Shirley Law, Credit Suisse

Credit Suisse Continues to Expand its South Asian Private Banking Team

Credit Suisse’s Private Banking arm in Singapore recently announced appointment of Shirley Law as Market Leader Singapore. A seasoned banker, Law brings with her over 20 years of wealth management experience in this new created role. Since joining Credit Suisse in 2013 as a Team Leader, she has established a track record as a business enabler with a skill for building and developing teams.

Jin Yee Young

Jin Yee Young, Market Group Head Singapore, Malaysia and South Asia Switzerland

Prior to joining Credit Suisse, she was a senior banker at UBS for eight years, covering Greater China and other Asian markets. In her new role, she will report to Dominique Boer, Market Group Head Singapore and will manage three teams under three new Team Leaders. With Shirley Law’s appointment, the Swiss giant continues to further solidify its presence in South Asia as this appointment comes on the heels of newly created position in Malaysia and various other promotions.

Three New Team Leaders under Shirley Law include:

  • Kent Choi, who transitions to the Singapore market with immediate effect from his current position as Team Leader in the Malaysia market
  • Siang Jin Foo, who will join Credit Suisse on July 19, 2021 from HSBC. He bring with him extensive experience in managing teams and in servicing high net worth clients.
  • Luke Hui, who will join Credit Suisse on July 26, 2021 from Bank of Singapore. He has an established track record in acquiring new clients and in leading teams.

“With these appointments, we are in an excellent position to accelerate Credit Suisse’s growth in the Singapore domestic market. We will continue to expand our teams by attracting the best people to the bank and developing talented professionals internally. In her new role, Shirley will work closely with us to drive further growth and capture a greater share of the Singapore market together with her teams” remarked Jin Yee Young, Market Group Head Singapore, Malaysia and South Asia Switzerland.

With a diversified footprint in the region, Credit Suisse has made more than 100 net hires in 2021 year to date in APAC across all levels, front-to-back, including 30 relationship managers in Private Banking in the first quarter.

In Private Banking South Asia, the Swiss giant continues to hire selectively and strategically focusing on senior bankers to support its story and ambition for the region. The bank welcomed a number of new senior Relationship Managers across Thailand, Singapore and Hong Kong recently. Jin Yee Young added, “Having generated good growth momentum in the Singapore market this year, we believe that we are well-positioned to achieve greater success driven by our talented new joiners and the strong leadership team in the Singapore market.”

Revolut is now UK’s largest fintech firm

At £24bn valuation, Revolut is now UK’s largest fintech firm

In this blog, we curate relevant and remarkable content related to digital banking, fintech and high-performance banking leaders. This piece by The Guardian reports that banking app Revolut has raised $800m from new investors Tiger Global Management and SoftBank. Read on.

“The banking and payments app Revolut has become the most valuable British fintech firm on record after a fresh funding round pushed its valuation to $33bn.

The company, founded by the former Lehman Brothers trader Nik Storonsky in 2015, announced on Thursday that it had raised $800m (£579m) from new investors Tiger Global Management and the major Japanese investment group SoftBank, which now hold a near 5% stake in the business.

It means the London-headquartered company is worth $33bn (£24bn), which is six times higher than last year, when it was valued at $5.5bn.”

Continue reading…

Is PayPal’s mobile payments dominance under threat

Is PayPal’s mobile payments dominance under threat?

In this blog, we curate relevant and remarkable content related to digital banking, fintech and high-performance banking leaders. This piece by Forbes reports that PayPal’s domination of mobile payments is coming to an end. Read on.

“In the world of mobile payments, PayPal is the Big Kahuna with more than 377 million users generating nearly $1 trillion in payment volume over 15.4 billion transactions in 2020. It’s dominance against competitors like Apple Pay, Google Pay, and Square Cash App is under attack, however.

It’s no surprise that the pandemic spurred the adoption of mobile payment apps. According to a study from Cornerstone Advisors conducted in December 2020, nearly eight in 10 smartphone owners have at least one mobile payment app on their smartphone, with the PayPal app installed on nearly two-thirds of all smartphones.”

Continue reading…

JP Morgan and Goldman Sachs outstanding Q2 profits

JP Morgan and Goldman Sachs report outstanding Q2 profits

In this blog, we curate relevant and remarkable content related to digital banking, fintech and high-performance banking leaders. This piece by The Guardian reports that investment banking arms of Goldman Sachs and JP Morgan benefit from global glut of mergers and acquisitions. Read on.

“Goldman Sachs and JP Morgan have reported bumper profits for the second quarter as their investment banking divisions continued to ride the global boom in mergers and takeover deals.

The two US banks have been capitalising on the surge in merger and acquisitions activity, which broke records for the second straight quarter in the three months to June, according to Refinitiv data, and helped make up for a slowdown in trading since the start of the year.”

