admin – Forbes Asia Custom

Singapore: Strengthening Capabilities

Posted on September 6, 2024 | by admin | Leave a Comment

Singapore continues to attract global businesses and entrepreneurs seeking new growth opportunities in Asia, which is the fastest-growing economic region in the world. Its advanced infrastructure, pro-business policies, highly skilled workforce and global connectivity have strengthened its position as the premier business hub and gateway to Asia and beyond. Singapore has consistently been ranked among the top business environments and as one of the freest economies.

In 2023, Singapore attracted S$12.7 billion (US$9.72 billion) in fixed asset investment, demonstrating the confidence investors place in the country as a trusted hub for business. To strengthen Singapore’s competitiveness, the government aims to build new growth areas such as the green economy, artificial intelligence and precision medicine, and to anchor innovation and catalyze collaboration between multinational corporations, local businesses and research ecosystems.

Economic Resilience
Despite the ongoing geopolitical tensions and market uncertainties, Singapore’s economy saw a better-than-expected growth of 2.9% in the second quarter of 2024 compared to the same period in 2023. This is mainly driven by the group of clusters comprising the information and communications, finance and insurance and professional services sectors. Expansion in the finance and insurance sector was largely supported by activities supplementary to financial services, banking and fund management segments.

Singapore’s assets under management (AUM) grew by 10% to S$5.41 trillion (US$4.14 trillion) in 2023, faster than the AUM growth in Asia. About 77% of AUM is sourced from outside of Singapore and 89% of total AUM is invested outside the country. As a global financial hub, Singapore has established itself as one of the leading private banking and wealth management centers globally.

Financial institutions like Standard Chartered Private Bank are well-positioned to capitalize on the growing affluence in Asia and the significant wealth transfer occurring in the region. For example, the bank’s Singapore wealth hub makes it an ideal conduit for connecting global Indian clients with their financial interests back home in India and across other major regions, including Greater China, the United Kingdom and the Middle East. These clients seek not only to grow their wealth, but also to manage it seamlessly across borders.

The growing demand for wealth planning and advisory services has also contributed to the popularity of independent wealth management firms like WRISE. In just two years, WRISE has experienced remarkable growth, expanding its presence in key financial hubs across Asia to cater to the growing cross-border needs of its clients. The firm views itself as a complementary partner to banks, offering the best of the banks’ specialized services that can enhance the overall wealth management experience for its clients.

Singapore will continue to build new capabilities in its financial services sector to ensure it remains robust and resilient.

Looking Ahead
The 2024 economic outlook remains optimistic, with analysts forecasting that the growth momentum will improve in the second half of the year, leading to a full-year GDP growth of 2% to 3%.

To remain competitive, Singapore will intensify its efforts in several areas. It will strengthen its role as a base for global companies operating in Asia and invest in research and development, serving as a global-Asia node for technology, innovation and enterprise. The financial sector will continue to support the flow of finance for regional growth, including infrastructure and sustainable development, serving global investors seeking to tap into investment opportunities in Asia.

Singapore will also continue to broaden and deepen its trade linkages with international and regional partners to strengthen its position as the gateway to Asia and the rest of the world.

Beyond Borders, Beyond Private Banking

Posted on September 6, 2024 | by admin | Leave a Comment

As Asia braces for one of the largest wealth transfers in history, wealthy families are facing significant challenges in ensuring smooth transitions. This means the demand for sophisticated, multigenerational wealth planning has never been more critical, especially as the priorities of next-generation leaders often differ markedly from their predecessors.

**Tommy Leung,** Head of Global Private Banking, South Asia and **Kerri Lim**, Head of Ultra High Net Worth Segment, Asia, HSBC

These younger ultra-high net worth individuals (UHNWIs) are more global in their outlook and are often keen to pursue their private passions, in addition to managing their family wealth. When constructing their investment portfolios, they are also less inclined to invest heavily in traditional assets like equities and bonds as they seek greater diversification amid persistent uncertainty. This has led to growing demand for professionalised wealth solutions that span the globe, as well as a shift toward more alternative investments.

“We are witnessing a significant shift in the wealth management landscape, with family transitions and business transitions happening concurrently. UHNW clients are looking for international banks like us to provide solutions for diversification and exclusive access to private markets,” says Tommy Leung, Head of Global Private Banking, South Asia, HSBC.

HSBC Global Private Banking, with its global connectivity, comprehensive suite of banking services, and robust strategies and experience in intergenerational wealth protection, has long been a trusted partner for wealthy families in Asia navigating complex transitions.

Ensuring Smooth Transitions
The transfer of wealth to the next generation presents both opportunities and challenges for UHNW families. For instance, with family offices becoming an increasingly common theme among UHNW families, encouraged in part by supportive government policies in regional wealth hubs including Singapore, clients seeking to manage their wealth through a professional structure will appreciate HSBC’s family office advisory expertise.

“Our trustee business has been a partner in helping clients around the world preserve their wealth and legacy for nearly 80 years. This deep experience allows us to offer valuable insights into the suitability of different trust structures and jurisdictions, ensuring that clients’ legacies are protected and efficiently transferred across generations,” says Leung.

HSBC also offers a series of initiatives aimed at preparing the inheritors of wealth to take on their family responsibilities. For instance, the bank’s flagship global next-generation programme, most recently held in Dubai, features inspiring forums and exchange sessions designed to help the new generation of wealth owners learn from experienced entrepreneurs, financial experts and their peers, equipping them with the knowledge and network necessary to manage and grow their family wealth.

“Our next-gen programme provides a platform for younger UHNWIs to forge their own connections and gain practical insights into business and investment opportunities. This proactive approach ensures that they are well-prepared to take over the reins of their family’s wealth and business,” says Kerri Lim, Head of Ultra High Net Worth Segment, Asia, HSBC.

