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Marketing Featured Southeast Asia

DBS, POSB most ‘considered’ banking brands by SG consumers

Singapore – In its recently released Bank and Payment Brand Rankings 2022, market research company YouGov unveiled that local banks DBS and POSB have snagged the top spot in Singapore. 

DBS led the list with a total score of 41.0, followed by POSB at 34.2 points. Digital payment company VISA came in third place with a score of 26.8 while Singaporean bank OCBC followed closely at 26.1.

Completing the top ten is Mastercard at 25 points, commercial bank UOB with 22.9 points, Paypal with 22.1 points, Citibank with 14.7 points, Standard Chartered Bank with 12.5, and American Express at 9.8 points. 

YouGov also revealed the most improved brands in the financial services sector, including Paypal and digital banking app Revolut, both with a +1.1 change in score. Other banks on the list are Mastercard and UOB, who had improved scores of +0.3 each.

The rankings are based on YouGov BrandIndex’s positive consideration score, which measures the percentage of a brand’s customers who would consider it when next in the market to make a purchase.

The brands were ranked between October 1, 2021, and September 30, 2022. Moreover, the scores were rounded to a single decimal place with additional precision to assign ranks.

Meanwhile, the improvers were determined by their change in score between the said period and the previous twelve months. 

YouGov has also previously released the overall brand rankings in Singapore, unveiling Singapore Airlines as the top brand for 2022.

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Technology Featured Southeast Asia

Techcombank to hyper-personalise banking experiences in partnership with Adobe

Vietnam Technological and Commercial Joint Stock Bank, also known as Techcombank, has announced its multimillion-dollar and multi-year partnership with Adobe. The partnership will be seeing the launch of the first end-to-end customer experience technology platform in Vietnam.

Techcombank will be using Adobe Experience Cloud to deliver hyper-personalised banking experiences in real-time across offline and digital touchpoints. The launch will also mark a significant milestone in Vietnam and Southeast Asia’s banking industry.

Techcombank’s investment in Adobe Experience Cloud, including Adobe Real-Time Customer Data Platform (CDP), will form part of the integrated technology platform that will help determine the best personalisation format for its customers. This will be done by analyzing customer browsing behaviours and deploying persona-based discovery paths.

“Today’s consumers are banking across multiple online and offline channels, and it is critical that we meet their expectations wherever they choose to engage or transact,” said Jens Lottner, chief executive officer at Techcombank

He added, “With Adobe’s successful track record of working with leading financial services organizations around the world for the past decade, we are excited to partner with Adobe on our ongoing five-year transformation strategy, and accelerate our journey of being the leader in the customer-led digitization of the Financial Services Industry (FSI) in Vietnam.”

Simon Dale, managing director of Southeast Asia and Korea at Adobe, also said, “We are thrilled to be part of Techcombank’s journey to enable the digital transformation of Vietnam’s finance and banking industry.”

He further commented, “Using Adobe Experience Cloud, Techcombank will be able to deliver better and faster experiences for customers, advancing its long-term vision to inspire a more robust digital skills economy and workforce reskilling in Vietnam.”

As Vietnam aims to accelerate national digital transformation efforts in the finance and banking industry, Techcombank and Adobe will also be building the digital skills economy by unveiling an inaugural Center of Excellence (CoE) to upskill teams and develop digital talent.

To this, Dale commented, “Our CoE will develop the digital capabilities of teams within Techcombank to leverage the tools within Adobe Experience Cloud. This will simultaneously accelerate the bank’s digital transformation journey and enable the development of industry-leading digital talent within the bank.”

Adobe has also previously made updates to its Adobe Substance 3D suite to help brands be more metaverse-ready.

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Marketing Featured South Asia

Germany-based Deutsche Bank to open first representative office in Bangladesh

Bangladesh – Germany-based financial service provider Deutsche Bank will be expanding its global network with the launch of its first representative office in Dhaka, Bangladesh. With this new market entry, Deutsche Bank’s regional footprint in the Asia Pacific will now span 15 diverse markets.

The representative office will be focusing on supporting multinational corporate clients, predominantly exporters to Bangladesh. The bank has hired Syed Naushad Zaman, formerly deputy head of the Commerzbank Representative Office, to be the new chief representative officer at Deutsche Bank in Bangladesh.

According to the Embassy of Bangladesh, Germany is the largest trading partner of Bangladesh in Europe and the second largest globally. German exports to Bangladesh have tripled in the past 25 years.

