Tag: Bank

Singapore – Standard Chartered (the Bank) has launched its latest global wealth campaign, inspiring affluent clients to take charge of their financial ambitions and capitalise on opportunities to grow their wealth.

In collaboration with Publicis Groupe Hong Kong and Singapore, the ‘Now’s your time for wealth’ campaign showcases Standard Chartered’s global network, expertise, and wealth investment solutions.

The Bank’s campaign delivers a compelling message: “The cost of waiting could mean falling short of one’s wealth ambitions.” It highlights the Bank’s key differentiators—its global network, client continuum, and wealth expertise—designed to help affluent clients, including global Chinese, global Indians, entrepreneurs, and sophisticated investors, grow, protect, and pass on their wealth.

Samir Subberwal, global head of wealth solutions, deposits and mortgages, and chief client officer, said, “For over 170 years, Standard Chartered has been faithfully serving our clients in Asia, Africa, and the Middle East. Now’s the time to let our clients know that we are with them on their wealth journey. We are well positioned to continue showing them market opportunities and supporting their wealth ambitions with our diversified wealth product offering, a clear wealth advisory approach that is enabled by digital wealth capabilities, and our open architecture platform of differentiated and comprehensive wealth solutions tailored to their needs.” 

The global wealth campaign underscores Standard Chartered’s commitment to data-driven, personalised marketing for a more holistic client engagement. It also highlights the Bank’s goal to grow its affluent business, targeting USD 200 billion in affluent Net New Money and double-digit Wealth Solutions income by 2029.

The campaign will be showcased through a mix of out-of-home advertising at airports and city locations, print ads, film, and content partnerships with leading international, regional, and local media across seven key markets: Singapore, Hong Kong, Mainland China, Korea, Taiwan, the UAE, and India. 

Haymans Fung, global head of marketing for wealth and retail banking, said, “The genesis of our campaign is inspired by our clients and their wealth ambitions, now and in the future. We wanted to break away from the norms of speaking esoterically to the meaning of wealth planning and instead espouse a refreshingly human and direct tone that is in lockstep with the reality of our clients  needs and ambitions. We are excited to unveil our “Now’s your time for wealth” campaign across our network and let the power of the creatives tell the Standard Chartered story.”

Indonesia – Oversea-Chinese Banking Corp (OCBC) and CIMB are reportedly competing for a controlling stake in Bank Pan Indonesia (Panin Bank), according to three sources familiar with the matter.

According to a Reuters report, two unnamed sources revealed that Singapore-based OCBC and Malaysia’s CIMB have submitted non-binding offers for the stake held by Australian lender ANZ and Indonesia’s Gunawan family, the founders of Jakarta-listed Panin Bank in 1971. 

This development comes after Reuters reported in October that ANZ and the Gunawan family were considering selling their combined controlling stake in the bank, where they hold significant ownership.

The Gunawan family, which currently owns 46.52% of Panin Bank, is reportedly open to reducing its stake and relinquishing control of the bank. According to three anonymous sources cited by Reuters, this move aligns with ANZ’s long-standing efforts to exit its investment in Panin Bank, which have been hindered by ongoing valuation concerns.

ANZ currently holds a 39.22% stake in Panin Bank, while the Gunawan family owns 46.52%, according to London Stock Exchange Group (LSEG) data. Together, their combined controlling stake is valued at approximately $2.4b, based on Monday’s closing price of 1,900 rupiah ($0.1197) per share, LSEG data reveals.

The reported sale has attracted interest from major Southeast Asian banks, including OCBC and CIMB, as they compete for control of a bank with a diverse portfolio spanning consumer financing to private wealth, as well as a strong foothold in the fast-growing Indonesian market.

According to Reuters, Panin Bank’s shares surged by nearly 9% on Tuesday, with a 7.9% increase to 2,050 rupiah each at the midday break. Additionally, LSEG data revealed that the bank’s shares have risen 58.3% year-to-date, bringing its total market value to $2.84b.

The sources, speaking on condition of anonymity due to the confidential nature of the deal, confirmed that non-binding bids for the stake are expected by the end of this month.

On Tuesday, LSEG data showed that Panin Bank was trading at a price-to-book ratio of 0.88, in line with peers like Bank CIMB Niaga and Bank Permata, which had ratios of 0.88 and 0.86, respectively. However, it was higher than Bank OCBC NISP’s ratio of 0.78 and Bank Maybank Indonesia’s 0.56.

Singapore – In a bold step toward redefining financial access for Gen Z, Revolut Singapore has unveiled its first-of-its-kind vending machine at the National University of Singapore (NUS). In partnership with Visa, this innovative machine dispenses free debit cards, catering to the unique financial needs of students. 

MARKETECH APAC spoke with Raymond Ng, CEO of Revolut Singapore, to delve into the vision and impact of this initiative. In this conversation, Ng explored the inspiration behind the concept and how it aims to empower students by transforming the way they approach and manage their finances.

A global vision rooted in local needs

Revolut’s debit card vending machine aims to serve students below the age of 21. The company aims to make money management more accessible to students and educate them on healthy and smart financial habits, boosting financial literacy. 