Building Bridges
Across Borders
HSBC’s extensive global network is a cornerstone of its private banking services, reflecting its clients’ increasingly international lifestyles and complex demands. With a presence in 60 countries and territories coupled with 13 strategic booking centres, HSBC is one of the few international banks that can provide comprehensive bespoke solutions in multiple geographies.

“Our clients often have families and businesses spread across the globe. Whether it’s setting up bank accounts, managing investments or facilitating commercial opportunities, our global presence allows us to provide holistic solutions that address all aspects of their lives,” says Lim.

Adds Leung: “Simply put, we want to ensure that our presence and offering empower our clients to nimbly adapt to ever-changing circumstances.”

This international connectivity is not just about having a global footprint, but also integrating services seamlessly to support clients’ cross-border needs. This involves mobilising resources across different regions and business areas, such as commercial banking and investment banking, to provide UHNWIs with unmatched flexibility and convenience.

Desire Beyond
Private Banking
HSBC Global Private Banking’s ability to leverage the full capabilities and expertise of the wider HSBC group is yet another advantage that distinguishes it from its competitors. This model ensures that UHNW clients can access the best of HSBC’s offerings—from retail banking, commercial banking, global banking and markets to asset management and insurance—to meet their diverse personal and institutional needs.

“Our competitive advantage lies in our ability to provide comprehensive solutions that go beyond traditional private banking seamlessly. By unlocking the full potential of HSBC’s universal banking model, we can support UHNWIs in every aspect of their wealth journey, from business growth and diversification to personal wealth management,” says Leung.

A prime example of this seamless integration is HSBC’s dedicated support for private banking clients who are also business owners, a common occurrence in Asia. These entrepreneurs demand more than just wealth management solutions; they require tailored commercial banking, capital markets services, and comprehensive credit facilities to meet their diverse financial needs.

To support them across their different needs, HSBC Global Private Banking marries global expertise with local knowledge, with Global Relationship Managers serving as a single point of contact, streamlining access to these varied services and ensuring a cohesive client experience.

In one instance, a private banking client approached HSBC for mortgage needs in the United Kingdom. This discussion soon expanded to meet the client’s other expressed needs, including opening an account in Singapore to manage their investment portfolio and subsequently, commercial opportunities within Southeast Asia were explored.

As Asia’s wealthy families navigate both family and business transitions, HSBC Global Private Banking stands out as an experienced guide with its robust international network, comprehensive banking services, and deep expertise in multigenerational
wealth advisory.

Says Leung: “HSBC’s mission is to support our private banking clients through every stage of their wealth journey. We are uniquely positioned to meet the evolving needs of the region’s wealthy families and ensure their legacies are protected and enhanced for generations to come.”

privatebanking.hsbc.com

Disclaimer

The information contained in this article has not been reviewed in the light of your individual circumstances and is for information purposes only. It does not purport to provide legal, taxation or other advice and should not be taken as such. No client or other reader should act or refrain from acting on the basis of the content of this article without seeking specific professional advice. Issued by The Hongkong and Shanghai Banking Corporation Limited.

Designed For Champions

Posted on August 9, 2024 | by admin | Leave a Comment

A favorite among collectors, Richard Mille’s limited-edition timepieces never fail to inspire amazement across the global horological community. The new RM 27-05 Flying Tourbillon Rafael Nadal, an evolution of the celebrated RM 027 series, marks 14 years of horological innovation and ongoing development. In the world of lightweight, high-performance technical watches, the RM 27-05 is, quite understandably, in a class of its own.

Advanced Lightness
Since the inception of the RM 027 Tourbillon in 2010, timepieces in the RM 027 Nadal collection have always been defined by their synthesis of technical mastery, mechanical robustness, and, in particular, lightness. The latter quality forms the very foundation of the watchmaker’s collaboration with Rafael Nadal.

“My main condition for wearing a watch during competition was lightness; I didn’t want to feel it on my wrist,” said Rafael Nadal when he met Richard Mille in 2008. Two years later, the now-legendary RM 027 Tourbillon was presented to the Spanish star.

Guided by these original principles, Richard Mille’s engineers understood that an even lighter, stronger material would be required to merit a new creation worthy of the range. If such a material could not be found in nature, then it needed to be created by the best scientists using the most advanced technologies. This was how Carbon TPT^® B.4 was born.

This advanced carbon composite is the result of a five-year collaboration between Richard Mille and Swiss partner North Thin Ply Technology (NTPT). Carbon TPT^® B.4 boasts a 4% increase in density while delivering a 15% increase in stiffness and 30% increase in strength, compared to its predecessor Carbon TPT^®. The material has a distinctive, visually striking pattern, thanks to a fabrication process where the composite is woven in stacks at a 70-degree orientation between layers. Crucial for the designers at Richard Mille, Carbon TPT^® B.4 offered the possibility of creating a watch case that would be thinner, lighter and significantly stronger.

“The RM 027 collection’s most emblematic technical feature is indisputably its weight,” says Yves Mathys, Director at Richard Mille. “A new, significantly stiffer carbon, developed in collaboration with NTPT™, played a key role in achieving our goal.”

The project was never simply about substituting one material for another. Carbon TPT^® B.4 opened a new world of possibilities—one that mandated a reevaluation of not just the case but the movement.

“For the RM 27-05, form follows function,” says Alexandre Mille, Commercial Director at Richard Mille. “The creation of its caliber is linked to an objective. The same applies to its case.”

