Aug / Sep 2017 ASEAN BANKER MCI(P)038/01/2017

To achieve higher growth through cooperation amongst ASEAN banks

WELCOME MESSAGE FROM WELCOME MESSAGE FROM CHAIRMAN OF VIETNAM BANKS CHAIRMAN OF ASEAN BANKERS ASSOCIATION ASSOCIATION

MR PHAN DUC TU MR KARTIKA WIRJOATMODJO

Dear Friends and Colleagues, Dear Friends and Colleagues,

Vietnam Banks Association (VNBA) is honoured On behalf of the ASEAN Bankers Association (ABA), to host the 47th ASEAN Banking Association I extend an earnest welcome to all our friends and Council Meeting on November 23 and 24, 2017 colleagues to the coming 47th ASEAN Banking at Furama Resort, Da Nang, Vietnam. On behalf Council Meeting. This year’s Council Meeting of VNBA, it gives me great pleasure to invite our honoured guests will be hosted by Vietnam Banks Association (VNBA) from the 23rd to this annual landmark event. to 24th November 2017, at the Furama Resort Da Nang, Republic of Vietnam. This year’s Meeting takes place in the context of ASEAN’s 50th Anniversary, following the Asia-Pacific Economic Cooperation As this year marks the 50th year of the ASEAN community, it is fitting (APEC) Forum held in the beautiful city of Da Nang. As one of that we come together as a community of ASEAN bankers to further Vietnam’s economic, cultural and tourist centres, located on the our dialogue on consolidation, integration and greater cohesiveness. East Sea, Da Nang is the place where many civilisations blended As FinTech begins to take root in the region and as we embark on harmoniously. The people of Da Nang are friendly and hospitable. sustainable financing options collectively, it is an opportune time Da Nang is blessed to be the tourist capital of Vietnam and the for the banking community to put up a united front. Tapping on the region. resilience and dynamism of our people, with one vision, one identity and as one community, we will together create more opportunities With the aim of strengthening cooperation with associations and for the ASEAN banking commnunity. member banks, this Council Meeting is an excellent opportunity to connect with senior leaders of banks in the ASEAN region. We hope I would like to encourage all member of ABA to participate actively in ASEAN banks will exchange best practices as well as progressively the meetings, to leverage on the collective wisdom of senior bankers, build up infrastructure conducive for enhancing financial inclusion regulators and professionals to strengthen our own strategic and the growth of businesses in the region. pathways for the banking and finance industry and to complement economic developments in the region. This Meeting also presents In addition to the main activities of the meetings, we have also excellent opportunities for you to network with your regional peers designed side activities for delegates to experience Vietnamese and business leaders as well as other thought leaders in the region. culture, local cuisine, and visit the famous sites of Da Nang city and other Central Vietnam Provinces. I would like to thank VNBA for hosting and arranging a series of interesting programme and exciting social activities for all Since joining the ASEAN Bankers Association in 1995, VNBA has participants to have a memorable time in Vietnam. I would also like contributed an important voice in many areas of cooperation, most to thank and extend my acknowledgement to His Excellency Mr Lee recently in the areas of FinTech, anti-money laundering, training and Minh Hung, Governor of State Bank of Vietnam, who has very kindly coordination of member banks in the region. We believe this year’s agreed to deliver the keynote address for this Council Meeting. event will continue to strengthen cooperation and the exchange of experiences and ideas amongst ASEAN banking leaders in an I look forward to seeing all of you at the event and wish you a fruitful integrated world. VNBA is looks forward to welcoming you to attend and enjoyable time in the beautiful city of Da Nang. E the Meeting this November in Da Nang, Vietnam. E Kartika WIRJOATMODJO Phan Duc Tu Chairman, ASEAN Bankers Association & Chairman, Vietnam Banks Association Chairman, PERBANAS - Indonesian Banks Association

ASEAN Bankers Association Website:www.aseanbankers.org Designed & Printed by SC (Sang Choy) International Pte Ltd 2 ASEAN Bankers Association I Aug / Sep 2017

