Advertorial – Forbes Asia Custom

Supporting The Wealth Journeys Of Global Chinese

Posted on October 11, 2024 | by Jolene Siripala | Leave a Comment

As China’s affluence continues to rise, we see more and more ultra-high net worth (UHNW) individuals who are globally mobile and internationally minded with increasingly complex financial needs. These wealthy “Global Chinese” have substantial wealth and are actively engaging in international investments and business ventures. This demographic is not limited to those residing within mainland China but also includes Chinese expatriates and entrepreneurs based overseas who are deeply integrated into the global economy.

One region in particular that has experienced rapid wealth accumulation in China is the Greater Bay Area (GBA), a megalopolis of 86 million people made up of nine cities and two special administrative regions in South China, including Guangdong Province, Hong Kong and Macau.

Guangdong alone is home to over 300,000 households with net family assets exceeding RMB10 million (US$1.4 million). Indeed, the number of high net worth (HNW) households in the province accounts for 16% of all such households on the mainland. Meanwhile, Hong Kong is the top destination of wealthy mainland Chinese for their overseas investments.

The financial needs of the Global Chinese are diverse. These individuals often require comprehensive solutions that go beyond traditional banking, encompassing personal wealth management, business financing and cross-border transactions. Furthermore, as they often have families residing in different countries, they also require convenient access to financial services in multiple jurisdictions.

“A typical UHNW Chinese client might have a private banking account in Hong Kong, a family office in Singapore, an SME account in mainland China and a mortgage for a property in the United Kingdom. The ability to manage such a complex portfolio across various locations requires a bank with both global reach and local expertise,” says Raymond Ang, Global Head of Private Bank and Affluent Clients, and Head of Greater China and North Asia, Wealth and Retail Banking, Standard Chartered.

Global Connections, Local Expertise
Standard Chartered Bank, with its deep roots of over 160 years in China and an extensive international network, is well positioned to serve these clients, offering tailored solutions that meet both personal and business needs across geographies.

The bank’s clients often have cross-border needs, such as investments in international markets, managing multi-currency payments, funding their children’s education abroad or purchasing a second home in a different jurisdiction as an investment.

With a wealth presence in 25 markets and four wealth hubs—Hong Kong, Singapore, the United Arab Emirates (UAE) and Jersey—the bank ensures that such client needs are met, regardless of where they or their investments are based.

As a universal bank, Standard Chartered offers a single platform that allows UHNW clients to manage both their personal finances and business needs under one roof. This “one-bank” approach is particularly beneficial for business owners who need solutions for both their personal wealth, and to support their corporate transactions.

The “one-bank” capabilities have been demonstrated for multiple clients. Just this year Standard Chartered has facilitated several corporate transactions for clients globally to help them with corporate solutions such as debt issuance, trade finance, qualified domestic institutional investor (QDII) schemes, and syndicated loans. The private bank continues to be in active conversations with other UHNW clients to help them with their corporate needs beyond personal wealth management.

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

“We see Global Chinese continuing to expand their influence and investments internationally. With Standard Chartered’s long standing presence and on-the-ground knowledge of China and with our international network, we are equipped and ready to partner with Chinese clients to help them effectively manage their wealth, no matter where in the world they choose to grow it.”

Whether a Chinese client based in Hong Kong is looking to invest in UK real estate, or a Singapore-based Chinese entrepreneur is managing business interests in mainland China, Standard Chartered’s wealth hubs help clients manage and grow their wealth across borders.

In particular, the bank leverages its strong presence in Hong Kong—the primary financial hub of the GBA—to serve clients with cross-border needs. Hong Kong’s status as a leading offshore financial center for Chinese clients makes it an ideal location for managing international investments and accessing global financial solutions.

In the case of Singapore, its established legal and regulator y frameworks are attractive as a financial hub giving clients access to markets in Southeast Asia and even extending to South Asia.