The idea of innovating a much thinner casing was first proposed by Julien Boillat, Richard Mille’s Technical Director for Casings. “We took the same approach: a stubborn determination to save every last fraction of a gram,” says Boillat. “There are no screws holding the movement and case together.

The entire mechanism sits inside the monobloc caseback, topped by the flange and followed by the bezel and crystal.”

At 7.20 mm thin and weighing 11.5 grams, the RM 27-05 is slimmer and lighter than its predecessor and is distinguishable by an X-shaped ridge on the caseback.

Revolutionized, Refined, Perfected
The advances in case design opened up possibilities for a new movement. In keeping with tradition, the RM 27-05 would incorporate a flying tourbillon oscillating at 3 Hz. However, this presented a challenge: how would such a complex mechanism fit into the slimmer dimensions enabled by Carbon TPT^® B.4? Was this even feasible?

Here, the engineers were fortunate that they were able to draw on in-house expertise. Watch afficionados would know that Richard Mille recently finalized the development of its record-breaking ultra-flat RM UP-01 Ferrari watch. The engine from this 1.75-mm thin watch, the engineers surmised, would form the perfect base for the RM 27-05.

Building on this, the team developed a tourbillon movement measuring a mere 3.75 mm thick and weighing 3.79 grams while offering a 55-hour power reserve.

“Thanks to a base fitted with ball bearings, the tourbillon retains its performance while making it possible to do away with a bridge,” says Salvador Arbona, Technical Director for Movements at Richard Mille. “Making the barrel fly likewise fit with our need for lightness. Its extreme thinness, less than 0.72 mm thick, helped us to develop an extra-flat caliber with volume. The barrel was thus pressed into service of this singular aesthetic.”

The RM 27-05 also features a skeletonized, PVD-treated titanium baseplate and bridges made of Grade 5 titanium and Carbon TPT^®.

Handcrafted Resilience
It should come as no surprise that the intricate and detailed craftsmanship needed to turn the RM 27-05 from imagination into reality is the culmination of over 4,000 hours of human labor and ingenuity operating at the highest level. Some 2,000 hours alone were spent on the case.

A large portion of development hours also went into testing—from finite element simulations to tomography and impact tests. Built to withstand g-forces exceeding 14,000, the RM 27-05 embodies world-class athleticism at its core.

“I officially wore the RM 027 Tourbillon watch for the first time during the 2010 French Open. That year, I won three Grand Slam tournaments in a row: the French Open, Wimbledon and the U.S. Open,” says Nadal. “Since then, Richard Mille watches have become an essential part of my equipment, to the point that I feel strange if I’m not wearing one.”

More than a meeting of minds, the RM 27-05 is a celebration of deep, personal connections forged across time. “What truly binds us is the human side,” says Alexandre Mille, “the strength of our friendship with Rafa. The RM 27-05 is a testament to both this long friendship and our shared enjoyment. After all the time we’ve spent together, we’re looking forward to continuing our exchanges for many years to come.”

The RM 27-05 Flying Tourbillon Rafael Nadal is available in a limited run of 80 units. For more information on the RM 27-05 Flying Tourbillon Rafael Nadal, visit
www.richardmille.com

Securing the Legacies of Asia’s Wealthy

Posted on August 9, 2024 | by admin | Leave a Comment

In Asia, rapid economic growth has led to a significant increase in the wealth of families, many of whom now grapple with the complexities of passing their fortunes to the next generation.

The transition of wealth from one generation to the next is a relatively new phenomenon in the region. Legacy planning is particularly relevant as more than 80% of businesses in Asia-Pacific are family-owned. As a result, ultra-high net worth (UHNW) individuals are increasingly relying on their wealth managers to support them in transferring wealth to the next generation.

Global events like the Covid-19 pandemic and geopolitical tensions have heightened awareness of the need for proactive planning.

However, succession plans in Asia are often informal or incomplete, according to Campden Wealth’s Asia-Pacific Family Office Report 2023. Cultural taboos associated with discussing legacy and the complexities of global asset structures often hinder the formalization of
these plans.

“Having formal wealth planning conversations helps to pre-empt future disputes or succession setbacks. With the right professional guidance and financial structures in place, affluent individuals have a better chance to achieve their legacy goals,” says Mike Tan, Global Head of Wealth Planning and Family Advisory, Standard Chartered.

“A good legacy plan is more than just handing wealth on to the next generation. Rather, it is about passing on family values, traditions, and aspirations to help future generations become and remain successful,” adds Tan.

Start Planning Early
UHNW families must navigate a variety of challenges to ensure their wealth and legacy are secured. This includes managing diverse asset portfolios, accommodating family dynamics, and complying with varying legal and tax regulations across jurisdictions.

To ensure a smooth transition, experts advise families to start the formal succession planning process early. “The time invested in evaluating advice and making informed decisions minimizes hasty choices that might result in disputes and unintended consequences,” says Tan.

Crafting Tailored Solutions
Banks play a pivotal role in guiding UHNW families through the complexities of wealth planning and succession. Standard Chartered Private Bank’s wealth planning and family advisory teams work closely with clients to develop tailored solutions that reflect the families’ unique aspirations, needs and values.

One key area of advisory is around family offices, where the bank guides clients in establishing appropriate structures and governance for their family offices to ensure that the family’s wealth and businesses are effectively overseen. These structures facilitate family decision-making and conflict resolution, which are essential for maintaining harmony within the family.

With heightened concerns over global issues like climate change and equality, and increasing awareness on Environmental, Social and Governance (ESG) issues, UHNW families are increasingly looking to invest in sectors and solutions that drive positive change. Standard Chartered’s Sustainable Banking Report 2023 found that US$8.2 trillion of individual investor capital could be directed toward sustainable investing across Asia, Africa and the Middle East by 2030.

