Vipin Vashishtha

The future of trade finance lies in significant advancement driven by digital transformation and robust risk management. What's your take on where the industry is headed?

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Time flies. One year ago today, we formed GSTAR (Group Strategy, Transformation, Analytics and Research) team at DBS Bank. This team brings together the different functions to architect, catalyse and drive the strategic transformation of DBS to be a differentiated bank, powered by research and AI. That's our mission. Why? Because we believe that transformation does not happen by chance. Grateful to all our team members and stakeholders for their dedication and commitment to work together as one team, delivering value for our shareholders, customers, employees and community. It's my privilege to lead this multi-disciplinary team of professionals since I returned from Taiwan. We are a diverse group with different expertise, different strengths, different perspectives, and even different DNA among us (left-brained vs right-brained individuals). That said, our diversity is our strength. We are committed to providing absolute psychological safety to speak up, and help each other improve for the betterment of the whole. It's also about give and take, leveraging off each other's strengths with respect under one roof. The GSTAR organisation is a unique setup; it's like a startup. We don't own the P&L but we need to contribute to it. We can't be intrusive but we need to be at the table. It's a fine balance. We have to discover, define, develop and deliver our value in an agile and pragmatic way. What we do is not just about being well-reasoned, but also about being reasonable and relatable to our stakeholders with resonance. Beyond the functional jobs, we need to also deliver the emotional and social jobs to be done. It's about credibility and impact. Not easy especially when we are dealing with new frontiers. I thank my team for the candour and robustness of the debates in our ideation and execution processes. Many things seem common sense but may not be common practice, and it's our job to call them out. Strategy without effective execution is like an illusion. Execution without a clear strategy is like a hobby. Strategy and execution without purpose is like a straw man without soul. There is no compromise to this trinity. To all our GSTAR functional and location heads, thank you for your leadership and partnership on this journey thus far on driving strategy and execution with purpose. More importantly, your courage to explore new frontiers is amazing. My appreciation also goes to all our internal and external partners. Your support and trust means a lot to us. Our train has left the station...on a journey with the purpose of making banking joyful...in a different kind of world. Onward and forward. Trust your spark! A lone star is not bright A galaxy lights up the sky in the dark night Together, our hearts shine #dbsbank #gstar #transformation #ai #genai #strategy #innovation #customerjourneys #employeejourneys #singapore #hongkong #taiwan #india #indonesia #mainlandchina #futureofwork #datascience

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In partnership with DBS, OCBC Group Audit co-chaired the Anti-Money Laundering (AML) Audit Peer Group, collaborating with the Association of Banks to create this important paper. This group, made up of 16 organisations from the banking sector, professional services firms, and associations, and overseen by the Monetary Authority of Singapore, was formed to facilitate the sharing of AML/CFT best practices and establish key baseline standards for both internal and external audits. I am truly honoured to have had the opportunity to contribute to the development of this paper as a member of the working group.   The paper, titled “Enhancing Anti-Money Laundering and Countering the Financing of Terrorism Audit Effectiveness for Banks: Key Baseline Standards and Best Practices,” highlights the importance of leveraging data analytics and automation in audits, addressing AML/CFT concerns for third-party arrangements, fostering collaboration between lines of defence, enhancing interactions between internal and external auditors and prioritising staff competency, training, and upskilling   I would like to express my profound gratitude to the members in the working group and all the remarkable contributors whose unwavering dedication and tireless efforts have been instrumental in breathing life into this paper.   Thorough and effective AML/CFT audits are essential for detecting and preventing increasingly sophisticated financial crimes, which is vital for maintaining the integrity of Singapore’s financial system. Let's work together to strengthen our defences against financial crime!   Read the paper here: https://lnkd.in/g6sqCu3M

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Pleased to share that DBS Bank, Southeast Asia's largest bank, has signed a memorandum of understanding (MOU) with the China Council for the Promotion of International Trade (CCPIT), one of China's largest trade bodies. The MOU aims to boost foreign investment and trade between China, Singapore and the ASEAN region. DBS and CCPIT will initially focus on collaboration in logistics and e-commerce with other key growth sectors to be added in the future. The tie-up will leverage DBS’ industry expertise and financial solutions, such as digital cross-border payment capabilities and trade financing. In addition, companies seeking to set up operations in new locations can access the bank’s ecosystem of partners that offer professional services. On the other hand, DBS’ regional clients will also be able to tap CCPIT’s network to expand into China. Exciting times ahead as we continue to grow our franchise in Asia together with our customers. #dbsbank #chinatrade #asean #southeastasia #connectivity #ecosystem #professionalservices #marketaccess Eric Xu Adrian W Y Chai Annie Ye

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Is this the end of corporate checks in Singapore? To allow corporates sufficient time to adopt these new solutions, MAS and ABS have also announced a one-year extension of the deadline to cease processing of corporate cheques.

