.

At a time like this, customers want reassurance that the product that they want or need will be maintained and will be safe. Many will be concerned about mortgages, loans and access to services and so will respond positively to service providers that are empathetic to their situation.

Social is about connecting. Therefore, the tone that banks strike needs to be primarily human, whilst staying true to the brand’s personality. Demonstrating understanding of the real needs of the consumer is ultimately an opportunity to create lasting connections. Those that are seen to be providing helpful information and leaning into kindness will develop relationships that last beyond the crisis at hand.

Keep learning When a crisis fades out, it is then an opportunity to reflect and learn from how the crisis plan was executed.

By understanding what could have been done better, banks can see how they can prevent a similar crisis from igniting again. Ultimately, the best managed crisis is one that is nipped in the bud, (although this isn’t possible when the crisis is like this one; global and pervasive) and learning how to ensure sentiment can be more rapidly understood is crucial.

Social media crises are often hard to predict and can move offline to online at rapid speed. They are also mentally, physically and emotionally challenging for everyone working in the business - especially those on the customer service frontline. But by preparing as much as possible, finance brands stand the best chance of protecting their brand’s reputation and consumer’s trust.

Running a crisis simulation to mimic the volume, pace and pressure of a crisis breaking over social media is a great way to do this. Understanding the intensity of a crisis will provide the experience needed to make the best decisions and locate the weaknesses in the response.

While a crisis situation may feel out of control at times, banks and financial service companies still have the power to control how they react to any situation that they face. This does often mean pivoting strategies but without doing so, banks are at risk of becoming engulfed in a crisis wildfire.

Tamara Littleton CEO The Social Element

1 Griffiths, Katherine. “Loss of Indian Call Centres Piles Pressure on to Banks.” Business | The Times, The Times, 29 Mar. 2020, www.thetimes.co.uk/article/loss-of-indian-callcentres-piles-pressure-on-to-banks-2l3zv3n9f.

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ISO 20022:

A new era for payments The migration to ISO 20022, the new payment messaging standard, is set to have a profound effect on payments. Challenges lie in wait for many banks and their clients, who will have to invest significant resources to cope with the upcoming change. Yet crucially, these efforts will not go unrewarded.

Marcus Sehr, Head of BNY Mellon Treasury Services, Europe, and Isabel Schmidt, Global Head of Direct Clearing and Asset Account Services, BNY Mellon Treasury Services, explain.

During the next five years, ISO 20022 is set to transform the payments industry. The migration will touch the payment lifecycle end-to-end and, as the implementation deadlines draw near, the implications and considerations are set to be far-reaching – requiring significant efforts and resources from banks and their clients. But, while many within the industry might be familiar with the term ISO, many remain unaware of the changes that await them.

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So what exactly is happening? ISO 20022 will gradually replace SWIFT MT messages as the standard messaging format for the transfer of cross-border and high-value payments – bringing with it more structured, robust and comprehensive data. The migration is taking place in various stages, beginning first with the euro clearing system in November 2021, including TARGET2 and EBA Clearing. By that time, any bank that pays or receives euro transactions through the European clearing system will therefore need to be able to both send and receive ISO payments. The original November 2021 timeline for the migration of the SWIFT network to ISO was recently pushed out by a year to the fall of 2022.

While other jurisdictions are yet to fully confirm their timelines, industry experts expect the Bank of England's deadline, for example, will follow in early 2022, with the US Market Infrastructures expected by late 2023.

The upcoming changes should not be underestimated. In the leadup to and aftermath of the transition, banks will face a myriad of challenges. If they can overcome these hurdles – by establishing a clear, comprehensive strategy, educating and supporting their staff and clients, and preparing their systems – they have an opportunity to deliver a truly improved end-toend payments experience for clients.

Richer data Used by legacy clearing systems established as far back as 40 years ago, MT messages and their equivalents – the incumbent payment messaging standard – lack the depth of information required to meet today's cross-border payment needs.

Therefore, to keep pace with evolving client requirements and technological advancements, the standard is changing to enable transactions to be optimised, with ISO setting the foundation for the future of payments.

