digital innovation capabilities transformation

Digital Innovation, Capabilities

Transformation.Annual Report 2015/2016

About IBF The Institute of Banking and Finance Singapore (IBF) was established in 1974 as a not-for-profit industry association to develop the professional competencies of the financial sector. IBF serves as the national accreditation and certification agency for the IBF Standards (previously known as the Financial Industry Competency Standards or FICS). IBF develops industry standards and identifies professional development pathways to uplift the competency of financial sector practitioners. In partnership with the financial industry and training providers, IBF is dedicated to promoting the Asian standard of excellence for practitioners in finance.

IBF VisionThe Asian standard of excellence for practitioners in finance.

IBF MissionTo empower practitioners with capabilities for a robust Asian financial industry.

Contents4 Chairman’s Message

6 IBF Council

8 IBF Standards Committee

9 IBF Working Groups

14 Year in Review

37 IBF Membership

41 Report of the Council Members and Audited Financial Statements

67 Notice of Annual General Meeting

69 Corporate Information

Proxy Form

4 IBF ANNUAL REPORT 2015 / 2016

Chairman’s Message

The financial industry is facing fundamental transformation. Slower economic growth, narrower margins, tighter regulation and greater competition are some of the headwinds that the industry has to contend with. But there is another driving force shaping the industry – technology. And depending on how financial institutions respond, it can be either a headwind or a tailwind. IBF is working with the industry and with the Monetary Authority of Singapore (MAS) to make sure technology is a tailwind for the Singapore financial sector.

Whether it helps or hinders, one thing is sure: technology will be disruptive. Many jobs will be made redundant. But many new ones will also be created.

In this new ‘disruptive’ landscape, financial industry professionals must remain agile and nimble. They must be open to acquiring new skills. IBF has been reviewing its set of core industry competencies to prepare pipelines of new talent. The national SkillsFuture initiative provides an overarching framework in anchoring IBF’s efforts to develop financial sector skills of the future.

Let me highlight some of these efforts.

NEW JOBS, NEW SKILLS

In February 2016, IBF collaborated with the Financial Sector Tripartite Committee, led by MAS, the National Trades Union Congress (NTUC) and the Association of Banks in Singapore (ABS) to review jobs in the banking industry. IBF will be looking at two major streams:

(i) Progression pathways for evolving jobs in Consumer Banking;

(ii) Programmes to prepare for jobs in the digital age, such as in data analytics and digital marketing.

In December 2015, IBF collaborated with the Polytechnics on their enhanced internship programmes. These internships will now have learning outcomes mapped against the job competencies spelt out in the IBF Standards. IBF is also in discussions with various Institutes of Higher Learning to map their curriculum to the IBF Standards.

Digital Innovation, Capabilities Transformation.

5IBF ANNUAL REPORT 2015 / 2016

IBF launched two new Standards in the last year: (i) Sales and Trading/Execution (Retail); and (ii) Financial Planning. Targeted at securities trading representatives and financial advisers respectively, these new IBF Standards aim to build deep technical competencies and boost client skills, with a strong emphasis on ethics, risks, and controls. The Standards were widely supported by the stockbroking and financial advisory industries. IBF will work with training providers to ensure certification programmes are in place to equip stockbrokers, dealers and financial advisers with these competencies.

IBF also introduced competency standards in new job roles for Financial Markets. Besides traditional functions in Institutional Sales and Trading, the IBF Standards for Financial Markets now provide for new competencies for Asset Liability Management, Business Risk & Control as well as Product Structuring.

Many more financial institutions are now mapping their internal training programmes against the IBF Standards. As at end 2015, close to 17,000 practitioners have been trained under the IBF Standards, with close to 3,400 practitioners certified.

Together with shorter-run programmes, IBF now recognises a total of 1,620 training programmes across our various schemes.