Furthermore, Standard Chartered has steadily invested in resources and capabilities designed to enhance the client experience over the years. Among other initiatives, it has steadily expanded its stable of relationship managers, set up specialized teams for wealth planning, family advisory, corporate solutions and sustainable finance, and continued to enhance its digital platforms.

“By focusing on these areas, Standard Chartered ensures that its services are not only comprehensive but also future-ready, meeting the evolving needs of our Global Chinese clients,” says Ang.

Unlocking Offshore Opportunities
As UHNW Chinese clients increasingly look beyond mainland China for offshore investment opportunities, Standard Chartered’s global presence becomes even more critical. The bank’s deep understanding of regional business dynamics, regulatory environments and cultural nuances enables it to offer tailored advice and solutions to its clients.

Furthermore, Standard Chartered’s global Chief Investment Officer’s (CIO) team provides them with timely market insights to help Chinese clients capitalize on global market opportunities. The bank’s open architecture approach to wealth solutions ensures that clients receive best-in-class products sourced from leading international fund managers.

Having over 900 international and private banking relationship managers stationed across its four wealth hubs is just another way that Standard Chartered seeks to bridge any cultural and language gaps with clients, and enhance their wealth journey.

Says Ang: “We see Global Chinese continuing to expand their influence and investments internationally. With Standard Chartered’s long standing presence and on-the-ground knowledge of China and with our international network, we are equipped and ready to partner with Chinese clients to help them effectively manage their wealth, no matter where in the world they choose to grow it.”

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

Fueling Industrial Expansion

Posted on October 11, 2024 | by Viki Pek | Leave a Comment

**Yuthasak Supasorn,**
Chairman of the IEAT board

As the second-largest economy in Southeast Asia, Thailand remains an attractive destination for global investors, including those looking to set up businesses within its well-equipped industrial zones.

One of the driving forces behind Thailand’s success in securing foreign direct investment is the Industrial Estate Authority of Thailand (IEAT), a state enterprise under the Ministry of Industry, which is responsible for creating and organizing industrial estates in a synergistic manner.

Ambitious Goal

According to IEAT, the value of investments in 2023 increased by about 202% compared to 2022, with total investments reaching approximately US$490 billion.

IEAT manages 68 industrial estates nationwide, housing 4,828 factories with an accumulated investment of 10.8 trillion baht (US$319.5 billion).

“These figures reflect the agency’s on going commitment to creating a conducive environment for investment and demonstrate the confidence that both domestic and international investors have in Thailand’s industrial estates,” says Yuthasak Supasorn, Chairman of the IEAT board.

Although IEAT’s achievements are commendable, Supasorn believes the agency can reach greater heights. “As we look forward, our goal of attracting 3.05 trillion baht (US$90.2 billion) annually over the next three years is ambitious but achievable,” he says. Supasorn expects 20% of these investments to come from the U.S., another 20% from Europe, and 10% from China.

Key Strategies

To achieve the 3.05 trillion baht (US$90.2 billion) annual goal, IEAT has put in place several key initiatives. First, it aims to expand and upgrade its existing industrial estates, and develop new industrial estates.

IEAT also works closely with domestic and international technology partners to develop and implement new technologies, such as artificial intelligence (AI), big data and the Internet of Things, to ensure that its industrial zones are able to support new technologies.

Furthermore, Supasorn says the government has a set of business- and investment-friendly policies in place, such as tax incentives and benefits, as well as streamlined regulatory requirements to attract investors.

“In recent years, we have seen growing interest from foreign investors in establishing operations in Thailand due to its strategic location in Asia and strong logistics connections,” he says.

IEAT the One-Stop Center

IEAT is the ideal partner for global investors looking to set up a manufacturing facility in Thailand. For a start, IEAT works like a one-stop center, helping investors from the initial stage, such as the application of necessary licenses and permits, to the final stage of commencement of operations.

