logo
OCBC Bank named Private Wealth Bank of the Year at Asian Banking & Finance Awards 2025

OCBC Bank named Private Wealth Bank of the Year at Asian Banking & Finance Awards 2025

The Star4 days ago
OCBC Bank (M) Bhd managing director and head of consumer financial services Sammeer Sharma
KUALA LUMPUR: OCBC Bank (M) Bhd has been named Malaysia's Private Wealth Bank of the Year at the Asian Banking & Finance Retail Banking Awards 2025.
It also received the Branch Innovation of the Year award at the same event. The awards highlight OCBC's 18,000-square-foot Premier Private Client Centre in Bangsar, which combines luxury, privacy, and personalised wealth management in a tranquil, nature-inspired setting close to the city centre.
Managing director and head of consumer financial services Sammeer Sharma said the awards reflect OCBC Group's standing as a major player across Asean and Greater China, with deep expertise in wealth management and a proven track record in serving affluent clients.
'In Malaysia, OCBC Bank is a leading bank in the affluent segment, with a strong foundation for continued growth. These awards affirm our commitment to redefining wealth management through innovation and client-centricity.
'The OCBC Premier Private Client Centre is a testament to our One Group approach, which integrates best-in-class financial solutions with bespoke experiences in a truly inspiring setting. With the strategic investments we are making and the immense growth opportunities within Malaysia, we are confident of doubling our affluent client base over the next five years,' he said in a statement.
The centre serves as a strategic anchor for the Bank's high-net-worth offerings, tailored for individuals with assets under management of RM3mil and above.
It offers a comprehensive range of wealth solutions across 11 major currencies, with over 80% of its product shelf linked to sustainability.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Behind Trump's South Korea deal, a plan to transform global shipbuilding
Behind Trump's South Korea deal, a plan to transform global shipbuilding