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🚨 30 July 2024 - Enforcement Actions Media Releases 🚨 ‼️ The Monetary Authority of Singapore (MAS) Reprimands RVP One Pte. Ltd. and its Chief Executive Officer for Breaches of the Securities and Futures (Licensing and Conduct of Business) Regulations ‼️ 🚩 🚩🚩RVP failed to submit the following information to MAS: 🚩 Financial returns for financial years 2020 to 2022 and annual declaration for financial year 2023; 🚩 Changes to its shareholding structure and the resignation of a director; and 🚩 Information concerning its fund management business, including the location of its employees, shareholding structure and details of a new fund. 💡From a governance (and individual accountability & conduct) point of view, the CEO and the directors are accountable & responsible to ensure that the various MAS’ and SFA / SFR reporting requirements are adhered to. ✅ It may sound trivial but as a director, you may want to check with your Compliance Officer and Internal Audit that these requirements are included in the various compliance programs! ➡️ See the full release under the link below. https://lnkd.in/gyt97_RP

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Future-Proofing Banks with Emerging Technologies In a recent interaction with #AsiaBusinessOutlook, Lito Villanueva, Executive Vice President and Chief Innovation and Inclusion Officer at RCBC shares his views on how should banks adapt to the evolving payment landscape to ensure they remain competitive. Read More: https://bit.ly/46NLxOR #EmergingTechnologies #FutureProofingBanks #internaltransformation #industrystandards

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Jessica Chew Cheng Lian: Opening remarks - Central Bank Payments Conference Opening remarks by Ms Jessica Chew Cheng Lian, Deputy Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Central Bank Payments Conference, organised by Currency Research, Kuala Lumpur, 11 June 2024. Evolution of payments The payment system lies at the heart of economic activity. If money is the lifeblood of the economy, then payment systems represent the veins that allow money to flow to where it is needed. While this fundamental reality has not changed, over the past few decades, technological advancements have dramatically changed the form, methods and experience of payments in our daily lives. Not too long ago, we waited anxiously for cheques to clear to pay our mortgages or for funds to transfer across borders for our family needs or children's education. Carrying cash in our purses or wallets was as automatic as putting clothes on to leave our homes. Today, many of us conduct daily financial transactions digitally and through our mobile phones – with a level of convenience not possible or imaginable before. In the wholesale payment space, the transformation has been no less significant. We have moved to highly automated, real-time systems that enable continuous and instantaneous settlement. The financial system has also become more efficient as settlement cycles for securities have been gradually reduced. Similar to retail payments, many of these improvements have been enabled by technological progress, creating greater efficiencies in the financial system. ... #centralbank #payment #BIS

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Following yesterday’s engaging pre-conference workshops, the Central Bank Payments Conference formally got underway this morning with an opening address by Bank Negara Malaysia Deputy Governor Jessica Cheng Lian Chew, who told the audience that central banks must be prepared to shape the future financial system. Burkhard Balz of Deutsche Bundesbank delivered an incisive keynote address on CBDC and the money of the future, stressing the importance of preserving access to central bank money…now and in the future. A pair of rich panel discussions ensued on financial inclusion and cyber resilience. In the former, country-specific perspectives were shared by Hakima EL ALAMI (Bank Al-Maghrib), Cheryl Venable (Federal Reserve Financial Services), and former Central Bank of Afghanistan Governor Ajmal Ahmady, while Siegfried Zottel spoke on The World Bank’s work to foster financial inclusion. The morning session concluded with a robust discussion on cyber resilience, a constant priority for central banks, featuring a lively conversation between Claudine Hurman (Banque de France), the Fed’s Tracy Harrington, and Tamás Gaidosch of the International Monetary Fund. An amazing start to #CBPC2024! Follow us to discover all the top-notch payments events we have planned for you. Visit now currencyresearch.com #cbpayments #GlobalPaymentsSummit #Innovation #Payments #PaymentsWeek #CentralBankPayments #FinanceInnovation 

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MAS Notice 658 release for banks and merchant banks     As of December 11, 2024, the new MAS Notice 658 comes into effect, impacting all banks and merchant banks operating in Singapore. This notice outlines the mandatory requirements for banks in Singapore concerning the management of risks associated with outsourced relevant services, focusing on each material ongoing outsourced relevant service (MOORS).    Compliance with the notice and MAS Outsourcing Guidelines is essential for maintaining a robust outsourcing management framework for all financial institutions in Singapore. Sia Partners’ outsourcing management team can help you cover all key requirements and help you to meet regulatory expectations.   If you would like to have more information, reach out and connect with us! #MASNotice658 #RegulatoryCompliance #RiskManagement #FinancialSector #SingaporeFinance #SiaPartners David Hollander Nolan Kam Helina Lo Jenny Tin Brian Lin Lepeka Garg

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Indeed, as financial crimes become more and more sophisticated, banks and compliance need to evolve and be ever more vigilant and agile. #compliance #financialcrime #aml CIMB Singapore CIMB Financial Services Review

