Tag: ASEAN

Singapore – Multinational banking and financial services corporation OCBC has announced key leadership changes amidst the group’s ASEAN-Greater China strategic thrust gathering momentum this year.

Wang Ke, currently CEO of OCBC Wing Hang China, will assume the role of head of Greater China, succeeding Tan Wing Ming. With Wang’s appointment, Ang Eng Siong, currently deputy president and head of corporate banking at OCBC Wing Hang China, will step up as the acting CEO of OCBC Wing Hang China.

Wang joined the OCBC Group in 2012 as the Head of IT in China and expanded his responsibilities to include operations in 2014. He was appointed the head of Pearl River Delta region in 2017, then assumed the position of CEO of OCBC Wing Hang China in 2019. Under his leadership, critical technology infrastructure and capabilities were built up, and the business deftly steered through the COVID-19 pandemic.

Meanwhile, Ang has been with OCBC since 2009. He spent 6 years in Singapore in various roles across risk management, finance and business development. As part of OCBC’s talent development programme, Ang moved from Singapore to China in 2015. He was appointed China’s chief risk officer in 2018 and head of corporate banking in 2022.

Helen Wong, group CEO of OCBC, said, “I am pleased that our deep internal talent pool has provided the best candidates for these senior Greater China appointments. It affirms our commitment to nurturing homegrown talent and providing avenues for career progression and mobility. Wang Ke and Eng Siong are valuable contributors to the OCBC franchise. I am confident that, in their expanded roles, they will further advance OCBC’s strategic priorities in Greater China.”

Singapore – Adoption and usage of digital banking and payment channels showed an encouraging trajectory among ASEAN consumers based on the latest study conducted by UOB.

The latest study revealed that 55% of respondents had increased usage of their mobile banking app over the past year, with Internet banking via a web browser coming in second at 35%. This shows that ASEAN consumers are increasingly banking on their mobiles to serve their financial needs. 

The study also shows that ASEAN consumers are now more receptive to technologies like consolidated platforms for their financial data. The consolidated financial data platforms clocked a 20% increase in usage region-wide, with Thailand and Vietnam having the most enthusiastic adopters across the region. 

Another notable piece of data worth pointing out is that bank branches saw a 17% rise in usage region-wide, indicating that consumers still valued face-to-face interaction as a complement to the multitude of digital channels available. More than half of Singaporeans prefer to use digital platforms for simple services such as applying for credit and debit cards but still prefer offline or a combination of channels for complex, high-value transactions. 

In the payments space, ASEAN consumers have shown themselves to be savvy adopters of the latest technologies. E-wallets and QR code-based payments topped regional payment modes, with 56% of respondents using them in the past year. E-commerce payment platforms come in second at 49%, and mobile wallet credit or debit cards come in third at 48%. However, the latter is the payment mode that consumers are most interested in trying out, with 22% expressing a desire to do so in the next year.

In Singapore, physical credit and debit cards topped the preferred payment mode list at 62%, showing that consumers still preferred to pay via bank platforms rather than third-party ones. Mobile wallet credit and debit cards and peer-to-peer payment services both ranked second at 50%.

The latest study also found that a significant majority of ASEAN consumers are open to sharing their financial data with banks and are in favour of their information being used to curate products and services personalised to their needs and wants.

Over 70% of respondents find it comfortable sharing financial data to be consolidated by banks on one platform, with 83% preferring to do so via banking apps versus other app service providers like e-commerce or shopping apps and multi-service apps.

Furthermore, of these respondents, more than 90% expressed a preference for receiving personalised product and service offerings in their banking apps. The strong demand for personalisation is also consistent across all age groups, income levels, and genders surveyed.

Jacquelyn Tan, head of group personal financial services at UOB, said, “We are happy to see that the enthusiasm for the push for digitalisation and receptiveness to the new tech era is not losing steam. As a barometer of regional sentiment towards the economy as well as pertinent areas of interest such as spending and financial behaviour and technology, the findings from UOB ACSS 2023 offer valuable insights for consumers and businesses, to adapt and poise themselves to navigate the current uncertain economic environment.” 

She added, “As a financial institution, the trends and insights highlighted by the study relating to consumers’ key concerns, savings, financial, and digital behaviour and preferences will help us better understand our customers across the region. This allows us to cater to their needs and strengthen our engagement efforts, to support our customers in adapting to the new banking and digital landscape and capturing opportunities in the current economic environment to advance towards their financial ambitions.”

Kuala Lumpur, Malaysia – AirAsia has enlisted the help of Malaysian synth-pop artist Sam Lopez (aka lost spaces) for the Sounds of Asean music project to celebrate and showcase the diversity of Southeast Asia for ASEAN Day.