The Star

time5 hours ago

  • The Star

Behind Trump's South Korea deal, a plan to transform global shipbuilding

South Korea has pledged US$150 billion to help its shipbuilders enter the US market as part of its new trade deal with Washington, a move that could help America revive its shipbuilding industry and counter China's dominance in the sector. US President Donald Trump announced on Wednesday that the United States and South Korea had agreed a 'full and complete' trade deal, which would see the US impose a 15 per cent tariff on South Korean goods and receive US$350 billion of investment from its Asian ally. Shortly after, South Korean President Lee Jae-myung stated that US$150 billion of the promised investment would be dedicated to shipbuilding – an industry where South Korean firms are second only to China in global market share. The capital would provide 'solid support' for South Korean companies entering the US shipbuilding industry, Lee wrote in a Facebook post on Thursday. The wider US$350 billion investment package was intended to solidify bilateral cooperation in strategic industries, including semiconductors, he added. Seoul clarified in a media briefing on Thursday morning that the promised funds would not come in the form of direct equity investments, but 'will primarily consist of loans and guarantees'. Earlier this week, local media outlets in South Korea reported that Seoul had proposed a multibillion-dollar project to Washington named 'Make American Shipbuilding Great Again' during their trade negotiations, which would involve large-scale investments in the US by Korean shipbuilders and government financial support measures. State-run entities like the Export-Import Bank of Korea and Korea Trade Insurance Corporation were being considered for involvement in the scheme, South Korea's Yonhap News Agency reported on Monday. South Korea's shipbuilding industry is regarded as being uniquely positioned to assist Washington's ambition of reviving American shipbuilding and restraining China's dominance in the sector. Earlier this year, Washington announced plans to begin charging steep port fees targeting China-built or operated vessels from October. The policy appears to already be benefiting South Korea's shipbuilders as companies become nervous about placing new orders with Chinese shipyards. In the first half of 2025, South Korea's share of new vessel orders rose to 25.1 per cent in vessel gross tonnage terms, compared with 15 per cent last year. China's share, meanwhile, slipped to 51.8 per cent from 70 per cent, according to a report released by the Export-Import Bank of Korea on Monday. The report said South Korea's recovery in market share had largely been driven by US-China tensions, but added that the benefits may not last long, as US actions against China were likely to push up freight rates and logistics costs on US routes. However, analysts expressed scepticism about the feasibility of Seoul's investment pledge and cautioned that rebuilding America's shipbuilding capacity would likely be a long and challenging process. 'It is not the foreign country investing in the US. It is individual companies doing it, and the government cannot dictate what they will do,' said Lars Jensen, founder of the maritime consultancy Vespucci Maritime. He added that it was easy to announce a large investment figure over an unspecified time period, but that the actual implementation would be a different matter. Wu Jialu, a chief analyst of industrial research at Citic Futures, said the US$150 billion investment may prompt South Korean shipbuilders to build or acquire shipyards in the US, providing talent and technological support. South Korean firms could help improve the competitiveness of the US shipbuilding industry, particularly in the construction of high-value-added vessels, but reviving the whole industry would still be a protracted process due to supply chain and capacity limitations, she said. The full impact of the US port fees has yet to become clear, and future market trends would also depend on fleet renewal and upgrading demand, Wu added. Hanwha Ocean, one of South Korea's top shipbuilders, made a major investment in December to acquire Philly Shipyard in Philadelphia, which is currently the only US shipyard that is operated by a South Korean company. In late July, Hanwha Ocean's US subsidiary placed an order for a liquefied natural gas carrier at the Philly Shipyard, the first LNG carrier for export to be built in the US in nearly five decades. However, a significant portion of the construction will be carried out at Hanwha Ocean's Geoje shipyard in South Korea, while the Philly Shipyard will be responsible for US regulatory compliance and safety certifications, Hanwha said, noting it was 'laying the foundation for a collaborative production framework'. Japan also finalised a deal with the US in July that will see the creation of a US$550 billion fund to invest in a range of projects, including the construction and modernisation of US-based shipyards. - SOUTH CHINA MORNING POST

HK universities see success in drive to attract more top talent from abroad
HK universities see success in drive to attract more top talent from abroad

