Patrick Lai’s Post

A key part of HSBC's strategic ambition is to be he world’s leading wealth manager for Asian, international clients and entrepreneurs. We are therefore thrilled to announce the opening of three new wealth centers in Singapore by Q1 2025, with the first center opening later this month. This milestone builds on the substantial investments in Singapore over the last five years to uplift capabilities and offer improved customer experiences. We will continue to focus on elevating our customers’ experience and building a differentiated proposition that supports our client’s wealth, health and international banking needs – from growing and protecting their wealth, to planning for their family, their children’s international education, and the next generation. HSBC to open three wealth centres in S’pore by Q1 2025, with the first in CBD in June | The Straits Times Ashmita Acharya Kee Joo Wong Kai Zhang Rachel Lin Chantal Salley Samonte Carina Koh Justin Holloway Tancy Tan Selina Cheung Krist Wong Cheng Lan Shing Morag Pyott Luis Guimaraes #HSBC #wealthmanagement #Singapore https://lnkd.in/diR3gBmk

Over the last few years, we’ve transformed our business in Singapore – we’ve invested in products, platforms, and people in line with the growth of Singapore as a gateway to ASEAN and a global wealth hub. From a Wealth and Personal Banking perspective, we now offer the most complete offering across the wealth continuum. We serve our retail, mass affluent, high net worth and ultra high net-worth customers through Retail Banking, Global Private Banking, HSBC Life and Global Asset Management, and as part of our universal international bank. Yesterday, we affirmed our commitment to Singapore by announcing the opening of three new wealth centres in Singapore by Q1 2025. We will also be increasing our client-facing roles by a third by 2028. Our aim is to elevate our customers’ experiences and build a differentiated proposition that supports their wealth, health and international banking needs. Whether it is growing and protecting their wealth, or planning for their family, or the next generation, we are dedicated to building long-term, enduring and trusted relationships with our customers. Banking is about relationships and trust, and it is really about having the people in the location where customers can interact and build a relationship, but using digital technology to take away the friction for some of the things they want to do. HSBC to open three wealth centres in S’pore by Q1 2025, with the first in CBD in June https://lnkd.in/gHFEGjJJ

Leading practitioners in financial technology and transaction banking recognised at The Asian Banker Summit 2024 The List of Leading Practitioners is a programme designed by The Banking Academy to track the careers of individuals shaping the financial services industry. It includes practitioners whose work or influence is relevant to their markets, immediate communities, or, for some, the industry worldwide. This programme is based on several considerations. First, it recognises those who have earned the respect of their peers by demonstrating completed projects and achieved goals in the recent past. Secondly, it highlights those who have been visible through their opinions and insights shared in industry news and forums. Third, it acknowledges those whose achievements contribute to emerging best practices shaping their respective industries and markets. The following leading practitioners were recognised at The Asian Banker Summit 2024 for their impact on the banking and financial services industry in Asia Pacific, particularly in the areas of financial technology and transaction finance: Asia Pacific Ashutosh Kumar, Managing Director, Head of Global Transaction Banking, Asia Pacific, Mizuho Bank Hong Kong  WONG John, Head of Global Payments Solutions, Commercial Banking, Hang Seng Bank India  Shekhar Bhandari, President - Small and Medium Enterprises, Kotak Mahindra Bank Philippines John Howard Medina, Chief Operating Officer, Philippine Bank of Communications (PBCOM) Lito Villanueva, EVP & Chief Innovation and Inclusion Officer, Rizal Commercial Banking Corporation (RCBC) Thailand  Voranuch Dejakaisaya. Executive Chairman, KASIKORN Business-Technology Group [KBTG] Vietnam Tuan Nguyen, Chief Information Officer, Techcombank (TCB)    Click here for the full List of Leading Practitioners in Technology and Innovation: https://bit.ly/3KmungP  Click here for the full List of Leading Practitioners in Transaction Banking: https://bit.ly/4e3MPIz Neeti Aggarwal, CFA, Axel Winter, TAB Global #BankingLeaders #FinancialInnovators #IndustryShapers #FinancialServices #BankingAcademy #TechInFinance #TransactionBanking #Fintech #BankingInnovation #FinancialInclusion #AsiaPacificBanking #BankingSummit #IndustryRecognition #EmergingBestPractices #FinanceLeadership #TheAsianBanker

