Avaloq unveils new Asia-Pacific direction with senior promotions

Avaloq unveils new Asia-Pacific direction with senior promotions

Gery Dachlan has been appointed as Managing Director for South Asia and Australia, while Pascal Wengi has been appointed as Managing Director for the North Asia region.

Avaloq, a global leader in digital banking solutions, core banking software and wealth management technology, has announced a combination of senior promotions from within its Asia-Pacific business, to reflect the region’s growing prominence in its growth strategy.

Gery Dachlan, formerly Avaloq’s Market Head of South Asia and Japan, who was responsible for driving Avaloq’s business development and expanding key relationships in the region, has now been promoted to Managing Director for South Asia and Australia in the company’s Client Success & Sales organization. Based in Singapore, Gery Dachlan will be responsible for the South Asia and Australia region, as he looks to expand the market success that he has achieved for Avaloq since joining in 2013.

Pascal Wengi joined Avaloq in 2020 as Head of Sales for the Greater China region. Based in Hong Kong, his new role as Managing Director has been expanded to cover the entire North Asia region. As part of Avaloq’s Client Success & Sales organization, Pascal and his team are going to build on strong existing client relationships and aim to grow the Swiss-based company’s strategic footprint in the Asia Pacific region.

Barry Frame, Chief Client Success & Sales Officer at Avaloq, said: “I am delighted to welcome Gery and Pascal to their new roles and entrust them with leading our client success teams in markets that have become increasingly important to us. It is also a testament to Avaloq’s global leadership that we are able to attract, retain and also internally promote exceptional talent to take charge of the next phase of our growth as we look to capitalize on the region’s dynamic opportunities.”

Avaloq unveils new Asia-Pacific direction

Avaloq unveils new Asia-Pacific direction with senior promotions

Gery Dachlan has been appointed as Managing Director for South Asia and Australia, while Pascal Wengi has been appointed as Managing Director for the North Asia region.

Avaloq, a global leader in digital banking solutions, core banking software and wealth management technology, has announced a combination of senior promotions from within its Asia-Pacific business, to reflect the region’s growing prominence in its growth strategy.

Gery Dachlan, formerly Avaloq’s Market Head of South Asia and Japan, who was responsible for driving Avaloq’s business development and expanding key relationships in the region, has now been promoted to Managing Director for South Asia and Australia in the company’s Client Success & Sales organization. Based in Singapore, Gery Dachlan will be responsible for the South Asia and Australia region, as he looks to expand the market success that he has achieved for Avaloq since joining in 2013.

Pascal Wengi joined Avaloq in 2020 as Head of Sales for the Greater China region. Based in Hong Kong, his new role as Managing Director has been expanded to cover the entire North Asia region. As part of Avaloq’s Client Success & Sales organization, Pascal and his team are going to build on strong existing client relationships and aim to grow the Swiss-based company’s strategic footprint in the Asia Pacific region.

Barry Frame, Chief Client Success & Sales Officer at Avaloq, said: “I am delighted to welcome Gery and Pascal to their new roles and entrust them with leading our client success teams in markets that have become increasingly important to us. It is also a testament to Avaloq’s global leadership that we are able to attract, retain and also internally promote exceptional talent to take charge of the next phase of our growth as we look to capitalize on the region’s dynamic opportunities.”

Fireblocks Solidifies Unicorn Status

Fireblocks Solidifies Unicorn Status with $310 Million Series D at $2 Billion Valuation

New injection of funds from renowned investors comes as the world’s biggest financial institutions opt for Fireblocks’ enterprise-grade platform to meet new customer demand for digital assets

Fireblocks (www.fireblocks.com), the preeminent platform that empowers the entry of traditional institutions into the digital asset space, announced today it has raised $310 million in Series D funding. The round is co-led by Sequoia Capital, Stripes, Spark Capital, Coatue, DRW VC and SCB 10X, the venture arm of Thailand’s oldest bank, Siam Commercial Bank, whose investment marks the third global bank to invest in Fireblocks alongside BNY Mellon and SVB Capital. This extension of capital marks a significant milestone for Fireblocks, boosting the company’s valuation to $2 billion.

