Latest news with #intra-Asian
Nikkei Asia
3 days ago
- Business
- Nikkei Asia
Singaporean travel app Traveloka enters Japan market
TOKYO -- Traveloka, one of the leading travel booking apps in Southeast Asia, has launched services in Japan, hoping to expand its share of the growing intra-Asian tourism market. The Singapore-headquartered company, which now operates in eight countries in the region, said that growing numbers of Southeast Asians want to travel to Japan, just as more Japanese people are traveling to Southeast Asia.
Business Times
23-05-2025
- Business
- Business Times
OCBC's Helen Wong bags ‘outstanding CEO' at SBA; credits ‘one group' banking approach
[SINGAPORE] Being a basketball player in her youth imbued Helen Wong with a strong belief in the power of teamwork, something she has carried over to her role as chief executive of OCBC. Wong said the combination of people with the right capabilities and the same ambition can bring about maximum value. Hence, when she led OCBC's corporate strategy refresh in 2022, the Hong Kong-born banker put forward a plan to leverage OCBC's strength across Asean and Greater China – through a 'one group' approach. That is, to provide an integrated customer experience across the financial group's business through collaboration across each of its functions. 'When people can work together, your client trusts you even more, because everything they do with us becomes smoother,' Wong said in an interview with The Business Times. Wong became the first woman to head one of the Big Three Singapore banks, when she was appointed OCBC's group CEO in April 2021. SEE ALSO TDCX founder Laurent Junique wins top prize at 40th Singapore Business Awards GET BT IN YOUR INBOX DAILY Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up VIEW ALL This marks her second stint at OCBC – she first joined as a management trainee in 1984. A former HSBC veteran who spent most of her career in Hong Kong, her previous role as CEO for Greater China at HSBC largely involved linking China and Hong Kong to the rest of the world, Wong said. Then came OCBC, which was founded in 1932 and has long been present in both the Asean and Greater China regions, especially the two financial centres of Singapore and Hong Kong. Wong said she always saw opportunities to connect the two regions, given the backdrop that intra-Asian flows have been dominant since 2015. Asean has become a 'much more important' trading partner for China, since the US-China trade conflict started almost 10 years ago. At OCBC, Wong's strategy focuses on trade, investment flows and wealth growth in Asia. Wealth, she said, was an especially important driver, given the rising affluence in the region. The focus has paid off. Since the launch of the corporate strategy refresh, OCBC has seen record earnings each year. Net profit was a record S$5.7 billion in 2022; it reached a new high of S$7 billion in 2023; and the record was beaten once again in 2024 at S$7.6 billion. And the 'one group' approach has led the bank to grow at a faster compound annual growth rate (CAGR) than its peers, she said. Another contributor is the influx of Chinese companies expanding to Asean as they build their supply chains and expand into domestic markets. While Wong acknowledged that OCBC benefited from higher interest rates in recent years, she said it was crucial to invest in the bank's capabilities to build an operation that can function regardless of the rate environment. 'It is not just the presence; it's whether you have the ability to link it up,' Wong said. Linking people is always the most challenging, as most people are familiar with their own domestic markets and are comfortable operating in them. 'But we are allowing our people to understand more – that you can have a bigger conversation with your customers, you can help them, and you can speak in one language,' she said. 'And today, after a couple of years of effort, I can see that people truly feel that we are together as one group – and this is both the frontline and the support units.' Growth across the bank Wong was named Outstanding Chief Executive of the Year at the Singapore Business Awards on Thursday (May 22). Under her leadership, OCBC made significant progress in various areas, including its Asean and Greater China links, sustainability targets, talent development and technology investments. But this was not without effort. The bank had to relook at its organisational structure, and implemented the metric, 'collaboration dollars' – a measure of the level of cooperation among staff. It relaunched its brand, putting all its operations across Singapore, Indonesia, Hong Kong and China under the single 'OCBC' brand. For staff, it created messaging about the bank's purpose, values and ambition, and trained them to collaborate. 'We built a very clear responsibility grid, which means that for a relationship manager: if you are able to create value in other countries, even not in your local book, you are recognised,' she said. This led to the use of artificial intelligence and technology, and resulted in significant process improvement. By 2024, as much as 15 per cent of its total income was attributable to collaboration dollars. Meanwhile, Wong noted five focus areas to achieve its sustainability goals: building capabilities for customers; training staff; targeting net zero for internal operations; disclosure policies; and coming up with innovative solutions. 'We have a task force for all five areas, and after one or two years, it becomes business as usual,' she said, noting that sustainable finance made up 16 per cent of its total book as at the end of 2024. 'Setting the tone is also for the whole top team to walk the talk. Because we believe in it, we support it, then everybody is aligned,' she added. Future targets The year 2025 marks the end date for OCBC's three-year goal to earn S$3 billion in additional revenue from its Asean-Greater China strategy. While Wong does not have exact targets beyond this, the plan does not stop there. 'We have a corporate strategy of eight pillars; whatever we have done will set the stage for this money to continue to come in,' she said. Beyond 2025, Wong said, 'the opportunities are still indeed in this part of the world'. Chinese companies continue to come to Asean. But the new wave is also not so much in low-cost manufacturing – as these bases have already been established – but more so in targeting the fast-growing economies of this region. Wong is also eyeing the 'banking wallet' – which is the estimated revenue for banks across Asean and Greater China. From 2023 to 2030, she expects the banking wallet in Asean to grow at a CAGR of 5 to 7 per cent, to reach S$500 billion to S$600 billion. 'A lot is about looking into the future and building a strategy to make sure we have the investments to pull people together,' she said. 'It's not a slogan; it is not just something that people say.'