To meet the growing needs of its clients in this area, Standard Chartered offers a range of sustainable solutions, including green deposits, sustainability-linked bonds and ESG-focused investment funds.

“For many UHNW individuals and families, sustainable investing not only helps generate positive impact, but is also a good diversification for their wealth portfolio,” says Tan.

Another critical area is strategic philanthropy. UHNW families are now adopting a more professional approach to philanthropy in order to create sustained and measurable impact.

**Mike Tan**
Global Head of Wealth Planning and Family Advisory, Standard Chartered

“Having formal wealth planning conversations helps to pre-empt future disputes or succession setbacks. With the right professional guidance and financial structures in place, affluent individuals have a better chance to achieve their legacy goals.”

“We see growing interest from our clients to incorporate philanthropy into their legacy planning, and we work closely with them to enable structured and impactful giving that is aligned with their family values,” says Tan.

Supporting Your Wealth Planning Journey
Few families get it right the first time, and changing circumstances, laws and regulations also require families to review their plans from time to time.

“There are real, and possibly dire, risks of leaving wealth without a proper succession plan,” says Tan.

With its deep advisory expertise across the four wealth hubs of Hong Kong, Singapore, the U.A.E. and the U.K., Standard Chartered Private Bank is well positioned to support its clients in every step of their wealth planning journey.

www.sc.com/en/wealth-retail-banking/ private-banking/

A Voyage Into History With The Richard Mille Cup

Posted on July 5, 2024 | by admin | Leave a Comment

Back once again with an exquisite fleet of iconic, pre-war yachts, the Richard Mille Cup ran from June 2 to 15, 2024 with a series of coastal and offshore races held along the English Channel. More than a regatta, this extraordinary event was a tribute to naval history and a celebration of tradition—the artistry and heritage of pre-war yacht racing.

These historic vessels, fully restored to their original splendor, allowed participants to enter a floating time capsule and peer into the pinnacle of naval craftsmanship of a bygone era. The Richard Mille Cup was, quite simply, a voyage through time. The yachts in the regatta were built from the end of the 19th century right up to the late 1930s and competed on the pre-war era racing circuits for which they were purpose-built.

This year’s event saw a total of 12 historic sailing vessels competing, including iconic boats such as Mariquita (1911), Moonbeam III (1903) and Moonbeam IV (1920). Also in the competition was Thalia (1889). At 135 years old, Thalia was not merely the oldest vessel in the Richard Mille Cup; she was also one of the oldest active yachts in British waters.

The racing began in Falmouth at the Royal Cornwall Yacht Club, moved to Dartmouth at the Royal Dart Yacht Club, then to Cowes at the Royal Yacht Squadron, and concluded in Le Havre at the Société des Régates du Havre.

Relive the Golden Age of Yachting
During the Richard Mille Cup, spectators feasted their eyes on some of the most gorgeous sailing yachts ever built—all maintained and crewed in the classic tradition. Sailing crews battled for top honors exactly like they did over a century ago. In doing so, they paid homage to the sailing and engineering traditions of the past while undoubtedly inspiring a new generation of fans and enthusiasts.

“This is the ideal environment to admire the magnificence and beauty of these classic yachts from the pre-war era, and the involvement of the yacht clubs allows owners and admirers alike to come together in the true spirit of the event,” says Richard Mille.

The sight of 12 classic yachts at full sail was a glorious thing to behold but the Richard Mille Cup was still a race. Participating sailors had their eyes firmly set on the prize—the meter-high Richard Mille Cup. This stunningly intricate sterling silver trophy was designed by Garrard, jewelers to the British royal family for the last 300 years. Garrard has a rich heritage in producing iconic sporting trophies, having been responsible for the design of horseracing’s Ascot Gold Cup, golf’s British Masters Trophy and of course, the America’s Cup, the latter designed more than 170 years ago.

The Enduring Legacy of Sailing and Horology
Building on the success of the inaugural Richard Mille Cup in 2023, this year’s edition continued to be the highpoint for sailing enthusiasts and aficionados of historic yachts. In celebrating the enduring legacy of this magnificent craft, the event highlighted the timeless connection between engineering and sailing.

Steadfast in its focus on driving cutting-edge technology, materials and design, Richard Mille recognizes and values the pivotal innovations and achievements of designers and engineers of years gone by. This is evident in the company’s longstanding links to motoring heritage events such as the iconic Le Mans Classic for vintage automobiles, which Richard Mille has supported for over two decades.

It should therefore come as no surprise to discover the strong links existing between classic racing yachts and Richard Mille’s philosophy of watchmaking. Every single detail on the yacht, much like every component in a Richard Mille timepiece, is built for purpose, constructed of the finest materials, and completely devoid of the superfluous.

In commemoration of this bond, the Richard Mille Cup was created to celebrate the beauty, exceptional design and impeccable craftsmanship of these impressive sailing vessels. Already an eagerly anticipated fixture on the global yachting calendar, the Richard Mille Cup has become an established platform for sailing enthusiasts with a passion for these beautiful boats, and a longing to see these yachts and sailors in their element.

More information about the Richard Mille Cup can be found at
www.richardmillecup.com

Satisfying A Growing Demand For Cross-Border Services By Asia’s Wealthy

Posted on July 5, 2024 | by admin | Leave a Comment

Wealthy Asian investors are increasingly seeking to diversify their portfolios and capture new sources of returns in a more effective and efficient manner. Many of the region’s high net worth (HNW) and ultra-high net worth (UHNW) individuals are turning to Standard Chartered’s Private Bank as they look to preserve and grow their fortunes, against a backdrop of persistent global uncertainties.

