Will StanChart and NTUC’s digital bank, Phoenix, be granted the coveted digital banking license in Singapore

Will StanChart and NTUC’s digital bank, Phoenix, be granted the coveted digital banking license in Singapore?

Monetary Authority of Singapore (MAS) has resumed the assessment process to award its five coveted digital banking licenses and stated that the winners will be announced in H2 2020.  In April 2020, amid the pandemic concerns, the assessment process was put on hold and the 21 applicants were asked to review their business proposals, assumptions, valuations underpinning their financial projections keeping in mind the immediate and post pandemic impact on its business.

With the resumption of the assessment process, MAS announced in June 2020 that it will go ahead with reviewing 14 of the 21 applications stating that “eligible applicants, comprising five digital full bank (DFB) applicants and nine digital wholesale bank (DWB) applicants, will progress to the next stage of assessment”, doing so without revealing any names or bid details. This being said, certain applicants – SEA Ltd and Ant Financial and consortiums such as Grab and Singtel, Razer and Sheng Siong Holdings, FWD, LinkSure Global, Insignia Ventures Partners, Carro and iFast Corporation partnering with Hande Group & Yillion Group – have made their bids public.

While acquiring a digital banking license seems pivotal for all these players, most of them come with bare minimum experience of operating a bank. While having relevant experience when venturing into a new business is a stereotypical question, a relevant one is who are these applicants going to service? Singapore with a population of about 5.9 million has an internet penetration of about 88% according to a survey. Also mobile app banking in Singapore stand at about 65%.  Considering this, it’s hard to think of what value proposition could the 14 applicants bring which differentiates them from other banks? The simple answer to this is to serve the underserved SME sector and workers from unorganized sectors. This digital banking license could foster healthy competition, liberalise banking while being resilient. Companies which want to include financial services as a part of their company portfolio have the chance to use this offering to their advantage.

Another good news for StanChart is that it was recently qualified as a Significantly Rooted Foreign Bank (SRFB) in Singapore. According to the SRFB Framework, the bank can now “establish up to 50 POBs, of which up to 35 may be branches.”

While this is true for the known contenders, an unannounced applicant named Phoenix – a consortium of NTUC and Standard Chartered is also in the race for the digital banking license. While contemplating who could head the digital banking initiative in Singapore, TDB perceives co-founders of neobanks such as Judo Bank, Xinja or 86 400  could be credible candidates for this role. For those unaware, Standard Chartered forayed into Africa in 2018 with a digital-only bank in Côte d’Ivoire (CDI) following it up with Uganda, Tanzania, Ghana and Kenya in 2019.  Armed with this information, it is obvious why Standard Chartered is entering the race for the digital banking license in Singapore. The bank is well positioned to take advantage of this offering and with success projects in Africa, StanChart is uniquely qualified to come out a winner. Also, one of the key items in the business proposal for the digital banking license application must include regional expansion plans. This would provide the much needed entry point into Southeast Asian markets which hold similar value propositions as Africa.

Another good news for StanChart is that it was recently qualified as a Significantly Rooted Foreign Bank (SRFB) in Singapore. According to the SRFB Framework, the bank can now “establish up to 50 POBs, of which up to 35 may be branches.” Not only this MAS is considering enhancements to the framework which will grant “additional full bank licence to an SRFB that substantially exceeds the SRFB baseline criteria. This will enable them (SRFB) to have the same flexibility as Singapore-incorporated banking groups to establish subsidiaries, including with joint-venture partners, to operate new or alternative business models such as a digital-only bank.” With all this being said, StanChart seems to be in the right place to use’s MAS’s proposition.

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Image: mimisim / Shutterstock.com

COVID-19 Pandemic and The Era of Responsible Banking

COVID-19 Pandemic and The Era of Responsible Banking

An industry that has been able to weather crises such as SARS, Ebola, 9/11, Asian financial meltdown and of course, the 2008 financial crisis, otherwise known as The Great Recession, is nothing less than resilient. Amidst the ongoing uncertainty brought about by the COVID-19 pandemic, the banking industry is once again facing an enormous challenge, the likes of which are totally unprecedented in scale.

Instantly, the impact on the economy started to reverberate across all regions. According to The Center for Global Development, an international think tank that focuses on international development, “travel restrictions and lockdowns imposed to contain the spread of COVID-19 continue to impact the economic outlook for low- and middle-income countries.”

In Asia and the Pacific, economic growth is expected to decline by 2.7 percent in 2020 (down from last year’s 3.6 percent growth) and is seen as the most significant fall since the near-zero growth rate logged in 2009 during the global financial crisis, according to APEC. In addition, Asia-Pacific will also see a 50% decrease in passenger demand this year compared to last year. As a result, airline passenger revenues is estimated to record a revenue decline of $113bn compared to last year.

DBS, Southeast Asia’s largest bank, reports a 29% drop in first-quarter year-over-year net profits, setting aside $772.5 million “to cover potential losses from the coronavirus pandemic.”

Meanwhile, Latin America may experience a contraction of income between 11% and 22% according to a simulation by the Bank of Spain. Moody’s predicts a 6% contraction for Argentina’s economy for 2020, 5.2% for Brazil and 7% for Mexico.

Brazilian government minister Salim Mattar estimates that “the unemployment rate in [Brazil] may even double due to the impact of the coronavirus crisis on the economy.”

Not spared from economic shocks, Africa’s growth is also estimated to slow to 1.8 percent in the best-case scenario or to contract to -2.6 percent in the worst-case scenario from the 2.9 percent in 2019 and the pre-pandemic 2020 forecast of 3.2 percent, according to The United Nations Economic Commission for Africa.

Overall, the World Bank warn that “COVID-19 is likely to cause the first increase in global poverty since 1998 when the Asian Financial Crisis hit.”

“Global poverty — the share of the world’s population living on less than $1.90 per day — is projected to increase from 8.2% in 2019 to 8.6% in 2020, or from 632 million people to 665 million people,” World Bank adds.

Overall, the World Bank warns that “COVID-19 is likely to cause the first increase in global poverty since 1998 when the Asian Financial Crisis hit.

The Era of Responsible Banking

Since 2008, in the aftermath of the global financial crisis, banks have made significant steps to take action and create products that are better aligned with the social and environmental values of the clients, not just because regulators have demanded it, but because society expects it. Moreover, it has proved to be beneficial to the bottom line.

Formally, this is now known as Principles for Responsible Banking (PRB). The Principles for Responsible Banking were launched by 130 banks from 49 countries, representing more than USD47 trillion in assets, on 22 and 23 September 2019 in New York City, during the annual United Nations General Assembly.

