International bank Standard Chartered (SC) has continued to make a significant presence in every ASEAN country, equipping them with extensive local knowledge of the region.
Following this, SC is well positioned to assist its clients to tap into opportunities within the region, from start-up businesses to multi-million dollar financial institutions.
SC Group Chief Executive (CGO) Bill Winters affirmed that the bank has a strong local business on the ground during Bloomberg’s event on Recovery and Resilience: Spotlight on ASEAN Business last Monday.
“Combine that with a strong business in greater China – connecting through that critically important trade corridor, and other critically important pair of trade corridors – the US and Europe.”
“The way that we’re positioning ourselves, and of course, the ASEAN region is quite diverse itself and disparate in terms of seven economic development although the underlying growth story is quite impressive across the region,” added the CGO.
In addition to having a stong local business on the ground, SC has strong business focusing on the substantial flow of international investment into the region.
“Not least from China, although, of course, it’s not limited to China by any means, and to capture the external trading opportunities for our corporate clients who are local in the various ASEAN markets,” said Winters.
“That circular approach has stood us in very good stead so far and I think will continue to. For us, it’s a matter of making sure that we’ve got the right resources on the ground and the right connectivity to the rest of our network.”
At times of volatility, hedging and trading facilities are needed along with associated credit facilities to aid clients through inevitable uncertainties.
“It plays to all of our strengths, not because we want to capitalise on the problems of the world, but we are in a position to help solve or atleast assist with some of the problems,” said Winters.
Answering a question from the moderator, Haslinda Amin, Winters encouraged ASEAN nations to further develop steps towards trading and currency arrangements as it can result in tremendous benefits.
“I know ASEAN nations are continuing to focus on economic integration across the region. I think creating a stronger regional market, in particular, the sustainable finance market in this region is huge.”
The CGO also praised Indonesia’s Minister of Finance, Sri Mulyani Indrawati as Indonesia will be hosting the upcoming G20 Bali summit along with the associated B20 Indonesia Summit.
“There’s some fantastic stuff going on. There’s a strong public-private partnership that I think could set new models for development.”
He encouraged its implementation to distinguish whether ASEAN can become a truly global hub for sustainable finance or carbon markets, among others.
“I think the foundations are being very well laid. (There is) always more to do but I’m really happy to reflect on the progress that we’ve made within ASEAN over the past years and decades to get us to this place.”
Standard Chartered Bank Brunei, as a member of the Standard Chartered Group was established in Brunei in April 1958 providing individuals and businesses with a comprehensive range of financial products and services.
THE BRUNEIAN | BANDAR SERI BEGAWAN