In 2023, Standard Chartered commissioned a Global International Banking Report, in collaboration with RFI Global. This report shows a growing demand across Asia and the Middle East for cross-border products and solutions. On average, one in five HNW and UHNW individuals desire bespoke cross-border solutions that cater to their specific needs. In addition to HNW and UHNW clients, the trend is expanding to affluent clients. Standard Chartered is uniquely positioned to serve these client segments across its International, Priority and Private Bank businesses. Another key differentiator is its network and one-bank proposition together with the Corporate and Investment Banking division.

Furthermore, the survey highlighted that 70% of HNW and UHNW individuals transfer funds internationally. One principal reason for these payments is to engage in overseas investments. This is where Standard Chartered’s Private Bank excels in serving these clients with unique, complex and evolving needs.

**Foo Tian Ong**
Regional Head, Southeast Asia, and Singapore Location Head, Private Banking at Standard Chartered

“Our extensive international network and deep understanding of the Asian market uniquely position us to cater to the sophisticated requirements of HNWIs. We offer a seamless, crossborder banking experience that few can match.”

Global Presence, Local Expertise
Standard Chartered Private Banking is present in 30 markets with over 160 years of experience across Asia, Africa and the Middle East. As part of an international banking group with an expansive network, Standard Chartered Private Bank is well positioned to meet the objectives of Asia’s wealthy individuals and families. For its private banking clients, the bank offers international wealth management services through its wealth hubs in Singapore, Hong Kong, Dubai and London.

“Our extensive international network and deep understanding of the Asian market uniquely position us to cater to the sophisticated requirements of HNWIs. We offer a seamless, cross-border banking experience that few can match,” says Foo Tian Ong, Regional Head, Southeast Asia, and Singapore Location Head, Private Banking at Standard Chartered.

This global footprint ensures that clients have access to local expertise and on-the-ground support, wherever they are. This is particularly pertinent in Asia, where clients are increasingly looking to take advantage of strong bilateral cross-border banking relationships that exist between markets such as China-Hong Kong, India-U.A.E., and Singapore-Malaysia.

For instance, Hong Kong is the world’s largest offshore renminbi (RMB) hub, processing about 75% of the global off shore RMB transactions. Given Standard Chartered’s large and longstanding presence in Hong Kong, the bank is well positioned to help clients capture opportunities in mainland China. Another noteworthy example is Dubai, where the bank provides an extensive range of solutions for both local and expatriate clients.

A Suite of Services to Meet Diverse Needs
Standard Chartered Private Bank’s ability to leverage its global network and banking services across its wealth hubs enables it to offer a unified cross-border experience to its clients.

“This encompasses solutions ranging f rom international mortgages, multi-currency accounts, and global investment opportunities to wealth planning and legacy advisory, as well as corporate and investment banking solutions that are designed to meet the diverse family and business needs of today’s UHNW clients,” Foo says.

As online banking emerges as the preferred channel for trading activities among Asian HNW and UHNW clients, Standard Chartered’s digital capabilities serve to enrich the client experience. The bank’s innovative online platforms provide clients with the flexibility and convenience to manage their wealth from anywhere in the world.

Solutions Designed for Global Indians
Standard Chartered Private Bank has proven to be adept at meeting the needs of its different client segments. This includes affluent individuals among India’s vast global diaspora, estimated to be one of the world’s largest and most successful. Through its advisory centers in Singapore, Dubai, London and Hong Kong, Standard Chartered offers localized expertise while maintaining a global perspective for non-resident Indians to manage their wealth efficiently.

“Our deep under standing of the Indian market, stemming from our local presence of over 160 years, combined with our international reach and financial expertise in leading financial hubs across our footprint, uniquely positions us to serve the needs of global Indians,” says Vinay Gandhi, Global Head of South Asian Community and Regional Head, Europe, Middle East and Africa, Private Banking at Standard Chartered.

**Vinay Gandhi**
Global Head of South Asian Community and Regional Head, Europe, Middle East and Africa, Private Banking at Standard Chartered

“Our deep understanding of the Indian market, stemming from our local presence of over 160 years, combined with our international reach and financial expertise in leading financial hubs across our footprint, uniquely positions us to serve the needs of global Indians.”

“We can present a wide variety of investment solutions to non-resident Indian clients who are looking to diversify globally. At the same time, we are able to offer cross-border financing services, such as international mortgages for their properties in the U.K., to help them achieve their financial objectives with ease and confidence,” he says.

As HNWIs continue to seek diversified and international investment opportunities, Standard Chartered is well-equipped to meet these needs, reinforcing its position as a leading international wealth manager in Asia.

www.sc.com/en/wealth-retail-banking/ private-banking/

Global Banking Solutions For Asia’s Wealthy

Posted on May 31, 2024 | by admin | Leave a Comment

The wealth management landscape in Asia has witnessed significant changes in recent years, driven by the changing needs and expectations of high net worth (HNW) and ultra-high net worth (UHNW) clients. Asia’s affluent population is not only increasing in number but also in financial sophistication. They expect tailored wealth solutions that align with their lifestyles, values and global networks.

**Raymond Ang**
Global Head, Private Bank and Affluent Clients and Head, Wealth and Retail Banking, Greater China and North Asia, Standard Chartered.

In particular, the region’s wealthy are increasingly demanding more complex, cross-border financial services delivered through digital platforms and guided by expert advice from experienced wealth managers. There is also heightened awareness of sustainable investing, with a growing number of clients in Asia seeking to impact the world positively through their investment choices.