‘Sounds of Asean’ contains a line-up of tracks featuring five songs from five cities: Kuala Lumpur, Bangkok, Jakarta, Manila, and Singapore. Each track is based on field recordings and will feature audio bites from these eclectic destinations.

For this audio journey project, the Malaysian artist visited these cities, mingling with the locals, embarking on adventures, capturing the sounds, and sampling the vibes of Asean along the way.

Rudy Khaw, CEO of airasia brand co., shared the reasons as to why they chose Sam for the project.

“Sam’s music has this great chill vibe, yet at the same time, it also features bright, clean sounds and great use of sound sampling. We knew right away that we had to get him to work with us on this project. We’ve always been passionate about supporting local talent, and Sam has really managed to bring each city to life with Sounds of Asean,” he said.

Sam has created an audiovisual experience through the Sounds of Asean that brings the listener (or viewer) closer to the rest of Asean, allowing them to immerse themselves in the region’s rich, intricate tapestry.

His works were inspired by the heritage buildings, hawkers, jeepneys, and tuk-tuks, train announcements, temple bells, and even local cats he encountered during his travels for the project.

Speaking on this project, Sam hopes that the vibes of each city will inspire more people to get out and explore the world.

“Bangkok is one of my favourite cities, I call Kuala Lumpur home, Singapore is just so well-planned and walkable. I love Jakarta’s music scene, and this project also brought me to Manila for the first time! Before this project, I’d never thought about how different yet ‘same same’ we are in Southeast Asia, and it’s been fun to work on this project and come up with these tracks,” he added. 

The project will also feature a full playlist and an upcoming travelogue series on Sam’s guide to his favourite places in each of these cities.

OCBC launches unified brand strategy to leverage ASEAN-Greater China potential

Singapore– OCBC recently launched a unified brand strategy across all of its key regions, highlighting its One Group mentality to fully capitalise on the strong ASEAN-Greater China potential. OCBC wants to grow and create an additional S$3 billion in revenue by 2025, outpacing its current growth path, by narrowing its focus on the ASEAN-Greater China region.

Major subsidiaries have changed their names legally in order to create brand uniformity. OCBC Wing Hang Bank Limited in Hong Kong SAR has changed its name to OCBC Bank (Hong Kong) Limited, and Banco OCBC Weng Hang, S.A. in Macau SAR. Nowadays, it goes by the name OCBC Bank (Macau) Limited. OCBC Wing Hang Bank (China) Limited is scheduled to change its legal name to OCBC Bank Limited in mainland China during the fourth quarter of 2023, subject to regulatory approval.

OCBC has unveiled a unified, updated logo for its banking firms in conjunction with these legal name changes throughout Greater China. In the fourth quarter of 2023, OCBC NISP, OCBC’s Indonesian affiliate, will adopt the same logo. The Bank of Singapore logo remains the same. It is the exclusive private banking arm of OCBC.

The traditional Chinese sailing ship design was retained in the OCBC logo’s 1998 redesign. This recognizable symbol symbolises the pioneering spirit of OCBC’s founding fathers, who constructed residences and companies throughout ASEAN. Since the bank was founded in 1932, it has always been a part of the logo.

Alongside the unveiling of its updated logo, the Bank has introduced a fresh tagline: “For now, and beyond” . The new tagline embodies OCBC’s inherent DNA of consistently adopting a far-sighted approach in its endeavors and investments. It signifies the bank’s dedication not only to the present, but also to the future, as it strives to create a lasting positive influence on the world.

By unifying its brands, OCBC confirms its dedication to leveraging the combined strength of its network and the integrated capabilities of its One Group in the fields of banking, wealth management, and insurance. This tactical action demonstrates OCBC’s commitment to their growth and is intended to increase support for the growing cross-border goals and expansion of both firms and individuals.

Helen Wong, group chief executive officer of OCBC, said, “The flow business between ASEAN and Greater China is not new to us. We recognise its potential. Over the years, we have built a strong franchise and put ourselves in a very good position to capture these flows. The effects of China’s reopening post-pandemic, the rise of ASEAN for the China plus one strategy and other geopolitical factors have amplified this potential,”

“The unified brand that we have unveiled today is yet another strategic move. It solidifies our One Group approach, one of eight core pillars of our Corporate Strategy that was refreshed in 2022. It also furthers our commitment to customers: that when they bank with us, they have the collective strength of OCBC Group supporting them seamlessly across markets. With this One Group approach, our comprehensive ASEAN- Greater China franchise and twin hub proposition of Singapore and Hong Kong becomes even more compelling,” 

Singapore – Multinational beverage company Coca-Cola has named Matthias Blume as its vice president of marketing for ASEAN and South Pacific, where he will be leading the company’s marketing and brand initiatives across Southeast Asia, Australia, New Zealand, and the Pacific Islands and serve on the company’s senior leadership team in the region.

