Goldman Sachs leveraging revamp to boost Asia investment banking share, says regional top banker
Since September 2024, the bank has unified its merger and acquisition (M&A) teams, combined financial and strategic investor units and introduced a capital solutions group in the region, before merging three investment banking businesses and appointing Iain Drayton to head the integrated regional franchise last month.
The 19-year Goldman veteran, speaking for the first time since the revamp, said the regional integration is seen as a way to "expand the overall commercial opportunity in Asia-Pacific".
"By operating as a unified APAC platform, we can provide broader insights, more seamless execution, and deeper, regionally coordinated coverage," he said.
Before the revamp, Goldman Sachs' investment banking businesses in Japan, Australia and New Zealand, and the rest of Asia were separately operated.
Drayton, who previously led the Asia operations excluding Japan, said there has been a clear pickup in large-scale M&A and a meaningful uptick in equity capital markets activity across the region following the integration.
"On an APAC basis, we're seeing some strong tailwinds at the moment — quite a contrast to the headwinds that defined the past two to three years," Drayton said.
"Market sentiment, investor engagement, and transaction momentum are all moving in a more constructive direction."
Wall Street banks have voiced concerns over delays for deals as U.S. tariff policies roiled markets and stalled activity.
But dealmaking has resumed and markets have stabilised in Asia in recent weeks, with investors poised to deploy capital where valuations are compelling, Drayton said.
Goldman Sachs ranked top in Asia Pacific's equity capital markets league table this year as of Monday, having worked on $12 billion worth of such deals, ahead of rivals JP Morgan and Morgan Stanley, data from Dealogic showed.
The bank placed third in announced M&A, advising on $111 billion of deals, trailing Nomura Holdings and Morgan Stanley, the data showed.
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CNA
38 minutes ago
- CNA
Can people tell a real voice from an AI-generated one? We put it to the test
SINGAPORE: 'Hi, how have you been? So I heard about this restaurant that just recently opened up. Want to go check it out the next time we meet?' These were the innocuous sentences used in a simple experiment to find out if people in my social circle could distinguish my real voice from an AI-cloned version. The result was some confusion - but more importantly, the ease with which the imitation was generated suggests that more attention should be paid to the phenomenon of deepfake voice phishing, or vishing. Millions of dollars have been lost to scammers using cheap yet increasingly sophisticated artificial intelligence tools to impersonate the voices of real people. In Asia-Pacific, the trend of AI and deepfake-enabled fraud is accelerating even faster than the rest of the world, according to cybersecurity firm Group-IB. AI-related fraud attempts surged by 194 per cent in 2024 compared to 2023, with deepfake vishing emerging as one of the most commonly used methods, said the company's senior fraud analyst for the region Yuan Huang. An increase has also been observed in Singapore. While exact vishing figures are not publicly available, Ms Huang pointed to a study which found that about 56 per cent of businesses here have experienced deepfake audio fraud. The Cyber Security Agency of Singapore told CNA that audio deepfakes are a rising concern, due to how they exploit people's natural inclination to trust familiar voices, such as those seemingly from a family member or a colleague. COPYING MY VOICE My experiment, which was facilitated by Ms Huang from Group-IB at the start of August, showed that cloning a voice really did not take much: A publicly available online tool – of which there are several – and samples of my voice as short as 10 seconds. A more convincing replication would require longer samples and more tone variations. The subscription plan for the platform we chose was priced at less than US$10 for the first month. Elsewhere, fees can start at US$3 a month. Under our plan, we could generate high-definition audio output and cloned voices in other languages. Seconds after uploading my samples, my deepfaked voice was ready. On the user-friendly interface, cloned voices can be fine-tuned by adjusting speeds or tweaking settings to be more monotonous or more dramatic. None of this required any particular technical skills; practically anyone can generate a cloned voice. When I finally played back my AI-generated voice in full, I was taken by surprise. I already knew it was supposed to sound like me. But the level of similarity and accuracy – down to the pauses I habitually take in between words – was something else. The technology was not entirely flawless. The voice clone seemed to have a hint of an American