DA NANG INSIGHTS: FURAMA RESORT DANANG

Located on the world-famous Da Nang the resort’s own helipad, from which the Furama Da Nang evokes a sense of beach, Furama Resort Da Nang presents you may enjoy the picturesque views of nostalgia of the yesteryears. The ancient an idyllic retreat from the hustle and Da Nang city, iconic landmarks like the design of the beachfront steakhouse also bustle of modern city life. White sand Dragon Bridge, Marble Mountains and reminds one much of South East Asia once used to come under the rule of the ancient beaches, azure blue seas, canopies of the Han River. Kingdom of Champa in the 16th century, green envelop you in a cocoon of calm. Reminiscent of Vietnam’s rich colonial one of the most advanced civilisations to history when the French used to occupy Just 5 minutes south of the Furama Resort rule much of South East Asia, the dynasty it in the 19th century, the Asian-style that ended when the final vestiges of the Da Nang are two 18-hole golf courses, brasserie, rattan furniture, ceiling fans, kingdom were annexed and absorbed by Montgomerie Links Vietnam and Danang French windows, old photographs and Vietnam in 1832. E Golf Club. Helicopter tours take off from memorabilia that adorn the walls of

FROM THE DESK OF THE SECRETARY GENERAL

Greetings to all from the Secretariat Office. to prepare for and embrace the next wave of the digital economy. To this end, a series of Fintech and digital Workshops First of all, let me wish one and all a happy 50th ASEAN were held in Bangkok, Jakarta, Hanoi, Manila and Yangon. Anniversary. As a community, we have come a long way in As an Association, we have great potential to influence the our achievements. We should be gratified of it. future of banking, creating a more equitable and financially inclusive economy within ASEAN. At the same time, we must ASEAN is now the world's sixth largest economy with a largely also be mindful of the growing importance of sustainable youthful and growing population of 625 million people that and responsible financing that must be our mainstay for the presents plenty of yet untapped potential for the future. GDP long term goal. per capita has quadrupled from US1,054 in 1996 to USD4,000 in 2016 and employment has grown by 70 million since the The ASEAN Banking Council Meeting, our highpoint event turn of the new millennium, with millions having been lifted of the year, is drawing near. Our host, The Vietnam Banks out of poverty. By 2030, we are projected to be the world’s Association (VNBA), has been hard at work to make this a fourth largest economy. memorable and fruitful event. The meeting will be held at the Furama Resort Da Nang, a lovely coastal resort. I look forward Harnessing this dynamism and blessed with the energy of to your valued presence and participation at the meetings the ASEAN people, the ASEAN Bankers Association (ABA) is and to a productive get together. E playing its part to continue to push ahead with building up knowledge and collaboration within the Fintech ecosystem Mr Paul C G Gwee ASEAN Bankers Association I Aug / Sep 2017 3

WHERE TO BUILD THE INFRASTRUCTURE – CLOUD?

INTRODUCTION § Criticality of service to FI, customers & partners

Cloud computing is evolving and expanding rapidly. The benefits § Regulatory and privacy restrictions of cloud can be immense as cloud can enable Financial Institutions Operational Risks (FIs) to deliver business outcomes and innovations quickly, securely and sustainably with little, if any capital expenditure. And there are § Confidentiality, integrity and availability of the data as many different kinds of cloud services as there are Cloud Service maintained Providers (CSPs). § Where the data is stored – if off-shore, are the additional Key cloud considerations revolve around data protection and data legal implications and risks assessed and well understood? sovereignty, which apply to any form of technology service, but § Data encryption – who generates, holds and distributes the they can become more complex in cloud. This is because the cloud encryption keys? platform may be shared with many other unknown tenants, where § customer data may be stored and processed in different jurisdictions. Monitoring of data over a diverse cloud-based supply chain § Accessibility of cloud services for users – that it is seamless Financial Institutions (FIs) must choose the right cloud service and yet secure service provider for the job based on common Service & Deployment models, in order to get the optimum benefits from cloud, without § Independently assured certifications and accreditations that compromising the overall security of information assets. the CSP hold § Having a clear “Exit Plan” whereby the data and service can SERVICE MODELS DEPLOYMENT MODELS be easily moved from one CSP to another Infrastructure-as-a-service Public cloud § Fit-for-purpose cloud contract that is compliant with all (IaaS) Applications, data storage and applicable regulations CSP provides a virtual other resources owned and infrastructure for application managed by CSP. § Jurisdiction of the CSP specified within the contract for the processing and storage of data. purpose of conflict resolution