CELEBRATING DISTINCTION

IBF continues to celebrate distinction and recognise professional excellence. In 2015, we welcomed our latest batch of IBF Distinguished Fellows and IBF Fellows. The IBF Distinguished Fellows are C-suite level leaders who have reached the epitome of professional stature and achievement in the financial sector. Our IBF Fellows are industry veterans who have demonstrated mastery of a profession and exemplify thought leadership and commitment to industry development. Congratulations to our six newly-minted IBF Distinguished Fellows and 21 IBF Fellows.

GROWING AND ENGAGING THE IBF COMMUNITY

IBF has stepped up efforts to engage the IBF Community. The IBF CACS Connects for the private banking community and the IBF Connects now see more than 1,000 practitioners networking and discussing industry best practices. IBF has also started engaging the community on social media, including Instagram, LinkedIn and online chatrooms.

IBF is also pleased to have launched the IBF Portal with increased functionalities. You can now check on new training programmes, track your CPD hours, register for examinations or submit claims in one seamless platform.

I would like to thank Aw Tuan Kee, Magnus Bocker and Goh Eng Ghee who had made strong contributions to the IBF Council and stepped down in 2015.

I warmly welcome Ang Zhongren, Loh Boon Chye and Julia Ng to the IBF Council. We acknowledge our gratitude to Wee Ee Cheong, the Chairman of the IBF Standards Committee as well as Shirish Apte and Philip Lee who lead the IBF Audit Committee and the Investment Committee respectively. I would also like to express my thanks for the continuing efforts of the various IBF Working Groups to raise industry standards.

I look forward to our Members’ support and partnership in the coming year. I urge the industry to remain steadfast in its efforts to build resilience and enhance skills and capabilities.

Ravi MenonChairmanIBF Council


Nicholas HadowMember of IBF Investment Committee;Chairman, Investment Management Association of Singapore (IMAS);Director, Business Development,Aberdeen Asset Management Asia Limited

Wee Ee CheongVice-Chairman of IBF Council;Chairman, Association of Banks in Singapore (ABS);Chairman of IBF Standards Committee;Deputy Chairman and CEO,United Overseas Bank Limited

Ang ZhongrenMember of IBF Audit Committee;Senior Deputy Director (Higher Education Policy),Ministry of Education(Appointed to IBF Council on 29 June 2015)

Shirish ApteChairman of IBF Audit Committee

Council MembersThe IBF Council provides guidance on the strategic direction of IBF to ensure that it remains relevant and adds value to the financial industry. It is made up of representatives from financial institutions, trade associations and government agencies.

Ravi MenonChairman of IBF Council;Managing Director,Monetary Authority of Singapore

Loh Boon ChyeMember of IBF Investment Committee;CEO, Singapore Exchange Limited (SGX)(Appointed to IBF Council on 15 July 2015)

Guan Yeow KwangMember of IBF Audit Committee;Chairman, Subcommittee on Manpower Development, Singapore Foreign Exchange Market Committee (SFEMC);Singapore Branch CEO, General Manager of Asia & Oceania Administration Department, Mizuho Bank, Ltd

Philip LeeChairman of IBF Investment Committee;Vice Chairman for South-East Asia,Chief Country Officer, Singapore, Deutsche Bank AG


Piyush GuptaChairman of IBF e-System Advisory Committee;CEO and Director,DBS Group

Lim Cheng TeckVice Chairman, ASEANStandard Chartered Bank

Karine KamChief Executive, Singapore College of Insurance Limited (SCI)

Council Members who stepped downAw Tuan KeeMagnus BockerGoh Eng Ghee

Derek TeoChief Executive,General Insurance Association of Singapore (GIA)

Michael ZinkHead of ASEAN,Citi Country Officer, SingaporeCiti

Samuel TsienGroup Chief Executive Officerand Director,Oversea-Chinese Banking Corporation Limited

Jacqueline LohDeputy Managing Director (Monetary Policy & Investment / Development & International/ FinTech & Innovation),Monetary Authority of Singapore

Julia NgSenior Director,Enterprise Development GroupSingapore Workforce Development Agency (Appointed to IBF Council on 1 August 2015)