Business Times
22-05-2025
- Business
- Business Times
Banking across Asean and Greater China as ‘one group'
[SINGAPORE] Being a basketball player in her youth imbued Helen Wong with a strong belief in the power of teamwork, something she has carried over to her role as chief executive of OCBC. Wong said the combination of people with the right capabilities and the same ambition can bring about maximum value. Hence, when she led OCBC's corporate strategy refresh in 2022, the Hong Kong-born banker put forward a plan to leverage OCBC's strength across Asean and Greater China – through a 'one group' approach. That is, to provide an integrated customer experience across the financial group's business through collaboration across each of its functions. 'When people can work together, your client trusts you even more, because everything they do with us becomes smoother,' Wong said in an interview with The Business Times. Wong became the first woman to head one of the Big Three Singapore banks, when she was appointed OCBC's group CEO in April 2021. SEE ALSO TDCX founder Laurent Junique wins top prize at 40th Singapore Business Awards GET BT IN YOUR INBOX DAILY Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up VIEW ALL This marks her second stint at OCBC – she first joined as a management trainee in 1984. A former HSBC veteran who spent most of her career in Hong Kong, her previous role as CEO for Greater China at HSBC largely involved linking China and Hong Kong to the rest of the world, Wong said. Then came OCBC, which was founded in 1932 and has long been present in both the Asean and Greater China regions, especially the two financial centres of Singapore and Hong Kong. Wong said she always saw opportunities to connect the two regions, given the backdrop that intra-Asian flows have been dominant since 2015. Asean has become a 'much more important' trading partner for China, since the US-China trade conflict started almost 10 years ago. At OCBC, Wong's strategy focuses on trade, investment flows and wealth growth in Asia. Wealth, she said, was an especially important driver, given the rising affluence in the region. The focus has paid off. Since the launch of the corporate strategy refresh, OCBC has seen record earnings each year. Net profit was a record S$5.7 billion in 2022; it reached a new high of S$7 billion in 2023; and the record was beaten once again in 2024 at S$7.6 billion. And the 'one group' approach has led the bank to grow at a faster compound annual growth rate (CAGR) than its peers, she said. Another contributor is the influx of Chinese companies expanding to Asean as they build their supply chains and expand into domestic markets. While Wong acknowledged that OCBC benefited from higher interest rates in recent years, she said it was crucial to invest in the bank's capabilities to build an operation that can function regardless of the rate environment. 'It is not just the presence; it's whether you have the ability to link it up,' Wong said. Linking people is always the most challenging, as most people are familiar with their own domestic markets and are comfortable operating in them. 'But we are allowing our people to understand more – that you can have a bigger conversation with your customers, you can help them, and you can speak in one language,' she said. 'And today, after a couple of years of effort, I can see that people truly feel that we are together as one group – and this is both the frontline and the support units.' Growth across the bank Wong was named Outstanding Chief Executive of the Year at the Singapore Business Awards on Thursday (May 22). Under her leadership, OCBC made significant progress in various areas, including its Asean and Greater China links, sustainability targets, talent development and technology investments. But this was not without effort. The bank had to relook at its organisational structure, and implemented the metric, 'collaboration dollars' – a measure of the level of cooperation among staff. It relaunched its brand, putting all its operations across Singapore, Indonesia, Hong Kong and China under the single 'OCBC' brand. For staff, it created messaging about the bank's purpose, values and ambition, and trained them to collaborate. 