Cover Onnah Liew (left), Standard Chartered Private Bank’s market head for Singapore-Indo China, and Lisa Teo (right), market head for Taiwan and Singapore (Photos: Darren Gabriel Leow)
Onnah Liew (left), Standard Chartered Private Bank’s market head for Singapore-Indo China, and Lisa Teo (right), market head for Taiwan and Singapore (Photos: Darren Gabriel Leow)
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Onnah Liew and Lisa Teo of Standard Chartered Private Bank discuss how clients’ horizons are expanding, just as their aspirations are evolving
With its roots in this region stretching back to the mid-19th century, Standard Chartered possesses a long and trusted history of assisting residents of Southeast Asia in protecting and growing their wealth. Today, Standard Chartered Private Bank is uniquely placed to assist high-net-worth individuals and families in Singapore and neighbouring countries in navigating the world’s ever-changing financial landscape—and to cater to the shifting desires and philosophies of modern investors.
Onnah Liew, Standard Chartered Private Bank’s market head for Singapore-Indo China, brings deep expertise to her role spanning this thriving region. Emerging markets are often seen as untamed frontiers, rife with both challenges and opportunities. The Indo China region, which is defined by Standard Chartered Private Bank as comprising Thailand, the Philippines, and Vietnam, is no exception to this perception.
In these countries, the potential for growth is exceptionally high, especially when compared to more developed markets. “A lot of the wealth today is the result of entrepreneurial success,” explains Liew.
Steeped in entrepreneurial spirit, as these countries continue to develop, with a burgeoning middle class and affluent demographic, inevitably demand will increase for private banking services that cater to their needs.
Above Onnah Liew
Onnah Liew
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This environment resonates with Standard Chartered’s entrepreneurial ethos, where the bank is charting a unique course by leveraging its global reach while embracing the local nuances of these markets. “In our history, we have helped many entrepreneurs grow their businesses and expand their footprints using our network. For high-net-worth and ultra-high-net-worth clients, the bank plays a crucial role in optimising and protecting wealth creation to support them in terms of succession planning and how to pass on their legacy,” says Liew, noting that the bank’s history in the region spans over 160 years.
“We are an international local bank because we are the only bank that has a presence in all 10 ASEAN countries, which makes us unique in this part of the world.”
This long-standing presence in the region provides the team with a deep understanding of local contexts as well as a powerful brand recognition among clients, placing them in good stead to navigate the challenges of banking in emerging markets.
One challenge facing these markets as frontier economies include concerns about anti-money laundering practices, legal frameworks and political stability. “The evolving landscape on regulations can make a significant difference in the private banking industry,” Liew notes.
This is why private banks like Standard Chartered must work closely with regulators to ensure compliance and risk mitigation and stay up to date with regulatory changes.
Another transformation is taking place within the region — a shift from offshore to onshore banking. She elaborates, “In the past, emerging market clients preferred offshore banking due to the range of product offerings, accessibility and safety. However, regulatory changes, opening up of onshore markets and patriotism are driving a trend toward onshore banking.” This transformation means foreign banks must navigate cross-border rules and regulatory changes with nimbleness to stay competitive.
On a daily basis at the workplace, Liew is equally passionate about connecting with her team, particularly by fostering an environment that supports mental wellness and encourages mentorship. She has been actively involved in corporate social responsibility (CSR) initiatives for many years and most recently organised a mental wellness film screening to raise awareness for this issue.
“I incorporated a daily huddle for the team for everyone to come together to share their challenges and solutions — that is knowledge sharing in itself and creates a bond within the team. It is also important that everybody gets the message that it is okay to feel stressed and that they are not alone,” she says.
At the same time, she advocates the importance of mentorship for young professionals. She advises, “Be curious, learn, adapt and find a good mentor to guide you. Be proactive and speak to someone senior for advice. Do not wait for the opportunity to come to you, instead actively seek learning experiences.”
Above Lisa Teo
Lisa Teo
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Today, the more youthful demographic of private banking clients increasingly seeks out investment opportunities that align with their personal beliefs and ethics. Young, affluent investors are leading the charge towards ESG (Environmental, Social, and Governance) investments by setting a keen eye on the long-term impact of climate risk on their businesses, says Lisa Teo, Standard Chartered Private Bank’s market head for Taiwan and Singapore
More than just a trendy buzzword, this is a movement, Teo says. She reveals, “Clients, especially the second and third generations, are increasingly aware of the impact of climate risk, given that they see the impact on their own businesses as well. They are not solely focused on taking over the family business or succession planning but are keenly aware that ESG factors can affect the medium to long term growth of a company.”
In fact, ESG has become a pivotal topic in most client meetings, with this shift not just confined to businesses, but with clients looking at integrating ESG investments in their portfolios in both public and private spaces as well. “They want to understand topics such as low carbon economy and sustainable transition finance and are eager to find out how involved the bank is in the ESG related investments,” says Teo.
In response to this demand, Standard Chartered has integrated ESG scores into its proprietary Wealth Management quantitative ranking tool for assessing companies and is actively working on further integrating ESG criteria into fund selection.
Standard Chartered, with its footprint across 53 markets in Asia, Africa and the Middle East, is well placed to steer its clients towards more conscious investment choices. As Teo puts it, “being a universal bank, Standard Chartered is able to cater to the different needs of a client, be it corporate, personal, trust, as well as wealth planning. This network is unique, allowing me to connect and fulfil my clients’ needs outside of Asia, in jurisdictions like Africa and we can tap on the strength of our corporate bank to service our clients.”
While, like most other sectors, the banking industry is currently undergoing profound transformation, the personal touch provided by relationship managers remains key. Having built strong bonds with their clients, relationship managers are able to respond quickly to ensure that clients do not miss out on valuable market opportunities. Their role is particularly important in providing value-added advice, especially in the last mile of the transaction, Teo notes.
“It is not just about recommending an investment but understanding the client’s risk profile, the mechanics behind the client’s wealth and even what this client has with other banks so that you do not duplicate investment ideas. This allows for a more sound and informed investment decision,” says Teo.
This genuine and transparent approach to client interactions is what forms the foundation of trust and stronger client-adviser relationships, says the private banking veteran. “I like being open and upfront with clients and explain the pros and cons in the most transparent manner so that the client can make a well-informed decision. Over time, this is what builds trust,” she says.
Drawing from her own experiences in parenting two young children, she says, “One thing I learnt is that kids are very genuine and direct. I think this is what we need for our clients because when they see that we are sincere, that is where trust is gained.”
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Credits
Photography: Darren Gabriel Leow
Styling: Debby Kwong
Grooming: Zhou Aiyi (Makeup Entourage) using Clé de Peau Beauté and Keune Singapore
