logo
Asean remains attractive amid global trade, supply chain disruptions: UOB CEO Wee Ee Cheong

Asean remains attractive amid global trade, supply chain disruptions: UOB CEO Wee Ee Cheong

Business Times21-04-2025

[SINGAPORE] The Asean region remains an attractive market to do business with, even amid uncertainties due to geopolitical risks and the impact of the US tariffs, said UOB chief executive Wee Ee Cheong.
Wee, who is also UOB's deputy chairman, expects disruption and slower demand in the immediate future as a result of divides in global trade and supply chains.
But he noted that Asean – as well as UOB, which turns 90 this year – has weathered many crises before, and there are further opportunities for both to emerge stronger.
'In a multipolar world order, businesses and countries will face greater urgency to diversify the markets, integrate more closely regionally and innovate to create more value,' said Wee at UOB's annual general meeting (AGM) on Monday (Apr 21).
Wee believes there will be 'tremendous opportunities' to grow the lender's franchise, and that its Asean strategy is for the long term and will take patience, 'but it will be rewarding when executed well'.
A shareholder asked about UOB's view on the lower confidence in the US dollar and in US assets amid the current volatility.
A NEWSLETTER FOR YOU
Friday, 8.30 am Asean Business
Business insights centering on South-east Asia's fast-growing economies.
Sign Up
Sign Up
UOB group chief risk officer Chan Kok Seong expects the trend to de-dollarise to continue, but added that the decline in the prominence of the US dollar will likely be a slow process.
'As a bank that focuses on South-east Asia and positioned to benefit from trade flows, we are well-positioned to pivot to a more multipolar world, where trade in different currencies will gain more traction.'
Wee also emphasised that the lender focuses on South-east Asia, in response to shareholder questions about UOB's disposal of its retail banking franchise in China.
UOB in February 2025 announced that it will sell its retail banking business in China to Fubon Bank for an undisclosed amount. It retains its wholesale banking business in China.
'Greater China is a connectivity play for us, so our commitment continues to be in Asean,' Wee said.
'China is a big country. For us, we have only 15 branches; no matter what we do, it is not going to make a difference.'
UOB group chief financial officer Leong Yung Chee added that the size of the transaction was 'negligible', and that the focus of its China business remains on the connectivity of its Chinese clients and Chinese businesses with Asean markets.
Succession planning
Meanwhile, in response to a shareholder question on succession, UOB chairman Wong Kan Seng said that the topic is something that the board and nominating committee 'have been considering over a period of time'.
'The process is on, and I can assure you that is in place. Any time, when the decision is made, we will definitely inform our shareholders as well as the public,' he said.
Wee noted that renewal is 'an ongoing process', and that the lender has a 'robust' process in place. 'I personally spend much time and effort to grow our own people, ensuring that each growing tree is rooted in our values of honour, unity, commitment and enterprise.'

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

After 3 up days, S&P 500 falls on trade announcement
After 3 up days, S&P 500 falls on trade announcement

