Sunshine Farzan

Stay ahead of the game with the latest insights on Hong Kong's business landscape in 2024. Download the full report if you’re keen: https://go.uob.com/4cT1moV #businesstrends #HongKong #UOB

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Robo-advisors have become really good at doing all the things a private bank could do, except for all the touchy-feely stuff like philanthropy and art, or connecting rich people's companies with corporate/investment banking. So the space began as B2C retail, then pivoted to B2B, but still aimed at mass affluent, "Citi Gold" type customers. Private banks could relax. Digital was just table stakes: the real action was the high-touch business for the ultras. But Arta Finance in Singapore is tearing up that conventional wisdom, according to DigFin Group. https://lnkd.in/gXRpgbvd Amanda Ong #privatebanking #wealthmanagement #roboadvisor #wealthtech #philanthropy

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🌏 Proud to wave the proverbial Southeast Asia banner at last week's IPEM Paris 2024 alongside my fellow panelists Rishika Chandan and Paul Choo as well as our moderator, Eric Marchand. Southeast Asia is at a crucial juncture of growth and opportunity. Starting with the basics: Southeast Asia will add ~140m new consumers by 2030. This population is large (today over 660m), young, rapidly urbanising and entering the middle class en mass. Besides this remarkable consumption story – Southeast Asia’s economic resilience and stability is also notable with GDP and FDI flows remaining robust over the past 5 years. Notable is that in 2023, SEA-6 attracted over USD 200bn in FDI, surpassing China for the first time in a decade. This shift is driven by the region’s strategic advantages and market potential, making ASEAN an increasingly crucial hub for manufacturing and offering new investment prospects as global supply chains evolve. Further, the venture capital and private equity landscape in ASEAN is maturing rapidly. Assets under management have reached $69 billion, signaling a growing and competitive investment ecosystem. This growth presents numerous opportunities across various sectors, particularly technology and innovation. However, ASEAN faces challenges, including economic disparities among member countries, inconsistent regulatory environments, inadequate infrastructure, and governance and sustainability issues. Addressing these challenges is essential for unlocking the region's full growth potential. As ASEAN continues to grow, its potential as a leading hub for venture capital and growth funding in Asia-Pacific is clear. By engaging with the region’s dynamic ecosystems, investors can play a significant role in shaping its future and tapping into its extensive opportunities. At TNB AURA, we are dedicated to exploring these opportunities and believe that Southeast Asia’s dynamic landscape offers unmatched potential for innovation and growth. 🙏 Credit to the Collyer Capital team for the succinct summary deck posted below (with permission of course).

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Fortune, America's leading economic magazine, has announced the 2024 ranking of top 500 Southeast Asian companies—the Fortune Southeast Asia 500. According to Fortune, these are the largest companies in the region, representing a dynamic and growing economy. Collectively, they contribute about $4,000 billion to global GDP and demonstrate impressive growth rates. The list is compiled based on key criteria such as revenue and net profit. Additionally, it includes comprehensive surveys and assessments of company size, number of employees, and socio-economic contributions, all based on audited official reports. In 2024, the 500 companies on the list hail from leading countries in the region, including Vietnam, Singapore, Thailand, Malaysia, Indonesia, Cambodia, and the Philippines. Among the top 70 Vietnamese enterprises featured, Vietnam Maritime Commercial Bank (MSB) stands out with a revenue of nearly $1 billion. #Fortune500 #MSB

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Households in Southeast Asia’s wealthiest state spent more on average last year than five years ago, but the impact of rising costs was offset by increases in income, according to a Singapore government survey. “The government will need to examine more closely the components that are seeing higher increases and taking a bigger bite out of household budgets – housing, food and healthcare – to address concerns about rising costs of living,” said Chua Hak Bin, regional co-head of macro research at Maybank Investment Banking Group. He also pointed out that such spending components are rising faster now and make up a larger share of overall expenses. Chua noted that the survey showed household spending on education, information and communications, clothing, and footwear was growing at a slower pace, likely due to online options and a strong Singapore dollar keeping prices stable. Looking ahead, he said: “Inflation has fallen sharply from the highs and nearer to the pre-pandemic 2 per cent rates. Real income growth is recovering, and wages will likely be rising at a higher rate than prices in the coming year.”