Blume is a seasoned marketer with 24 years of international marketing experience including 21 years at Coca-Cola and three years at Danone. He has held local, regional, and global roles in a range of markets across Asia, North America and Europe.

He was previously the frontline director for Coca-Cola’s ASEAN & South Pacific operating unit, based in Singapore. Previously, he was the sparkling director for the company’s ASEAN business unit. He has a detailed knowledge of the company’s business across the region and has driven growth and innovation across the company’s stills and sparkling beverage brands.

He was also at the forefront of the company’s introduction of a prominent “Recycle Me” call-out across all its packs as well as the move across Southeast Asia to switch its iconic Sprite brand to clear, transparent bottles which are easier to recycle.

Claudia Lorenzo, president, for ASEAN and South Pacific, said, “Matthias brings a tremendous passion for marketing and people plus a superb knowledge of our bottling system. He also brings a combination of consumer centricity, marketing curiosity and business acumen – strengths that we need and value deeply in our marketing organisation.”

Hong Kong – A vast majority of international buyers in the ASEAN market – 93% – have used online sourcing platforms since the pandemic began, with more than 85% attending virtual fairs to meet their sourcing needs, according to a study conducted by Hong Kong Trade Development Council (HKTDC), a statutory body. Despite this, the study noted that 63% of most buyers surveyed said they would prefer to source via physical fairs or hybrid fairs which consists of 59% of buyers once travel restrictions are lifted.

For those that prefer sourcing online, the study found the top reasons to be 70% preference for searching for new suppliers and making enquiries (70%), wanting to compare products and prices (66%), and opting to identify the latest product trends (57%).

“In the wake of the pandemic, many industries are committed to organising virtual fairs to strengthen the connection between international buyers and suppliers. These events have been well received by the industry, with the survey showing that more than 85% of buyers surveyed had participated in virtual fairs in 2021,” commented HKTDC Director of Research Irina Fan. 

The survey also showed that buyers who prefer hybrid fairs were more likely to register a higher average spend per order (in the range of US$50,000-$100,000+) compared with counterparts who prefer physical or virtual fairs. This suggests that hybrid fairs could be well-positioned to facilitate more lucrative business opportunities.

Fan said,”The survey reflects that more buyers have been choosing to purchase online due to the pandemic. However, this makes it difficult to perform tasks such as product examination and evaluation as well as supplier authentication. We believe that physical fairs and hybrid fairs are the future, with the two complementing each other.”

Bangkok, Thailand – The Office of Small and Medium Enterprises Promotion of Thailand (OSMEP), in association with the ASEAN Coordinating Committee on Micro, Small and Medium Enterprises (ACCMSME) and the Federal Government of Germany and the German Agency for International Cooperation (GIZ) have spearheaded the launch of the ASEAN Access MATCH, a business matching platform, with a view to boosting trade within and beyond the ASEAN region.

Said platform is the newest feature of the ASEAN Access, the online portal for business information on trade and market access in ASEAN launched in June 2021. The platform offers registered members of the ASEAN Access platform the opportunity to be a part of an international business community and create visibility for their businesses beyond the region.

In his keynote address, Assoc. Prof. Dr. Veerapong Malai, director-general of OSMEP Thailand, said, “The MATCH’s feature will be a gamechanger in connecting enterprises across ASEAN and beyond to remain relevant in the global supply chain by establishing business connections from MATCH services which include live market information events, 1-2-1 matchmaking meetings, and product and technologies showcasing opportunities.”

Meanwhile, Reinhold Elges, country director at GIZ Thailand, highlighted the convenience of connecting to businesses abroad offered by the ASEAN Access MATCH.

“ASEAN Access MATCH will allow these businesses and entrepreneurs to connect with buyers and suppliers in ASEAN and beyond, at the click of a button. No more extensive travelling to meet a potential client, and no more travelling and accommodation costs when meeting suppliers. ASEAN Access MATCH will allow businesses to connect virtually with one another and showcase their products and services, free of charge,” he stated.

The ASEAN Access contributes to the implementation of the ASEAN Strategic Action Plan for SME Development 2016 – 2025 which envisions to create globally competitive MSMEs that are seamlessly integrated into the ASEAN community by focusing on initiatives to promote productivity, technology and innovation; increase access to finance, enhance market access and internationalisation; enhance policy and regulatory environment and promote entrepreneurship and human capital development.

Bangkok, Thailand – In line with the celebration of International MSME Day on 27 June, the ASEAN Coordinating Committee on Micro, Small, and Medium Enterprises (ACCMSME), the body responsible for strengthening MSMEs’ participation in ASEAN, has recently launched ASEAN Access – a one-stop business information gateway for international-oriented businesses to expand their market outreach within the ASEAN. 