Continue reading…

The Key to Successful Use of Central Bank Digital Currencies

The Key to Successful Use of Central Bank Digital Currencies

In this blog, we curate relevant and remarkable content related to digital banking, fintech and high-performance banking leaders. This piece by Forbes reports that successful cooperation and coordination is needed for the successful use of central bank digital currencies. Read on.

“It is critical for legislators, central bankers, and financial regulators to coordinate globally the implementation of Central Banking Digital Currencies (CBDC) in order to promote cheaper, faster, inclusive, and more transparent cross-border payment services. Many central banks are comparing and contrasting the advantages and disadvantages of several CBDC designs; however, their focus has been primarily on domestic use. The success of CBDCs could be very beneficial in providing support for economic growth, financial inclusion, internal development and global trade.”

Continue reading…

Server rack cluster in a data center (shallow DOF; color toned image)

Deutsche Bank taps Oracle, aims to cut costs and simplify IT

In this blog, we curate relevant and remarkable content related to digital banking, fintech and high-performance banking leaders. This piece by Reuters reports that as Deutsche Bank has tapped Oracle to simplify the bank’s IT and cut costs. Read on.

“FRANKFURT, June 24 (Reuters) – Deutsche Bank (DBKGn.DE) has tapped software firm Oracle (ORCL.N) to simplify its information technology systems, enabling Germany’s top lender to cut costs, a Deutsche Bank board member said on Thursday.

Deutsche Bank has spent years modernising its computer systems that have repeatedly caused headaches and which former Chief Executive John Cryan had publicly called “lousy”.

The migration is expected to take three to five years and should help lower Deutsche Bank’s total annual costs to 16.7 billion euros ($19.9 billion) by 2022 from the 19.5 billion it posted in 2020.”

Continue reading…

Golden bitcoins on a black computer keyboard

Goldman Sachs’ partnership with Galaxy Digital: Can it lower bitcoin’s volatility?

In this blog, we curate relevant and remarkable content related to digital banking, fintech and high-performance banking leaders. This piece by CNBC reports that as more banks allow clients to trade bitcoin, the depth and breadth of the market improves, which ultimately should lower bitcoin’s famous volatility, according to Galaxy Digital co-president Damien Vanderwilt. Read on.

Goldman Sachs’ efforts to help hedge funds and other big institutional clients wager on bitcoin have taken a step forward.

The bank has begun trading bitcoin futures with Galaxy Digital, the crypto merchant bank founded by Mike Novogratz, CNBC has learned.

The trades represent the first time that Goldman has used a digital assets firm as a counterparty since the investment bank set up its cryptocurrency desk last month, according to Galaxy co-president Damien Vanderwilt.”

Continue reading…

Financial advisor making quick calculations

UBS CEO: AI will not replace financial advisors’ role

In this blog, we curate relevant and remarkable content related to digital banking, fintech and high-performance banking leaders. This piece by CNBC reports that intelligence is better suited to handling day-to-day functions, like opening an account or executing trades according to UBS CEO Ralph Hamers. Read on.

“LONDON — One of the world’s biggest wealth managers doesn’t think artificial intelligence can replace the role of financial advisors.

Ralph Hamers, the CEO of UBS, said Wednesday that technologies like AI were better suited to handling day-to-day functions like opening an account or executing trades than advising clients.

“There is no added value for client advisors to be engaged in a process like that,” Hamers told CNBC’s Geoff Cutmore at the virtual CNBC Evolve Global Summit. “They’re advisors. They should advise.”

Continue reading…

Bank of America CEO says cybersecurity spending reaches $1 billion

Bank of America CEO says cybersecurity spending reaches $1 billion

In this blog, we curate relevant and remarkable content related to digital banking, fintech and high-performance banking leaders. This piece by CNBC reports that Bank of America has ramped its cybersecurity spending to over $1 billion a year. Read on.

Bank of America CEO Brian Moynihan said Monday that the company has ramped its cybersecurity spending to over $1 billion a year.

“I became CEO 11 and a half years ago, and we probably spent three to $400 million [per year] and we’re up over a billion now,” Moynihan said on CNBC’s “Squawk Box.

“The institutions around us, other institutions and my peers, spend like amounts, and our contracting parties spend like amounts,” he added. “In other words, we cause spending in third parties that provide services to us to protect us in the same way. So there’s a lot of money being spend on this, and I think one of the things our industry has done a great job of is work together.”

Continue Reading…

 

Bank of England Digital currencies pose threat to economy

Bank of England: Digital currencies pose threat to economy

In this blog, we curate relevant and remarkable content related to digital banking, fintech and high-performance banking leaders. This piece by The Guardian reports that according to research, high-street banks could face a flood of withdrawals leading to financial instability. Read on.

“The rise of digital currencies could lead to a flood of withdrawals from high-street banks, risking financial stability and the wider economy, the Bank of England has warned.

Threadneedle Street said that stablecoins – a new form of digital asset usually pegged to the value of a traditional currency – would need to be regulated in the same way as payments handled by banks if they became widely available.”

Continue reading…