Platform as a service (PaaS) Private cloud B. TOP 10 KEY CONSIDERATIONS FOR FI DECISION MAKERS On-demand environment for Consumers procure dedicated consumers to develop and deploy infrastructure from CSP. Risks to adoption need to be well understood and mitigated. With applications of their own. the primary concerns of security, privacy and data protection Software as a service (SaaS) Hybrid cloud serving to inform decision-making, key considerations for FI decision-makers include: CSP delivers business applications Balances use of different cloud on-demand and typically on a deployment models for flexibility 1 Adherence to regulations: FIs need to comply with the subscription basis. and scalability. regulations of the countries that they operate and do business in. A. CLOUD ADOPTION – KEY RISKS AND HOW TO MITIGATE THEM 2 Organisational readiness: Ensure that relevant stakeholders Transitioning to the cloud is a non-trivial decision for FIs. Those within the organisation understand the implications of the responsible and accountable for making such decisions need to cloud model for their functions and have plans in place to consider: push through the relevant cultural, technical and procedural change. Key Risks 3 Develop a cohesive and consistent approach: § Data sensitivity (as there are minimum security controls in Organisations will likely implement an ever increasing place) 4 ASEAN Bankers Association I Aug / Sep 2017

Continued from page 3

number of cloud services across a variety of service and 10 Make an informed decision: Based on all of the above, in deployment models. It is important that organisations particular, a balancing of the residual risk and the expected should have a clear and consistent approach to the benefits, make a defensible choice on whether or not to management of cloud services. proceed with a cloud-based solution.

4 Evaluate the data and service: Identify the types of data C. REGULATORY LANDSCAPE OF ASEAN MEMBERS that may be required to be stored or processed in the cloud (Less Brunei, Myanmar, Laos, Cambodia – where legislation, and note any regulatory or legislative requirements on the infrastructure and public awareness are still evolving) data or service concerned. 5 Determine the appropriate security wrap: Identify the security controls that you need to be able to apply to protect the confidentiality, integrity and availability of the data and services to be hosted in the cloud; specify which of those controls are mandatory and which may be waived as part of an informed risk balance case. This security wrap must be informed by a comprehensive assessment of the services and data in scope. 6 Evaluate the proposed cloud service: Map the required security controls on to the proposed cloud service(s) and Most ASEAN countries apply outsourcing regulations in relation identify where there are gaps in capability – or where to cloud services. The adoption of cloud services and the the provider may offer services that allow an alternative regulatory landscape differs for each country’s jurisdiction and in approach to securing the data or service to be delivered. some jurisdictions, the regulations are not always clear. Summary Document residual risk. by themes is as follows:

7 Document responsibility splits: Identify where D. SCENARIO BASED CLOUD CONTROL GUIDANCE MATRIX responsibility sits for delivery of the various capabilities (technology and process) – is it the provider or the data In 2016, the Association of Banks in (ABS) developed owner? It is a common mistake to find gaps in delivery an “Implementation Guide for FIs in Singapore” with the intent to responsibilities during implementation and it is usually assist FIs in understanding approaches to due diligence, vendor far more cost–effective to document cohesive hand-over management and key controls that should be applied. E points between provider and consumer to fill any gaps in delivery responsibility as the cloud providers offer a standardised service. 8 Evaluate the service provider and service terms: Conduct due diligence activities with respect to the service provider, e.g. financial stability, examination of independent assurance and accreditation statements, ethical and independence checks, etc. Review the standard terms and conditions offered by the cloud provider and consider any additional clauses that may be available for relevance. Issues to consider include regulatory and legislative compliance, data location, jurisdiction and exit, e.g. how long does the provider make data available for extraction after termination? 9 Take the accountability test: Ensure that the justifications for the decisions taken with respect to the adoption of cloud services passes the accountability test – is the decision References: justifiable to your customers, Board, shareholders and the • KPMG Moving to the Cloud – Key Considerations (Feb 2016) & KPMG press/media if the worst comes to pass and the cloud Journey to the Cloud – The Creative CIO Agenda (2017) service is compromised? Could the organisation bear the • ABS Cloud Computing Implementation Guide 1.1 (for the Financial reputational damage if it was found to be storing sensitive Industry in Singapore, 2 August 2016) data offshore, or placing large contracts with providers that • Asia’s Financial Services: Ready for the Cloud 2015, Asia Cloud practise tax avoidance? Computing Association. ASEAN Bankers Association I Aug / Sep 2017 5