At the end of March 2020, as the world sees the rapid spread of COVID-19, the PRB group called on its signatories to take action to support society and businesses in this unprecedented crisis. More than 150 banks joined the call and were in fact, doing more than what their governments are asking them to do when it comes to supporting small businesses and unemployed individuals.

The examples of how banks are helping societies during the collapse of an economy is aplenty.

For example, in the US, banks have become the predominant channel for its Paycheck Protection Programme, a $659 billion aid programme for small businesses. US regulators have also eased restriction to allow banks to tap into their capital reserves so they can continue lending.

In Switzerland, regulators and banking institutions worked together to provide loans for businesses who only need to fill out an online form and if approved, the loan could be disbursed to their accounts the next day. Likewise, in South Africa, filling in a form is not even needed as banks were allowed to adopt ‘opt-out’ models making it easier for loans to be extended. And in China, banks worked closely with regulators so loans and extensions could be fast tracked.

In mounting these unprecedented efforts to help societies, as well as prevent further deterioration of economic gains, global central banks are also stepping up to the plate and taking decisive actions.

Elsewhere, in The Netherlands, ABN Amro has extended an automatic six-month deferral on payment of principal and interest for clients with a credit facility of up to 50 million euros. And in Singapore, DBS Bank is allowing credit card holders to roll repayments into a single loan, effectively cutting rates from more than 20% to high single digits.

In mounting these unprecedented efforts to help societies, as well as prevent further deterioration of economic gains, global central banks are also stepping up to the plate and taking decisive actions. Through various measures such as rate cuts, liquidity support and easing of financial policies, the world’s central banks are playing a crucial role in preserving economic stability during this crisis.

Commitment to Move Forward

While the proverbial light the end of the tunnel may not be very clear in sight yet, COVID-19 and its impact already highlight the importance of keeping sustainability and responsibility at the forefront of banking agenda. Banks that have been committed to responsible banking are seeing good progress and are in fact, dealing better with the COVID-19 crisis.

Through the Principles of Responsible Banking, understanding the needs of all stakeholders becomes a paramount concern, and as such, it allows decision makers to understand the potential impact of any decision during a crisis.

However, any principles and proposals around responsible banking may come to naught if these aren’t backed by commitments and tangible targets. The new normal may come sooner than expected, or later than hoped. What’s important is to continue to look out for each other. After all, doing business is all about helping our customers and our people.

The Private Wealth Landscape in Mauritius and Bank One’s Approach to Wealth Management

The Private Wealth Landscape in Mauritius and Bank One’s Approach to Wealth Management

Bank One’s Guillaume Passebecq, Head of Private Banking & Wealth Management shares insights on Bank One’s approach in wealth management, the private wealth landscape in Mauritius and the crucial role digital channels play in private banking strategy. Below are the excerpts of our interview.

Can you tell us about the efficacy of Bank One’s approach in wealth management?

Guillaume Passebecq, Head of Private Banking & Wealth Management

Guillaume Passebecq: Bank One is a leading Mauritian bank with a regional footprint. Its two shareholders, Mauritian conglomerate CIEL Limited and Kenya-based I&M Holdings, have an extended presence on the African continent and banking operations in Madagascar, Kenya, Tanzania and Rwanda. Our shareholders’ strong footing in Africa grants us easy access to the securities markets in Kenya and Rwanda, positioning us as a favourable bridge to the booming East African market.

With our on-the-ground presence in Africa, a robust custodian network that extends over 50 countries, and with Euroclear as our main depository, all our clients; individuals, external asset managers and financial institutions; have direct access to the deep insights of our local and international experts.

We operate on a total Open Architecture model that offers best-of-breed products from multiple global providers. The collaborative nature of this model allows us to unlock a world of opportunities and deliver a diversified range of local and international solutions, including bonds, equities, ETFs, funds, and structured products. Our primary focus is the protection and growth of our clients’ wealth. Through our Open Architecture model, our clients can choose one or more independent portfolio managers, who will leverage their in-depth knowledge to deliver the desired investment objective.

Moreover, as their custodian bank, we are responsible for the safety of our clients’ securities and assets, which are recorded off-balance sheet. Our depositary, Euroclear – rated AA+ by Fitch Ratings and AA by Standard & Poor’s – is a proven and resilient provider of securities settlements.

At Bank One, we help our clients navigate the complex world of financial services by bringing forth different investment solutions. We offer both Execution Services which allows them to trade directly on all international markets by accessing our extensive network of trading specialists and Discretionary Portfolio Management (DPM) where they are able to choose an expert to oversee their financial assets.

How has the private wealth landscape in Mauritius changed over the last 5 years and what trends are emerging that may not be so apparent?

Guillaume Passebecq: The private wealth industry continues to experience significant challenges and transformation. Over the last 5 years, the industry in Mauritius has gained more exposure to international standards both in terms of pure banking products and services as well as more sophisticated investment solutions. The fact that Mauritius historically attracted and continues to attract foreign investors, is a key element of our business model. We believe that the foreign investors look for a more holistic advisory solution that encompasses their needs across a wide range of financial products and services.

Alignment with international laws and standards has also contributed to make the Mauritian Financial System more transparent and robust. Recent EU decisions are forcing Mauritius to reinvent itself as the industry’s development lies even more on internationalisation and it can adapt to those standards.

Last but not least, the local private wealth landscape has also experienced significant digitalisation efforts in recent years, with the introduction of real-time digital access and a strong custody services offer. HNW customers in particular are looking for a more hybrid approach. They want the best of both worlds as they are not ready to forego the human touch but they are also looking for a bank that can provide them with a complete digital banking experience where advisory can be provided via email or over the phone.

Over the last 5 years, the industry in Mauritius has gained more exposure to international standards both in terms of pure banking products and services as well as more sophisticated investment solutions.

How crucial of a part do digital channels and ecosystems play in Bank ONE’s strategy? What new products and/or services are your customers requesting as a result of COVID-19?

Guillaume Passebecq: From a pure banking perspective, customer behaviour and expectations are constantly evolving. They are expecting a seamless digital banking experience using mobile applications as well as a digitally-driven communication model from their financial service providers. Traditional brick and mortar are, in turn, being converted into greener and more efficient workspaces allowing for a more pleasant interaction with the customer.

Bank One has fully embraced this wave and invested massively in digital channels, as the old paradigm is no longer sufficient to maintain a competitive edge in the market. We have revisited our business strategy and operational model to invest in digital channels such as a revamped Internet Banking platform, a new Mobile Banking application, a full-fledged Custody platform and an E-advisory platform. Our strategy is focused on customer satisfaction and it is in our DNA to evolve with global market changes.