To address these changing needs, Standard Chartered Private Bank is leveraging its international network and deep-rooted expertise as a universal bank to offer a blend of personalized wealth management services, cutting-edge digital capabilities, and a strong commitment to sustainable and responsible banking. This positions Standard Chartered as a trusted and reliable partner for affluent individuals looking to achieve their financial and personal goals.

“Whether they’re looking for legacy planning structures or advice on an M&A deal, our holistic solutions and one-bank approach allow us to address the personal and business needs of our clients comprehensively.”

Universal Banking for a Global Audience

As part of a universal bank, Standard Chartered Private Bank is able to provide a seamless banking experience that covers everything from basic banking and investments to bespoke solutions for clients’ individual and business needs. For instance, the bank’s ability to tap on its corporate banking strengths enhances its appeal among the region’s many business owners who require multifaceted financial services.

Beyond corporate solutions, the bank effectively serves the needs of its UHNW clients via its capabilities around external asset management, wealth and family advisory, as well as structured lending solutions.

“Whether they’re looking for legacy planning structures or advice on an M&A deal, our holistic solutions and one-bank approach allow us to address the personal and business needs of our clients comprehensively,” says Raymond Ang, Global Head, Private Bank and Affluent Clients and Head, Wealth and Retail Banking, Greater China and North Asia, Standard Chartered.

“We had a private banking client who is the founder of a Hong Kong-listed industrial manufacturing company in mainland China. We introduced the client to our debt capital management and bond syndicate teams, and successfully helped the client with a high-profile bond mandate,” he adds.

Standard Chartered’s international presence in over 30 markets allows it to manage the cross-border financial needs of its wealthy clients. This global reach supports clients who require complex, international financial solutions that encompass not just personal banking but also educational, family and business-related financial needs.

For instance, the ability to manage the fortunes of families whose members span multiple countries is one of the bank’s noted strengths. Such capabilities are critical as Asia’s affluent population becomes increasingly global, requiring sophisticated strategies for international investments, wealth transfer and legacy planning.

Securing Financial Legacies

As HNW and UHNW individuals and families globally amass significant wealth, they are increasingly focused on securing their financial future through succession and estate planning. This is especially true in Asia, where family-owned firms make up around 80% of all businesses. These enterprises are often transitioning wealth and responsibility from one generation to the next for the first time, highlighting the urgent need for comprehensive legacy planning solutions.

Thoughtful legacy planning allows affluent individuals to shape legacies that not only safeguard their wealth, but also incorporate their values and aspirations. It also helps to minimize family conflicts and ensure that the distribution of assets meets the expectations and needs of successors.

However, succession planning encompasses complex challenges as families prepare for a generational shift in leadership. According to the Campden Wealth Asia-Pacific Family Office Report 2023, some 58% of family offices surveyed believed that next-generation family members were not yet ready to assume leadership roles. Furthermore, the matriarch or patriarch of a family business may be reluctant to step down, a sentiment more pronounced in Asia-Pacific than in Europe or North America, according to the report.

Faced with such challenges, the succession planning process must include a detailed approach to managing diverse and complex asset portfolios, taking into account legal and tax implications, as well as family dynamics and global uncertainties. However, many succession plans in Asia remain informal or incomplete. According to Campden Wealth, less than half of families in the region have some form of succession planning, and a significant majority of these plans have yet to be formalized.

With its global team of wealth planning experts across four wealth hubs in Hong Kong, Singapore, Dubai and London, Standard Chartered can help families develop strategies—encompassing wills, trusts, family governance structures and life insurance solutions—that are tailored to their specific needs.

Investing in Capabilities for the Future
To better serve its clients, Standard Chartered invests in the capabilities of its relationship managers through initiatives such as the SC-INSEAD Wealth Academy to upskill its relationship teams with the objective of providing timely, personalized and high-quality advice to clients. In particular, the program seeks to deepen capabilities in areas such as wealth advisory and client engagement.

As uncertainty continues to persist on the global stage, wealthy clients in Asia and beyond are seeking advice and guidance from trusted partners such as Standard Chartered to help them navigate the challenges ahead and safeguard their financial futures.

www.sc.com/en/wealth-retail-banking/private-banking/

Accelerating The ESG Momentum

Posted on May 31, 2024 | by admin | Leave a Comment

The corporate world is increasingly under pressure to do well by doing good. Businesses are accelerating their Environmental, Social and Governance (ESG) commitments as investors become more sophisticated and demand transparency over their portfolios. CEOs are not only held accountable for delivering growth and profits but also for steering businesses toward ESG commitments and goals.

According to global advisory firm WTW, more companies are tying executive incentives to ESG measures to align with the interests of all stakeholders, including the long-term interests of shareholders. This demonstrates the critical role of leadership in driving momentum for ESG initiatives.

WTW found that in 2023, 77% of leading companies in Asia-Pacific (APAC) incorporated ESG measures into their executive incentive plans, compared to 63% in 2022. This is considerably influenced by the level of disclosure requirements in each market, says the report. While the use of ESG metrics across the region is uneven, Australia, Japan and Singapore are leading the charge in disclosure and integration of ESG. Leading companies in other markets are picking up pace.

Moving the Agenda Forward

The adoption of ESG metrics varies across sectors. The report highlights that companies in consumer staples, energy, financials and utilities sectors are more likely to incorporate ESG metrics into their executive incentive plans. Additionally, it notes a substantial increase in the utilization of ESG measures among real estate and communication services companies, as well as those in the energy and industrial sectors in APAC.

While environmental considerations continue to take center stage on the ESG agenda, social and governance factors are also gaining traction. For instance, social issues such as employee engagement, work safety-related issues, human rights, labor practices and ethical supply chain practices are among the growing concerns at large corporations.