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An important strategic approach for organizations is to involve customers actively in the solution making process. Thank you, Asia Business Outlook, for featuring this interview in your recent edition. #AsiaBusinessOutlook Fintech Alliance PH RCBC #GoForMore

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Engaging session with industry players on how interoperable electronic bills of lading can bring trade digitalisation to the next level. Thanks Singapore Business Federation & IMDA for the invite to join the panel! #TradeTrust

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Here's How the Right Bank Can Be a Game-Changer. For many startups, scaling is the ultimate goal, but it comes with its own set of financial challenges. From managing cash flow to securing growth capital, the journey can be daunting. This is where the right banking partner can make all the difference. Partnering a bank that not only understands your current needs but is also equipped to fuel your future success is extremely important. If you are keen to find out more: https://lnkd.in/g6pYujnT #hsbcneweconomy #wesucceedtogether #openingupaworldofopportunities #hsbccommercialbank

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Delighted to share that DBS Bank equips its customer service officers with a gen AI-powered virtual assistant called CSO Assistant. When fully deployed, the virtual assistant is expected to reduce call handling time by 20%. By the end of this year, DBS Bank's 500 customer service officers in Singapore will be able to use the virtual assistant to serve customers more efficiently. The virtual assistant was fully developed by the bank’s artificial intelligence (AI) engineers. Besides Singapore, DBS is progressively rolling out CSO Assistant to its other markets over the next 12 months, starting with Taiwan (in Mandarin) and Hong Kong (in English and Cantonese). CSO Assistant is one of over 20 generative AI use cases which DBS is implementing, identified from a pool of over 240 ideas generated internally in 2023. Kudos to our teams for driving DBS to be an AI-fuelled bank. Watch the space. Majulah! #dbsbank #innovation #transformation #ai #genai #csoassistant

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DBS stands tall as the most innovative bank, seamlessly embracing digitalization faster & more effectively than its peers. It was crowned world's best digital bank by Euromoney and has taken to digitalization like a duck to water. Its digital banking experience outshines competitors, firmly placing it at the forefront. I have been a loyal customer for 15+ years and have personally experienced their amazing digital transformation. Operating from Singapore, DBS has shown the world how Digital is done. They are the digital banking poster child. Yet, recent tech hiccups have dented their image. Now, there have been half a dozen times over the recent times when their services have not been accessible which indicates a loophole in their resiliency strategy. Clearly, their resilience strategy must be reassessed, with a focus on stringent audit and governance. Recently, MAS had put a six month pause on their non essential activities to focus on restoring system resilience but it seems all the wrinkles are yet to be ironed out. While investment in growth tech like GenAI, RPA are crucial, lowering the priority of maintenance and governance of existing tech platforms runs the risk of system outages misplacing customer trust. Customer relationships are centered on trust - hard to build and harder to regain once lost. As banking was getting disrupted a few years ago and Fintechs were breathing down the banks' neck, large banks poured millions of $$ into transforming themselves and dare I say that they now have hit the ball way out of the park. Banks are winning the race so far but now is also the time of stabilization, consolidation, risk and quality assessment while continuing to innovate but with a balanced view. As the leading Asian bank, DBS must rebalance its investment $$ in growth tech and products vs keeping the existing assets in tier one quality and shape. Banking has become more Tech, and now accessibility, availability and security are non-negotiables. Building an iron clad resilient 24*7 operating model will be more important than ever and banks should continue to invest and build on it. Undoubtedly, DBS will come out stronger from these snags, but I do hope other banks are also taking the right steps to ensure resiliency in the 24*7 nature of digital banking operations. #DBS #banking #system #resilience #Singapore #DigitalTransformation #customer #trust #technology **The views expressed above are my own** https://lnkd.in/gtvxqbAV

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As part of Maybank Group’s broader strategy to drive the transition to a net zero economy, we have expanded our maiden white paper titled, “Banking on a better tomorrow: Our commitment to net zero” to include the Steel and Aluminium sector, highlighting our science-based interim targets and leadership in driving emissions reductions for critical industries. The white paper, first released in May 2024, outlined Maybank’s science-based interim emissions targets and decarbonisation strategies for the Power and Palm Oil sectors. This addition underscores Maybank’s continued responsibility as a signatory of the Net Zero Banking Alliance (NZBA) and dedication to aligning its operations and supporting its clients in their transition journey. To find out more, please visit https://lnkd.in/gbmwNgz9 #ASEANSpeaks #Sustainability #NetZero

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Bank branches are not dead. Of course, most banks can operate without branches, but what would differentiate them from the mobile neobanks that are proliferating? A physical presence remains essential, even if the traditional bank branch format is no longer in vogue. Maybank is an interesting example. The Asian bank is banking on a few signature branches in #Malaysia and pop-up branches in #Cambodia. #branchbanking #retailbanking Michael Grover Guillermo Poveda Eylem Özen Baştürk Silvia Cunill Calvet Raheel Vakeel

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