Can you see a silver lining in the midst of the Covid-19 cloud, in terms of handling customer expectations?

Guillaume Passebecq: In every crisis, clients expect more proximity from their banks and a close follow-up of their investments. This period of financial stress has brought forward the resilience of Bank One’s Open Architecture model, as multi-management investment solution can be an efficient way of reducing performance volatility.

The global economy has been experiencing dramatic changes since the fourth quarter of last year. Apart from the bitter effects of the COVID-19 global pandemic, we also witnessed negative oil prices for the first time ever. Increased ESG-related transformations, such as climate change, are starting to affect peoples’ daily habits.

We believe that the current crisis is changing the mind-set of some investors with greater emphasis on green investment given a fresh focus that looks further into the future. COVID-19 is further accelerating ESG investments, which have seen a steady increase of inflows and better-than-average returns since the beginning of the pandemic. I believe the rationale behind is that the COVID-19 crisis has put the spotlight on vulnerabilities and our dependence on the natural environment.

This crisis has also placed greater emphasis on the security of clients’ assets amidst greater risk and volatility. At Bank One, our primary focus is the protection and growth of client’s wealth and we make sure that their investments are kept off balance sheet with a trusted depository like Euroclear acting as the provider for securities settlements.

Bank One has fully embraced this wave and invested massively in digital channels, as the old paradigm is no longer sufficient to maintain a competitive edge in the market.

As a winner of Best Product Innovation at the Global Private Banking Innovation Awards 2020, what is on your immediate digital innovation wish list for Bank One?

Guillaume Passebecq: We are at a very special moment in history right now and uncertainty around the depth and duration of the COVID-19 pandemic has forced banks to review their current processes and re-invent themselves. More than ever, we have seen that digital transformation is the key to enduring such crisis. Lockdown does not necessarily mean shut down. At Bank One, we have been able to navigate through this crisis and ensure normal banking operations are carried out thanks to the digitalisation of our internal processes.

Bank One has customer satisfaction as one of its core tenets. We believe that we can position ourselves to capitalise on the emergence digital services trend whilst adopting a customer-centric approach to stay true to our values. Digital transformation at Bank One is not a project, it is an ongoing process. It is in our DNA to continuously reassess our processes and platforms in order to meet changing customer needs and market dynamics.

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>> To read more about this story and other exclusive features about the global private banking landscape, download the latest issue of Global Private Banker Magazine HERE.

Bank One Pushing the Envelope in Product Innovation

Bank One: Pushing the Envelope in Product Innovation

Gone are the days when private banking used to be traditional and stodgy. Enter the age of technology and innovation. Or in the case of Bank One Private Banking, the rise of open architecture.

Bank One operates on a total Open Architecture model that offers best-of-breed products from multiple global providers. The collaborative nature of this model allows it to unlock a world of opportunities and deliver a diversified range of local and international solutions, including bonds, equities, ETFs, funds, and structured products. Being the only Private Bank in Mauritius offering an Open Architecture Wealth Management product combined with a real-time digital access and custody solution, Bank One is a true paragon of private banking innovation.

Recognising this exceptional feat, Bank One Private Banking, Wealth Management & Securities Services (Bank One) was awarded Winner, Best Private Bank – South Africa and Best Product Innovation at the Global Private Banking Innovation Awards 2020 (GPB Awards) by The Digital Banker.

Guillaume Passebecq, Head of Private Banking & Wealth Management

Considered as the industry’s most authoritative private wealth awards, The Global Private Banking Innovation Awards 2020 (GPB 2020) organised by The Digital Banker identifies and distinguishes the world’s best in class Private Banks, Family Offices and Wealth Managers that demonstrate elite levels of performance & creativity.

Among the highly respected industry experts who helped select this year’s award winners are leaders from companies such as Forrester, Protiviti and EY. Previous year’s judges include PwC, KPMG, and Fuji Xerox.

“Bank One’s strong innovative culture is a key differentiator for them in the market. Through its 100% Open Architecture platform and Live Custody Software, its customers can grow, manage and preserve their wealth optimally. By combining in-house knowledge and expertise with the best investment opportunities from asset managers globally, Bank One’s clients enjoy greater freedom, greater choice, and greater value,” said Nirav Patel, Managing Director at The Digital Banker, the organiser of the Global Private Banking Innovation Awards during the awards presentation.

In a statement, Guillaume Passebecq, Head of Private Banking & Wealth Management for Bank One Private Banking said: “We are proud to be recognised as Best Private Bank – South Africa and honoured to be awarded for Best Product Innovation by The Digital Banker. Both these awards celebrate the excellent work of our teams but also that of our external asset managers and partners. I believe that in these challenging times, the open architecture model has proven to be more resilient through better diversification of investment holdings. We shall continue to provide our private investors, institutions, external Asset Managers and family offices with tailor-made products and services to meet their financial needs.”

Open Architecture Platform

There is more to growing wealth than simply investing money. And for Bank One, bringing the best investment solutions locally and internationally is the best way to help its customers navigate the complex world of financial services.

In setting up their Open Architecture Wealth Management offer, they have on-boarded the most accomplished asset managers and best-in-class solutions from the financial marketplace. Bank One selected Euroclear as its depositary. Euroclear is rated AA+ by Fitch Ratings and AA by Standard & Poor’s and is a proven and resilient provider of securities settlements, the largest one in the world.  The message that Bank One wants to impart is simple: its clients’ investments are kept off-balance sheet thus providing customers with added peace of mind.

On the other hand, the Bank’s state-of-the-art Custody Platform draws information from multiple sources (local and international) and consolidates data in one portfolio, on one single platform. By simply logging in, Bank One customers are able to view their portfolio’s composition and obtain real-time pricing information sourced from Bloomberg, thus helping them better understand their investment life cycle and make more informed investment decisions.

Bank One operates on a total Open Architecture model that offers best-of-breed products from multiple global providers.

Making a difference in Africa and beyond

Bank One responds to today’s challenges with bespoke securities services designed to cover all the activities of the banking value chain. With its on-the-ground presence in Africa and a robust custodian network that extends over 50 countries, the client’s interests are always at the heart of Bank One.