DEVELOPING YOUR COMMON REPORTING STANDARD STRATEGY

By Michael Muncaster, Executive Director, IHS Markit - CTI Tax Solutions, Asia Pacific

The Standard for Automatic Exchange of efforts, we have found it critical for FIs to iii) The method applied to solicit self- Financial Information in Tax Matters (AEOI), determine: certification (whether manual or widely known as the Common Reporting electronic) and how can that be integrated i) The data required to be collected and Standard (CRS), provides a global framework into ongoing CRS processes. how that information will be used in the for the exchange of customer information Whilst remediation is focused on establishing between jurisdictions for tax purposes. The self-certifi cation validation process. the CRS status of an existing customer base primary objective is to enhance tax effi ciency ii) How it will validate the self-certifi cation – using current data, the project does present in the collection of taxes of off shore account will it be manual or will it look to automate an opportunity to set the standard for data holders and investments. As a result, the the validation process using technology, quality for both ongoing compliance and the CRS places a new requirement on Financial annual reporting process. Institutions (FIs) to develop a robust process to iii) How the FI will utilise the data collected collect, validate and report on tax information from the self-certifi cation to prepare the REPORTING REQUIREMENTS in relation to its customers. CRS reporting schema – i.e. validating the format of the CRS data to the schema The quality of data has implications This new regime places a material compliance 3throughout the compliance life cycle. requirements upfront to be ready for burden on FIs who must determine the tax reporting in the subsequent year, such However, it ultimately comes to a head when status of each client by collecting certifi cations that the validated data becomes the CRS an FI prepares its CRS reporting. FIs can take a for all new account holders and perform an golden source for reporting. number of approaches to managing reporting extensive review of all existing account holders. requirements. This could be to either build These certifi cations must then be reviewed By having a clear vision of the process applied the schema capability in-house or buy a against existing information possessed by FIs to collect and validate the self-certifi cation solution that will fulfil jurisdiction-specific to determine if there are any inconsistencies information, FIs can better understand the requirements. data requirements and the related system in the data, such as an address in a jurisdiction This decision is infl uenced by: other than that claimed as the account enhancements necessary to accommodate holder’s tax residence – a cumbersome and these needs. i) The FI’s geographic footprint and whether detailed process. FIs must then report these developing its technical capability is REMEDIATION OF EXISTING scalable in the longer term. accounts along with fi nancial information to CUSTOMERS the local tax authority for exchange with other ii) The level of eff ort required to obtain the participating countries. These new obligations 2For many FIs the review of the existing information in the prescribed schema and have far-reaching implications across the customer base for indicators of foreign tax whether that is a function that can reside operations of the organisation, from changes residence represents a serious operational in existing infrastructure or is better served to the client onboarding process, to system challenge. FIs will need to collate and review through external solutions. enhancements for capturing and validating data with respect to each customer profi le in data and new annual reporting obligations. order to determine an initial CRS classifi cation. iii) How much of the data validation process This consolidation and review can become is done prior to the commencement of the While it may be tempting to label compliance unwieldy when the information is retained reporting process. with the CRS an insurmountable task, a number of lessons can be taken from the across multiple data sources. FIs will need iv) How prepared the FI is to respond to experience of FIs in early adopter jurisdictions to determine what sources are to be utilized ongoing regulatory changes such as the (where compliance of CRS commenced in and how to bring this information together to addition of new reportable jurisdictions January 2016) who have already faced the develop the customer profi le for the review. or reporting requirement changes such as annual updates to the reporting schema. challenges of implementing CRS. FIs will then need to apply the indicia checks In our experience working with FIs in a number to determine the CRS classification of the For many FIs it is early days as issues continue of early adopter jurisdictions, there are three customer. From our experience, FIs have to emerge as they face the nuances of each practical issues that came up time and again explored ways to automate indicia checks jurisdiction’s reporting requirements. This which will be relevant to ASEAN FIs as they across the existing customer base to cut is expected to continue as new schemas prepare and develop their CRS strategy. through the volume of customers and are being released which deviate from the establish the population for outreach (i.e. standard format. SYSTEMS AND PROCESS customers whom the FIs must contact to In summary, gleaning from lessons learnt ENHANCEMENTS - DAY 1 AND request a self-certifi cation from to cure the ON-GOING COMPLIANCE from those that have gone before is a 1 indicia and confi rm their tax residency). Client helpful precursor to designing an eff ective At the time of on-boarding, FIs are required to outreach can then take a number of forms and CRS strategy. By having a clear vision of the capture and validate a CRS self-certifi cation. will be heavily infl uenced by factors such as: operating model which encompasses people, This will generally require changes to existing i) Customer communication channels systems and procedures that is preferred for onboarding channels, and could mean a used by FIs and how correspondence are deployment, and with it, an appreciation of substantial cost to the FI depending on managed the potential challenges in achieving that the structure of an FI’s data repository (i.e., operating state, ASEAN FIs stand a much better whether it is a central data warehouse or a ii) The business segment targeted for chance of being compliant and eff ectively decentralised set of onboarding systems). remediation and responsiveness of managing the costs of compliance. E To minimise disruption and avoid duplicate customers to outreach 6 ASEAN Bankers Association I Aug / Sep 2017