By managing 68 industrial estates across Thailand, IEAT has a holistic view of the country’s industrial sector. Thanks to this advantage, IEAT is able to help business owners and global investors to identify the best location for their manufacturing facilities in order to maximize business synergy.

The agency also actively supports the participation of local communities in the management of industrial zones, ensuring that development is carried out in cooperation with local authorities and with strict adherence to laws. This promotes a harmonious relationship between industrial development and community growth.

Tech, Innovation and Sustainability

Supasorn says the agency’s strength lies in its focus on technology, innovation and sustainability. “We place significant importance on the development of technology and innovation within our industrial estates, with a particular focus on supporting the integration of digital technologies and smart solutions,” he says.

Today, IEAT’s industrial estates can support technologies like smart energy management systems, smart sensors and AI through a reliable broadband network.

As part of IEAT’s commitment to sustainability, it plans to launch several sustainability related projects this year. This includes ramping up its promotion of renewable energy by encouraging business owners in its industrial zones to adopt solar- or wind-generated energy. “Another major initiative is the carbon credit trade, which supports industrial estates in reducing greenhouse gas emissions,” Supasorn says.

“Through strategic measures, technological advancements and collaborative efforts, we aim to drive significant progress toward carbon neutrality and foster sustainable industrial development,” he adds.

www.ieat.go.th/en/home

Ascend Money: Catalyst For Change

Posted on October 11, 2024 | by Viki Pek | Leave a Comment

Thailand’s first fintech unicorn Ascend Money Co., Ltd, having secured fresh funding of close to US$200 million recently, is laser-focused on growing its business to the next level by providing a wide range of financial services to the underserved and unserved segments.

Tanyapong Thamavaranukupt, Co-President of Ascend Money, the operator of TrueMoney, says the company has enjoyed tremendous growth since it was established more than 10 years ago.

More importantly, it has evolved from a digital wallet into a multi-service digital financial platform that empowers people and promotes financial inclusivity.

Humble Beginnings

Ascend Money’s journey to become Southeast Asia’s leading fintech platform started in 2013 as a unit of e-commerce firm Ascend Group, which is a spinoff from True Corp., one of Thailand’s top telecom operators. Today, Ascend Group operates as a subsidiary of conglomerate Charoen Pokphand Group Company (CP Group).

In its early days, Ascend Money’s core business was in payment processing, operating under the TrueMoney brand. At that time, the company found that avid gamers, who were mainly students and young adults, were having difficulty acquiring gaming credits.

“We saw the pain point they faced. They wanted to buy gaming credits during the wee hours, but there was nothing available online, and shops that sold these credits were closed,” says Thamavaranukupt. “So, we launched our first e-wallet app, allowing them to buy gaming credits using their prepaid credit cards.”

Ascend Money then started to expand TrueMoney’s payment use cases. It teamed up with convenience store chain 7-Eleven to enable customers to buy credits for mobile app store purchases.

On top of that, it continuously worked on improving the user experience of TrueMoney and, subsequently, evolved into a digital financial superapp—one that allows users to pay their utility and credit card bills, top up their mobile phone credits, and save and invest.

Thamavaranukupt says TrueMoney had only 200,000 monthly active users during its first year of operation. Today, it has about 20 million.

Despite the impressive growth, Thamavaranukupt believes the achievement is only the tip of the iceberg. “We want at least half of Thailand’s population, about 30 to 35 million, to use TrueMoney regularly within three years,” he says.

Achieving Unicorn Status

In 2021, Ascend Money raised US$150 million from a group of investors, including existing investors CP Group and China’s Ant Group, and new investor Bow Wave Capital Management, a U.S. investment firm. It was a major milestone for Ascend Money as it achieved the US$1.5 billion valuation as a result of the funding round, making it the first fintech company in Thailand to achieve unicorn status.

Thamavaranukupt says the company did not rest on its laurels and continued to develop and improve its suite of financial services for the underserved segment.