Bank One has a direct link to global custodians and agent banks that allow them to open accounts in a wide range of markets to facilitate clients’ investment needs. The Bank has the capabilities for the safekeeping of most asset types including equities, ETFs, bonds, structured products, Mauritius Treasury Bills, mutual funds, hedge funds, money market funds and more. Its shareholders’ strong footing in Africa grants them an easy access to the securities markets in Kenya and Rwanda, positioning Bank One as a favourable bridge to the booming East African market.

For Bank One, bringing the best investment solutions locally and internationally is the best way to help its customers navigate the complex world of financial services.

Because of these, the team has counted numerous achievements, which include:

  • Development of a full-fledged Custody platform that allows clients to view their portfolios on-line and in real-time
  • The first bank to have successfully on-boarded a Mauritian Rupee Fund on the Euroclear platform and executed a subscription order. This endeavour has greatly benefited local fund managers, whose funds are now available on an international platform, allowing them to target a wider range of investors across geographical locations.
  • Founded the Investor’s Circle, a biannual networking event that brings together private investors, institutions, asset managers and service providers. The island’s very first B2B platform for finance professionals, Investor’s Circle allows players from the industry to connect, exchange ideas and address shared challenges.

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>> To read more about this story and other exclusive features about the global private banking landscape, download the latest issue of Global Private Banker Magazine HERE.

Maybank Private Purveyor of Innovation in the ASEAN Region

Maybank Private: Purveyor of Innovation in the ASEAN Region

Probably no one understands the ASEAN market better than Maybank. Being an ASEAN based bank with on-ground operations in all 10 ASEAN nations, it is well-positioned to connect clients to and from this region with the rest of the world. Maybank Private has strategically expanded its business footprint aggressively across ASEAN and beyond. With three onshore booking centres firmly established in Singapore, Malaysia and Hong Kong, it offers HNW clients across the region direct access to regional and global investment opportunities. A solid proposition that allows Maybank Private to punch above its weight.

Having been bestowed 8 major awards at the Global Private Banking Innovation Awards 2020 by The Digital Banker only proves that Maybank Private is destined for bigger things to come. The awards include:

  • Winner, Best Private Bank Overal ASEAN
  • Winner, Most Innovative Business Model
  • Winner, Outstanding Young Private Banker – Lawrence Hoo
  • Winner, Outstanding Young Private Banker – Kenny Liu
  • Winner, Outstanding Young Private Banker – Nick Goh
  • Winner, Best Private Bank for Islamic Services (Maybank Islamic)
  • Highly Acclaimed, Outstanding Technology Implementation – Back End
  • Highly Acclaimed, Best Private Bank for Client Experience

The Global Private Banking Innovation Awards 2020 (GPB 2020) organised by The Digital Banker identifies the world’s best in class Private Banks, Family Offices and Wealth Managers. They are the elite performers when it comes to Fixed Income, Structured Investments, Family Office Services, Cash Management, Islamic Finance and more.

Among the highly reputable line up of judges who helped select this year’s award winners are respected subject-matter experts from companies such as Forrester, Protiviti and EY. Previous year’s judges include PwC, KPMG, and Fuji Xerox.

Being an ASEAN based bank with on-ground operations in all 10 ASEAN nations, Maybank is well-positioned to connect clients to and from this region with the rest of the world.

“Maybank Private is supported by a strong team of Investment Consultants with a good mix of backgrounds, each with a slight skew in forte, while being competent in all asset classes. The team’s approach of adopting a regional perspective on on-boarding, servicing and referring of eligible clients paves the way for a total banking experience free from any conflict or ‘territorial’ mindset. As a result, its customer’s interest is always at heart,” said Nirav Patel, Managing Director at The Digital Banker, the organiser of the Global Private Banking Innovation Awards in a statement.

Commenting on the award, Mr. Alvin Lee, Maybank’s Head of Group Wealth Management and Community Financial Services Singapore, remarked: “As a bank with a full-fledged ASEAN presence, we deployed a strategy to leverage our universal banking model across our network to offer unique value propositions. These awards bear testament to the hard work put in by our resilient and tight-knit team over the years as we build our brand name in the wealth management franchise in Asia.”

Highlighting the importance of providing clients with immeasurable value, Dato’ John Chong, Maybank’s Group CEO of Community Financial Services further added that, “Maybank plans to ride on this momentum to scale the business, accelerate Total Financial Assets and Investment penetration by strengthening our product propositions and leveraging strategic synergies across business divisions to provide our clients with impactful investment solutions.”

Maybank Private’s Digital Roadmap

Maybank Private’s innovative business model relies heavily on its digital roadmap that aims to elevate customer experience to a higher level. Its Avaloq Wealth Management System is at the heart of this strategy. Avaloq is a fully integrated front-middle-back office system which allows automation and straight-through processing to boost its business performance. It equips Client Advisors with a 360-degree view of their clients’ banking relationship with Maybank, allowing a more holistic approach to client management.

Complementing this is the Maybank Wealth Mobile App which empowers customers to manage their finances by providing a consolidated view of their financing portfolio with the Bank. Equipped with secure biometric technology, it provides direct access to their Client Advisors any time, any day. As a result of these digital initiatives, average investment fees per quarter has increased to a whopping 378% from 2015 to 2019.

Maybank Private adopts an open architecture products platform which enables them to screen and source for products from the best providers globally for its clients. Its mantra of ensuring that the best performing products, best investment advisory and best execution services are provided to its clients all the time is keeping the team in good stead as it navigates the competitive market of the ASEAN region.

Maybank plans to ride on this momentum to scale the business, accelerate Total Financial Assets and Investment penetration by strengthening our product propositions.

Best ASEAN Private Bank

Leveraging on Maybank Group’s strength and presence in ASEAN and key financial centres, Maybank Private has strategically expanded its business footprint aggressively across ASEAN and beyond.

Maybank Private has a deep and extensive presence in Malaysia with Private Wealth Centres in four major cities, namely Kuala Lumpur, Penang, Kuching and Kota Kinabalu and access to over 350 Maybank’s branch network across the country.

Private Wealth London Desk is also a strategic gateway to European markets. The UK has seen a growing number of HNW investors from Southeast Asia. Being one of the most matured financial centres in the world, Private Wealth London Desk serves as a strategic gateway for Maybank Private to connect its clients closer to opportunities in the European markets. The onshore presence of its Private Wealth London office and relationship managers ensure all client’s needs are taken care of seamlessly. Cross-border offerings such as overseas mortgage loans for London properties is one of Maybank Private’s key value propositions.