'We built a very clear responsibility grid, which means that for a relationship manager: if you are able to create value in other countries, even not in your local book, you are recognised,' she said. This led to the use of artificial intelligence and technology, and resulted in significant process improvement. By 2024, as much as 15 per cent of its total income was attributable to collaboration dollars. Meanwhile, Wong noted five focus areas to achieve its sustainability goals: building capabilities for customers; training staff; targeting net zero for internal operations; disclosure policies; and coming up with innovative solutions. 'We have a task force for all five areas, and after one or two years, it becomes business as usual,' she said, noting that sustainable finance made up 16 per cent of its total book as at the end of 2024. 'Setting the tone is also for the whole top team to walk the talk. Because we believe in it, we support it, then everybody is aligned,' she added. Future targets The year 2025 marks the end date for OCBC's three-year goal to earn S$3 billion in additional revenue from its Asean-Greater China strategy. While Wong does not have exact targets beyond this, the plan does not stop there. 'We have a corporate strategy of eight pillars; whatever we have done will set the stage for this money to continue to come in,' she said. Beyond 2025, Wong said, 'the opportunities are still indeed in this part of the world'. Chinese companies continue to come to Asean. But the new wave is also not so much in low-cost manufacturing – as these bases have already been established – but more so in targeting the fast-growing economies of this region. Wong is also eyeing the 'banking wallet' – which is the estimated revenue for banks across Asean and Greater China. From 2023 to 2030, she expects the banking wallet in Asean to grow at a CAGR of 5 to 7 per cent, to reach S$500 billion to S$600 billion. 'A lot is about looking into the future and building a strategy to make sure we have the investments to pull people together,' she said. 'It's not a slogan; it is not just something that people say.'
The Star
25-04-2025
- Business
- The Star
PM to discuss tariff response with Pakistan, Maldives and Kosovo leaders soon
IPOH: Prime Minister Datuk Seri Anwar Ibrahim will meet leaders from Pakistan, the Maldives and Kosovo soon to discuss recent challenges in global trade. He said there was a need to take such steps especially given the imposition of reciprocal tariffs by the United States. 'Do we simply complain, or do we act? 'In my discussions with Asean leaders, with the President of China, and soon, with the Presidents of Maldives, Kosovo, and Pakistan who are scheduled to visit Malaysia, we (aim to reach) a consensus," he said at the launch of the Sultan Azlan Shah Airport upgrade project here on Friday (April 25). 'The most important step is to build our domestic capabilities. "We must instil public confidence that we can be self-reliant and grow using our own strengths. 'At the same time, we are expanding our networks in Asean, throughout Asia in China, India, Australia, Japan and South Korea, while also opening new markets in Europe. "Currently, we are also growing closer to Brazil. 'Just two nights ago, I had an online discussion with UN Secretary-General António Guterres, the President of Brazil and the President of Turkiye, among others, where we discussed how to expand our markets and increase domestic tourism. 'One of the key points raised in Asean discussions is how to boost intra-Asian tourism. 'That is why we must compete with better facilities, better execution, and a higher level of efficiency from all officers,' he added.