Citibank will be closing the last remaining branch in Singapore on 12th October 2024, with Citibank to focus on 3 Citi Wealth Hub located in Orchard Road, Parkway Parade & One Holland Village.  Citi Wealth Hub serves clients of Citigold with at least S$250,000 & Citigold Private Client with at least S$1.5 million.  Citibank clients will continue to have access to 280+ ATMs & shared networks in Singapore. In 2021, Citi announced to exit consumer banking business in 13 markets in Asia & Europe.  follow Caproasia | Driving the future of Asia. Read - https://lnkd.in/gCBKWc25 follow Caproasia | Driving the future of Asia Citibank will be closing the last remaining branch in Singapore on 12th October 2024, with Citibank to focus on 3 Citi Wealth Hub located in Orchard Road, Parkway Parade & One Holland Village.  Citi Wealth Hub serves clients of Citigold with at least S$250,000 & Citigold Private Client with at least S$1.5 million.  Citibank clients will continue to have access to 280+ ATMs & shared networks in Singapore.  In 2021, Citi announced to exit consumer banking business in 13 markets in Asia & Europe.  In late 2023 & 2024, Citibank Singapore opened 2 new wealth centres at One Holland Village (28/2/24) & Parkway Parade (18/12/23), with the new wealth centres allowing clients of Citigold & Citigold Private Client access to relationship managers nearer to their residences and continue to have access to product specialists at the main Citi Wealth Hub in Orchard (268 Orchard).  Citi: “The new centre at One Holland Village was officially opened today by Andy Sieg, Citi’s global Head of Wealth, joining the Parkway Parade wealth centre which had already started serving clients from December 18 last year.  First announced in October 2023, the two recently completed facilities allow the bank’s Citigold and Citigold Private Client customers to meet with their Relationship Managers nearer to their homes, while still having access to a team of product specialists and the main Citi Wealth Hub at 268 Orchard.  Situated on the fourth floor of the new One Holland Village integrated development, the Citi Wealth Centre there has a size of 3,700 sq ft and is about 80% larger than the previous branch in the area.  The Parkway Parade location features a panoramic view of the sea, and is on Level 22 with a floor area of 4,600 sq ft, expanding the bank’s presence there by more than 60%.   Both wealth centres feature private advisory rooms each with video conferencing capabilities, allowing clients to meet their Relationship Managers as well as speak with product specialists remotely. The centres also have space to host bespoke lifestyle events and investment seminars for up to 35-40 clients.” 

This week in banking news – ASEAN surpasses China in FDI for the first time in a decade, BofA and DBS appoint new Asia leads, and CFOs look to profit from volatility in key currency pairs Southeast Asia has overtaken China in foreign direct investment (FDI) for the first time in a decade, as businesses accelerate their shift towards "China +1" supply chains. This strategic pivot is being driven by Mainland China businesses with East & Partners research showing over 70% of Mainland based top-100 enterprises have either already shifted their supply chain or are planning to do so by April 2025 into new markets. The implications of this on banking relationships are manyfold including an increased demand for regional banking services and strong local banking relationships, enhanced focus on Trade Finance and Supply Chain solutions, shifts in investment and capital flows, heightened risk management needs, increased focus on compliance and regulatory issues and the need for efficient, scalable banking services across multiple countries driving the expansion of digital banking and fintech solutions. In other banking news: Global - CFOs capitalise on volatility by leveraging spot vs forward FX rates amid rising interest rate differentials. Australia - Australian export surplus halved in June 2024, down to A$5.59 billion from A$9.87 billion in June 2023. - Improved transparency has cut international transfer costs for Australians, yet A$200 million in potential savings are still being missed. - Over 70% of Australian SMEs stick with brokers and advisers who offer actionable business advice. United Kingdom - Finastra partners with CredAble to enhance supply chain finance offerings. - Monzo hits 10 million personal customers and nearly half a million business customers. Singapore - BofA appoints new APAC Head of Global Payment Solutions, bringing back former BNY Mellon Singapore CEO. - DBS names new CEO to succeed Piyush Gupta, who plans to retire next year. #bankingnews #marketintelligence #financialservices #globaltrends Want to start your week with the intelligence behind leading decision-makers? Subscribe to East’s banking news in the comments below