These efforts caught the eye of Mitsubishi UFJ Financial Group, Inc. (MUFG). The Tokyo-based financial group, through its subsidiary MUFG Bank, was the lead investor in a US$195 million funding round. Finnoventure Private Equity Trust 1, managed by Thailand’s KrungsriFinnovate Co., Ltd., was also an investor in this round.

These investments will help Ascend Money accelerate its plan to provide inclusive financial services for underserved consumers and micro, small and medium enterprises (MSMEs), fostering equitable economic growth and financial well-being in Thailand, Thamavaranukupt says.

“MUFG is a serious investor and having the company onboard raises the profile of Ascend Money. It has a good track record in investments in Southeast Asia. The dynamics between us and MUFG are good. They understand the region well and they understand our business,” he adds.

Serving the Underserved

While Ascend Money, through its TrueMoney app, has features that are catered to the masses and across different income groups, the company’s key strengths lie in promoting inclusivity and developing products to serve the underserved segments.

Although about 95% of Thais have bank accounts, Thamavaranukupt says, many do not have access to loan financing. “Only 5% to 7% of bank customers have their loan applications approved,” he states.

Most of the Thai adult population is underserved because many of them are self employed and do not have regular incomes. “This makes it challenging for traditional banks to evaluate their actual financial health, their ability to service loans and approve loan applications,” he says.

As part of Ascend Money’s mission to help address the needs of the underserved, Thamavaranukupt says the company started to expand from providing payment solutions to offering financial services as early as three years ago.

“There were two objectives for the decision. First, to serve the underserved. Second, since the profit margin in the payment business is very slim, we have to expand to other services in order to grow,” he explains.

Giving the Underserved Access to Financing

In 2016, Ascend Money launched Ascend Nano, a new business that provides micro credit and personal loan products to the underserved community.

Using state-of-the-art technology and alternative data, Ascend Nano helps customers and MSME owners gain access to loan financing. Ascend Nano is able to identify “good customers” using its revolutionary credit score software, which is now in its fourth version.

The company works with its partners to better understand customers’ behavior. “In this business, it is all about risk management. We examine their behavior when using mobile phones and mobile wallets, and use the data to determine their credit score and credit line,” Thamavaranukupt says.

The company also reduced its risks by providing customers with a small credit line, especially new customers. “If they have the capacity to repay the loan on time, we will be able to provide them with a bigger loan,” he explains.

He adds that while the credit lines may appear small, they can impact customers’ lives. “A majority of our customers need the money for emergencies, such as health issues or children’s education. They have the ability to repay the loan; it is just that they lack access.”

Today, about 78% of Ascend Nano’s customers are those who have either never received bank loan approvals or have had their loan applications rejected. “What we are doing here is new and revolutionary.

Our approach to credit is very different from the traditional players,” Thamavaranukupt points out.

Democratizing Wealth Products

Despite a population of over 70 million, Thailand has a relatively low investment penetration, with only 3 to 4 million Thais having investment accounts.

The low penetration rate also means that the lower-income group—which constitutes the underserved segment—does not have access to investment products. To provide the underserved with investment products, Ascend Money launched a mutual fund investment service on the TrueMoney app, enabling users to open investment accounts online. Users can browse various mutual fund options, including those that allow them to start investing with as little as 1 baht (US$0.029), offering an easy opportunity to learn through experience.

Another highlight investment product is gold saving. This service allows customers to buy gold for as low as 100 baht (US$2.93) via the TrueMoney app.

While gold investment may not be as “sexy” as stocks or mutual funds, Thamavaranukupt believes it is a product suited to the underserved segment. “Gold is something that many of us, across all income groups, understand well. For the low-income group, gold is typically their first form of investment. When they have excess cash, they buy gold.”

So far, this product has been well-received by customers. “We already have a few million users investing in gold. We are seeing growth in this segment.”