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☕️(CX)presso: A Shot of Customer Experience Insights In my third (CX)presso post I’m pleased to share the insights of Maggie Ng, Wealth and Personal Banking Head for HSBC Hong Kong. Maggie leads the charge in fostering a customer-first culture, and the results are impressive: HSBC has ranked #1 for Net Promoter Score (NPS) in the market for the past three years, consistently widening the gap with competitors. Read on to learn what Maggie believes is critical to their success. 👉 Strategy: How much focus is there on CX in your organization, and to what level? ❝Our commitment to Customer Experience (CX) is paramount. One of our strategic goals in WPB is to become the #1 Consumer Brand in HK for Customer Advocacy. We view Customer Advocacy as a foundational pillar of our business strategy. To achieve this, we embed CX metrics in every employee's scorecard, ensuring that we prioritize our customers in every decision we make.❞ 👉 Lessons: What CX insights have shaped your success? ❝HK’s award winning and well-structured CX Model has been a game changer in WPB.  It ensures we listen and take customer-centric actions with measurable outcomes. As a result, we are proud to have achieved a record-high sNPS consolidating our #1 rank in HK.  We have also championed the sNPS rank across our segments with both Affluent and Millennials sNPS turning positive for the first time. Customer journeys matter most—customers have zero tolerance for broken processes, such as lengthy and tedious steps to complete a simple transaction. They also expect a seamless experience across different banking products and services, rather than encountering them in silos. What we strive to offer is an end-to-end, hassle-free journey that is swift and easy. It’s crucial for us to genuinely listen to customer feedback, drawing from over 250 NPS survey responses and insights from complaints. We are committed to continuously elevating our CX across digital and personal channels, as well as our products. Ultimately, this collaborative effort across the business enhances our overall customer journeys. Accelerating Digitization and Innovation – Digitalization isn't just for Millennials; it spans the entire spectrum from mass markets to affluent and elite customers. As we develop new journeys from design to launch, we prioritize the needs of our most demanding clients. This focus allows us to create sleek, user-friendly experiences for everyone.❞   👉 Future: What role do you see CX playing in the future of your business? ❝CX remains essential for our business in HK as we strive to maintain our competitive edge. We can’t afford to be complacent. CX and a customer-centric approach are key differentiators for us. By actively engaging with customer feedback, we can make informed decisions that align with their needs, fostering trust and loyalty while staying ahead of the competition. Listening to our customers transforms insights into impactful actions, ultimately driving our success.❞#HSBC

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I sat down with a few journalists while in Taipei last week. We spoke about the importance of Taiwan to @standardchartered’s global wealth business growth. Taiwan registered a higher underlying growth than our global average in the first half of 2024, signalling its strong potential. This is after a strong 2023 as well. We have been investing to enhance our wealth solutions – introducing digital tools such as myRM that enables 24/7 interaction between clients and their RMs, and myWealth Advisor which is our advisory platform as well as bespoke products such as Signature CIO Fund which incorporates our Global CIO views. The opening of 2 new Priority Private Centres later this year will cater to the wealth needs of our high net worth clients and those of ultra high net worth clients. Standard Chartered Standard Chartered Wealth Insights #wealthmanagement #wealth #wealthsolutions #wealthadvisory #investing #investments #investmentadvisory #digital #digitalwealth #highnetworth #UHNW #HNW Samrat Khosla https://lnkd.in/ghqip2Uq

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Excited to be moderating this panel with Juliet Kwek, Alex Wong and Catherine Cheng from HKBN on cost effective flexible employee benefits ☺️ organised by [HKIHRM] Hong Kong Institute of Human Resource Management and MixCare Health. Such an important topic when expectations of talent are personalised and customised benefits but budgets are restricted 😅. DM if you are interested to join ✨. #employeebenefits #femtechatwork #mixcare #employeehealth #wellnessbenefits

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Good to see our Ministers taking proactive initiative to communicate how stable we are compared to many other countries: "Singapore gives top-level briefings to reassure foreign banks on stability". "Ministers overall sought to emphasise Singapore’s safety, reliability and trustworthiness amid geopolitical uncertainty.  “While Singapore regularly holds meetings with business groups, briefings by such senior ministers are not routine. The government [being] proactive, especially after the money laundering episode and the current global political and economic uncertainty,” one person familiar with the briefings said. “Singapore’s global stock as a financial hub is rising and the risks of being misunderstood and bad actors operating here have become greater.” The prime minister’s office said public officials have been engaging with various groups, including banks and finance institutions, for decades. “We engage on a variety of issues — not only on international developments but also economic and social issues . . . Participants appreciate the opportunity to engage with ministers and public officials,” Lee’s office said. A US bank executive said the meetings had been well received by local employees, though senior leadership were surprised that the prime minister’s office was contacting the business on geopolitical matters. The inclusion of ministers such as Teo, a former two-star rear-admiral who has been serving as co-ordinating minister for national security since 2015, “raised eyebrows”, they said. “The ministers attending are among the top in Singapore, it is not something you say no to but it was surprising,” the person said. “The overall message we got was they want to make clearer that Singapore is still the safest, most reliable financial hub in the region.” Good to see that our Ministers are not taking anything for granted and not resting on their laurels and are taking the initiative. What do you think? If you’re an entrepreneur and need support on your entrepreneurial journey to enable you to grow your business, our Ultimate LinkedIn Marketing and Personal Branding service can help you, details here : https://lnkd.in/dqWRi6EZ https://on.ft.com/4b1o8Kw