The Fireblocks platform propagates the expansion of digital asset use cases beyond bitcoin into payments, gaming, NFTs, digital securities and ultimately allows any business to become a digital asset business. Fireblocks’ technology can be white labeled for crypto custody solutions, allowing new and established financial institutions to implement direct custody on their own without having to rely on third parties.

“Fireblocks is the preferred choice by large and small institutions given that its platform allows them to offer their customers’ custom custody solutions instead of outsourcing critical capabilities,” said Mukaya (Tai) Panich, Chief Venture and Investment Officer, SCB 10X. “We are an investor, partner and customer of Fireblocks in multiple areas as we believe the Fireblocks Asset Transfer Network and its crypto custody infrastructure are world-class and are unparalleled in the digital asset space. As Thailand’s largest bank, we are looking forward to bringing Fireblocks’ solutions to future users in Southeast Asia.”

As the pioneer of MPC technology for digital assets, Fireblocks has created a trusted infrastructure that sits at the core of its platform. Now adopted by over 500 institutions and securing over one trillion dollars in digital assets, Fireblocks infrastructure has been a fundamental driver in the growth and adoption among new and traditional financial institutions. Expanding its services globally, Fireblocks now supports many of the world’s biggest banks in addition to leading crypto-native exchanges, lending desks, hedge funds, OTC desks, and market makers like Revolut, BlockFi, Celsius, PrimeTrust, Galaxy Digital, Genesis Trading, crypto.com, eToro and others.

“As crypto becomes increasingly important, we are seeing an explosion of companies that handle digital assets, including crypto-native companies, fintech companies, neobanks and traditional financial institutions, said Ravi Gupta, Partner at Sequoia Capital.” The secure storage and transfer of digital assets will be core to all of these businesses, and Fireblocks is positioned to become the infrastructure for companies to secure and move digital assets. The visionary team at Fireblocks is providing critical infrastructure to a new financial world and we’re thrilled to be their partner.”

Since its inception in 2019, Fireblocks has raised a cumulative total of $489 million from the leading global VCs in the fintech, blockchain and cybersecurity space including Cyberstarts, Eight Roads, Tenaya Capital, Swisscom, Paradigm, Ribbit Capital, and Coatue.

“We’re thrilled to be able to expand our company and infrastructure through this new injection of funds. The growth we’ve seen to date is a reflection of all parties involved, at every stage,” said Michael Shaulov, CEO of Fireblocks. “As it stands, our technology has stood out in the space since the company was founded and its success rate has been evident. Looking ahead into the growth of the industry, there is massive potential for us to continue stepping in and being a trusted partner to financial institutions and other organizations looking to enter the space safely and seamlessly.”

Blockchain technologies are being integrated into the financial sector at an incredibly rapid pace, with banking identified as the sector containing the highest distribution of blockchain market value. Recent statistics point to the increase in digital asset users, as the number of registered blockchain wallets in the second quarter of 2021 was more than 70 million, up from 10.98 million in 2016. By 2022, it is projected that more than one billion people will be utilizing blockchain wallets.

While continuing its strategic expansion alongside the growth of the digital asset industry, Fireblocks intends to scale all business lines, adding more customers and partners to its ecosystem.

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.”

Accuity Study Reveals Failed Payments Cost the Global Economy

Accuity Study Reveals Failed Payments Cost the Global Economy $118.5 Billion in 2020

  • 60% of organizations reported losing customers as a result of failed payments
  • Fewer than 50% are actively trying to improve their payments process despite nearly all respondents citing disappointment with failure rates
  • Over one third of payment data elements are still validated manually and two thirds of organizations identified reducing manual processes as extremely challenging

 

The cost of failed payments is estimated to have cost the global economy $118.5 billion in fees, labor and lost business in 2020 according to the latest study from Accuity, a LexisNexis® Risk Solutions company.