ChairmanWee Ee CheongDeputy Chairman & CEO United Overseas Bank Limited

MembersChew SutatExecutive Vice President, Head of Sales & Clients Singapore Exchange Ltd

Vincent ChooChief Risk Officer & Executive Vice President Oversea-Chinese Banking Corporation Limited

Paul CobbanChief Operating Officer,Technology & Operations DBS Bank Ltd

Guan Yeow KwangSingapore Branch CEO, General Manager of Asia & OceaniaAdministration Department, Mizuho Bank, Ltd

Khoo Kah SiangChief Executive Officer,Great Eastern Life Assurance Company Ltd

Kong Eng HuatChief Executive Officer,Singapore Branch and South East AsiaEFG Bank AG

Lam Chee KinManaging Director and Head, Group Compliance DBS Bank Ltd

Irene NgRegional Chief Underwriter, Asia Life / Health General Reinsurance AG, Singapore Branch

John PatersonDirector, Talent Development and Strategy, Talent, Branding and Communications Credit Suisse AG

Susan SohManaging Director,Schroder Investment Management (Singapore) Ltd

Derek TeoChief Executive,General Insurance Association of Singapore (GIA)

Eric ThamManaging Director & Head Group Commercial Banking, United Overseas Bank Limited

Kenneth WongDirector, Creative & Professional Services Division Singapore Workforce Development Agency

Ong Puay SeeChief Executive Officer, IBF

Members who stepped downMagnus BockerMack EngAzzli JamainLoh Hoon SunTan Hak LehLily Teo

IBF Standards CommitteeThe IBF Standards Committee comprises members representing various sub-sectors of the financial services industry. The Committee provides leadership for the development and implementation of the IBF Standards, certification and CPD for the financial industry. IBF plays the role as the Committee’s executive arm to implement these initiatives so as to raise industry standards.


IBF WorkingGroupsBranding & Marketing OutreachChairpersonJohn PatersonCredit Suisse AG

MembersAdam Abdur RahmanCitibank N.A.

Bojan BlecicOversea-Chinese Banking Corporation Limited

Patricia EnslowUBS AG

Peter Hatt Standard Chartered Bank

Joanna Ong-AshAIA Singapore Private Limited

Alina TanDBS Bank Ltd

CACS Continuing Professional Development Advisory Group (CPDAG)ChairpersonLawrence Lua DBS Bank Ltd

MembersChan Cher Teck HSBC Private Bank

Eddie Gan UBS AG Singapore

Peter Kok Standard Chartered Private Bank

Robin Heng Bank of Singapore

Kong Eng Huat EFG Bank AG

Alison Lim Credit Suisse AG

Conrad Lim LGT Bank (Singapore) Ltd

Margie Pagdanganan Citi Private Bank

Angela Tan Ee Li United Overseas Bank Limited

Capital Markets and Financial MarketsChairpersonsChew Sutat Singapore Exchange Limited

Guan Yeow Kwang Mizuho Bank, Ltd

MembersEsmond Choo UOB Kay Hian Pte Ltd

Paul Davies Goldman Sachs Futures Private Limited

Deborah Ho Barclays Bank PLC

Lam Kun Kin Oversea-Chinese Banking Corporation Limited

Clifford Lee DBS Bank Ltd

Clement Leow Partners Capital (Singapore) Pte Ltd

David Lynne Deutsche Bank AG

Gerald Ong Prime Partners Corporate Finance Pte Ltd

Eddie Tan Citibank, N.A.