accent; and the more we replayed it, the less it sounded like me. But it would suffice to fool most people, according to studies at least. A 2024 poll by the University of California in the United States found that participants mistook the identity of an AI voice for its real counterpart 80 per cent of the time. When researchers at the University College London played audio clips to 100 people, just 48 per cent were able to tell which was a human voice and which was created using AI. A recent public awareness survey by CSA found that a majority (78 per cent) had confidence in their ability to identify deepfakes. But only one in four could distinguish legitimate videos from AI-manipulated ones. No data or trends specific to audio content were available. In an April 2024 reply to a parliamentary question, it was also revealed that the Singapore police has not been tracking the number of deepfake-related scams using video, voice and other media. Home Affairs Minister K Shanmugam said then: "While we have received some reports where the complainants had alleged that deepfake techniques were used by the scammers, the number is not high." PUT TO THE TEST After the cloning came the fun part of the experiment. We typed out the statement on checking out a restaurant - something I would say to friends - on the online platform; then separately recorded myself saying the same thing. Then I called four contacts - two colleagues as well as two friends I've known for almost a decade - and played them the two audio clips. One of my colleagues initially mistook my real voice for AI. But in the end, all four could tell the difference: According to them, no amount of tweaking of settings could take away the more robotic and monotonous flavour of the cloned voice. One possible factor could be that the Singaporean accent is not as easy to clone, since most AI models are trained on American or British accents, said Associate Professor Terence Sim from the National University of Singapore's (NUS) school of computing. My friends were also young adults in their 20s, who may be more aware of the hallmarks of AI use - and on higher alert in the environment of phone calls. THE VISHING APPEAL Experts CNA spoke to nonetheless noted the growing accessibility of low-cost and sometimes even free generative AI tools to convincingly mimic and create human voices. A CSA spokesperson said that with audio deepfakes, "while there are traditional indicators like unnatural pauses in speech, robotic intonation, or unusual word choices, these tells are becoming harder to spot as AI technology advances". "What makes audio deepfakes particularly challenging to detect is that humans are naturally attuned to trust voice communications, especially in urgent or emotional situations," he added. "When someone appears to sound exactly like a family member or colleague in distress, the emotional response often overrides our usual caution." The AI tools also allow scammers to spoof trusted institutions with accuracy, making it easier to manipulate targets and gain financial and sensitive information, said Assistant Professor Saifuddin Ahmed from the Wee Kim Wee School of Communication and Information at Nanyang Technological University (NTU). "Combined with the availability of stolen personal data from breaches or user mistakes, the technology empowers scammers to craft highly convincing, personalised attacks." Group-IB's Ms Huang also highlighted that social media is often the primary source for obtaining voice samples. Other avenues include radio or TV interviews, webinars and public recordings available online. "In some cases, scammers record a victim's voice during a phone call, particularly during impersonation or vishing attempts, to later use it for further attacks." Scammers, being financially motivated, prefer targets who can potentially bring such high returns, Ms Huang said. This includes chief executives, chief financial officers and finance personnel. But they can also target the elderly, particularly those unfamiliar with AI-generated voice technology, or those who can be emotionally manipulated. Prominent vishing cases In 2019, a CEO of an energy company based in the United Kingdom was convinced he was on the phone with his boss from their German parent company. The CEO said he recognised a subtle German accent and that it even carried the "melody" of his boss' voice. He ended up transferring US$243,000 to a fraudster who had used AI to spoof the German boss. The call had been made from an Austrian phone number, and the money was moved from a Hungarian bank account to one in Mexico before being spread out to other locations. Earlier in 2025, a Hong Kong merchant lost about US$18.5 million in cryptocurrency to scammers impersonating a financial manager of a Chinese company over WhatsApp. The merchant, who wanted to buy cryptocurrency mining equipment, communicated with who he thought was the financial manager over WhatsApp. He