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💰💰ENHANCING FINANCIAL LITERACY: A WORKSHOP WITH FINEXIS ADVISORY💰💰 💸Our next stop took us to the bustling city center, where we attended an enlightening Financial Planning Workshop hosted by Finexis Advisory Pte Ltd, a leading financial consultancy firm in Singapore. 💸The experts emphasized the importance of financial literacy for young individuals. They shared practical advice on budgeting, saving, and investing, tailored to the unique financial challenges and opportunities faced by young professionals. 💸We delved into the fundamentals of investment planning, learning about different asset classes, risk management, and the importance of diversification. The experts provided strategies to build a robust investment portfolio that aligns with our long-term financial goals. 💸The session also covered the crucial topic of retirement planning. We learned about the importance of starting early, understanding different retirement plans, and the power of compound interest. 💸The Financial Planning Workshop by Finexis Advisory Pte Ltd was a significant milestone in my journey towards financial independence. As I move forward, I am more confident and prepared to make informed financial decisions that will shape a brighter future. #LeadTheChange #LTCET #LTCET7  #LeadTheChangeExchangeTrip7

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This year we’re very happy to sponsor Financial Promoter’s Young Financial Promoter Award. To celebrate all the candidates, over the next few days we’ll be posting brief interviews with all the candidates. First up is Natalie Cheung, who handles PR and comms for trading and investing platform, eToro. Congratulations to all the nominees! 🔹What do you find most rewarding about working in this field? "Being able to help more people learn about investing and growing wealth. Financial health is a crucial part of everybody's overall wellbeing, but finance for the most part is still a black box and financial institutions traditionally have not done a great job of allowing the general public to understand how money works. As marketers and communicators we are given the challenge (and opportunity) to explain these topics in accessible and creative ways that make them feel 'real'. More importantly, we can motivate people to take action towards better financial health, whether it's opening their first investment account, signing up for a course, or telling a friend about what they learnt." 🔹What would you like to see more of in the world of financial services marketing & comms? "I'd like to see more diverse voices in this field. Part of the communication challenge we're facing is that many people think that financial knowledge and access to financial services are reserved for people who look or sound a certain way, or come from a certain background. That's why not only do companies need more diverse spokespeople, they also need to change the solemn and even elitist way in which they talk about finance. In the future I'd like to see more firms showing that financial services are for everyone and part of the everyday." #FinProms24 #Awards #YoungFinancialPromoter #Communications #PR #Finance

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How likely is it that any of the Hong Kong virtual banks – or their counterparts in Southeast Asia – will reach the scale necessary to be sustainably profitable? Their CEOs referred me to global examples of banks that have become sustainably profitable. They regularly cite KakaoBank, Revolut, and Nubank as examples. Let’s take a look at those stories. #virtualbank #digitalbank #fintech #innovation https://lnkd.in/dX7FzjQi

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This year’s RHB Touch Hearts community program drew inspiration from our Raya film’s beautiful reminder: “The things that are insignificant to us actually mean the world to someone else.” And what an impactful year it has been! Thousands of RHB Banking Group employees in Malaysia and across the ASEAN region rolled up their sleeves and rallied around initiatives close to their hearts. From community engagement to environmental conservation, educational programs, and business support – every project had one thing in common: making a difference where it’s needed most. Our efforts were focused on underserved areas, flood-affected regions, schools, and vulnerable groups, showcasing our unwavering commitment to social responsibility. This is what it means to Touch Hearts – it’s about creating those small moments that spark bigger changes. We hope our collective passion and energy have created a ripple effect that reaches far beyond our immediate surroundings, benefiting the environment and the communities we serve. Because at RHB, our purpose is clear: we are here to make progress happen for everyone. Here’s to touching more hearts, championing meaningful causes, and never underestimating the power of a small gesture. #RHB #TogetherWeProgress https://lnkd.in/gw_Naz4M

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The HKMA and PBoC are working together on the "Three Connections, Three Facilitations" initiative to achieve several goals: * **Promote cross-boundary financial connectivity:** This makes it easier for people and businesses in Hong Kong and Mainland China to do financial business with each other. This can lead to more investment, trade, and economic growth in both regions. * **Enhance financial market connectivity:** This makes it easier for banks and other financial institutions in Hong Kong and Mainland China to interact with each other. This can lead to a more stable and efficient financial system overall. * **Reduce financing costs for businesses:** By making it easier for businesses to access credit, the initiative can help them grow and create jobs. * **Provide a safe and convenient channel for cross-boundary property purchase remittance and transactions:** This makes it easier for people in Hong Kong to buy property in Mainland China. * **Boost the efficiency of cross-border payments:** This will make it faster and cheaper for people and businesses to send and receive money between Hong Kong and Mainland China. Overall, the initiative is designed to deepen financial ties between Hong Kong and Mainland China, which will benefit both economies.