“We continue to grow and invest in our business in the Asia Pacific. We are proud that in our 150th anniversary in the Asia Pacific, we are welcoming the 15th market to our strong regional network. With its fast-growing economy, we enter this market to support its increasing participation in regional and global trade,” said Alexander von zur Muehlen, Deutsche Bank’s CEO for APAC and member of the Management Board.

Meanwhile, Atul Jain, Deutsche Bank’s global co-head for trade finance and lending, noted, “Bangladesh is an increasingly strategic market for both our global multinational and German corporate clients. This representative office reflects our firm commitment to support our clients’ evolving risk management and financing needs in this dynamic growth market.”

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Marketing Featured Southeast Asia

Lim Chu Chong appointed as DBS Indonesia’s new president director

Jakarta, Indonesia – Banking and financial services company DBS has announced the appointment of Lim Chu Chong as the new president director of DBS Indonesia. The appointment takes effect immediately, succeeding Paulus Sutisna.

Chong, who was previously the chief operating officer of the Institutional Banking Group (IBG) by DBS, will be part of DBS’ Group Management Committee as well. 

He has over 25 years of experience in institutional, SME and consumer banking, and previously served in DBS Indonesia as commissioner. During his role at IBG, he has led key business transformations, including a new customer experience office to enhance customer engagement, as well as setting up an employee experience office to improve employee experience and drive productivity.

Speaking on Chong’s appointment, Piyush Gupta, CEO at DBS, said, “Indonesia is a key market for DBS, and under Paulus’ leadership, our business has not only grown but become more diversified, with good balance across the consumer/ wealth and institutional banking segments.” 

He added, “In recent years, he has also brought our strong digital capabilities to bear in the market, enabling us to deliver seamless banking to clients. As a career DBS banker with deep business and market experience, I am confident that Chu Chong will build on our strengths in Indonesia and take the business to the next level.”

Meanwhile, Sutisna will be appointed as non-independent commissioner of DBS Indonesia in due course.

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Marketing Featured Southeast Asia

Indonesian banks, insurers need to step up to serve changing local demographics

Jakarta, Indonesia – As the financial services industry in Indonesia is returning to a state of normalcy, local banks and insurers are encouraged to step up their engagement strategies amidst a changing demographic landscape in the country, new data from sales engagement solutions provider Vymo.

According to the insights, around 73% of consumers say a differentiated experience, not just an acceptable experience, is what it takes for a customer to remain loyal. Meanwhile leading banks and insurers will use relevant and responsible personalization as a key differentiator to create loyal clients, while dedicated advisors will be responsible for creating stronger brand loyalty for customers.

It also noted that financial service institutions will need to build a salesforce that can adapt, attract and retain the loyalties of Indonesia’s digital-savvy consumer class with considerable spending power. While the quality of financial products and services from data utilisation has improved significantly, customer expectations in terms of product relevance, personalised buying experience, and post-sales support are key differentiators in the digital landscape.

Rajesh Sabhlok, managing director for APAC at Vymo, said, “Previously, lifestyle insurance was based on life stages. Someone starts a family, you talk to them about the increased cover they need. They change their jobs, there’s a salary hike, you advise them to set aside a part as insurance. But today, you can’t meet them in person. Here’s where technology enables remote engagement with customers.”

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Technology Featured Southeast Asia

Vietnam Maritime Commercial Joint Stock Bank taps Temenos to modernise banking system

Vietnam – The Vietnam Maritime Commercial Joint Stock Bank (MSB) has tapped cloud banking platform Temenos to modernise its core banking system. Through the partnership, MSB’s multiple homegrown and legacy systems will be replaced with Temenos’ open platform for composable banking.

Through Temenos core banking solutions for retail and corporate banking, including analytics, payments and data lake capabilities, MSB can bring innovative new products to market much faster at a significantly lower cost. It can also leverage the power of big data to deliver hyper-personalised customer experiences. This will provide the bank a competitive edge to keep pace with the current and future banking needs of Vietnam’s largely young and increasingly affluent population.

Nguyen Hoang Linh, CEO of MSB, said, “MSB aims to become a universal bank for the digital 4.0 era on a par with the best and biggest international banks. Revamping our technology infrastructure with Temenos’ open platform will accelerate digitization and increase automation.” 

He added, “Such efforts will help to significantly reduce costs, improve customer experience and heighten the bank’s competitive advantage. This transformation with Temenos is already well underway, helping MSB meet ever-changing retail and corporate customer demands in a highly competitive market.”

Meanwhile, David Becker, managing director for APAC at Temenos, commented, “MSB has an ambitious five-year digital roadmap, transforming the bank for the open, digital era. We are proud to support and partner with the bank on this journey. Temenos has proven technology and local expertise in Vietnam with more than 20 banking clients across retail, corporate and wealth sectors. With our deep regional expertise and open platform architecture, MSB is well-positioned to capture the opportunities brought about by Vietnam’s digital banking boom.”