The Star

time13 hours ago

  • The Star

HK universities see success in drive to attract more top talent from abroad

HONG KONG: Professor Gao Yang, a prominent scholar in the fields of robotics and aerospace, left King's College London to join the Hong Kong University of Science and Technology (HKUST) in May after being approached to take up new roles there. While her move back to Asia was primarily driven by her family's needs, she said Hong Kong's current focus on developing its scientific fields at a world-class level as a strategic driver for long-term growth was a major pull factor for her. At the same time, the geopolitical and economic climates elsewhere in the world – in particular, Western countries – have become increasingly challenging for academics to navigate. Said Prof Gao: 'Compared with the greater uncertainties in the UK and Europe, the situation in Hong Kong in terms of the volume and scale of support poured into research, innovation and commercialisation looks a lot more positive, stable and sustainable. The investment in (my field of) aerospace programming definitely seems more determined and committed.' The mainland China-born academic, who has spent 20 years teaching in the United Kingdom after a decade of studying in Singapore, now heads HKUST's Centre for AI Robotics in Space Sustainability as well as its Space Science and Technology Institute, and teaches at its department of mechanical and aerospace engineering. Professor Gao Yang said she was drawn by Hong Kong's current focus on developing its scientific fields at a world-class level. Prof Gao is one of the successes that Hong Kong is seeing in its drive to attract more international talent to teach at the city's top universities. It comes as the Asian financial hub ramps up efforts to develop its artificial intelligence and science, technology, engineering and mathematics (Stem) industries as engines to power future growth in the city. The city has also been increasingly aligning its economic development with China's objectives, which include ramping up technological innovation and scientific research in competition with the United States. Statistics from some Hong Kong universities have shown a notable rise in new faculty appointments from abroad. But that many of these scholars are of mainland Chinese origin has raised some concerns about talent diversity. HKUST, one of the city's eight publicly funded universities, said it had 'welcomed more than 100 top scholars and scientists from mainland China, the United States, Germany, France, South Korea, Singapore and other countries' since it started a global recruitment campaign in October 2022. It 'aims to hire another 100 faculty members', the university told The Straits Times. The Chinese University of Hong Kong (CUHK), also publicly funded, told ST it had 'recruited over 150 leading international and promising young scholars from 15 regions including mainland China, Taiwan, Singapore, South Korea, Australia, New Zealand, Europe and North America' since 2023. Its programmes have been 'attracting top non-local research talents to Hong Kong to participate in innovation and technology development', it added. Hong Kong's education chief Christine Choi also revealed in April that 'world-renowned professors from US institutions are relocating to Hong Kong', driven by tighter visa policies and geopolitical tensions affecting traditional Western study destinations. She declined, however, to provide more details, citing a 'need for discretion to ensure smooth transitions'. Among prominent international scholars who have relocated to Hong Kong over the past year are meteorologist Chen Fei, who worked at the US National Centre for Atmospheric Research for 26 years, and Harvard University-trained economist Jin Keyu, who was a tenured professor at the London School of Economics for 15 years. Both academics joined HKUST. HKUST has been among the most proactive of the city's tertiary institutions in taking advantage of global developments to attract international talent, academics and students alike, to Hong Kong. In May, it promised unconditional offers to Harvard University students immediately after the US government moved to halt foreign enrolment at the college. In Britain, the flagging economy has affected research funding for many academics, as grants are based on a proportion of the country's gross domestic product, noted Prof Gao. 'As this situation carries on, it is likely to affect more domains and bring more academics to Asia,' she told ST. Of her experience in Hong Kong so far, Prof Gao said she was 'completely surprised and amazed by the proactive engagement from sectors including the decision-making think-tanks, businesses, the government and industry to build dialogue' in her field. 'Such seamless collaboration between the scientific community and think-tanks will help make a more profound impact on society beyond just academia,' she added. Over at CUHK, global Stem scholar and prominent mathematics professor Wei Juncheng moved back to Hong Kong in late 2024 after 11 years of teaching at the University of British Columbia (UBC) in Canada. Professor Wei Juncheng said tensions between the US and China have spilt over into Canada, affecting academia as well. Prior to his stint at UBC, Wuhan-born Professor Wei, 57, had taught for 18 years at CUHK after obtaining his doctorate from the University of Minnesota in the US. 'In the last few years, tensions between the US and China have somehow also spilled over into Canada, affecting the environment in academia as well,' Prof Wei told ST. 'Applying for research grants has become more difficult and political for some academics (in Canada),' he said, adding that many mainland-born scholars applying for funding were now required to fill up more forms delving into their backgrounds and specify that they were not researching in areas of strategic sensitivity or those that would help China. Tighter visa restrictions have also impeded global exchanges as the once-frequent Chinese government-sponsored academic visitors can no longer obtain visas to visit Canadian universities for learning and collaboration, he added. There have also been reports of the Chinese authorities restricting educators from leaving the country or visiting universities overseas. Prof Wei said he has observed a large and growing number of mainland-origin academics leaving the West in recent years. 'Despite having been educated in the US, many of my mainland-born academia friends there have moved back to China, with the influx accelerating especially in 2025,' he said. 'I chose to return to Hong Kong as I'm already familiar with CUHK's environment and I still prefer the internet and academic freedom we enjoy here.' The recent inflow of internationally trained scholars into Hong Kong comes after the city's public universities reported a record number of academic staff departures two years ago. Some 7.6 per cent of staff, or 380 out of about 5,000 in the eight institutes, quit in the 2022/2023 academic year, while 7.4 per cent left the year before. The departures coincided with a mass exodus of both local and foreign talent following the Covid-19 pandemic and the imposition of a national security law in Hong Kong in 2020. Some analysts have raised concerns, however, that those hired to fill the vacancies are tilted heavily towards mainland-born scholars, potentially affecting academic diversity. Mainland-origin academics have outnumbered their local counterparts at nearly all of the eight publicly funded universities since 2023. Some 41 per cent of all of the institutes' academic staff are now from mainland China, according to official data. Student numbers in Hong Kong's universities have also increasingly veered towards mainlanders, accounting for 74 per cent of the city's pool of non-local first-year students in the 2024/2025 academic year. Hong Kong's growing number of mainland-born academics is due to both push and pull factors, according to Associate Professor Alfred Wu from the Lee Kuan Yew School of Public Policy in Singapore. 'The push factor is the increasing difficulty for these scholars to continue operating in the West, while the pull factor is that – with Hong Kong now paying a lot more attention to research that integrates well into the Greater Bay Area's (GBA) development plans – it makes academic collaboration much smoother for these scholars, as they understand mainland Chinese culture much better,' Prof Wu told ST. The GBA refers to the region comprising Hong Kong, Macau and nine cities in mainland China's Guangdong province. But the consequent drop in diversity within academia could hinder the city's ability to innovate, adapt to global changes and maintain its competitiveness as an international hub, Prof Wu suggested. 'People need to think long term – having diversity means that we try to reduce our risks by not putting all our eggs into one basket,' he said. 'Decreasing diversity in Hong Kong universities may not be a problem now, but the situation may be different a decade or two down the road if Hong Kong's focus for growth has to shift away from its alignment with mainland China.' - The Straits Times/ANN