FGV Holdings Berhad (FGV), a global agribusiness based in Malaysia and one of the world’s largest producers of crude palm oil, recognizes the importance of addressing these issues. The company prioritizes effective labor management, viewing it not as an operational cost but as a fundamental social responsibility. It has implemented policies, from providing improved housing and amenities to abolishing recruitment fees, and enhancing the well-being of its employees, particularly its migrant workers. FGV also engages smallholders for 70% of its crop supply. The company says this approach not only fosters community support but also facilitates economic empowerment, aligning with its mission to drive sustainable development.

A Focus on Environmental Stewardship

As the world faces the escalating impact of climate change, businesses are doubling down on their efforts and commitment to sustainable practices. RGE, a Singapore-headquartered group of resource-based manufacturing companies with extensive operations globally, has incorporated innovative sustainable practices into its operations for decades as it further deepens its commitment to operating at the heart of the bioeconomy. By integrating bioeconomy principles into its operations, RGE and its business groups are revolutionizing plantation management, conservation and renewable energy practices.

Meanwhile, Sino Group, one of the leading developers in Hong Kong, has made sustainability a central focus of its operations. This includes everything from architectural planning and eco-friendly provisions to green property management and innovations, as well as caring for its employees’ well-being, serving the community and preserving cultural heritage.

These companies demonstrate how aligning themselves with ethical and sustainable principles is key to their long-term growth and success. As the regulatory landscape evolves, more companies will need to prepare to comply with mandatory ESG reporting regulations and requirements in major markets.

48 Hours In Bangkok

Posted on April 19, 2024 | by admin | Leave a Comment

As one of Southeast Asia’s most popular travel destinations, Bangkok captivates both regular visitors and first-time explorers with its vibrant street markets, luxury megamalls and lively entertainment scene. Beyond its bustling exterior lies a profound spiritual essence reflected through its hundreds of temples. Wat Traimit stands out as the home to what is said to be the world’s largest Buddha statue, made entirely of pure gold and weighing over five tons.

If you’re looking for a quick city getaway with a dose of culture, here’s the perfect itinerary for a long weekend of pampering—made even better with exclusive perks for The Platinum Card Members.

FRIDAY

Morning

Check in for your Singapore Airlines/Scoot flight at Singapore Changi Airport. As a Platinum Member, you enjoy S$200 (US$149) Airline Credit annually with qualifying spends on Singapore Airlines or Scoot.

Begin your vacation with exclusive lounge privileges. The American Express Global Lounge Collection^® provides access to more than 1,400 lounges across 650 cities. You and one of your supplementary Card Members are welcome to bring one guest each on each visit, making it ideal for family vacations. Enjoy light refreshments or catch up on last-minute emails in comfort before you unplug for the weekend.

Afternoon

When it comes to upscale accommodation, Bangkok offers a myriad of choices, from private villas and boutique properties to heritage hotels. Looking for a romantic stay? Check into Banyan Tree Bangkok, among selected properties, and indulge in a complimentary one-night stay. The contemporary-designed rooms feature a blend of rich dark woods, neutral colors and distinctive Thai accents. Don’t miss the rooftop Moon Bar—perched 61 floors above the city—for cocktails and stunning sunset views.

For a touch of opulence, consider the Siam Kempinski Hotel Bangkok, a plush resort-inspired haven nestled in the heart of the urban jungle. As part of the Fine Hotels + Resorts collection, Members can enjoy early check-in and a room upgrade when available. Wake up to complimentary breakfast for two and receive a unique amenity valued at US$100. The cherry on top? A guaranteed 4 p.m. late check-out, allowing you more time to savor your luxurious stay.

COMO Metropolitan Bangkok is perfect for those who prefer urban-style chic. As a Platinum Card Member, bypass the S$50,000 (US$37,205) spend requirement and enjoy a complimentary upgrade to Comoclub’s C5 membership tier for 12 months, offering perks such as early check-in, late check-out, complimentary breakfast for two and more. Pamper yourself with a welcome massage and energize your mornings with complimentary yoga sessions at the hotel’s wellness center COMO Shambhala. You will also enjoy preferential rates at over 40 Club21 stores around the city.

Evening

Fire up your appetite at Le Du, a one Michelin-star, modern Thai restaurant which topped Asia’s 50 Best Restaurants in 2023. Choose between 4-course and 6-course tasting menus, featuring locally sourced, seasonal ingredients prepared using modern techniques and global influences. Let Platinum Concierge, a 24/7 service, handle your restaurant reservations.

After dinner, explore Silom, lined with hotels, restaurants, bars and malls. While it is part of Bangkok’s central business district, Silom is also a popular entertainment spot.

SATURDAY

Morning

Explore Ari, a relaxed and green neighborhood favored by the artsy crowd. Stroll down streets lined with art galleries, matcha bars, coffee shops and trendy restaurants. The aromas wafting from Landhaus Bakery, a hidden gem, will lure you in. Enjoy freshly baked pastries and coffee in the shade of the garden. Another option for your caffeine fix is Nana Coffee Roasters, a spacious café spanning two floors.

Looking for some cool threads? Check out Hide.Selected, a multi-label indie store featuring a carefully curated selection of men’s and women’s wear from both local designers and well-known brands.

Afternoon

A cruise down the Chao Phraya River, which runs through the heart of Bangkok, is an ideal and relaxing way to see the city. Hop off to visit a temple or two along the way, such as Wat Saket (The Golden Mount), a historic temple perched on a hill. If you’re up for it, climb over 300 stairs for panoramic city views.

Stop for lunch at the iconic Blue Elephant Restaurant to enjoy traditional Thai flavors with the Platinum Dining Credit. Housed in a colonial-style mansion on Sathon Road, the restaurant is a stalwart of the Bangkok culinary scene. The Blue Elephant offers cooking classes on its premises—try your hand at preparing a few Thai classics to really understand Thailand’s popular cuisine.