Besides mutual funds and gold investment, TrueMoney users are also able to invest in various assets, such as government bonds with tenures as short as three months. Nevertheless, Thamavaranukupt says there’s still a lot of work that needs to be done in this area, as there’s still a long way to go before hitting critical mass. “Investors’ awareness and education play a big role. Customers need to understand the importance of having long-term investments.”

Providing Peace of Mind

Another area that Ascend Money aims to address is insurance protection for the under served. According to Thamavaranukupt, many Thais understand the importance of having insurance coverage, but affordability is the main barrier. The average worker cannot afford annual premiums, which, in most cases, are required to be paid in a lump sum.

To make insurance more affordable for Thais, Ascend Money, via Ascend Assurance, has come up with “bite-sized insurance plans.”

“There are about 20 million motorcycles in Thailand, but most do not have insurance coverage, which typically costs around 3,000 baht (US$88) annually. The lower-income group cannot afford to pay this amount in one lump sum. So, we break it into a monthly premium of 250 baht (US$7), and it will be auto-deducted from their TrueMoney wallet,” Thamavaranukupt says.

Today, Ascend Money has one million customers buying insurance through its platform the company claims, and plans are underway to introduce more insurance products.

Strengthening Regional Presence

Seeing the growth potential of the Southeast Asia market, a region with a population of over 673 million, Ascend Money has been gradually expanding its presence across the region since 2016. While Ascend Money focuses on multiple products and business streams in Thailand, the company’s main focus in the overseas market is on TrueMoney.

Unlike in Thailand, where people can send money to one another using the TrueMoney app, such flexibility does not extend to all Southeast Asian countries due to regulatory reasons.

In some countries such as Cambodia, Indonesia, Myanmar, Philippines, Malaysia and Vietnam, TrueMoney users would need to go through an agent to perform domestic and cross-border money transfers.

Today, it has more than 88,000 agents in Southeast Asia, over 50 million users, and has processed payments of more than US$14 billion.

Over the long-term, Ascend Money’s game plan is to achieve synergy between its business in Thailand and across the region. “For example, we have the TrueMoney app in Cambodia. Cambodians can come to Thailand and make payments using their local TrueMoney app on our system, and vice versa,” Thamavaranukupt says.

He adds that plans are underway to ensure user experience is seamless across Southeast Asia.

Future Plans

What makes Ascend Money’s business model interesting is that each of its core products—payments, insurance, investments and micro loans—can synergize with one another. For example: A customer who owns gold via Ascend Wealth could one day use it as collateral to apply for a loan.

Thamavaranukupt notes there are similar plans in the pipeline. “Pawn broking is a big business in Thailand and it is an area we are exploring. We feel that we can digitize certain segments of the pawn business,” he says.

Nevertheless, Thamavaranukupt says it is important to remain focused on the company’s immediate goal—for TrueMoney to achieve 30 million monthly active users within the next three years.

“There are a few hurdles when it comes to the adoption curve. We have crossed the early adopter hurdle, and we are now on the verge of crossing the early majority hurdle. Having said that, it will be challenging, as people are used to making payments via the conventional method, or another digital platform,” he remarks. “We will have to continue to build and improve our platform, improve the stickiness and at the same time create digital awareness.”

He adds that there is still lots of room for growth across all business segments.

“For payments, we want to make TrueMoney an everyday payment app of choice. In terms of lending, we have spent the past two years working on the credit score model. I think we are good to go now, and we expect to grow faster in the next three years.”

Building Culture, Startup Mindset

Thamavaranukupt admits that having the right people and a committed team is crucial to Ascend Money’s success today, and in order to build a good team one needs to have a good company in place.

“In terms of building a culture, we set out four key values. First, we are committed to make a positive impact and to deliver beyond expectations. We focus on our mission, and we communicate this to everyone in the company,” Thamavaranukupt says.

The second value involves building a harmonious team. “We don’t want silos or boundaries. We respect clear communication. I believe good teamwork is important for a company’s success.”