FINTECH WORKSHOPS IN YANGON AND HANOI

ABA Workshop (Hanoi): Building Digital Infrastructure for Future of Banking

ABA Workshop (Yangon): Building Digital Infrastructure for Inclusive Banking Building on the earlier Workshops conducted in Jakarta and of adopting technology in traditional banking business were Bangkok, The Association of Banks in Singapore (ABS) organised expounded, ensued by robust exhange of ideas. The main areas 2 one-day FinTech workshops in Myanmar and Hanoi in July covered were the basics of financial technology, a deep dive 2017. They were hosted by the Myanmar Banks Association at into what it means for our future, helping financial insitutions the Sedona Hotel, Yangon; and by the Vietnam Banks Association to understand the basic technology needed to leapfrog legacy at the Melia Hotel, Hanoi. Through these Workshops, which systems in order to reap the advantages of Fintech and the had in attendance about 100 regulators, bankers, consultants, sensitisation of financial institutions to information security and fintech startups and subject matters experts each, the benefits data governance considerations. E

THE ASSOCIATION OF BANKS IN SINGAPORE (ABS) : ANNOUNCES THE LAUNCH OF PAYNOW

PayNow is a secure funds transfer service.

1. It adopts the same high security standards established by the banking industry in Singapore for funds transfer including FAST.

2. The sender will be able to see the recipient’s name before confirming the transfer. This confirmation provides What is PayNow PayNow was launched on 10 July 2017. The added assurance to the sender that service is provided free to customers and is money is being sent to the intended PayNow is a new peer-to-peer funds available 24/7, 365 days. recipient. E transfer service available to customers of seven participating banks in Singapore A comparison with other current payment - Citibank Singapore Limited, DBS Bank/ mechanisms: 1 The seven banks account for the bulk of retail POSB, HSBC, Maybank, OCBC Bank, Standard transactions in Singapore. PAYMENT TYPE RECEIPT OF PAYMENTS Chartered Bank, and United Overseas Bank1. 2 FAST (Fast And Secure Transfers) was PayNow Uses mobile number and/or launched in March 2014 - an electronic funds PayNow offers an enhanced funds transfer Singapore NRIC/FIN transfer service that enables customers of experience that enables customers of the Almost immediate, 24x7 19 participating banks to transfer Singapore seven participating banks to send and basis Dollar funds from one bank to another almost receive Singapore Dollar funds from one FAST Requires Bank Name and instantly. The customer enters the recipient’s 2 bank to another in Singapore through FAST Account Number bank account number and the amount, and using just their mobile number or Singapore Almost immediate, 24x7 the funds are credited. NRIC/FIN, almost instantly. The sender no basis longer needs to know the recipient’s bank Cheque Up to 2 working days and account number when transferring money via PayNow. Interbank GIRO Up to 3 working days ASEAN Bankers Association I Aug / Sep 2017 7