According to ASEAN Organization, intra-ASEAN trade accounts for the largest share of ASEAN’s trade, reaching 22.5% of total merchandise in 2019, indicating a high level of interdependence among the ASEAN Member States. With the ongoing pandemic, many businesses within the region were severely impacted by the drastic reduction in demands for goods and services. However, it was also an opportune moment for accelerating businesses’ digital transformation and diversification of sources. 

The ASEAN Access, with the tagline ‘Your Business Information Gateway to ASEAN and Beyond’, is a portal that aims to facilitate internationalization efforts among MSMEs by providing trade-related information and market opportunities for ASEAN businesses from both suppliers and customer sides, at no cost, for them to make informed decisions before entering a particular ASEAN market.

The platform, which is flagship initiative of the ACCMSME with the support of Thailand’s Office of SMEs Promotion (OSMEP), and the Federal Government of Germany and the German Agency for International Cooperation (GIZ), is designed to connect businesses to service providers in areas of distribution, transportation and logistics, market research, and consultancy on intellectual properties, as well as laws, and regulations, among others.

The team behind the ASEAN Access, comprising the public and private sectors, will be pooling their resources to operationalize and provide services to the portal, including business matching services, which are scheduled to be available by the end of 2021.

ASEAN Economic Community’s Deputy Secretary-General Satvinder Singh welcomed the ASEAN Access as the latest addition to ASEAN’s trade facilitation support for businesses operating in the region. Singh urged the national focal points to actively play their roles to promote, contribute content, and secure quality service providers, ensuring the portal serves its purpose for the ASEAN business community.

Meanwhile, Dato’ Suriani binti Dato’ Ahmad, the chair of ACCMSME and the secretary-general of the Ministry of Entrepreneur Development and Cooperatives of Malaysia, noted that the launch of the portal is timely, given the prevalent use of digital platforms among businesses as one of the adaptive measures employed to survive the pandemic.

ASEAN Business Advisory Council (ASEAN-BAC)’s Chair Dr. Yanty Rahman said, “We should address the need to enhance business to business and people to people interaction through effective engagement and connectivity as our central purpose of recovery efforts must be to serve the needs of the community.”

ASEAN Access also contributes to the implementation of the ASEAN Strategic Action Plan for SME Development 2016–2025, which envisions creating globally competitive MSMEs that are seamlessly integrated into the ASEAN community by focusing on initiatives to promote productivity, technology, and innovation. 

It increases access to finance, enhances market access, and internationalization, as well as enhances policy and regulatory environment, and promotes entrepreneurship and human capital development.

Bangkok, Thailand – Japanese automaker Nissan has announced three new changes in the senior management of the company’s presence in the ASEAN region, a part of their midterm plan streamlining operation, financial stability and profitability.

Isao Sekiguchi (left of banner picture) has been appointed as regional vice president for marketing and sales in ASEAN, where he will report to Yukio Ito, corporate vice president for marketing and sales in Japan-ASEAN and is effective starting December 1, 2020.

Prior to his position, he worked for Japanese trading house Sumitomo Corporation, and is responsible for managing automotive companies based in US, Germany, and Slovakia. He later joined Nissan in 2014 as managing director for Nissan North Africa and Egypt, and later on as president director for Nissan Motor Indonesia.

Yutaka Sanada (center of banner picture) is promoted as Nissan’s corporate vice president for corporate strategy and special projects, and will report to Hideaki Watanabe, senior vice president for corporate strategy, new mobility, corporate governance, corporate management, board of directors office. Sanada joined Nissan in 1999 and has held various positions concerning logistics, sales and marketing, production and supply chain management. More recently, he was Nissan’s regional senior vice president and head of Asia & Oceania (A&O) operations.

“Sanada has been instrumental in strengthening the Asia & Oceania region and in driving a focused strategy. He has created a strong, customer-focused organization that makes us well-positioned to tap into new opportunities. In his new role, Sanada’s deep understanding of the business will further support the execution of the Nissan NEXT transformation plan,” said Ashwani Gupta, chief operating officer at Nissan.

Former corporate vice president for Nissan Japan business Yukio Ito (right of banner picture) has been promoted as Nissan corporate vice president marketing and sales for the Japan-ASEAN region, and will report to Asako Hoshino, executive vice president for brand champion, global marketing and sales, global customer experience, MC chairperson for Nissan Japan-ASEAN.

Sanada and Ito’s appointments are effective by January 1, 2021.

The senior management shuffle is part of Nissan NEXT, the company’s corporate revamp, including new car models and market realignment to four key regions: Japan-ASEAN, China, Americas and AMIEO (Africa, Middle East, India, Europe & Oceania).