At Ascend Money, curiosity is highly encouraged. “We want everyone to always be curious. We want them to be curious about their work, and how they can serve customers better.”

“Fourth, is to maintain the startup spirit. At Ascend Money, there is no hierarchy, we do not have many layers of management. Everyone can share their thoughts and discuss issues. I think this is very important,” Thamavaranukupt says.

He adds that by having the right culture in place, the company is able to reduce its employee turnover rate significantly. Five years ago, its turnover rate was 50% annually. “Today, most of our staff have been with us for more than five years.”

Constantly on its Toes

Although Ascend Money has built a strong foundation and company culture, and has grown into a leading digital finance player in Southeast Asia, Thamavaranukupt under stands that it is vital for him and his team to be constantly aware of the responsibilities they are shouldering.

“We have a very big platform,” he states. Therefore, the security of the platform, the stability and reliability of the platform are essential.”

Thamavaranukupt says the company invests heavily in technology and 55% of its employees are in tech-related roles. “We understand that in this business, the reputation we have built over the years can we have built over the years can disappear overnight if we are not careful.”

Ascend Money at a Glance

Ascend Money was established in 2013 as a unit of e-commerce firm Ascend Group, which is a spinoff from telecom firm True Corp. At that time, True Corp was 62.5% owned by Thai conglomerate Charoen Pokphand Group Company Limited (CP Group).
Today, Ascend Group operates as a subsidiary of CP Group.
Based in Bangkok, CP Group is Thailand’s largest private company controlled by the Chearavanont family, ranked No. 2 on the 2024 Forbes list of Thailand’s 50 Richest, with a net worth of US$29 billion.

Ascend Money has Four Main Businesses

Payments
Ascend Money’s payment business is operated under the brand TrueMoney. Started as a payment services provider for avid gamers who wanted to buy gaming credits, TrueMoney has grown and evolved into a multi-purpose mobile wallet. Users can use TrueMoney to pay utility bills, invest in mutual funds, sign up for buy-now, pay-later schemes, and more.
Lending
The lending business is operated under the company called Ascend Nano. It provides nano finance and personal loan products to the underserved who need flexibility in order to grow.
Investment
Operated under the company Ascend Wealth, it gives low-income communities and young adults access to investment products. For example, customers can buy gold for as low as 100 baht (US$2.93).
Insurance
The insurance business is operated by Ascend Assurance. It is the newest product line offered by Ascend Money.

www.ascendmoneygroup.com

5 Ways To Discover New Experiences With The Platinum Card

Posted on September 6, 2024 | by Nurafida Ibrahim | Leave a Comment

The Platinum Card^® by American Express presents a world of special privileges and experiences. With worldwide priority lounge access, a rewards program tailored to your lifestyle, travel benefits and personalized services, The Platinum Card is designed for those who are accustomed to the finer things in life.

But are you making the most of your membership benefits? Here are five ways to fully utilize your Platinum Card perks in Singapore.

#1 Elevate your staycation with a room upgrade and more

Looking for a quick break but short on time? A staycation is the perfect solution to rest and recharge. With The Platinum Card, you will score elite tier membership status with leading hotel loyalty programs such as the Pan Pacific DISCOVERY, Marriott Bonvoy and Hilton Honors. This means you will instantly access the premium tiers of these programs upon enrollment and enjoy perks like complimentary room upgrades, early check-in and late check-out.

Stay two or more consecutive nights at any property in The Hotel Collection and snag a complimentary room upgrade (if available) and US$100 in amenity credits. Use them for dining, spa treatments, golf or other experiences.

What’s more, if you book at one of the Fine Hotels + Resorts—such as Capella Singapore or The Ritz-Carlton, Millenia Singapore—you will get up to S$800 (US$592) in benefits. Enjoy complimentary daily breakfast for two and US$100 amenity credits, ranging from spa credit to food and beverage treats.