Maybank’s ASEAN/ASIAN Network is vast:

  • Malaysia – 354 retail branches, 6 investment banking branches
  • Singapore – 18 retail branches, 2 investment banking branches
  • Indonesia – 374 retail branches, 11 investment banking branches
  • Philippines – 73 retail branches, 1 investment banking branch
  • Cambodia – 21 retail branches
  • Pakistan – 1,598 retail branches (via associate MCB Bank Ltd)
  • Vietnam – 165 retail branches (via associate An Binh Bank)
  • Thailand – 30 investment banking branches
  • Greater China – 5 retail branches, 1 investment banking branch
  • Brunei – 2 retail branches
  • Laos – 2 retail branches
  • Myanmar – 1 retail branch
  • Dubai – 1 Islamic branch

Over 60 years, Maybank Group has focused on building deep and solid relationships with its corporate and individual clients across all the ASEAN countries. This has provided Maybank Private the foundation to leverage on these relationships and entrench it further by providing additional value propositions. With this advantage, its number of clients has grown exponentially. Total Financial Assets (TFA) have also grown to US$ 14.2 billion, a CAGR of 30% over a five year period.

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>> To read more about this story and other exclusive features about the global private banking landscape, download the latest issue of Global Private Banker Magazine HERE.

 

 

Standard Chartered Private Bank Living the Brand Promise

Standard Chartered Private Bank: Living the Brand Promise

While most brands can boast of an unforgettable, or even cleverly written tagline, one bank is consistently going far beyond to live up to its brand promise, Here for good. Standard Chartered Private Bank enjoys a rich history of over a century in the Middle East. More recently, it has been the title sponsor for some of the most prestigious events in the region. In particular, the Dubai Polo Gold Cup where SC Private Bank’s top leaders met and interacted with the crème de la crème of the region’s clients. Such landmark events resonate with its clients and build trust and confidence – key ingredients for business success in the region. For Standard Chartered, its brand promise is an honest commitment, for good.

It comes as no surprise that Standard Chartered Private Bank was adjudged Winner, Best Private Bank Middle East at the Global Private Banking Innovation Awards 2020 (GPB Awards) by The Digital Banker. Considered as the industry’s most authoritative private wealth awards, The Global Private Banking Innovation Awards 2020 (GPB 2020) organised by The Digital Banker identifies and distinguishes the world’s best in class Private Banks, Family Offices and Wealth Managers that demonstrate elite levels of performance & creativity.

Among the highly respected line up of judges at this year’s awards ceremony are industry luminaries from companies such as Forrester, Protiviti and EY. Previous year’s judges include PwC, KPMG, and Fuji Xerox.

“Standard Chartered Private Bank excels on the traditional values of Private Banking, such as good service, discretion and investment advice. In addition, they are strengthening their presence through digital capability and keen focus on sustainability. Offering a unique suite of products and proprietary tools in this space, SC Private Bank has enabled its customers to reach both their investing and social impact goals,” said Nirav Patel, Managing Director at The Digital Banker, the organiser of the Global Private Banking Innovation Awards.

Standard Chartered Private Bank excels on the traditional values of Private Banking, such as good service, discretion and investment advice.

Making an Impact in Sustainability Goals

Standard Chartered Private Bank enjoys a rich history of over a century in the Middle East. During this period and through its deep involvement in the achievement of its clients goals, they have tailored an offering that matches the unique needs of those wealthy clients in the Middle East to help them preserve and grow their wealth.

SC Private Bank launched the Standard Chartered Sustainable Linked Deposits, which was earmarked to support and fund sustainable programmes globally and in the Middle East. Its clients in the Middle East region have also been beneficiaries of its innovative ESG funds, targeting impact investments as well as sustainable bonds and cash deposits. At a Group level, its Sustainability Aspirations have been set as annual and multi-year performance targets aligned to the UN Sustainable Development Goals. Each Aspiration contains one or more performance measures. These are tracked to determine the percentage and proportion of all measures that have been achieved or are on track to deliver at the end of a period. In 2019, the group’s achievement stands 93.1% (rising from 90.9% in 2018).

The Bank has seen a sharp acceleration in assets under management in 2019 and even more so in 2020 as the COVID 19 crisis continues to unfold.

Some of the most notable accomplishments that have been achieved:

  • Developed a market leading product proposition in sustainable investing space which includes discretionary portfolios, sustainable structured products, ESG funds, targeted impact investments, alternative investments as well as sustainable bonds and cash deposits.
  • Partnered with firms that have the same values, and share a common sustainability focus so that a new ecosystem of like-minded corporate entities and wealthy families can be created. For example, they worked closely with the Al Habtoor Polo Club and Standard Chartered was the title sponsor of the 2020 Dubai Polo Gold Cup, as well as sponsorship of the DUBAI Marathon for the past 12 years.
  • Committed a US$1 billion of financing for companies that provide goods and services to help the fight against Covid-19, and those planning the switch into making products that are in high demand to fight the global pandemic.
  • Created a global fund of up to $50 million, which will provide relief assistance to those affected by the Covid-19 pandemic, followed subsequently with recovery funding. The Group said that it will immediately donate US$25 million to support emergency relief in the most affected markets.

Inspiring confidence within the community

Such engagements brought Standard Chartered Private Bank closer to its clients and their families. Its success in connecting with clients and wealthy families in the region and gaining more of their trust and confidence, is helping the Bank to rapidly increase its client base. The Bank has also seen a sharp acceleration in assets under management in 2019 and even more so in 2020 as the COVID 19 crisis continues to unfold. The first quarter of this year has seen record revenues generated and a sharp increase in assets under management.

This is reflected in part in the recently published market reports and announcements showing the stellar results of SC Private Bank. This success has also garnered confidence internally to invest and expand its Middle East private banking team. In 2019, the Bank announced hiring of 16 new Senior Bankers and managers in London and Dubai to further deepen its market coverage and enhance its breadth of products.

In the year of significant social disruption, driven by a global pandemic and its consequences, Standard Chartered Private Bank exemplifies the importance of sustainability in helping communities recover. By being at the forefront of innovation in this space, SC Private Bank has consistently proved that its core strength will never waiver for it’s all about empowering people and supporting their growth.

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>> To read more about this story and other exclusive features about the global private banking landscape, download the latest issue of Global Private Banker Magazine HERE.

 

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BNP Paribas Serving entrepreneurs both personally and professionally

BNP Paribas: Serving entrepreneurs both personally and professionally

Entrepreneurs have unique and distinct requirements in an ever-changing world; only a global private bank can assist in their path of value creation with the ability to build a bridge between their personal and business needs. Serving these exceptional individuals is at the core of the offering at BNP Paribas Wealth Management and well ingrained in its DNA.