UPDATES FROM NATIONAL BANKING ASSOCIATIONS

PriorPrior to to joining joining DBS, Piyush waswas ’s Citigroup’s Chief Chief boardsboards of of The The Institute Institute of ofBanking Banking and and Finance, Finance, Dr. ExecutiveExecutive Officer Offi cer for SouthSouth East Asia,Asia, and GohDr. KengGoh KengSwee ScholarshipSwee Scholarship Fund and Fund National and Newand Zealand.. ResearchNational Foundation, Research Foundation, Prime Minister’s Prime OffiMinister’s ce. He isOffice. also Chairman He is also of Sim Chairman Kee Boon of Sim Institute Kee forBoon PiyushPiyush began began his his career career with with Citibank Citibank in India in inIndia 1982 THE ASSOCIATION OF BANKS IN FinancialInstitute Economics for Financial Advisory Economics Board. Advisory Board. THESINGAPORE ASSOCIATION (ABS) OF BANKS IN andin 1982over theand years, over held the variousyears, held senior various management senior SINGAPORE (ABS) rolesmanagement across Citi's roles corporate across and Citi's consumer corporate banking and PiyushPiyush has has a a Bachelor Bachelor of of ArtsArts (Honours) Degree CHAIRMAN businesses,consumer includingbanking businesses, Head of Strategic including Planning Head inin Economics Economics from from St. St. Stephen'sStephen's College,College, Delhi MRCHAIRMAN PIYUSH GUPTA forof EmergingStrategic Planning Markets forand Emerging Regional Markets Director and for University,University, India India and and a Posta Post Graduate Graduate Diploma Diploma in ChiefPIYUSH Executive GUPTA GlobalRegional Transaction Director forServices Global for Transaction Asia Pacific. Services He has Managementin Management from from IIM, IIM,Ahmedabad. Ahmedabad. alsofor Asiaserved Pacifi as c.Citi's He hasCountry also served Officer as Citi'sfor ,Country DirectorChief Executive and Director, Officer DBS PiyushPiyush was was named named Singapore Singapore BusinessBusiness Awards' MalaysiaOffi cer forand Indonesia, Singapore Malaysiarespectively. and Singapore Groupand Director, DBS Group OutstandingOutstanding Chief Chief Executive Executive of the of Yearthe inYear 2016. in respectively. At thethe ABSABS 44th44th Annual Annual Piyush is a member of the Executive Committee of In2016. 2014, In he 2014, was namedhe was as named the Singapore as the Singapore Business General MeetingGeneral on 27 June Meeting 2017, DBS on Bank,27 thePiyush Institute is a member of International of the Executive Finance, Committee Washington of LeaderBusiness of the Leader Year byof CNBCthe Year and by in CNBC2013, heand was in representedJune 2017, DBS by MrBank, Piyush represented Gupta assumed by Mr andthe aInstitute member of Internationalof the Board Finance, of Trustees Washington of Asia accorded2013, he thewas CEOaccorded Leadership the CEO Achievement Leadership chairmanshipPiyush Gupta assumedof The Association chairmanship of Banksof The in Society.and a member In addition, of the he Board serves of Trustees as the ofDeputy Asia AwardAchievement for Singapore Award andfor SingaporeAsia Pacific and by AsiaThe Singapore.Association of Banks in Singapore. ChairmanSociety. Inof addition, SPRING Singaporehe serves asand the sits Deputy on the AsianPacific Banker. by The E Asian Banker. E Chairman of SPRING Singapore and sits on the

UPDATE FROM PERMANENT COMMITTEE ON COOPERATION IN FINANCE, INVESTMENT & TRADE (COFIT)