These fantastic perks are bound to make any staycation that much sweeter, whether it’s a romantic escape or downtime with the family.

#2 Snag exclusive invites to Platinum events

Live it up like a VIP at exclusive invitation-only events, from timepieces and fashion shows to fine dining, art exhibitions and performances. Fashion enthusiasts can look forward to sneak peeks of new collections from top luxury brands such as Panerai, Mont Blanc and more. Plus, be among the first to place orders for the latest luxury pieces before they hit the stores in Singapore.

Keep abreast of the latest trends in the world of beauty, fragrances and cosmetics at closed door events and masterclasses hosted by your favorite brands.

These specially curated experiences can be found on the Amex Experiences app. Browse and book your preferred Platinum events conveniently in one place.

#3 Refresh your wardrobe and curate your wine collection

Savvy shoppers, it’s time to refresh your wardrobe with some of the most coveted buys of the season.

Get that newly released designer handbag or timeless piece with your S$150 (US$111) complimentary fashion credit at NET-APORTER or MR PORTER. You can also apply for the Sands LifeStyle Prestige membership, without the usual prerequisite spend of S$5,000 (US$3,700) in a calendar year. With this membership, you can enjoy exclusive shopping, dining and other privileges at Marina Bay Sands.

That’s not all, as part of the Lifestyle Credit benefit, you will also receive S$400 (US$296) back in statement credit when you spend at least S$600 (US$444) in a single transaction at Grand Cru Wine Concierge. Choose from a curated selection of highly rated wines from Burgundy, Bordeaux and other top winemaking regions to add to your collection.

Looking to reap bigger rewards when you shop?

Earn 20 Membership Rewards^® points on your first S$16,000 (US$11,800) spent with Platinum 10Xcelerator partners in Singapore, spanning fashion, home and lifestyle, beauty and cosmetics, watches and jewelry. The best part? These points never expire. Plus, you can use Pay with Points + to offset payments and redeem your Membership Rewards points for travel, including hotel stays and flights.

#4 Dine at the hottest restaurants

Love eating out? Get 100% enjoyment at half the bill with the Love Dining program. Enjoy a sumptuous meal at selected hotels and restaurants specially curated by Platinum and save up to 50% on your total food bill. For an elevated experience, Platinum offers the Love Dining Experience. With this program, you can enjoy special touches when you visit participating restaurants.

At Michelin-starred Restaurant JAG, diners are treated to French flavors featuring the season’s finest ingredients. As part of the Platinum Special, you will receive a complimentary aperitif, hot beverages and a seasonal gift, among others. Plus, you will have the chance to meet the chef (subject to availability).

Make your restaurant bookings online or through the Platinum Concierge and get ready for a truly unforgettable dining experience.

#5 Begin your journey in style at the airport lounge

Retreat from the airport crowd and begin your trip in luxury and ease. As a Platinum Member, you have access to the Global Lounge Collection^®, which includes lounges at Changi Airport and over 1,400 airport lounges spanning 650 cities worldwide. Whether you are looking to catch up on work or grab a quick bite, enjoy the amenities at American Express’ growing network of lounges.

The SATS Premier Lounges, conveniently located in Terminals 1, 2 and 3 of Singapore Changi Airport, offer an array of amenities, including massage chairs and a delectable buffet spread paired with a wide selection of alcoholic and non-alcoholic beverages. You can bring one guest to enjoy these complimentary perks.

Ready to live it up? Get your Platinum Card and unlock these rewards.

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.

go.amex/sg-fbasia

FedEx Enhances Logistics Experience With Leading-Edge Innovation

Posted on September 6, 2024 | by Nurafida Ibrahim | Leave a Comment

In 2024, the air cargo industry has shown resilience, particularly in the Asia-Pacific region. Major trade lanes, such as Asia-Africa and Asia-Europe, have seen significant increases in demand, contributing to the growth momentum in the region.