Bagging 12 major awards at the Global Private Banking Innovation Awards 2020 by The Digital Banker, there is no doubt that BNP Paribas is the leading name when it comes to wealth management. The awards include:

  • Winner, Best Private Bank Hong Kong
  • Winner, Best Private Bank United Arab Emirates
  • Winner, Best Private Bank North Asia
  • Winner, Best Private Bank Western Europe
  • Winner, Best Private Bank – Digital Innovation
  • Winner, Outstanding Private Bank for Growth Strategy
  • Winner, Best Private Bank for Equities
  • Winner, Best Private Bank for UHNW Clients
  • Winner, Outstanding NRI Offering
  • Winner, Best Discretionary & Advisory Service Offering
  • Highly Acclaimed, Best Private Bank, AI & Big Data
  • Highly Acclaimed, Best Next-Gen Offering

Touted as the world’s most authoritative and highly esteemed private wealth awards, the Global Private Banking Innovation Awards 2020 (GPB 2020) organised by The Digital Banker exists to  identify best in class Private Banks, Family Offices and Wealth Managers that demonstrate elite levels of performance & creativity across Fixed Income, ESG, Structured Investments, FX & Cash Management, and more.

Among the highly respected line up of judges who helped select this year’s award winners are elite industry professionals from companies such as Forrester, Protiviti and EY. Previous year’s judges include PwC, KPMG, and Fuji Xerox.

Serving entrepreneurs

In the past six years, BNP Paribas Wealth Management has engaged with over 15,000 high net worth (HNW) and ultra-high net worth (UHNW) entrepreneurs across the world in an effort to better understand their motivations and ambitions, their behavior and profiles as both investors and drivers of business and economic growth. And each year BNP Paribas discovers insights to reinforce its commitment and support to clients who are successful entrepreneurs; to address their personal and professional ambitions.

“Our research shows that in regular markets, private equity outperforms the stock market by approximately 6% per annum. In downturns, like The Great Recession or the Dot-Com bubble crash, private equity strategies outperform public markets even more, which gives clients some comfort,” says Prashant Bhayani, Chief Investment Officer (Asia) at BNP Paribas Wealth Management.

The sixth iteration of its Global Entrepreneur Report, in association with Aon, consists of several parts. The first part of the report focused on a global overview of entrepreneurial investment, wherein it appeared that entrepreneurs allocate 20% of their investable wealth to real estate and private equity. Real estate in particular was viewed as a safe asset class especially in the Asian context.

Our research shows that in regular markets, private equity outperforms the stock market by approximately 6% per annum. In downturns, like The Great Recession or the Dot-Com bubble crash, private equity strategies outperform public markets even more, which gives clients some comfort.

The recent part two of the 2020 Global Entrepreneur Report focuses on private equity and private real estate. The outlook of entrepreneurs globally on these segments is fascinating and demonstrates both the highly attractive nature of private equity and the deep sophistication of HNW entrepreneurs. Furthermore, it highlights the unique nature of the Elite entrepreneur population, focused on business excellence and looking for performance across investment and market cycles.

While the report also highlights different patterns – in particular with regards to liquidity risks or macroeconomic uncertainty – in outlook depending on geography, age and gender, these key findings underline the strong cultural affinity between entrepreneurs and investors for private assets. The unique place of real estate as a core investment within most investment portfolio is also confirmed, with entrepreneurs expected to continue to increase their portfolio allocation to the asset class (from 10% to 18%) in the next 12 months.

Responsible Private Bank

BNP Paribas Wealth Management believes diversification is a key feature of investment strategies. Over the past years, the Bank has seen a significant pick up in clients’ appetite for private equity. In this persistently low interest rate environment, investors are looking for diversification and higher returns to optimise their portfolio’s risk return profile. BNP Paribas has been facilitating private equity investments since 1998 and has established a proven track record in this highly specialised asset class.

In a context marked by the Covid-19 crisis, BNP Paribas is helping even more of the world’s most demanding entrepreneurs. As a responsible private bank serving the economy, its objective has always been, and continues to be, to improve its own understanding of how to support entrepreneurs both personally and professionally.

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>> To read more about this story and other exclusive features about the global private banking landscape, download the latest issue of Global Private Banker Magazine HERE.

 

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J.P. Morgan Private Bank Impeccable Ideas for the World’s Billionaires

J.P. Morgan Private Bank: Impeccable Ideas for the World’s Billionaires

The trusted name in stability and prudent management has further cemented its stature in the echelons of private banking’s best when it swept major awards at the recent Global Private Banking Innovation Awards 2020 (GPB Awards) organised by The Digital Banker. J.P. Morgan nurtures strong relationship with 50% of the world’s deca-billionaires, or those who have in excess of $10 billion in wealth. Its focus on customised solutions and ideas to help manage the financial situation of their clients has helped deepen its relationship regardless of market conditions.

Reflecting this outstanding reputation are the prestigious awards received by J.P. Morgan Private Bank (JPM PB) at the recent Global Private Banking Innovation Awards 2020. The awards include:

  • Winner, Best Private Bank Singapore
  • Winner, Best Private Bank Asia
  • Winner, Best Private Bank – North America
  • Winner, Best Private Bank for Client Experience
  • Winner, Best Private Bank for Digital Client Communication
  • Winner, Most Influential Female Leader, Asia – Kam Shing Kwang
  • Highly Acclaimed, Best Private Bank Hong Kong
  • Highly Acclaimed, Best Private Bank for UHNW Clients

The Global Private Banking Innovation Awards 2020 (GPB 2020) organised by The Digital Banker is the world’s most trusted and transparently judged private wealth awards. GPB Awards exists to identify the best of the best in ESG, Structured Investments, Family Office Services, Discretionary Services, FX & Cash Management and more.

Judging this year’s awards are subject-matter experts known for their integrity and unbiased adjudication from companies such as Forrester, Protiviti and EY. Previous year’s judges include PwC, KPMG, and Fuji Xerox.

“J.P. Morgan Private Bank always aspires to be the best at what they do. Everything starts and finishes with the strengths of their investment performance coupled with excellent client experience and constant innovation to support growth. At the same time, it builds on its digital and mobile capabilities, providing human and digitally enhanced advice. Needless to say, J.P. Morgan has all the bases covered,” said Nirav Patel, Managing Director at The Digital Banker, the organiser of the Global Private Banking Innovation Awards during the awards presentation.

J.P. Morgan nurtures strong relationship with 50% of the world’s deca-billionaires, or those who have in excess of$10 billion in wealth.