Tan Jeh Wuan DBS Bank Ltd

TK Yap OCBC Securities Pte Ltd


IBF WorkingGroups

CMFAS Examination Board ChairpersonTan Boon GinSingapore Exchange Limited

MembersYolanda ConstantineMonetary Authority of Singapore

Rachel Eng Wong Partnership

Kan Shik Lum

Kao Shih Teng Lion Global Investors

Kenneth Kaw Monetary Authority of Singapore

Lim Mei Shern Monetary Authority of Singapore

Rodney Lim Nikko Asset Management Asia Limited

Grace Mok Singapore Exchange Limited

Yvonne Ong CapitaCommercial Trust Management Limited

Martin Siah Bank of America Merrill Lynch

Karen Tiah Allen & Gledhill

TK Yap OCBC Securities Pte Ltd

Yit Chwee Fung United Overseas Bank Limited

Corporate Banking Common Examination (CBCE) Examination Board

MembersChew Chong LimDBS Bank Ltd

Choo Kee SiongUnited Overseas Bank Ltd

Rosalind LeeUnited Overseas Bank Ltd

Lee Swee SiongOversea-Chinese Banking Corporation Ltd

Anita LohCitibank N.A., Singapore Branch

David Tang Siew FooOversea-Chinese Banking Corporation Ltd

Euan John WalkerThe Hong Kong and Shanghai Banking Corporation Ltd

ComplianceChairpersonLam Chee Kin DBS Bank Ltd

MembersSainava Bee Bee Great Eastern Life Assurance Co Ltd

Andrew Chow BNP Paribas

Goh Siew Lian Citibank N.A.

Koh Wan Tsyr Prudential Assurance Company Singapore (Pte) Ltd

Conrad Lim LGT Bank (Singapore) Ltd

Fairlen Ooi Chooi Ting United Overseas Bank Limited

Lily Teo UniCredit Bank AG

Karen Tiah Allen & Gledhill LLP

Wong Foong Har CIMB Bank Berhad


Financial Planning ChairpersonKhoo Kah SiangGreat Eastern Life Assurance Company Ltd

MembersWendy Ang NTUC Income Insurance Co-operative Limited

Christine Cheah Great Eastern Financial Advisers Private Limited

Vincent Ee Association of Financial Advisers (Singapore)

Joseph Kwok Financial Planning Association of Singapore

Steven LauPrudential Assurance Company Singapore (Pte) Ltd

James Ong HSBC Global Asset Management (Singapore) Limited

Peter TanUnited Overseas Bank Limited

Roland YeoInsurance & Financial Practitioners Association of Singapore

Corporate BankingChairpersonEric ThamUnited Overseas Bank Limited

MembersRonny Chng United Overseas Bank Limited

Irene Chua The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch

Elaine Lam Oversea-Chinese Banking Corporation Limited

Patrick Lee Standard Chartered Bank

Lee Swee Siong Oversea-Chinese Banking Corporation Limited

Lim Wee SengDBS Bank Ltd

Soh Kian Tiong DBS Bank Ltd

Yeo How Ngee DBS Bank Ltd

Fund Management ChairpersonSusan SohSchroder Investment Management (Singapore) Ltd

MembersJohn Doyle UOB Asset Management Ltd

Andrew Kwek AK Management Consultancy Pte Ltd

Michael Lim Investment Management Association of Singapore

Teo Joo Wah Lion Global Investors Limited

Thio Boon Kiat UOB Asset Management Ltd

General Insurance ChairpersonDerek TeoGeneral Insurance Association of Singapore

MembersKenrick Law Allianz Reinsurance

Lisa Marbon AXA Insurance Singapore Pte Ltd

Shirley Ow QBE Insurance (International) Ltd

Jenny Pe NTUC Income Insurance Co-Operative Ltd

Noel Tan Federal Insurance Company

Sam Tan MSIG Insurance (Singapore) Pte Ltd


IBF WorkingGroups

IBF E-System Advisory Committee ChairpersonPiyush Gupta DBS Bank Ltd

MembersPaul Cobban DBS Bank Ltd

Christian Hobson Standard Chartered Bank

Leong Weng Ling AIA Singapore Private Limited

John Paterson Credit Suisse AG

IBF E-System Industry Taskforce ChairpersonPaul Cobban DBS Bank Ltd

MembersAnn Choi Citibank

Adrian Chow Bank of Singapore

Christian Hobson Standard Chartered Bank

Badhri Iyer Credit Suisse AG

Ng Weng-Kuen AIA Singapore Private Limited

Life Insurance ChairpersonIrene NgGeneral Reinsurance AG, Singapore Branch

MembersDaniel Chong HSBC Insurance (Singapore) Pte Limited

Christine Ng AIA Singapore Private Limited

Karen Shee Prudential Assurance Company Singapore (Pte) Ltd

Yvonne Wu AIA Singapore Private Limited

Risk Management ChairpersonVincent Choo Oversea-Chinese Banking Corporation Limited