“Students under 21 are often underserved by traditional financial institutions, missing out on tailored solutions that meet their unique needs. Banks frequently impose higher entry barriers, such as requiring a minimum deposit, leaving many students without effective tools to manage their finances,” Ng explained. 

Ng also highlighted that for many Singaporean students, studying abroad, interning overseas, or frequent travel has become the norm. However, he noted that the high foreign transaction fees—reaching up to 3.25% per transaction—on standard debit cards can place a significant financial burden on them.

Revolut’s vending machine addresses these gaps by offering students instant access to debit cards, eliminating the need to visit a bank. It also provides comprehensive financial tools, including budgeting, spend tracking, and fee-free currency exchange, promoting healthier money habits. Additionally, the Revolut app offers educational modules, like ‘Stock Learn,’ that help students start investing with as little as $1, fostering financial literacy.

In partnership with Visa, Ng further emphasised that the collaboration gives Revolut customers access to Visa’s global network, accepted in 200 countries and by over 100 million merchants worldwide.

“While many students already have debit cards, Revolut offers more than just a payment tool. We provide an integrated financial ecosystem designed to help them spend, save, invest, and manage their finances wherever they are—on campus, at home, or abroad,” Ng added.

A model for future expansion

Revolut’s vending machine not only simplifies access to essential financial tools but also reflects the company’s commitment to promoting financial literacy and independence. 

According to research by Visa, nearly 40% of Gen Z consumers say that convenience plays a crucial role in their choice of payment methods. The same percentage also highlighted that better rewards and offers would motivate them to switch to alternative payment options, as Ng pointed out.

With features such as group expense splitting, spend analytics, and smart budgeting, Revolut positions itself as a trusted partner in students’ financial journeys.

When asked why NUS was chosen as the launch site, Ng explained that the decision was strategic. As Singapore’s largest and most established university, NUS serves as a hub for the country’s diverse, tech-savvy Gen Z population, making it the perfect fit for Revolut’s digital-first approach. 

Ng also shared plans to expand the initiative, ensuring that more students can benefit from Revolut’s offerings.

“The vending machine at NUS is our first in Singapore, and we’re definitely looking to extend this value proposition to other locations across the country so that even more people can take advantage of the convenience and accessibility it provides. Stay tuned,” Ng said.

Leading innovation in fintech

In a region where digital adoption is high, Revolut’s vending machine exemplifies how fintech can cater to the needs of a digitally native generation. 

“By offering instant access to debit cards and integrating features like smart budgeting, multi-currency spending, and investment education, Revolut empowers young users to take control of their finances while showcasing its commitment to creating innovative, localised solutions in a competitive fintech landscape,” Ng stated. 

As Gen Z increasingly seeks convenience, affordability, and education in their financial products, Revolut’s vending machine stands out as a timely solution, paving the way for a financially savvy generation.

Philippines – CitySavings, the thrift bank subsidiary of UnionBank led by the Aboitiz Group, debuts its Bank-on-Wheels (BOW) mobile kiosk to advocate for financial inclusion. The BOW serves underserved areas in the Visayas and Mindanao, as well as specified locations in Metro Manila.

Customers’ accessibility is improved by the cooperative Bank-on-Wheels mobile kiosk, which provides services including cash withdrawal and balance inquiries in association with UnionBank.

Using batteries to power the automated teller machines (ATMs) is one way that Bank-on-Wheels (BOW) demonstrates its dedication to sustainability and reduces carbon emissions associated with its operations.

Speaking about the launch, Lorenzo Ocampo, CitySavings chief executive officer, said, “Through Bank-on-Wheels, we bring convenient banking closer to our customers in the more remote areas. Extending services to regions where branch accessibility might be a challenge ensures easier access for our customers for their daily banking needs. This initiative is a glimpse of what’s to come as we strive to enhance accessibility and improve our services for our fellow Filipinos.”

Meanwhile, Manuel Santiago, Jr. CitySavings president, stated, “We take pride in the fact that this initiative prioritizes environmental responsibility without compromising growth and expansion. Our goal is to infuse sustainability into our efforts, paving the way for inclusive and sustainable prosperity across the country.” 

Dhaka, Bangladesh — The Bangladesh-based financial institution, AB Bank Limited, has announced the elevations of Syed Mizanur Rahman and K.M Mohiuddin Ahmed as deputy managing directors.

Rahman holds an extensive understanding of the banking industry as he has over 25 years of banking experience. Under his leadership Retail Banking Division, Agent Banking Division and Business Development Unit were established in AB Bank.

Before joining AB Bank, he worked for Dhaka Bank, IPDC, Bank Al Falah and United Commercial Bank. Over the years Rahman acquired extensive knowledge in different segments of the banking industry with a distinct focus on branch banking, retail, process transformation, business development and corporate communication.

On the other hand, Ahmed joined AB Bank in 2003. Having more than 19 years of experience in the bank, Ahmed worked in different positions at the Department of Accounts and Finance.

He has extensive experience in the arena of financial management, financial control, capital management, taxation, budgetary management etc. Ahmed has also worked as a core team member and track lead of the core business software up-gradation project of the bank.