Exceptional Digital Client Communication

J.P. Morgan Private Bank provides clients and invited guests with written and video content via a proprietary platform – Ideas & Insights – to inform and educate. The aim is to give its readers perspectives which will help them shape their views across a range of topical wealth management matters. Whether it be macro opinions, advice on talking with children about wealth or support in their philanthropic journey, Insights is there to inform and educate. In 2019, over 1,000 pieces of content were shared with its readers via Insights.

In addition, the Private Bank aims to communicate with clients in the way in which they choose. The J.P. Morgan Private Bank WeChat channel and LinkedIn channel share commentary with followers on current trends and themes that are relevant to the management of their wealth. Using both videos and written articles, followers are given insights from J.P. Morgan experts. In 2019, the average content engagement rate of its WeChat official account reached over 60%, much higher than the average of WeChat service accounts (at 8%). Since the launch of the two-way WeChat communication in February 2020, which enables its advisors to securely chat with clients via WeChat platform, over one third of the Bank’s Chinese clients are now connected with JPM PB via this new e- communication channel.

In the broader areas of technology and innovation, JPM PB is building a digital wealth offering that provides clients access to proprietary tools that complement their personal relationship with an advisor. Artificial intelligence, big data and machine learning are helping the team reduce risk and fraud, upgrade its service offerings, improve underwriting and enhance marketing across the firm.

Overall, the shared technology infrastructure decreases costs, enhances efficiency and improves the client experience.

Standout Client Experience

Aside from continuous enhancement of its digital engagement with clients,  JPM PB also hosts an annual flagship technology-focused event in China that brings together entrepreneurs and investors from around the world to discuss investments in topical technology areas such as artificial intelligence, cybersecurity and other macro trends.

The team at JPM PB is building everything digital while recognising the unique needs of its clients – from onboarding to idea generation to better support and service. While its trusted advisors will always be the center of client relationships, technology has helped the Bank drive engagement, deepen connections, improve efficiency, and modernise processes which increase value to clients and enhance their banking experience.

Across the company JPM PB have thousands of employees who are data scientists or have advanced degrees in science, technology, engineering, and math. Of the nearly 50,000 people in technology at the company, more than 31,000 are in development and engineering jobs, and more than 2,500 are in digital technology. These talented individuals are focused on driving change across the company and leveraging data to drive enhanced solutions for clients.

Most importantly, the importance placed on privacy and security is beyond compare. J.P. Morgan spends an enormous amount of resources to protect all of its clients from fraud, cybersecurity risk and invasion of their privacy. As part of this, a client education team within the Bank are tasked to consistently educate customers about privacy issues, which will become increasingly critical for all industries as consumers realise the severity of the problem.

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>> To read more about this story and other exclusive features about the global private banking landscape, download the latest issue of Global Private Banker Magazine HERE.

 

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Digital Innovations Transforming the Multi-Family Offices (MFO) Sector

Digital Innovations Transforming the Multi-Family Offices (MFO) Sector

Heritage Partners’ Founding Partner and Head of Family Office, Rob Ioannou shares insights on digital innovations transforming the customer experience in MFO space, managing the impact of COVID-19 and what’s unique about Sri Lanka family offices. Below are the excerpts of our interview.

Take us through some of HP’s key priorities for 2020/2021.

Rob Ioannou: Our goal is to become the preferred choice for families in Sri Lanka and select frontier markets in the region who are looking for an independent and innovative advisory approach in managing their family office affairs. To achieve this goal, we are working closely with local business families to build their knowledge and understanding of how a family office can be relevant, thereby enabling them to grow and sustain their own family enterprise.  Clearly, the COVID-19 pandemic has thrown many families and their businesses into disarray, impacting on carefully thought through succession plans, transition events such as an IPO or international expansion, and, in some cases, even threatening the future of entire industries.  As families figure out how to navigate these tumultuous and extraordinary times, our priority is quite simply to support the families we work with in order to help them get through this period and emerge on the other side in the best possible shape.  When we are engaged on a new mandate, we usually like to say that our client is the family business system and we try and help them achieve a sustainable equilibrium between both the family and business.

What is the unique proposition of Heritage Partners?

Rob Ioannou: From the outset Heritage Partners has always aspired to be different from the crowd.  Whilst most players talk about their ‘holistic’ offering we find that many so-called family office providers are typically only interested in the asset management of a family’s liquid, financial investments.  For Heritage Partners, advising families on their financial investments is actually only a small part of what we do.  Regardless of the size of assets under advice (AUA), we engage our clients with a simple and transparent retainer.  This enables us to work with families seamlessly across a range of different issues straddling all four pillars of our service proposition – investing, planning, giving, supporting. Since its founding in 2019, Heritage Partners made a commitment to the families we serve, promising to provide independent advice and guidance on the financial as well as non-financial issues that matter most to them.

For Heritage Partners, advising families on their financial investments is actually only a small part of what we do.  Regardless of the size of assets under advice (AUA), we engage our clients with a simple and transparent retainer.

As a veteran private banker, what attracted you to Sri Lanka?

Rob Ioannou: If you have ever visited Sri Lanka, you will understand why I shifted base here! After spending the last 12 years living and working in a fully developed – if saturated – market like SIngapore, I was looking for the right location to build an independent advisory business in an under-served region with significant growth potential.  Sri Lanka, long known as the “Pearl of the Indian Ocean”, is now rapidly developing following the end of its 30 year-long civil war in 2009.

Moreover, being based in Colombo as an independent advisor to families enables me to be jurisdictionally neutral and tap into a network of banking, investment and estate planning solutions for clients across the major European, Middle East, as well as Asian financial hubs.   In my role I continue to be a bridge between Europe, the Middle East and Asia for entrepreneurial families, connecting clients to opportunities along the new Silk Road.  I believe this is relevant now more than ever, as the combined economies of Asia Pacific will become larger than the rest of the world combined in 2020, for the first time since the nineteenth century, notwithstanding the COVID-19 pandemic.

How is digital innovation transforming the customer experience in the MFO space?

Rob Ioannou: The constant innovation we are witnessing in digital services is transforming the customer experience in both big and small ways.  For example, at a basic level, a small MFO like ours can rapidly adapt to new technologies as well as customer preferences by embracing videoconferencing applications such as Zoom and Microsoft Teams.  Moreover, client contracts and letters of engagement are digitally signed using applications like DocuSign, eradicating the need for snail mail.  These technologies help us remain connected to clients in-country as well as around the globe, which is especially handy during these COVID-19 challenged times.