even received voice messages from the "manager" during purchase negotiations. While these cases happened outside of Singapore, similar tactics have been observed in this region, especially targeting finance departments and C-level executives in trusted industries, said Group-IB's Ms Huang. WHAT TO DO ABOUT IT Attempting to regulate online voice cloning platforms would be a complex matter, with almost all of them hosted outside of Singapore's jurisdiction, experts told CNA. Asst Prof Saifuddin from NTU said cooperation between governments and tech companies would be needed to set boundaries to safeguard users. At an industry level, telecom providers can also implement advanced call authentication and improve their spam-blocking technologies, he said. Asst Prof Saifuddin's advice to individuals was to use a different communication channel where possible, such as text or email, to confirm the request. "Never rely solely on the incoming call for verification," he said. NUS' Assoc Prof Sim pointed to skills that could be picked up, such as how to listen out for hissing, mismatched background sounds in different segments of the speech, a lack of background sound, or abrupt transitions from one sentence to the next. But he also acknowledged that these were not foolproof, with voice cloning technology constantly improving. CSA said to be on alert when receiving urgent and unsolicited requests for monetary transfers or sensitive details such as passwords and banking credentials. "For voice calls from a supposed friend or family member, ask questions that only they would know ... If in doubt, do hang up and call the friend or family member directly on their known number," said the agency's spokesperson. In the case of callers claiming to be from institutions, dial their official hotline to verify. "A healthy dose of scepticism is important in today's digital world," said CSA. "Not everything we see or hear online is what it appears to be, and if it's too good to be true, then it probably is." That was also my takeaway from the experiment, topped off with a dose of wariness. The next time I get a call from an unknown number, I won't be the first to speak.
CNA
9 hours ago
- CNA
Art attracting investors in Hong Kong
Hong Kong's stock market has regained ground but remains well below pre-pandemic levels. Market volatility, combined with global uncertainty and the US–China trade war, has turned art into a rare bright spot, attracting a new wave of investors seeking alternative assets. CNA's May Wong reports.
CNA
13 hours ago
- CNA
Art investments gain ground in Hong Kong amid market volatility, global uncertainty
Asia Investing in art required millions of dollars in the past but today, investors can get into the market with works priced below US$50,000. HONG KONG: As Hong Kong's stock market shows signs of recovery, a new kind of investment is catching the attention of young and high-net-worth investors alike. Once seen as a luxury or passion purchase, art is now being included in portfolios as a legitimate asset amid market volatility, global uncertainty and the United States-China trade war. The global market share of Hong Kong and mainland China's modern and contemporary art doubled from 7 per cent in 2015 to 14 per cent last year, according to a report released by China Art Market in March. Julia Hu, managing director for Asia at international auction house Bonhams, told CNA that investor attitudes towards art have evolved significantly in the past decade. 'When I talked to some collectors' family offices in Hong Kong, maybe 10 years ago, no one considered putting this (in their) portfolio – maybe just (as) a collector because of their personal interest,' she said. 'Now, the family offices, when they set up their portfolio assets … some want to put 10 per cent of their portfolio into art, because of the very special characteristic of art,' she noted, adding that the art market is 'resilient' especially during volatile times. MORE YOUNG COLLECTORS Some experts believe that as art becomes more affordable and accessible, investors may increasingly turn to it as a financial asset. While investing in art required millions of dollars in the past, investors can get into the market today with works priced below US$50,000. Global art sales fell 12 per cent in 2024, marking the second yearly drop since 2022 – but smaller dealers with a turnover under US$250,000 grew 17 per cent, according to Dublin-based consultancy Arts Economics. Auctions under US$5,000 also rose, showing resilience at the lower end of the market despite weakness at the top. Some works start as low as US$1,500. 'We are seeing an emergence of a new segment of customers coming into the market, which are the Gen Zs, the millennials, which is very exciting. They are actually propping up what we call the accessible art pieces … that are about US$50,000,' said Simon Tye, CEO of Hong Kong-based consumer insights firm MDRi. 