ISO messages (otherwise known as MX messages) are based on XML (Extensible Markup Language), a text-based format that, when compared to MT messages, contains many more data fields. For example, under ISO, the comparable equivalent to a half-page MT103 message will take up multiple pages. ISO also fundamentally changes the language associated with cross-border payments. Those referred to

as “originators” or “ordering parties” today will be called “debtors”; “beneficiaries” will be called “creditors”; and the parties along the chain will also have different terminologies.

As a result, the size, amount and type of data transferred across the payment chain will be vastly different. While this will unlock a host of benefits for banks in the long-term, ensuring their staff can understand the additional complexities and that their systems can handle the more granular data will prove a significant challenge.

What’s more, receiving and transmitting the additional information means that any system within a bank that touches a payment could be affected. As a result, they will need to engage in an in-depth review of each of their systems.

As part of ongoing digitalisation efforts, many banks may have already incorporated systems that can cope with the richer data. The incoming challenge, however, will be most acute for banks that continue to operate on legacy systems that have little to no provision for ISO messages.

To ensure their existing products and services continue to perform effectively, these banks will need to decide between fully upgrading their legacy platforms or building transitional models or insulation layers.

The coexistence conundrum Another challenge that banks will need to navigate results from the fact that the fragmented migration approach necessitates a coexistence phase, during which some banks will begin to use ISO while others will continue to use legacy messaging formats.

This creates a number of complexities. This is because some European banks are likely to use the November 2022 deadline to migrate cross-border payments for all their currencies – not just euros – as many banks use a single platform for all high-value payments and will at that point be able to eliminate the complexity of handling multiple formats. As such, a payment might be originated in ISO but cleared through a market infrastructure that is not yet ISO-ready.

This will impact not just those in Europe, but all parties in a payment chain who will have to deal with receiving differing amounts and types of information through a variety of channels and, in some cases, with excess data forwarded separately from the main payment information.

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Crucially, stakeholders will likely not be able to ignore the additional information contained in ISO messages – even if they themselves are not yet migrated. Intermediary institutions are expected to uphold the integrity of the information they receive, while each individual bank will also need to assess whether the information needs to be sent to the client, as well as what needs to be done from a regulatory perspective. The upcoming migration should, therefore, not be underestimated.

Scale and scope The scale of the task at hand for the payments industry is enormous. The areas of the business affected goes much further than just payments operations and cash management – potentially extending to all business lines

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that make payments. Depending on the structure of individual banks, this could make the move to ISO enterprise-wide.

For the affected business lines that sit outside of payments, performing the necessary impact assessments, obtaining stakeholder support and securing funding can be challenging.

In such cases, knowing which stakeholders to involve in the migration strategy, be they product managers, customer services or enterprise risk teams, can prove difficult and could demand a more collaborative, multidisciplinary approach.

Furthermore, while much of the migration's focus is on the transformation of payment messages, ISO is also being extended to advice and statements. This means that demand deposit accounts (DDA) and reporting systems, as well as nostro

reconciliation platforms, could be affected. Banks will also need to consider ancillary data translation services for the current MT FIN equivalents, as well as global client access functions that transmit statements and reporting.

What's more, it is not just banks that will feel the effects – end clients will also have to prepare for ISO messages.

Banks will be required to educate and support their clients in this endeavour, ensuring that they have the required information in the correct format and structure. As part of their ISO strategy, banks will need to decide what work they will undertake in this respect and what work needs to be done by the client, and find the right balance during the transition process: creating an enhanced ISO user experience, and making the preparation manageable for clients.

EMEA FINANCE

Preparation roadmap

A new era

Banks should not underestimate the time it will take to prepare for ISO and should work to implement a transition roadmap accordingly.

Though ISO undoubtably brings a host of challenges, it will also herald a new era for payments – and one that will deliver considerable benefits to banks and their clients. The richer, more structured data will improve straightthrough-processing (STP), enhance speed and drive efficiency – all while reducing manual intervention and cost. Eventually, ISO, in combination with other industry initiatives, could potentially even clear a path to end-toend 100% STP rates.