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A recent study by Visa has revealed that 83% of Gen Z consumers in Singapore are aware of generative artificial intelligence (AI) and its potential to enhance their banking experiences. Adeline Kim, Visa Country Manager for Singapore & Brunei, said, “There is immense potential in generative AI, where it is predicted that Gen AI brings US$320B worth of value to the banking industry. We also believe there are interesting use cases in banking that could emerge which includes using Gen AI to create more efficient and automated customer service and drive hyper-personalised content and product customisation to serve customers. Combating fraud leveraging Gen AI is also another great example. We introduced the Visa Account Attack Intelligence score this year, which uses Gen AI components to identify and score enumeration attacks.” https://lnkd.in/gDfWhEkG

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While the Buy Now, Pay Later (BNPL) services is gaining traction, it remains a relatively small percentage of overall consumer spending - not expected dominate the market. While BNPL offers convenience and flexibility to consumers, which can drive sales for retailers; it also poses risks such as potential over-indebtedness for consumers and higher default rates for providers. As BNPL continues to shape the e-commerce landscape, stakeholders must navigate its benefits and challenges carefully to ensure sustainable growth. ✅ Pros of BNPL: Consumer Flexibility: BNPL offers consumers the flexibility to spread payments over time, making high-ticket items more accessible. Increased Sales: Retailers can benefit from higher conversion rates and increased average order values, as BNPL reduces the barrier to purchase. Attracting Younger Demographics: BNPL appeals particularly to younger consumers who prefer cash flow management over traditional credit options. ⚠️ Cons of BNPL: Risk of Over-Indebtedness: Consumers may be tempted to overspend, leading to financial strain and potential debt accumulation. Higher Default Rates: BNPL providers face the risk of higher default rates compared to traditional credit, impacting their financial stability. Regulatory Scrutiny: As BNPL grows, it is likely to attract more regulatory attention, which could lead to tighter controls and operational challenges for providers. BNPL is set to continue influencing the e-commerce sector by providing an alternative payment method that enhances consumer experience. However, for sustainable growth, stakeholders must address the associated risks through responsible lending practices, consumer education, and proactive regulatory engagement. How do you see BNPL evolving in the coming years, and what measures should be taken to balance its benefits with the potential risks? #Ecommerce #BNPL #DigitalPayments #ConsumerFinance #LinkedInDiscussion https://lnkd.in/gh_6mvZU

During the pandemic lockdowns I did wonder whether now would be the time that banks took the plunge and shuttered all their branches, for good - move everything online. It didn't happen, though many countries saw branch networks reduce and have continued to rationalise networks. Citibank Singapore will soon have closed all of its 15 branches and will manage with three wealth hubs, catering for those Citi Gold clients with more than SGD 250,000 to invest. I am surprised and yet also not surprised that $1 in every $5 spent on credit cards in Singapore is on a Citibank card, so I wonder whether this will also change. Will the lack of physical real estate be effectively replaced by virtual real estate on the mobile screen? My sense is yes, for now, but will a new generation of clients find the bank this way at a time when competition is intense? Presumably the savings from the branches can be spent on digital engagement but how far can that go and will other providers capitalise on their remaining physical presence to engage in better ways?

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Have you heard of institutional intraday lending capabilities? Too chim; didn’t read? Here’s what it means. OCBC has become the first Singapore bank with institutional intraday lending capabilities. It means #OCBC can now lend money to companies needing short-term cash to cover unexpected expenses for just a few hours or a day. To secure the loan, the borrower will need to provide collateral, which can be tokenised. These collateral can include assets like #stocks or #bonds that are converted into digital tokens. This makes transactions nearly instant, giving the borrower fast access to cash. It’s a win-win because firstly, banks often have idle money sitting untouched daily. By lending it out, OCBC earns interest, while borrowers can cover their cash needs quickly and at a lower interest rate. If you must know, what goes behind the scene are J.P. Morgan’s Digital Financing application and #Onyx Digital Assets Platform. #blockchain Ken Lai Scott Lucas Tan May Ling

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