The total cost of failed payments regionally was $41.1 billion in EMEA, $33.7 billion in the Americas and $43.7 billion in Asia-Pacific (APAC). The report shows that the average cost of failed payments varied across the globe, depending on the type of organization. Banks spent on average approximately $360,000 in 2020 on failed payments – which includes all fees, labor and costs related to customer attrition – whereas the average corporate firm spent just over $200,000.

A failed payment is a payment that is rejected by a beneficiary bank or an intermediary bank in the payment flow. Payments can fail for several reasons including inaccurate or incomplete information, data entry issues due to human error or poor reference data and validation tools.

Key themes that emerged from the findings include:

Customer experience matters: 80% of organizations with over 20,000 failed payments per day reported having lost customers as a result. Failed payments have the biggest impact on customer service, with 37% of organizations reporting a severe impact and nearly 50% indicating some impact.

There is a tipping point: Although fewer than 50% of respondents stated they were actively trying to reduce the number of failed payments, the study found that a failed payments rate of 5% or above was the tipping point that compelled 80% of organizations to act.

Validation processes make a difference: Account number issues were the cause of one third of failed payments and inaccurate beneficiary details were the result of another third. The survey also showed that 66% of organizations found reducing manual processes extremely challenging. Manual processes introduce human error and slow down the payment process, making it less efficient.

Dalbir Sahota, global head of KYC and payments product management at Accuity said: “From our research, we found that while organizations are well aware there is a cost to failed payments, most do not fully understand the impact both financially and from a customer retention standpoint.

Tangible costs such as fees and labor might be easier to measure, but the intangible – including customer relationships – can be more difficult to repair. The payments market is fiercely competitive, so it is vital for organizations to take greater measures to improve their payments data to reduce their failed payment rate.”

About The True Cost of Failed Payments Report

The report is based on a survey conducted in early 2021 which generated responses from more than 200 payments professionals across the banking, financial, fintech and corporate sectors. It provides an overview of the payments landscape, explores the key themes that emerged from the survey and provides insight into the various elements that had an impact on failed payments throughout 2020.

Participants represent organizations of all sizes and geographies in both advanced and emerging economies, with the greatest number of responses from Europe (41%) and North America (31%) followed by APAC (16%), the Middle East and Africa (8%) and Latin America (4%).

Download the full True Cost of Failed Payments report to learn more.

Climate change now tops both long- and short-term risk concern lists for APAC banks, survey shows

Climate change now tops both long- and short-term risk concern lists for APAC banks, survey shows

  • 90% of Asia-Pacific banks’ chief risk officers (CROs) surveyed view climate change as the top emerging risk in the next five years
  •  Climate change, credit and cybersecurity risks are the three top issues garnering surveyed Asia-Pacific banks’ CROs’ immediate attention over the next 12 months

For the first time, climate change tops the list of both long- and short-term risks for Asia-Pacific banks, according to the 11th EY and Institute of International Finance (IIF) bank risk management survey, Resilient banking: Capturing opportunities and managing risks over the long term.

Nine in 10 (90%) Asia-Pacific bank CROs surveyed view climate change as a top long-term emerging risk over the next five years – up from 59% in 2019. While this is consistent with the global result of the survey (91%), it appears Asia-Pacific bank CROs are even more focused on climate change in the near term with 100% viewing it as a top risk, requiring their urgent attention over the next 12 months. This compares to just 49% of CROs globally who view it as a top short-term priority.

The survey of 88 financial institutions across 33 countries, including banks headquartered in Asia-Pacific, provides a window into the changes in risk management seen globally and regionally during the past decade, and examines the major risks anticipated over the next 10 years.

David Scott, EY Asia-Pacific Financial Services Risk Management Leader says: “Climate change has climbed to the top of Asia-Pacific banks’ short- and long-term risk agendas for the first time since we began this survey over a decade ago. The greater immediacy that Asia-Pacific banks’ CROs are placing on climate change risk over the next year, compared to the global average, reflects the urgency that regulators across the Asia-Pacific region have placed on climate risk management capabilities, as well as a heightened focus by investors and shareholders on disclosures.”