Hindustan Times
23-04-2025
- Business
- Hindustan Times
Economic resilience in a fragmented trade order
In an era marked by intensifying global trade tensions, the resurgence of tariff wars has emerged as a formidable challenge for nations striving to safeguard their economic interests. The imposition of sweeping tariffs by major economies most notably by the US under President Donald Trump has disrupted established trade relationships and compelled governments to reevaluate their strategic approaches. In particular, the recent escalation of tariffs, such as a 145% duty on Chinese goods and significant levies on imports from the EU, Japan, and other major economies, reflects a marked shift from multilateralism to protectionism. This trend has had profound implications for global trade, compelling countries to adopt a variety of countermeasures to insulate their economies from external shocks. The World Trade Organization (WTO) has projected an 80% decline in the US-China merchandise trade for 2025, exemplifying the fragmentation of global trade into distinct blocs. In light of this development, individual States are recalibrating their trade and economic policies to buffer themselves against the cascading effects of a divided commercial order. Each country's response reflects a unique blend of financial priorities, geopolitical calculations, and structural vulnerabilities. China, at the forefront of global commerce, has borne the brunt of US tariff escalation. In response, Beijing has imposed reciprocal duties on American goods while actively diversifying its trading partners. A significant uptick in regional engagement has followed, with China-Association of South East Asian Nations (ASEAN) trade reaching $234 billion in the first quarter of 2025. This strategic realignment signifies China's intent to reduce dependence on western markets and reinforce intra-Asian trade. The EU, although not directly retaliatory, faces a critical challenge stemming from potential market flooding due to diverted Chinese exports, particularly in oversupplied sectors such as solar energy. With a recorded trade deficit of €304.5 billion ($347 billion) with China in 2024, the EU is pursuing diplomatic dialogue to manage the redirection of Chinese products and safeguard domestic industries. This proactive monitoring approach illustrates the EU's preference for negotiation over confrontation. Japan, a traditionally export-driven economy, is experiencing notable vulnerabilities. Economists estimate that new US tariffs could suppress Japanese GDP growth by as much as 0.8%. Financial markets have responded accordingly, with the Nikkei index experiencing a 9% decline in a single day underscoring investor anxieties. In reaction, Tokyo is seeking tariff reductions through diplomatic channels while preparing domestic stimulus packages to bolster consumption and investment. India has adopted a precautionary diplomatic stance. The Indian government is actively negotiating a comprehensive trade agreement with the US, seeking to double bilateral trade to $500 billion by 2030. In addition, India has expressed readiness to reduce tariffs on over 50% of its US imports, valued at $41.8 billion in 2024. This balanced strategy signals India's intention to maintain robust trade ties while avoiding any entanglement in broader protectionist disputes. Russia's position in the current tariff war is uniquely shaped by its pre-existing detachment from western markets due to sanctions. Nonetheless, Moscow has voiced concern over global trade instability and is pursuing market diversification to preempt secondary shocks. Its focus on regional trade blocs and bilateral agreements highlights the strategic importance of economic self-sufficiency in times of global upheaval. Brazil's situation is nuanced; while it faces a relatively modest 10% tariff on exports to the US, this action has triggered a broader reassessment of trade policy. The Brazilian government is considering legislation to enable reciprocal trade actions and protect domestic industries. Simultaneously, economists suggest Brazil might benefit from the realignment of global supply chains, particularly if it can position itself as a neutral intermediary between feuding trade blocs. South Korea's response has been both anticipatory and corrective. The government has proposed a supplementary budget of 12.2 trillion won ($8.6 billion) to stabilise industries vulnerable to external shocks. Notably, Seoul is also cooperating with Washington to investigate fraudulent practices involving the mislabelling of Chinese products as Korean exports. This underscores South Korea's commitment to transparent trade practices while safeguarding its market access privileges. Turkey, impacted by baseline 10% tariffs, is managing the crisis through a combination of regulatory oversight and economic agility. The Turkish government has declared its intent to resist becoming a dumping ground for excess global production and has indicated it will employ all tools available under international law to defend its economic sovereignty. Concurrently, Turkish industries are seeking to exploit new market openings created by shifting trade patterns. Smaller but strategically positioned economies such as Thailand and Taiwan have implemented targeted adaptations. Thailand, burdened by a 36% US tariff, is actively pursuing 'friend-shoring' alliances to maintain competitive access to global markets. Taiwan, meanwhile, has invested $100 billion in US-based semiconductor facilities, which has facilitated exemptions for its chip exports, an example of how direct foreign investment can yield strategic trade advantages. The ongoing tariff war has also catalysed broader macroeconomic consequences, particularly in global capital flows. A growing trend of divestment from US assets termed the 'sell America trade' is evident in declining demand for US equities and treasury bonds. Investors, spooked by policy uncertainty, are reallocating resources to more stable currencies such as the euro, pound, and Australian dollar. This flight to safety has implications not only for US financial markets but also for global economic stability. The contemporary tariff war has illuminated the resilience and vulnerabilities of national economies in a rapidly shifting trade environment. From retaliatory tariffs and investment diversification to strategic diplomacy and institutional strengthening, countries are deploying a broad spectrum of tools to mitigate economic dislocation. While the long-term effects of these measures remain to be seen, what is clear is that global economic governance is entering a new phase characterised by complexity, adaptability, and the recalibration of traditional trade alliances. The necessity of multilateral dialogue and policy innovation has never been more critical in navigating the uncertainties of this evolving global order. This article is authored by Gunwant Singh, scholar, international relations and security studies, Jawaharlal Nehru University, New Delhi.