Platinum Members can enjoy dining credits at selected restaurants worldwide. Receive up to S$400 (US$298) in statement credits each calendar year, comprising S$200 (US$149) for use at over 25 restaurants in Singapore and S$200 (US$149) for use at over 2,000 restaurants abroad, when you dine at some of the world’s best restaurants.

Cap off your day of sightseeing with a pampering spa session at Banyan Tree Spa, known for its exceptional service and quality treatments. Relax and let your stresses melt away with the signature 150-minute Royal Banyan treatment.

Evening

Make your final dinner in the heart of Bangkok a truly unforgettable experience. Platinum provides a carefully curated selection of Michelin-starred establishments worldwide. Paste Bangkok, for instance, serves up dishes inspired by Thai royal cuisine and heritage cookbooks, while also incorporating its unique creative spin.

Afterward, make your way to the sophisticated BKK Social Club at the Four Seasons Hotel Bangkok for a nightcap. Ranked 13th on The World’s 50 Best Bars 2023 list and hailed as The Best Bar in Asia, BKK Social Club combines the glamor of Buenos Aires with the dynamic spirit of Bangkok. Indulge in the exquisite Evita, a limited-time-only cocktail paying homage to the iconic former first lady of Argentina.

SUNDAY

Morning

Begin your final day in Bangkok early to maximize your remaining hours in the city. Song Wat, a historic area located just off Chinatown, is home to heritage buildings and traditional shops and eateries coexisting harmoniously with trendy cafes and stylish art galleries. Capture some captivating shots, especially before the crowds arrive. Enjoy a leisurely breakfast before making your way back to the hotel to freshen up for your return flight. Head to the Miracle First Class Lounge at Suvarnabhumi Airport for a glass of wine or light bites before boarding.

This itinerary is complemented with a comprehensive worldwide travel insurance for peace of mind as you enjoy your weekend getaway. And just like that, your time in Bangkok is well taken care of by Platinum.

The benefits mentioned in this article pertain to The Platinum Card issued in Singapore. For cards issued in other countries, please visit their respective websites. Find out more about The Platinum Card^® today at go.amex/sg-fbasia.

go.amex/sg-fbasia

Cloud 11 Positions Bangkok As Asia’s Largest Hub For Content Creators

Posted on February 26, 2024 | by admin | Leave a Comment

Magnolia Quality Development Corporation Limited (MQDC), one of the leading property developers in Thailand, believes its soon-to-be-launched Cloud 11 has what it takes to help realize the full potential of the creative industry in Thailand.

According to MQDC Senior Vice President Onza Janyaprasert, there are many world-class creative talents in Bangkok. Based on data by the Creative Economy Agency, the creative industry contributed close to 10% of Thailand’s gross domestic product pre-pandemic. “Clearly, there’s a lot of creative talent in the country. However, the sector is fragmented,” says Janyaprasert, who is also the Project Director of Cloud 11. “We hope to develop Cloud 11 into a hub for creative industry talents—a place where we can empower them to achieve greater things.”

Asia’s Largest Hub for Content Creators

Cloud 11 is a 40-billion-baht (US$1.14 billion) project in Bangkok developed to help grow the region’s creative industry and position Thailand as Asia’s largest hub for content creators.

Construction is currently underway, with the topping out ceremony slated for the second quarter of 2024. The official launch is on track to take place in the fourth quarter of this year.

Designed by the world-renowned architectural studio Snøhetta, Cloud 11 will have seven key components, including Grade A+ office spaces, content production studios, a retail complex, lifestyle hotels, concert halls and Bangkok’s largest rooftop park. It will also have an education zone to house entertainment and media schools, content academies and incubation facilities for content creators.

Janyaprasert says MQDC is partnering with Thailand’s telco True Corporation to offer Cloud 11 one of the fastest fiber optic connections in the country.

He adds, “Cloud 11 has many unique features. For example, the workspaces we are building are not generic offices; they are purpose-built for the content industry with dedicated circulation for artists and creators. We also understand that people in the creative industry have different working hours, so Cloud 11 will implement a district cooling system, allowing for flexible air-conditioning for our tenants.”

Building an Ecosystem

Janyaprasert says the reason behind these key features is about building an ecosystem for the creative community, one that allows content creators to have access to the best-in-class technology, as well as provide them with funding and business opportunities.

“Cloud 11 is not merely a real estate project,” he says. “It is not about the building. It is about creating an ecosystem with the creator community at its heart.”

He adds that content creation and entertainment have evolved beyond two dimensional formats. Today, content can be created by leveraging technologies such as Web 3.0, metaverse and blockchain. Cloud 11 will offer the space, funding opportunity, talent and state-of-the-art equipment for content creators.”

The development and concept of Cloud 11 have garnered a positive response from the creative community. “They are glad to see a hub for the community. A place where content creators, musicians and even gamers can be together, to collaborate and create more value together,” Janyaprasert says.

So far, Cloud 11 has attracted several anchor tenants, including market hall operator and community space specialist theCOMMONS, tech-led hotel group Yotel and Marriott International.

“We are also in talks with leading entertainment companies and a few studio partners and academies from Hollywood and South Korea. The details will be announced later this year,” he says.

There will also be a scriptwriting academy at Cloud 11 to groom and support aspiring writers in the creative industry. “Thailand is good at post-production work. However, we need more original content. With the academy, we can produce more original content and export it to the world,” Janyaprasert says. “Hopefully, one day Cloud 11 can be a hub for Asian creators to collaborate.”