The survey finds that Asia-Pacific banks in practice are still maturing in their ability to assess physical and transitional risk exposures and that sourcing and managing climate risk-related data remains a challenge. While 80% of surveyed Asia-Pacific banks’ CROs report having a preliminary understanding of their climate change risk exposure, just 20% say they have a somewhat complete understanding.

Aside from climate change in the top position, not surprisingly resilience factors which have been amplified by the COVID-19 pandemic are leading the risk agenda for Asia-Pacific banks’ CROs. Cybersecurity is perceived as the second most urgent risk by CROs in the region over the next 12 months (89%), followed by credit risk linked to economic uncertainty (67%) at number three. This near-term regional priority order also differs from the global results. Globally, 98% of CROs believe credit risk will be the number-one concern for banks over the next 12 months, amid the continuing global economic recovery from the COVID-19 pandemic, with cybersecurity following at 80%.

Andrés Portilla, Managing Director, Regulatory Affairs at the IIF, says: “While cybersecurity has long been the leading immediate concern for CROs, the COVID-19 pandemic changed the game. The breadth and depth of the pandemic’s shock to the global economy has brought credit concerns to the forefront for banks over the next 12 months.”

The COVID-19 crisis also proved to be an unprecedented and unexpected test of banks’ risk management. Thankfully, for the most part, the banking sector found that its decade-long effort to build greater and higher quality capital and liquidity paid off. Greater technological resilience also came about as a result of banks accelerating their digital transformation in light of the pandemic.

Douglas Nixon, EY Asia-Pacific Banking and Capital Markets Consulting Leader says: “The COVID-19 pandemic has shown just how quickly things can change, but it’s also shown us the agility of the banking sector in times of crisis. It’s clear that banks, both regionally and globally, may have to contend with persistent and dynamic disruption not just today, but tomorrow and into the future, and it’s vital they remain resilient to all forms of risk – existing, new and emerging. Over the next decade, the crossover between talent, data and technology may be at the front of Asia-Pacific banks’ ability to survive new challenges and continue to thrive.”

Additional key survey findings include:

  • While the majority of Asia-Pacific banks still see control costs increasing – primarily due to embedding greater resilience and addressing digital transformation agendas – one in ten (10%) now believe they can manage down costs of controls over the next three years by using data and technology to improve risk management.
  • Five of the top 10 emerging risks according to Asia-Pacific banks’ CROs relate to technology and data, including industry disruption due to new technologies (70%), the pace and breadth of change from digitization (60%), and model risk related to machine learning / AI (50%).
  • Based on lessons learned from the COVID-19 pandemic, 80% of Asia-Pacific banks’ CROs expect to see the introduction of new or additional regulatory requirements on operational resilience, and 70% of CROs expect the same on financial resilience.
  • Asia-Pacific banks’ CROs expect their banks to further accelerate their digital transformation, including automating processes (78%), modernizing core technology platforms (56%) and delivering enhanced insights to customers (56%).

For more information, please visit Resilient banking: Capturing opportunities and managing risks over the long term.

joyce low 2

Credit Suisse: Joyce Low appointed Market Leader Malaysia

Credit Suisse announced some new appointments in Private Banking Malaysia, including Joyce Low’s appointment as Market Leader Malaysia, a newly created role.

Jin Yee Young, Market Group Head Singapore, Malaysia and South Asia Switzerland said: “Our people are crucial to our success, and as such, we are committed to attracting and retaining the best people in the industry. These new appointments reflect the depth of our internal talent pool and the attractive opportunities available to our colleagues to advance their careers within the bank.”