For beneficiaries, the richer data contained in ISO messages will allow them to undertake automatic reconciliation, which will benefit cash flow, counterparty risk management and even help deliver against their own client experience goals.

It is important that all take note of the scale of the task ahead, from a technology, client support, compliance, operational risk and business strategy perspective. Equally, everyone who plays a role in the payment chain – be it those in operations, customer service, payments compliance or cash management sales – needs to understand the complexities of the new transformation.

But education is just the beginning.

Banks should then look to establish a dedicated, cross-discipline team to capture the front-to-back impact of the transition. From here, strategic decisions will need to be made for clients, striking the right balance between adding value and making the transition as seamless as possible.

In tandem, banks should be in a constant dialogue with their market infrastructures and should work alongside SWIFT. SWIFT is working to provide banks with the training and tools necessary for the migration, such as the Readiness Portal and MyStandards tool that have been launched to make it easier to carry out testing and validate messages.

Of course, there is no catch-all blueprint for banks to follow. The upcoming changes must be assessed on an individual basis and the preparations chosen will depend on a bank's technical capability, their role, their business scenarios and priorities, as well as local regulatory requirements.

For banks themselves, the enriched data provision will bring greater automation – reducing friction in the payment processing flow. Over time, this will result in fewer false positives in risk management systems, allowing for more focused, effective risk management and the optimisation of resources. Payment risk modelling and scoring will also see benefits – with the ISO format allowing banks to offer enhanced data analytics to their clients.

The full extent of ISO benefits will, however, only be fully unlocked when critical mass has been achieved. The developments that follow could then be even more transformational. A key priority for cross-border payments is to make them real-time. If the combined powers of ISO and SWIFT gpi, which is already enhancing the efficiency and client experience in cross-border payments, can be realised, this long desired goal could be achieved.

The views expressed herein are those of the authors only and may not reflect the views of BNY Mellon. This does not constitute Treasury Services advice, or any other business or legal advice, and it should not be relied upon as such.

Marcus Sehr Head of BNY Mellon Treasury Services Europe

Isabel Schmidt Global Head of Direct Clearing and Asset Account Services BNY Mellon Treasury Services

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Finance from afar:

How to prepare for remote working Even before COVID-19 appeared on the scene, we were living through an almost unprecedented period of change in both pace and scale - but now one of the biggest business challenges is almost certainly how to maintain business-asusual activities while asking the vast majority of employees to work remotely.

So, what can finance organisations do to prepare for the age of remote working?

The finance sector is no stranger to disruption, and will have seen a rise in demand from employees for remote working opportunities in recent years anyway, but definitely not on this scale. We have seen office doors closing in favour of off-site or home working, with the likes of JP Morgan and HSBC leading the early charge - but problems are emerging around how to manage a workforce that is no longer connected physically and keep them engaged in the company culture, their individual work, and their relationships with each other.

Although digitisation and globalisation has meant that a lot of our day-today business activities can be done from anywhere in the world relatively simply, it’s still important to have the right support system in place. The coronavirus has been a wakeup call around the need to ensure that we not only have the right channels for fast and user-friendly interaction on a mass scale in place, but also that we all know how to use them effectively.

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Strengthening social bonds for business success First of all, get the right tools in place.

Without the right tools in place or proper guidance on how to use them,

teams can quite simply struggle to work together, to be inclusive, to stimulate ideas and build innovation. In order to prevent this, you should focus on two things: inclusive habits and technology planning.

Firstly, office-based workers need training on how to work with remote teams. Those in the office often underestimate the importance of their ‘water-cooler’ communication.

It’s essential to initiating and developing business ideas and encouraging team relationships - but it’s easy to leave remote workers out, and even easier to assume that that’s OK and just part of being a remote worker. But if more and more of us are going to be working from afar in the near future, it’s essential that this attitude changes and that everyone takes responsibility for actively engaging in both work-related and personal discussions with the rest of the team - whether they are in the office or not.