More strategically, the rapid proliferation of new platform and investment companies is giving families greater choice at a fraction of the price when it comes to banking, investment, execution and custodial services. This is nibbling away at the space traditionally occupied by private banks and asset managers.  MFO’s like Heritage Partners are well placed to help families understand and choose the right platform for them whilst ensuring the safety of their assets.

I like to say that our business is a combination of ‘high tech’ and ‘high touch’.  Digital technologies are tremendous enablers but ultimately, they do not replace the importance of face to face discussions with our principals.  That is why we still enjoy welcoming our Sri Lanka based clients to the privacy of our heritage bungalow, located in the heart of Colombo’s Cinnamon Gardens district.

The rapid proliferation of new platform and investment companies is giving families greater choice at a fraction of the price when it comes to banking, investment, execution and custodial services.

How has HP managed the impact of COVID-19 and what challenges does it bring over the next 12 months?

Rob Ioannou: As a young start-up with a strong technology platform and systems behind us, I can honestly say that the pivot to a WFH environment was seamless.  This was especially helpful when we had to work under a strict lockdown for over 60 days in Colombo earlier this year.  Our newest team member happened to join us literally the day before a strict curfew was imposed in Colombo.  Fortunately, he was able to complete all on-boarding formalities remotely and he rapidly settled in and hit the ground running.

On the other hand, on-boarding brand new clients understandably suffered a temporary set-back as family priorities shifted to more immediate needs.  Nevertheless, our base case assumption is that, if anything, the Family Office is likely to become more – not less – important, as business families seek to preserve and diversify their wealth, manage (multiple) risks, and try and find their way through this crisis.  As a result, we see the Asian Family Office moving out of the shadows and increasingly playing a more central role in the affairs of business families here in Sri Lanka and across emerging/frontier markets in the region.

In the recent news, we understand that Sri Lanka family offices are blooming with interest from Chinese investors, what is your verdict on this?

Rob Ioannou: Chinese investment into Sri Lanka through its Belt and Road Initiative (BRI) has been attracting growing global interest due to the country’s strategic geographic location along east-west shipping lanes, along with Indian security concerns regarding a Chinese military presence in the Hambantota port, and concerns that Sri Lanka has fallen into a Chinese debt ‘trap’ due to commercial financing of the BRI projects.  Until recently, however, there was little empirical research analysing the impact of Chinese investment into Sri Lanka, leading to misconceptions.  This gap was filled by a March 2020 study by the Chatham House Group on Chinese BRI investment into Sri Lanka which reports that cumulative Chinese infrastructure investment into Sri Lanka between 2006 and 2019 reached USD 12.1 billion.

Contrary to popular opinion, however, Sri Lanka is not in a Chinese debt trap. Its debt to China currently amounts to about 6 per cent of GDP. However, it would be fair to say that Sri Lanka’s generally high debt levels show the country needs to improve its debt management systems to avoid potentially falling into a trap.  Ultimately, a crucial development challenge for Sri Lanka is how best to maximize the benefits from Chinese infrastructure investments while minimizing any potential costs to ensure net benefits to the country.

Contrary to popular opinion, Sri Lanka is not in a Chinese debt trap. Its debt to China currently amounts to about 6 per cent of GDP. However, it would be fair to say that Sri Lanka’s generally high debt levels show the country needs to improve its debt management systems to avoid potentially falling into a trap.

Anything new on the horizon to look forward to?

Rob Ioannou: Yes, lots!  The current global health crisis appears to have ignited philanthropic intentions among some of the families we work with who have told us they are keen to define their legacy and uplift the hardest hit segments of their local communities.  We are excited to be working with two such families who will be launching their charitable foundations later in the year.

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>> To read more about this story and other exclusive features about the global private banking landscape, download the latest issue of Global Private Banker Magazine HERE.

GPB Awards

Union Bank of the Philippines’ Private Banking Bags 2 International Awards for NextGen Academy

Union Bank of the Philippines’ (UnionBank) Private Banking recently won two international awards – the Best NextGen Offering from The Digital Banker’s Global Private Banking Innovation Awards 2020, and Best for Wealth Transfer/Succession Planning from Asiamoney Private Banking Awards 2020, for its pioneering program Next Generation (NextGen) Academy.

The Digital Banker awards ceremony, meant to honor the world’s best-in-class private banks that demonstrate unrivalled drive and innovation to meet the sophisticated need of their high net worth clients – lauded the NextGen Academy that seeks to empower and set the entrepreneurial foundation for next-generation family business leaders.

Meanwhile, Asiamoney, in a statement, recognized UnionBank’s “digital-first approach” that is “already likely to appeal to younger clients, who demand instant access to their banking services through mobile apps rather than visits to branches.”

Asiamoney commended the NextGen Academy for being a sensible way to break into the wealth transfer business by putting emphasis on the next generation of clients and ensuring that UnionBank will be among the next generation of private banks of choice.

The Digital Banker awards ceremony, meant to honor the world’s best-in-class private banks that demonstrate unrivalled drive and innovation to meet the sophisticated need of their high net worth clients – lauded the NextGen Academy that seeks to empower and set the entrepreneurial foundation for next-generation family business leaders.

While still relatively new to the wealth and asset management landscape in the Philippines, UnionBank Private Banking understands the importance of pairing global expertise and networks with local experience and relationships, thus establishing an academy for the Next Generation – the first-of-its-kind in the local private banking landscape.

“We want to be a part of our client’s wealth management journey, to grow, to keep and to pass on their wealth to their successors. This award is an affirmation of UnionBank Private Banking’s commitment to unlock possibilities and empower our clients to navigate their wealth towards financial legacy,” said Atty. Arlene Agustin, UnionBank’s Private Banking head.

Starting as a standalone conference in 2016, the Next Generation Academy has evolved into a program of multiple relevant modules, spanning several months of classroom sessions and workshops.

What differentiates the program is that it mirrors the structure of an academy, wherein the so-called NextGen would enroll, attend, and actively participate in all the prescribed modules.

Each classroom session is carefully curated to focus on a certain aspect of wealth management and succession, allowing the participants to be fully immersed in the discussion.

The NextGen Academy is an excellent avenue for participants to gain valuable insights and training from subject matter experts to help prepare them not only for their roles in the family business, but also for the reins of their families’ legacies to be handed over to them.

The academy also allows the NextGen participants to further network and develop invaluable close ties with regional peers from Thailand, Indonesia, Taiwan, Singapore, Hong Kong, Japan, and China, among others, through a premier platform called the Masters Series that is organized by UnionBank Private Banking’s strategic ally, leading global wealth and asset manager Lombard Odier.