New appointments in Private Banking Malaysia

  • Team Leader Joyce Low has been appointed Market Leader Malaysia, effective July 5, 2021. She will continue to report to Jin Yee Young, Market Group Head Singapore, Malaysia and South Asia Switzerland.
    • Joyce is a veteran in the wealth management business with extensive experience covering the Malaysia market. Having joined Credit Suisse 25 years ago, she progressed to a Senior Client Partner before becoming a Team Leader. Joyce is known for her passion for developing and growing talented professionals, and has been a mentor to many of our colleagues in the South Asia franchise.
    • Credit Suisse has the largest team dedicated to the Malaysia market in the industry and in this region. In her new role, Joyce will work closely with Jin Yee to maintain Credit Suisse’s leading position in the offshore Malaysia market and drive further growth.
  • Wee Ing Peng will be stepping up from her current role as an Expert Relationship Manager to assume Joyce’s responsibilities as Team Leader.
    • She has more than 25 years’ experience in private wealth management, including 17 years with Credit Suisse, where she has made a meaningful impact on the bank’s success in the Malaysia market. She has grown her client book over the years, managing key relationships with high-net-worth and ultra-high-net-worth entrepreneurs.
Hou Wey Fook_CIO_DBS Bank

DBS releases CIO Insights: 3Q21 – Hope into Reality

DBS CIO Hou Wey Fook presents why we continue to stay constructive on risk assets, and winning investment strategies for the quarter ahead:

We started the year with “A New Hope”. With the increasing rollout of vaccines, we are now beginning to see encouraging signs of normalcy.

By no means are we saying the world has turned the corner in its fight with the pandemic. But recent developments in the US and parts of Europe are pointing towards a strong recovery. US GDP is expected to grow by over +6% this year, from -3.5% last year.

With this V-shaped recovery, inflation fears as reflected in surging commodity prices have resurfaced. Will the Federal Reserve take its foot off the pedal and taper its stimulus policies? If so, would the bullish sentiment reverse its course?

The Bank of Canada, followed by the Bank of England were among the first central banks to taper bond purchases, and others are expected to follow. However, we believe they will be reassuring in communicating that interest rates will stay zero-bound for a considerable period of time.

The “taper tantrum” lesson of May 2013, in which bond yields spiked, will lead to the Fed taking a slow path in withdrawing its monetary stimulus – particularly as they view current elevated inflation figures to be transitory. Alongside the high levels of uninvested liquidity, we stay constructive on the outlook for risk assets. We continue to advocate that you stay invested in equities, bonds, and gold through our Barbell portfolio approach.

In this publication titled “Hope into Reality”, we dive into the transformational shift towards Electric Vehicles (EV) as well as the income themes of China banks and Singapore REITs.

Key highlights

Growth normalising

The reopening of US and European economies points to a snapback in economic growth and inflation. We see central banks gradually tapering their asset purchases while holding policy rates at zero-bound.

 Risk assets supported

The dynamics of FOMO (fear of missing out) and TINA (there is no alternative), alongside high levels of liquidity will support equities and credit. Stay invested through our Barbell Strategy and add gold for portfolio resilience.

Grow with I.D.E.A.

Stay with Innovators, Disruptors, Enablers, and Adapters for the Growth end of the Barbell Portfolio. We add winners of the transformational shift from combustion engines to electric vehicles.

Income from credit & dividends

Generate steady income from a diversified pool of BBB/BB-rated bonds. China and Singapore banks as well as REITs stand out as dividend plays.

For the full report, please click here.

 

Banks to Move Online and Form Customer-Centric Digital Ecosystems

Banks to move online and form customer-centric digital ecosystems within five years, report says

  • Almost two thirds (65%) of global banking executives believe that the branch-based model will be “dead” within five years, up from 35% four years ago
  • The same proportion (65%) of bankers see new technologies as the biggest driver of change for the next four years, up from 42% three years ago
  • Four in five bankers believe that banks will seek to differentiate on customer experience rather than products
  • 47% expect their businesses to evolve into ecosystems, involving partnerships with both banking and non-banking third parties
  • This independent global report surveys over 300 banking executives, half of whom are C-suite

A new report published today by Temenos (SIX: TEMN), the banking software company, finds that 65% of global banking executives believe branch-based banking will be “dead” within five years. The report written by the Economist Intelligence Unit (EIU) entitled “Branching out: can banks move from city centres to digital ecosystems?” is based on a recent survey of 305 senior global banking executives. The research highlights how COVID-19 branch closures, new technologies and increased competition from fintechs, super-app platforms and tech giants have accelerated digital transformation and triggered a shift in banking priorities and business models.