'This is contributing to a lot of the growth that we are seeing,' he added. Almost 40 per cent of bidders and buyers in Asia now are aged under 44, stated the China Art Market report. Digital art and AI-generated works are also gaining traction among Gen Z and millennials. Tye said young savvy investors constantly have an urge to try new things and are more open to experimenting, compared with the previous generation. Art's low correlation with conventional investments such as stocks and bonds has made it an attractive option when market conditions are unstable. Tye noted that even as investor confidence globally has been dented by a turbulent economic landscape, interest still remains among investors in the art market. 'When we look at the (art auction market) volume, the volume is not dropping as significantly as we thought it might be,' he added. 'The value might be coming down primarily because the top end of the market is not selling as well. But the bottom end of the market is actually emerging and emerging very, very strongly.' While Hong Kong's Hang Seng Index gained 18 per cent in 2024 and continued rallying into mid-2025, it remains well below its pre-COVID-19 pandemic peak. 'Some people treat (art) as an alternative investment … because it is less sensitive to inflation period, less sensitive to current fluctuations like those other paper assets,' said Dunhong Jin, assistant professor at the University of Hong Kong Business School. Visitors look at artwork during Art Basel in Hong Kong, Wednesday, March 26, 2025. (Photo: AP/Vernon Yuen) Investors are also increasingly seeing Hong Kong as an art auction hub. Reports have cited the Chinese special administrative region as the third largest art market in the world behind New York and London. Similar to how the IPO market is soaring in the city as corporations shift away from US listings largely due to ongoing trade tensions, investors, too, are turning to Hong Kong for Chinese assets. Hong Kong can 'expect a sustained interest in Chinese art' from local investors, Jin added. 'And then through this strategic location, we can actually connect high-net-worth individuals in mainland China to the rest of the world.' Hu from Bonhams called the art market an 'interesting alternative investment vehicle' for investors and collectors, noting that art pieces are unique and can be used as a 'diversification tool to hedge against the economy'. While there is a lot of uncertainty over how real estate - a popular sector for investors - will perform in an uncertain economic environment, Hu said she believes art is less exposed. Art pieces displayed at Bonhams' gallery space in Hong Kong. Art also has an emotional factor and gives collectors who get their hands on masterpieces a certain social status, differentiating it from the standard financial product, Hu added. One example she cited was a contemporary piece by the late Japanese artist Tetsuya Ishida. The acrylic on panel piece, titled The Men on a Belt Conveyor, sold at auction in December last year for about HKS$10 million (US$1.28 million) - a 25 per cent rise from Ishida's previous auction record, despite economic uncertainties. 'The reason is he's a very talented artist. Everybody knows him and his reputation is very respected in the market,' Hu said. 'Secondly, he (did) not paint many paintings and he has already passed away. So this painting has been perceived as a masterpiece - a very rare, large signature piece from this artist.' Members of the public whom CNA spoke to echoed these sentiments. 'I feel that more may turn to investing in art because art has its historical and creative value. Regardless of time, art may be a better store of value than equities,' said 28-year-old Song Xue Jie. Yang Jing Rui, also 28, noted that US-China ties – which have frayed in recent years due to a trade war – have affected the international economic environment. 'The global relations now are quite unstable … For ordinary young investors, choosing to invest in equities may be very risky,' she added. 'Investing in the art market may yield longer term stability and benefits with possibly better returns.' NOT WITHOUT RISKS Despite this, experts said the art auction market is not without risks. Jin warned of strategic or speculative behaviours in the market that could lead to prices of art pieces deviating from their intrinsic value. This could deter people from entering the market, she said. As a financial hub, Hong Kong should maintain a variety of art pieces in the market that will appeal to both Chinese and international investors, Jin added. 'We want people to know that Hong Kong or China is a big market for Chinese art … And at the same time, we also offer alternative choices for people interested in Western or contemporary arts,' she said. 'Otherwise, if we only focus on one side, (it) may actually make the Hong Kong market less attractive or less balanced in terms of the offerings.' Hong Kong art investment