With annual revenue exceeding $1.4 trillion, Asian corporate and investment banking (CIB) accounts for nearly half of global CIB revenues. we share how Asia's CIB market is growing rapidly, with average annual revenue growth rates ranging from 7 to 8 percent in China, India, and Indonesia to 2 to 6 percent in other hubs such as Singapore, Japan, and South Korea.   What are the biggest opportunities for CIB institutions in Asia? Read our latest insights to find out more https://lnkd.in/eiRwYn4N   #McKinseyInsights #Asia #CIB #banking #growth #opportunity

Exciting development ahead!!! 🙌 CIMB Bank Vietnam and Sunline are leading the way in banking innovation through technology integration. Our recent meeting in Shenzhen, China, deepened our collaboration. Read the article to learn more how we’re shaping the future of banking! ✨

In the competitive landscape of Singapore’s corporate cash management market, OCBC looks to differentiate with its payment capabilities.     At a time when financial operations demand robust performance and innovative solutions, the bank aims to position itself at the forefront of transaction banking and payment services. Leveraging cutting-edge technology and insights from customers, OCBC is not just keeping pace with industry demands but is actively shaping the future of transaction banking and payments in Singapore, especially in the public and local large-corporate sectors. The bank resolves clients’ operating challenges while also helping them grow both domestically and across borders.    Don Tay, the head of regional sales for global transaction banking at OCBC, emphasised the bank’s focus on integrating application programming interfaces (APIs), which has enhanced the efficiency of transaction banking, in particular payment services. APIs have not only streamlined operations but also doubled revenues by 49.6% in 2023 and expanded the client base, showcasing OCBC’s ability to innovate in response to market needs.  Under the leadership of Cassie Ng, head of cash product management, OCBC has championed the shift towards more digital, seamless systems. The introduction of features like ATM facial recognition for government disbursements represents a leap towards inclusivity and efficiency, setting OCBC apart in its service offerings. Ng focuses on optimising operational balances that have consistently been higher compared to fixed deposits, underscoring the bank’s successful management strategies that attract and retain clients.  Kwee Hong Yap, head of global trade finance, highlighted OCBC’s strong regional presence in Asia, and comprehensive trade solutions that meet the diverse needs of small businesses and multinational corporations. By prioritising transformation and innovation, OCBC challenges traditional trade practices, digitalising products and services, and using data to provide a seamless end-to-end client experience. The bank’s connectivity to industry ecosystems and digital platforms enhances operational efficiencies and security, solidifying its position in trade and working capital financing.  Dawn Sin, Pricillia Toh, Chelsea L., Edwin Tan, Chee Chin Heong, Jan Nino M., Carole Suen, Alan Chou, Marianne Lok, Weng Leong Ow Yong Foo Boon Ping 胡文彬, TAB Global #OCBC #singapore #cashmanagement #transactionbanking #payments #innovation #technology #apis #digitalization #efficiency #clientexperience #financialservices #bankinginnovation #regionalpresence #tradefinance #theasianbanker #tabglobal

Barclays Private Bank is gearing up for its next growth phase in Singapore, focusing on enhancing its top-tier client services and offerings. Since re-entering Singapore's private banking space in 2021, the bank has made significant progress, including senior management hires and onboarding ultra-high-net-worth (UHNW) clients. The bank aims to grow its core client segment, which includes UHNW individuals and family offices, by leveraging its global relationships, multi-jurisdictional presence, and investment banking capabilities. Nitin Singh, head of Barclays Private Bank, Asia Pacific: "In the coming years, we will continue to invest in Singapore, adding to our talent pool and enhancing our product and platform capabilities to unlock growth opportunities in the region, and support cross-border connectivity across our key global corridors." Evonne Tan, head of Barclays Private Bank, Singapore: "On a global level, UHNW families typically share many common characteristics, with similar needs, hopes and fears. However, there are differences observed across geographies." Singapore is seen as a strategically important hub for Barclays' global private bank and wealth management ambitions. https://lnkd.in/gFWNxjX3

🏦 Digital banking is an expanding blue ocean market in Malaysia where 74 percent of consumers utilise digital financial services and 79 percent use digital payments. 💡 Get the Inside Story about Banking and Finance roles in Malaysia in our latest article. https://lnkd.in/eJWXEpBx #Jobseekers #Banking #Finance #InsideStory #WorkingForYourTomorrow #HaysMalaysia