The report highlights how 65% of global banking executives view new technologies such as cloud, AI, and APIs as the trend that will have the biggest impact on the sector over the next four years, ahead of regulation and changing customer demands. Moreover, 81% think unlocking value from AI will be the differentiator between winning and losing banks. Banks are focusing their technology investment on cybersecurity, AI and cloud computing as they accelerate digital transformation projects.

The report finds that 81% of bankers believe banks will seek to differentiate on customer experience rather than products. With this, many established banks are turning to strategic partnerships and investments in technology to become trusted banking partners and the purveyors of consumer-friendly banking experiences.

The pandemic has been a catalyst for collaboration and experimentation. The report states that nearly half (47%) of bank executives expect their businesses to evolve into ecosystems in the next two years, whereby banks offer third-party products and services, together with their own, to customers and other financial organizations.

Aalishaan Zaidi, Global Head of Digital Banking at Standard Chartered notes the change in attitude and culture as a result of the pandemic: “The big shift for us was our belief that we could change fast if we really wanted to.” Mr. Zaidi adds that pre-pandemic, “We would have never done the partnerships we are doing now.”

The report also shows how the pandemic has emphasized the societal role of financial services. Findings show that bankers view microfinance for entrepreneurs (34%) and accounts for the unbanked (33%) as the most promising inclusion-related business opportunities.

Kanika Hope, Chief Strategy Officer, Temenos, said: “Open Banking and increased competition from big tech and new entrants are causing banks to rethink their business models. Many now aspire to develop digital ecosystems that bring more human, differentiated experiences to their customers using the power of cloud, SaaS and AI. This report shows that bankers now understand that technology will be an enabler for these new business models and is critical to their competitive differentiation. Temenos continues to extend its leadership in AI and cloud, serving more than 3,000 banks worldwide, including incumbents and more than 70 challengers. We recently brought to market The Temenos Banking Cloud to help banks digitally transform and take control of their business models and innovation cycles.”

Malcom Tay

Credit Suisse: Malcolm Tay appointed Deputy Market Group Head and Market Leader for Indonesia

Malcolm Tay has been appointed Deputy Market Group Head and Market Leader for Indonesia, a newly created role, with effect from September 1, 2021. He will be based in Singapore and will report to Johanes Oeni, Market Group Head Indonesia.

Malcolm has over 30 years of wealth management experience and joins Credit Suisse from Deutsche Bank Wealth Management, where he worked for 18 years, most recently as Group Head Southeast Asia. Previously, he served as a Client Relationship Manager at Merrill Lynch. Prior to that, he was with Citi Private Bank as Co-Head, Indonesia Onshore Private Bank for 10 years.

Indonesia is a key growth market for Credit Suisse private banking business. Benefiting from a leading position in the Indonesia market, Credit Suisse is fully committed to further accelerating the growth and expansion of its Indonesia franchise footprint by offering value-added and bespoke services to better serve our ultra-high-net-worth clients.

With Malcolm’s extensive industry experience, long-established relationships with key clients and deep understanding of the market, Credit Suisse believes it is set to consolidate its leadership in the Indonesia market and across the region.

Benjamin Cavalli, Head of Private Banking South Asia: “I am delighted to welcome Malcolm to Credit Suisse. He is one of the most accomplished Indonesia-focused bankers with a stellar reputation in the industry. His appointment underscores our commitment to accelerate our growth plans and further strengthen our leading position in this important market within Private Banking South Asia.”