EMEA BUSINESS

To achieve this kind of connection, technology will play a critical role.

Intuitive remote working tools will help to empower employees to synchronise their work; a recent study 1 on this topic found that a third of home workers were concerned about being left out of team collaboration.

How can you get around this?

Test out conferencing technology, messaging apps and document sharing programmes and see what works best for specific teams and the organisation as a whole. It is also important to think inclusively here again - be prepared to train employees on how to use these tools and make sure that you are there to listen to any feedback and concerns that they have.

Keep on learning So you have the tools in place for a remote workforce - but how do you make sure that working in this way is sustainable over long periods of time?

Through blended learning, businesses can empower employees to control their development at their own pace - whether they work remotely or not. Combining audio, audio-visual, interactive and written communications with either occasional supplementary F2F or “live” online webinar sessions can help us replace expensive and old-fashioned training formats that involve a familiar ‘death by PowerPoint’ presentation style.

Digital tools such as VR, podcasts, videos and animations allow for complete immersion by creating interactive sensory learning experiences, whilst webinars provide the human component needed in the learning process. For financial institutions with global workforces, this has important consequences given that it is cost effective, far reaching and allows remote workers to develop their own culture of curiosity around the business and its goals - keeping them engaged along the way.

One positive outcome of being forced by a dangerous virus to implement an overnight remote working policy is that many financial organisations will be less afraid of it in the future. COVID-19 is testing both our internal habits and our customer experience capabilities.

With Lloyds and Halifax already feeling the pressure 3 of rising to the challenge of meeting digital demand for customers, this could be an opportunity for financial businesses of all shapes and sizes to learn new ways of working, evolve and steam ahead. Why not use this opportunity to re-think and re-shape how they can make sure they are both employee and customer-first?

After all, if they can make a success of creating a culture that supports multiple working styles, financial institutions will be better placed for handling whatever the future may hold.

A permanent shift?

Working from your sofa may sound appealing at first, but it can quickly result in a steady loss of engagement.

Prolonged periods of remote working without the normal structure and initiatives in place to maintain employees’ development and personal growth can also cause significant problems for retention. For the younger members of the workforce, nearly half of millennials considered quitting a job that did not provide learning opportunities 2. Financial institutions can therefore benefit from putting employee development first. There are so many ways to do this, including online training, coaching and mentoring programmes tailored towards individual team members’ goals and ambitions thus simultaneously delivering benefits for both the individual and the company.

For the likes of JP Morgan and HSBC, this is a learning opportunity to think about how they can evolve their businesses to cater for the workforce of the future.

Sarah Maber Managing Consultant World Wide Technology

1

2

3

Ranger, Steve. “Working from Home: Your Common Challenges and How to Tackle Them.”

ZDNet, ZDNet, 15 Mar. 2020, www.zdnet.com/article/working-from-home-your-commonchallenges-and-how-to-tackle-them/.

Autry, Ashley. “Millennial Employee Engagement & Loyalty Statistics: The Ultimate Collection.” The Access Perks Employee Benefits Blog, Access Perks, 27 Feb. 2020, blog. accessperks.com/millennial-employee-engagement-loyalty-statistics-the-ultimatecollection.

Hamill, Jasper. “Lloyds and Halifax Hit by App Outage That's Locked People out of Their Accounts.” Metro, Metro.co.uk, 12 Mar. 2020, metro.co.uk/2020/03/12/lloyds-halifax-bankapps-hit-outage-locked-people-accounts-12387442/.

138 | Issue 18

“Dream big, we'll handle the rest.”

A new house, a safe retirement plan, an education fund for your kids or to spend your days traveling around the world... the journey to reach your dream start with a single step: investing with Sucor Asset Management.

When you invest in Sucorinvest products, you are choosing the path to your future.

When you invest in Sucor Asset Management, you are choosing your life partner. When you invest in us, really you are investing in yourself.

Because Sucor Asset Management cares about making your dreams came true, not just your investment.

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