US tariff by the numbers
US tariff by the numbers

New Straits Times

timea day ago

  • New Straits Times

US tariff by the numbers

FOLLOWING the US' new tariffs, as posted on the White House website, here's some key data that we have observed: * Mexico faces a 25 per cent fentanyl tariff, 25 per cent cars tariff and 50 per cent tariff on steel, aluminium and copper - all which kick in 90 days. * Goods from the European Union face a range of zero per cent to around 15 per cent tariffs. These rates kick in on Aug 7. * Traditional partners and many smaller or deficit running economies remain at the 10 per cent baseline, often subject to diplomatic negotiation for reductions. * The highest tariffs (49-50 per cent) target small economies with historical trade barriers or oversized trade surpluses to the US (e.g. Lesotho, Cambodia). * Major Asian exporters like Vietnam, India, Taiwan, Indonesia and Malaysia face medium high tariffs (19-25 per cent). * Some countries (e.g. Israel, Iceland) negotiated lower-than-initial rates around 15-17 per cent. We've also summarised it: 10 per cent - Brazil, Falkland Islands, United Kingdom and all other countries not listed in the executive order (including Singapore) 15 per cent - Afghanistan, Angola, Bolivia, Botswana, Cameroon, Chad, Costa Rica, Côte d`Ivoire, Democratic Republic of the Congo, Ecuador, Equatorial Guinea, Fiji, Ghana, Guyana, Iceland, Israel, Japan, Jordan, Lesotho, Liechtenstein, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Nauru, New Zealand, Nigeria, North Macedonia, Norway, Papua New Guinea, South Korea, Trinidad and Tobago, Turkey, Uganda, Vanuatu, Venezuela, Zambia, Zimbabwe 18 per cent - Nicaragua 19 per cent - Cambodia, Indonesia, Malaysia, Pakistan, the Philippines 20 per cent - Bangladesh, Sri Lanka, Thailand, Taiwan, Vietnam 25 per cent - Brunei, India, Kazakhstan, Moldova, Tunisia 30 per cent - Algeria, Bosnia and Herzegovina, Libya, South Africa 35 per cent - Iraq, Serbia, Canada 39 per cent - Switzerland 40 per cent - Laos, Myanmar

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store