Straits Times

time23 minutes ago

  • Straits Times

After 3 up days, S&P 500 falls on trade announcement

Traders working on the floor of the New York Stock Exchange, in New York City, on June 11. PHOTO: REUTERS After 3 up days, S&P 500 falls on trade announcement NEW YORK - Wall Street stocks finished lower June 11 despite positive movement in the US-China trade conflict and a benign US inflation report. Following two days of talks in London, top US and Chinese negotiators announced a 'framework' agreement late on June 10 that included Chinese concessions on rare earth materials and Washington allowing Chinese students to study at US universities. But stocks fell in what described as a 'sell the news' response to a breakthrough that had been largely priced in. The broad-based S&P 500, which rose the last three days, finished down 0.3 per cent at 6,022.24. The Dow Jones Industrial Average was flat at 42,865.77, while the tech-rich Nasdaq Composite Index dropped 0.5 per cent to 19,615.88. Treasury Secretary Scott Bessent warned a broader deal with China would take a 'longer process,' saying it was possible to rebalance economic ties with Beijing only if Beijing proved a 'reliable partner in trade negotiations.' And for partners 'negotiating in good faith,' Mr Bessent told a congressional committee, there could be an extended pause before higher threatened tariff rates take effect in July. Besides trade, markets digested key inflation data. Consumer prices rose 2.4 per cent compared with a year ago, up from a 2.3 per cent reading for the prior month, a modest uptick that analysts said still did not fully reflect the impact from Mr Trump's tariffs. Mr Sam Stovall, of CFRA Research, described the June 11 session as a 'rollercoaster,' positing that the negative finale may reflect unease at reports Mr Trump could appoint a 'shadow' Federal Reserve chairman to try to influence monetary policy without firing Fed chairman Jerome Powell. Mr Stovall also highlighted the possibility that 'the market is overbought and due for some sort of digestion of gains.' Among those falling, large tech names including Amazon, Facebook parent Meta and Apple lost more than 1 per cent. AFP Join ST's Telegram channel and get the latest breaking news delivered to you.

US: Stocks rally fades after China trade framework
US: Stocks rally fades after China trade framework

Business Times

time27 minutes ago

  • Business Times

US: Stocks rally fades after China trade framework

[NEW YORK] Wall Street stocks finished lower on Wednesday despite positive movement in the US-China trade conflict and a benign US inflation report. Following two days of talks in London, top US and Chinese negotiators announced a 'framework' agreement late on Tuesday that included Chinese concessions on rare earth materials and Washington allowing Chinese students to study at US universities. But stocks fell in what described as a 'sell the news' response to a breakthrough that had been largely priced in. The broad-based S&P 500, which rose the last three days, finished down 0.3 per cent at 6,022.24. The Dow Jones Industrial Average was flat at 42,865.77, while the tech-rich Nasdaq Composite Index dropped 0.5 per cent to 19,615.88. Treasury Secretary Scott Bessent warned a broader deal with China would take a 'longer process,' saying it was possible to rebalance economic ties with Beijing only if Beijing proved a 'reliable partner in trade negotiations.' BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up And for partners 'negotiating in good faith,' Bessent told a congressional committee, there could be an extended pause before higher threatened tariff rates take effect in July. Besides trade, markets digested key inflation data. Consumer prices rose 2.4 per cent compared with a year ago, up from a 2.3 per cent reading for the prior month, a modest uptick that analysts said still did not fully reflect the impact from Trump's tariffs. Sam Stovall of CFRA Research described Wednesday's session as a 'rollercoaster,' positing that the negative finale may reflect unease at reports Trump could appoint a 'shadow' Federal Reserve Chair to try to influence monetary policy without firing Fed Chair Jerome Powell. Stovall also highlighted the possibility that 'the market is overbought and due for some sort of digestion of gains.' Among those falling, large tech names including Amazon, Facebook parent Meta and Apple lost more than one per cent. AFP

Why China biotech is getting a DeepSeek moment too
Why China biotech is getting a DeepSeek moment too

Straits Times

time37 minutes ago

  • Straits Times

Why China biotech is getting a DeepSeek moment too

Workers working at a Sinovac Covid-19 vaccine production line in Beijing in 2021. So far, the biotech industry is relatively insulated from Mr Trump's tariffs. PHOTO: XINHUA From artificial intelligence to military defence, China has offered a few DeepSeek moments in 2025 , showcasing that the country is more than just the world's biggest factory, and that it also can compete with the US on the technology front. Now biotech is having its own. In late May, Pfizer agreed to pay a record US$1.25 billion (S$1.6 billion) upfront to license an experimental cancer drug from Shenyang-based 3SBio, as well as making a US$100 million equity investment in the Hong Kong-listed biotech company. Two weeks later, Bristol Myers Squibb said it would pay BioNTech US$1.5 billion guaranteed to license a similar cancer asset. It was a win for BioNTech, which bought Biotheus, the Chinese company that developed the drug, late in 2024 for US$800 million. Join ST's Telegram channel and get the latest breaking news delivered to you.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store