MembersMarcelo Michelini Citibank NA

Ng Puay Leng The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch

Frankie Phua Peng Yeo United Overseas Bank Limited

Ronnie Tan Great Eastern Life Assurance Co Ltd

Seamus Toal DBS Bank Ltd

Lukas van der Hoef ABN AMRO Bank N.V., Singapore Branch

Gopalan Vedartham Barclays Capital

Yap Ee Ling Australia and New Zealand Banking Group Limited


Technology and Operations ChairpersonPaul CobbanDBS Bank Ltd

MembersCarol Chan Credit Suisse AG

Osman Ershad Faiz Standard Chartered Bank

Malcolm HarrowJPMorgan Chase Bank, N.A.

Lim Lai LingUnited Overseas Bank Limited

Ong Soon Yan Oversea-Chinese Banking Corporation Limited

KL Teh Great Eastern Life Assurance Co Ltd

Lilian ThamSchroder Investment Management (Singapore) Ltd

Claude Von Arx Merrill Lynch Global Services Pte Ltd

Janet Yeong Standard Chartered Bank

Wealth Management ChairpersonKong Eng Huat EFG Bank AG

MembersAnthonia Hui AL Wealth Partners Pte Ltd

Lawrence Lua DBS Bank Ltd

Christine OngUBS AG

Jessica Poh Citi Private Bank

Shantini Ramachandra PricewaterhouseCoopers Services LLP

Annette C S Sui HSBC Trustee (Singapore) Ltd

Celine Tan Portcullis Trust (Singapore) Ltd

Year in Review


Celebrating Distinction YEAR IN REVIEW

IBF celebrates the achievements of the recipients of the prestigious IBF Awards. They have been unwavering in their journey of learning and will serve as an inspiration to their peers in the industry.

IBF Distinction Evening 2015We are honoured to have Emeritus Senior Minister (ESM) Goh Chok Tong join us as Guest-of-Honour at the IBF Distinction Evening 2015. The annual gala dinner gathers financial sector leaders in an evening to recognise the contributions of IBF partners and stakeholders, and to honour financial institutions and industry captains who have achieved professional excellence.

In his keynote address, ESM Goh highlighted how IBF acts as a catalyst to raise the competencies of financial sector practitioners to meet future industry challenges. ESM Goh called on the industry to map more structured training offerings against the IBF Standards. It was a great encouragement for IBF to have ESM Goh endorse the IBF Standards as the definitive standard in the raising of financial sector competencies.

Guest-of-Honour ESM Goh Chok Tong with the 2015 IBF Distinguished Fellows (L-R) Jerry Low, from Schroders (receiving on behalf on Susan Soh, Schroders Singapore; Dr Khoo Kah Siang, Great Eastern Life Assurance Company Limited; Sim S Lim, DBS Bank; Melvyn Low, Citibank N.A. Singapore Branch; Lam Chee Kin, DBS Bank and Susan Hwee, UOB.

ESM Goh also presided over the conferment of the IBF Distinguished Fellow award to six industry captains. The IBF Distinguished Fellows are C-suite leaders who have reached the epitome of professional stature and achievement in the financial sector. ESM Goh also presented the IBF Inspire Award to DBS Bank, and the IBF Inspiring Educator Award to the Financial Training Institute@Singapore Management University (FTI@SMU). IBF Chairman Ravi Menon also presented the “IBF Fellow” title to 21 senior industry veterans. The “IBF Fellow” title recognises industry veterans who have demonstrated mastery of a profession and exemplify thought leadership and commitment to industry development.