the Chairman of DBS Vickers Securities Holdings Between October 2003 and March 2007, Sim was Pte Ltd. Regional Head of Emerging Markets Sales and Trading for the Asia-Pacific, based in Singapore. In his 31 years of banking experience, Sim spent Trading for the Asia-Pacifi c, based in Singapore. In his 31 years of banking experience, Sim spent He was responsible for all sales and trading in FX, his career in Asia, North America and the Middle He was responsible for all sales and trading in FX, his career in Asia, North America and the Middle local currency derivatives & money markets, fixed THE ASSOCIATION OF BANKS IN East. Prior to joining DBS, Sim was the President local currency derivatives & money markets, fi xed East. Prior to joining DBS, Sim was the President income trading & origination in the 13 markets SINGAPORE (ABS) and CEO of Nikko Citigroup Limited, a position income trading & origination in the 13 markets and CEO of Nikko Citigroup Limited, a position across Asia Pacific. During this period, he was he held from June 2008 to December 2009. across Asia Pacifi c. During this period, he was CHAIRMAN, COMMITTEE ON he held from June 2008 to December 2009. also the non-executive Chairman of Citibank During this time, Sim was also a board member also the non-executive Chairman of Citibank CO-OPERATION IN FINANCE, During this time, Sim was also a board member Berhad . of Nikko Citi Holdings, Incorporation. He was Berhad Malaysia. INVESTMENT &TRADE of Nikko Citi Holdings, Incorporation. He was responsible for all corporate & investment Sim is currently an Alternate Member for DBS to (COFIT) responsible for all corporate & investment Sim is currently an Alternate Member for DBS to SIM S LIM banking, institutional brokerage and fixedfi xed income the Association of Banks in Singapore and is a MR SIM S LIM & equity trading for Citigroup in Japan. Director of ST Engineering and Asfinco Singapore Country Head, DBS Singapore & equity trading for Citigroup in Japan. Director of ST Engineering and Asfi nco Singapore Limited. He is also Vice Chairman, ASEAN Business During his international banking career, Sim held With DBS Bank taking over the chairmanship of Group, Singapore Business Federation and a a wide variety of roles spanning Kuala Lumpur, The Association of Banks in Singapore, Mr Sim S. Board Governor for Nanyang Polytechnic. In Tokyo, New York, Saudi Arabia, Hong Kong & Lim was appointed Chairman of COFIT. August 2014, Sim was appointed Chairman of Singapore. In 2007/2008, he was Citigroup Singapore Land Authority in Singapore. He also Sim joined DBS on 1 September 2010 as the Country Officer,Offi cer, Hong Hong Kong Kong and and also also served served as as sits on the Board of Nikko Asset Management Country Head, DBS Singapore. In this role, he is Chairman of Citibank Hong Kong Limited. During Co., Ltd in Japan. responsible for helping the bank to develop a his tenure, he managed the Citigroup Hong Kong more acute customer focus and better leverage country franchise, including developing the Sim was a Japanese government Monbusho the bank’s home market presence, so as to strategy for Hong Kong’s markets and banking scholar and graduated with his Bachelor’s in deliver greater synergy and value across the franchise, and providing support to the consumer BA from Yokohama National University, Japan entire Singapore franchise. Sim is also currently and wealth management businesses. in 1983. E entire Singapore franchise. Sim is also currently and wealth management businesses. in 1983. E

UPDATE FROM PERMANENT COMMITTEE ON BANKING EDUCATION

Bobby Benares assumed his position as President various positions at Asian Alliance as Managing & Chief Executive OfficerOffi cer of of Bank Bank of of Commerce Commerce Director, Insular Investment & Trust Corporation on 1 August 2013. as Executive Vice President and Philamlife as Vice BANKERS ASSOCIATION OF THE President. He was elected a Director of Bank of BANKERS ASSOCIATION OF THE Mr Benares brings with him an extensive banking PHILIPPINES (BAP) Commerce on 30 April 2013. PHILIPPINES (BAP) experience, having served as Managing Director of Maybank ATR Kim Eng Capital Partners Mr Benares holds a degree of B. S. Mechanical CHAIRMAN, COMMITTEE ON of Maybank ATR Kim Eng Capital Partners Mr Benares holds a degree of B. S. Mechanical BANKING EDUCATION Incorporation prior to joining Bank of Commerce. Engineering from De La Salle University and has BANKING EDUCATION He started his banking career at Bancom ROBERTO C BENARES He started his banking career at Bancom a Master’s Degree in Business Management at MR ROBERTO C BENARES E Development Corporation as Assistant Treasurer the Asian Institute of Management. E President & Chief Executive and later at United Coconut Planters Bank, as Vice OffiOfficer, cer, Bank Bank of ofCommerce, Commerce, President for Account Management. He held Philippines 8 ASEAN Bankers Association I Aug / Sep 2017