A significant factor driving air cargo demand is the flourishing e-commerce sector, with global online sales expected to reach US$6.3 trillion by 2024. With many of the world’s biggest e commerce import and export markets located in Asia-Pacific, the region is at the heart of this rapid expansion. Asia-Pacific holds a one-third share of the global air cargo market, the highest of any region worldwide.

To cope with this projected growth, as well as the increasing complexity of managing international logistics, businesses today are demanding efficiency, transparency and reliability in their supply chain operations.

This requires solutions that offer companies hyper-personalized delivery experiences, predictive analytics for proactive issue resolution, and seamless integration with their existing digital ecosystems. This shift pushes logistics providers to not just meet basic service expectations but leverage advanced technologies to offer more nuanced and sophisticated solutions.

“Conventional supply chains have been turned on their heads in recent years multiple times over. The pandemic, economic slowdowns, geopolitics, demands for sustainability and gigantic leaps in technology and AI are all now integrated into our customers’ planning, modeling, and response times. Being agile and responsive, to enhance competitive advantages and capture new opportunities wherever they emerge is critical in meeting our customers’ needs,” says Kawal Preet, President, Asia Pacific at FedEx.

FedEx is utilizing leading-edge technology to deliver value-added solutions that not only help businesses overcome supply chain challenges but enable them to capitalize on emerging opportunities by enhancing their overall logistics capabilities.

The company’s approach to digital innovation is underpinned by an understanding of its customers’ needs, which guides its investments and development of technological solutions to support them.

Blending Digital With Physical

By integrating digital solutions with its physical network, FedEx is delivering a customer experience that meets the dynamic needs of businesses and consumers alike.

“FedEx has always innovated to solve customer problems. Today, technology is absolutely critical to making supply chains work smarter and more efficiently for everyone,” says Preet.

Central to FedEx’s strategy is the use of advanced data analytics to improve logistics experience. For instance, the FedEx Dataworks team employs machine learning, artificial intelligence and other sophisticated analytical methods to streamline processes, predict potential issues and provide real-time decision-making support.

This data-driven approach enables FedEx to offer seamless and efficient services, significantly reducing delays and improving reliability.

FedEx is also enhancing the ability of its customers to have control and visibility over their shipments with FedEx Surround^®, an intelligent solution for monitoring and intervention designed to elevate logistics and supply chain management. It uses SenseAware ID, an advanced sensor-based technology designed to provide near real-time visibility into package location and condition. This innovative solution uses Bluetooth technology to transmit precise location data, enabling customers to track their shipments with unprecedented accuracy.

“With data-backed intelligent solutions like FedEx Surround^®, we are building smart logistics for our customers. The tools are not just about tracking; it’s about smartly intervening in real-time to ensure that shipments are not only monitored but also actively managed to mitigate risks. This is a game-changer for businesses relying on just-in-time delivery and high-stakes shipments,” adds Preet.

Furthermore, FedEx has introduced industry-leading last mile solutions such as “picture proof of delivery” that offers customers peace of mind, confirming that their packages have been delivered securely. Customers can also communicate directly with FedEx through WhatsApp, making the delivery process more interactive and customer-friendly.

Innovating to Meet Evolving Needs

With a deep understanding of the changing needs of businesses, FedEx continues to innovate to provide access to digital solutions that drive operational efficiency and customer satisfaction. Another example of this commitment is the launch of the fdx platform, an end-to-end e-commerce solution designed to help SMEs grow demand, optimize order fulfillment and streamline returns.

The fdx platform integrates the company’s extensive physical transportation network with advanced digital capabilities to offer real-time visibility and connected capabilities, allowing merchants to make strategic logistics decisions.

“Ultimately, by using technology and ever greater amounts of connected, continuous and contextual data, we are transforming the way we operate. The pace at which we are developing digital solutions is only going to accelerate,” says Preet.

fedex.com/sg

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.