Temenos has been previously tapped by local bank Saigon-Hanoi Bank in order to accelerate the bank’s digital transformation.

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SME Featured Southeast Asia

Alliance Bank launches new digital loan solution to support SMEs in Malaysia

Kuala Lumpur, Malaysia – Alliance Bank Malaysia has launched its latest digital solution, Digital SME, which aims to help SMEs manage and grow their business faster by leveraging the bank’s suite of innovative digital solutions.

The Digital SME loan offers up to RM500,000 collateral-free financing via a simple online process that only requires submission of the company’s six-month bank statement. To facilitate the application process, the Digital SME loan application is available in three languages, namely English, Bahasa Malaysia, and Mandarin. The bank also provides advice to SMEs on how to establish credit history and improve their credit profile.

Kevin Shum, Alliance Bank’s SVP and head of Digital SME, noted that they know that micro-enterprises may face issues obtaining financing due to their limited credit history, so they wanted to help them build their credit history by starting them with a small credit line, and subsequently help them expand by providing them quick access to financing via Digital SME once they are ready. He further shared that this financial year, they aim to provide up to RM200 million in digital SME loans.

“We want to enable our business customers to remotely open a digital business current account anytime, anywhere. The digital business account will comprise several innovative features, including a small overdraft line and business credit or debit card to help business owners manage their expenses more efficiently,” said Shum.

In addition to financing, Digital SME also offers financial advice on managing the business more efficiently. Aaron Sum, Alliance Bank’s group chief strategy of marketing and business development officer, stated, “Micro and small businesses face their own unique challenges while running their business, such as limited access to operational resources and recruiting talent. Through our BizSmart Solution portal, businesses can access relevant products and services such as digital marketing, logistics, accounting and data analytics at better rates to help them grow and run their business efficiently.”

BizSmart Solution portal is a one-stop online business community portal with over 200 partners, enabling business owners to reach out to new customers and access a wide range of business solutions at preferential rates.

The Digital SME financing is applicable to businesses that have been in operation for at least a year and with an annual turnover between RM50,000 and RM30 million.

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SME Featured Southeast Asia

ANEXT Bank launches as Singapore’s newest digital wholesale bank for MSMEs

Singapore – ANEXT Bank, a digital wholesale bank in Singapore under Ant Group, has announced its soft launch. This follows its receipt of the Monetary Authority of Singapore’s (MAS) approval to commence business on 2 June 2022. 

The new digital bank will focus on providing digital financial services to local and regional MSMEs, especially those engaging in cross-border operations for growth and global expansion.

Toh Su Mei, ANEXT Bank’s CEO, believes that it’s time to offer the next generation of financial services that are accessible and effortless for growing businesses, and financial services have to evolve and be where SMEs are doing their businesses digitally.

“We are well-positioned to live up to this vision, leveraging Ant Group’s deep bench of technologies and know-how, along with our customer-obsessed local team dedicated to serving the SME community. Adopting an open and collaborative approach, we believe in joining hands with industry partners and the public sector to provide SMEs with financial services that are simpler, safer and more rewarding,” she said

Meanwhile, Sopnendu Mohanty, chief fintech officer at MAS, said that this marks yet another milestone in Singapore’s digital bank development journey, a strategic effort to ensure the banking sector remains progressive, globally competitive and vibrant. 

“MAS expects the digital banks to thrive and synergise with our dynamic financial institutions and raise the bar in delivering quality financial services and uplift Singapore’s financial sector to better support the growth of SMEs in Singapore, the region and in emerging markets,” added Mohanty.

ANEXT Bank has also signed a two-year MoU with Proxtera – the entity supported by MAS, the Infocomm Media Development Authority (IMDA) and private sector entities, to transform and enable holistic cross-border trade amongst SMEs and businesses by making marketplaces efficient and discoverable globally, with embedded financing, fulfilment services, and SME empowerment.

The MoU will see both organisations jointly create and establish an open framework for all participating financial institutions as they provide financing and risk mitigation support for SMEs and platforms in global trades. ANEXT Bank will also be Proxtera’s first participating digital wholesale bank in Singapore to lead the way in providing financing solutions to the buyers and sellers on Proxtera’s network.

Saurav Bhattacharyya, Proxtera’s CEO, shared that their commitment is to simplify global trade for SMEs and uplift them with the power of networks, leveraging modern technology to improve discoverability, accessibility, availability, and affordability of innovative digital services. 