EDITORIAL TEAM ABOUT ASEAN BANKERS ASSOCIATION The ASEAN BANKERS ASSOCIATION was founded in 1976. From the original five members, ABA SECRETARIAT namely Indonesia, Malaysia, Philippines, Singapore and Thailand, it became six when Negara Brunei Darussalam joined as a member in 1984. In 1995, Vietnam was admitted into ASEAN as the Mr Paul C G Gwee, Secretary General seventh member and in May 1999, Cambodia was admitted as the eighth member. In July 2001, LIAISON OFFICES Myanmar was admitted as the ninth member. In 2004, Lao Bankers’ Association was admitted as the tenth member thus making the constituent membership of the Association complete. The Brunei Association of Banks Mr Mubashar Hanif Khokhar, Chairman TODAY THE MEMBERS ARE: Mr Lim Yu Kwang, Vice Chairman The Brunei Association of Banks Mr Wang Xiaolin, Honorary Secretary & Treasurer The Association of Banks in Cambodia The Association of Banks in Cambodia Indonesian Banks Association (PERBANAS) Mr Pung Kheav Se, Chairman Lao Bankers’ Association Mr Charles Vann, Alternate Chairman Mr Liang Chin-Szu, Treasurer The Association of Banks in Malaysia Myanmar Banks Association The Indonesian Banks Association (PERBANAS) Mr Kartika Wirjoatmodjo, Chairman Bankers Association of the Philippines Mr Danny Hartono, Secretary General The Association of Banks in Singapore Mr Achmad Friscantono, Executive Director The Thai Bankers’ Association Lao Bankers’ Association Vietnam Banks Association Mr Phoukhong Chanthachack, Chairman Ms Sengdavone BangOnesengdeth, Secretary General OBJECTIVES OF THE ASSOCIATION ARE: The Association of Banks in Malaysia a) to raise the profile of ABA and the ASEAN banking community; Datuk Abdul Farid bin Alias, Chairman Ms Joanne Wong, OIC & Liaison Officer b) to strengthen the ‘voice’ of ASEAN in policy advocacy efforts globally or regionally; c) to contribute to the ASEAN Economic Community (AEC), provide private sector support Myanmar Banks Association in alignment with AEC’s goal; Mr U Khin Maung Aye, Chairman Dr Sein Maung, Vice Chairman d) to share banking ‘know-how’, provide education to promote best-in-class banking practices amongst members countries; and Mr U Kyaw Lynn, Secretary General e) to promote active collaboration of ASEAN banking institutions, foster friendship and Bankers Association of the Philippines cooperation amongst bankers. Mr Nestor V. Tan, President Mr Justo A. Ortiz, First Vice President PRINCIPAL ORGANS OF THE ASSOCIATION Mr Cesar O. Virtusio, Managing Director ASEAN BANKING COUNCIL (ABC). The Council, being the executive arm of the The Association of Banks in Singapore Association, meets annually to formulate policies and coordinate activities of the Association Mr Piyush Gupta, Chairman which are carried out and implemented through the various Committees. Mrs Ong-Ang Ai Boon, Director

The Thai Bankers’ Association THE THREE PERMANENT COMMITTEES Mr Predee Daochai, Chairman which discuss ideas and make recommendations to the Council are: Mr. Kobsak Duangdee, Secretary General a) Permanent Committee on Cooperation in Finance, Investment and Trade (COFIT) chaired Vietnam Banks’ Association by The Association of Banks in Singapore. Mr. Phan Duc Tu, Chairman b) Permanent Committee on Banking Education chaired by the Bankers Association of the Dr Nguyen Toan Thang, Secretary General Philippines. c) Permanent Committee on ASEAN Inter-Regional Relations (IRR) chaired by The LETTERS TO THE EDITOR Association of Banks in Malaysia. As part of our aim to promote regional exchange of ideas and information, ASEAN Banker hopes to open a dialogue on issues of importance to our readers. We ADVERTISEMENTS invite your comments on the stories presented in these pages and welcome articles of relevance to ASEAN Our readers include top CEOs, senior bankers in more than 1,000 banks spanned across ten countries Banking. All letters must be signed and include an address in ASEAN. Government bodies, chambers of commerce and business entities interested in ASEAN banking are also included in the circulation. with contact telephone or fax number. Letters may be addressed to Mr Paul C G Gwee, Secretary General of ABA. If your target is the banking industry, invest by advertising in the ‘ASEAN Banker’. On a cost recovery For advertisement bookings and correspondence, please basis, our rates are modest. contact Rates (Singapore Dollars, S$) ASEAN Bankers Association Full page $2,500 10 Shenton Way, #12-08 MAS Building Half page $1,500 Singapore 079119 Quarter page $ 800 Tel : 65-6220 7842 Fax : 65-6222 7482 Email: [email protected] For advertisement booking and enquiries, please contact: Website : www.aseanbankers.org ASEAN Bankers Association Email: [email protected] or telephone (65) 6220 7842

ASEAN Bankers Association Website:www.aseanbankers.org