As the year 2019 draws to a close, we invite our readers to reminisce in the most widely-read quotes drawn from finews.asia's interviews this year.
10. Ovo CEO: «Financial Inclusion Is More Than a Bank Account»
Jason Thompson, Ovo’s CEO, certainly connected with readers when highlighting financial inclusion meant more than just bank accounts and digital payments. While having a bank account is considered a crucial step in financial inclusion, it is insufficient to escape poverty. Around 1.7 billion adults globally remain unbanked, according to the World Bank’s Global Findex report for 2018, but noted around two-thirds of them have mobile phones, which could help them access financial services.
The same report said around half of Indonesia’s adults now has a bank account, up from 36 percent in 2014 and 20 percent in 2011. However, Thompson indicated just having a bank account isn’t enough to increase financial inclusion. «In terms of banking in Southeast Asia, I see banking penetration growing quite rapidly, but it’s been driven by salary dispersal, not by financial literacy,» Thompson said at the Singapore Fintech Festival 2019 on Tuesday. Read more into his insights here.
9. Herbert Scheidt: «Wages Are a Factor of Hygiene»
Despite the cost pressures faced by the entire banking industry, Vontobel is known to be paying very well compared with the industry as a whole. When asked if that is part of the corporate culture, Vontobel Chairman Herbert Scheidt stated that it is more a question of hygiene.
«We aim to pay in a way that puts us in a good position in the market. We also are a reputable player, meaning that our staff is sought after in the market – also by companies larger than ours, and they also pay some very good salaries.». If you are keen on a role with the bank, the salary should not be the only thing you are after, warns Scheidt.
8. PKB Privatbank: «We've Been Close to a Merger»
A merger could be taken into consideration only if it could create value for all the stakeholders – clients, employees, and shareholders. But in order to do that, many conditions will have to be satisfied which would not be easy, said the head of PKB Umberto Trabaldo Togna. As the CEO of one of Switzerland's few remaining independent private banks, he shares with finews.asia readers what his requirements for a merger would be – and how Italy could be the industry's new hot spot.
7. Vontobel's Georg von Wattenwyl: «We Are Totally Independent»
Although traditional private banking is well established and has been growing rapidly for years, recent trends suggest that more and more wealthy families are restructuring their assets and choosing a setup that is independent of the banks. This is partly due to the increasingly complicated regulatory and tax environment, but also to the fact that the changing geopolitical environment poses new challenges to asset allocation and management and that clients no longer want to be the link to their usually multiple banking relationships themselves, shares the CEO of Vontobel Singapore and Chairman of the Swiss Chamber of Commerce and Industry in Singapore.
6. Asia Banker: «Protests on Swiss-Like Timetable»
Swiss banker Max H (not his real name) may not be famous but the events surrounding him are; Hong Kong's protests have affected millions of residents and travelers to the city. Max H has lived in Hong Kong for over ten years and married to an Asian woman. He shared his experiences - daily routines, discussions with colleagues, and contingency plans with our readers. As the interview was published in late August, recent developments are not captured in his account.
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