“This mission is closely aligned with ANEXT Bank’s focus to serve SMEs engaging in cross-border operations. Together with ANEXT Bank’s digital-born identity and digital-first capabilities and services, I’m confident that we can make trade easier, more seamless and efficient for SMEs,” said Bhattacharyya.

As part of its soft launch, ANEXT Bank has provided a preview of the ANEXT Business Account, a dual-currency deposit account with proprietary security measures including three-factor authentication verification, as well as features, such as remote onboarding and daily interest. 

The bank is also calling on SMEs to share their thoughts on what they hope to see in financial services – it recognises in order to bring about what’s next in financial services, it starts with the needs of SMEs. Entries, as well as registrations of interest to open an account, are available from today via its website www.ANEXT.com.sg. The ANEXT Business Account will be made available to the general SME community in the third quarter of 2022.

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Marketing Featured APAC

Around 73% of APAC consumers say they still trust traditional banks over digital ones

Singapore – Despite the rising number of digital-only banking offerings, around 73% of consumers in the Asia-Pacific region still trust traditional banking systems, compared to the 44% of consumers saying they trust digital-only banking systems, according to the latest data from YouGov.

While 82% of Indonesians trust traditional banks, only around 38% trust digital-only banks. Similarly, 78% of Singaporeans trust traditional banks, and 37% trust digital-only banks. 

Meanwhile, confidence in digital-only banks is highest among consumers in Australia and India – where trust is at most 21% points lower than that for traditional banks. Around 62% of Australians trust digital-only banks versus 75% for traditional banks, while 51% of Indians trust digital-only banks versus under 72% for traditional banks.

Lastly, in China and Hong Kong, trust in digital-only banks lags that of traditional banks by 30% and 37% points respectively.

In terms of Gen Z consumer behaviour, trust in digital-only banks lags traditional banks the most among Gen Z consumers in Singapore by 29 points and Hong Kong by 26 points – above the APAC average of a 19-point trust gap – less so in Indonesia by 13 points and Australia by 8 points.  

Meanwhile, around 39% of Gen Z consumers in Hong Kong trust digital-only banks, significantly lower than that of the APAC average of 48%. Additionally, Gen Z consumers’ trust of traditional banks is also significantly lower in Australia, around 53%, but significantly higher in Singapore at around 79% when compared to the APAC average of 67%.

Among millennials, 72% trust traditional banks while around 47% have confidence in digital-only banks. Trust in digital-only banks lags traditional banks the most among Millennial consumers in Hong Kong and Singapore, both by 33 points– above the APAC average of a 25-point trust gap – less so in Indonesia by 22 points and Australia by 15 points. 

Notably, millennial consumers’ trust of digital-only banks in Hong Kong of 37% and Singapore of 40% is significantly lower than that of the APAC average of 47%. Additionally, Millennial consumers’ trust of traditional banks in Australia of 61% is also significantly lower than that of the APAC average of 72%.

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Technology Featured Southeast Asia

Saigon-Hanoi Bank taps Temenos to accelerate digital transformation

Geneva, Switzerland – Saigon-Hanoi Bank in Vietnam has tapped cloud banking platform Temenos to accelerate the bank’s digital transformation. For SHB, the move to Temenos digital banking platform is a crucial step toward its goal to rank first in efficiency and technology among Vietnam’s commercial banks by 2025.

Through the partnership, adopting the digital banking capabilities on top of Temenos open platform for composable banking will enable SHB to reimagine how it engages with customers and deliver a consistent, seamless experience across multiple channels. 

Additionally, SHB will leverage Temenos’ open architecture – with its combination of APIs, microservices and Micro Apps – to create a true omnichannel experience across all channels, including internet, mobile, branches and ATMs.

Do Quang Vinh, deputy general director and director at SHB Digital Banking Division, said, “SHB aims to become a leading digital bank in Vietnam in the next five years. We are confident that choosing Temenos, the world leader in banking software, will enable us to complete the transformation project in the fastest and most effective way. With a modernised and secure system, we will be able to engage existing customers better and attract new customers through a digital banking experience that meets their current and future financial service needs.”

Meanwhile, David Becker, managing director for APAC at Temenos, commented, “SHB is a visionary bank with a clear digital transformation roadmap, and we are proud to support and partner with the bank on this journey. Temenos has nearly 30 years of experience in implementing core and front-office solutions for over 20 clients in Vietnam. This deep expertise together with the powerful capabilities of our open platform will help SHB accelerate the digital transformation initiatives that will differentiate its service and realize its growth ambitions.”