The mission is simple - ‘do the right thing’. The underlying challenges in the field of compliance are, however,

considerable - legal technicality, public policy, expectations from shareholders, regulators and the community, being

surrounded by macroeconomic shifts, digitisation and enforcement. Our community is on an exciting journey to

evolve our professional standards to meet these challenges.

Mr Lam Chee Kin, Managing Director and Head, Group Compliance, DBS Bank

CoMplIAnCE

I hope to inspire a new cadre of transaction banking professionals who are passionate about leading the

development of Singapore as a global transaction services hub in Asia and the rest of the world.

Mr Melvyn Low, Managing Director, Head of ASEAN and Singapore, Treasury and Trade Solutions, Citibank N.A, Singapore Branch

To excel in any work, you must be passionate in what you do. You can only be passionate if you are having fun with your work, and if you can make a difference. You can only make

a difference if you are enabled and empowered to make decisions. Go Empower yourself!

Mr Sim S Lim, Group Executive, Singapore Country Head, DBS Bank

CoRpoRATE BAnKInG(Transaction Banking)

FInAnCIAl MARKETS


The asset management industry must thrive on dynamically developing its breadth and depth, to stay ahead of the real

world challenges of tomorrow’s investors.

Ms Susan Soh, Managing Director, Country Head of Schroder Investment Management (Singapore) Ltd

The IBF Standards provide the essential framework to develop and raise professional competencies and business excellence, empowering the insurance industry – financial advisers and insurance companies – to always do right by

our customers.

Dr Khoo Kah Siang, Chief Executive Officer, Great Eastern Life Assurance Company Limited

I have been given many opportunities to grow as a leader in my career. It is now my responsibility to groom the next generation of leaders in technology and operations. It is a pleasure to help these talents realize their potential and develop into all-rounded professionals. I also hope to impart and share with

them my passion in championing inclusiveness, especially for people with special needs in our society.

Ms Susan Hwee, Managing Director, Head of Group Technology & Operations, United Overseas Bank Limited

FUnD MAnAGEMEnT

lIFE InSURAnCE

TECHnoloGY & opERATIonS


Honour Roll of Award WinnersThe Institute of Banking & Finance Singapore (IBF) congratulates the recipients of the IBF Awards 2015. These awards are a testament to their commitment to professional excellence and raising industry competencies via the IBF Standards. IBF wishes them continued success on their journey of learning.

IBF Distinguished FellowsThe “IBF Distinguished Fellow” is the epitome of industry recognition under the IBF Standards. The IBF Distinguished Fellows are thought-leaders who exemplify professional competence and commitment to excellence. They are master craftsmen and role models, serving as beacons of excellence for the financial services industry.

IBF FellowsThe “IBF Fellow” is an industry - endorsed mark of professional standing. The IBF Fellows are industry veterans who have demonstrated mastery of a profession and exemplify thought leadership and commitment to industry development.


Inspire Award 2015 RecipientThe “IBF Inspire Award” recognises financial institutions which have gone the extra mile in committing to the IBF Standards as part of their learning journey and in driving adoption of the IBF Standards.

Inspiring Educator Award 2015 RecipientThe “IBF Inspiring Educator Award” recognises IBF-accredited training providers’ commitment in driving the adoption of the IBF Standards to raise the professional competency of the financial industry.

Aspire Award 2015 RecipientsThe “IBF Aspire Award” recognises IBF-certified practitioners who have achieved outstanding results in an IBF-accredited training programme and are committed to continually raising their capabilities via the IBF Standards.


SkillsFuture- partnerships for Excellence

YEAR IN REVIEW

To deepen and master skills in financial services, IBF will work to foster fruitful collaborations among financial institutions, industry associations, Institutes of Higher Learning and training providers to provide meaningful learning pathways and training opportunities.

Industry Comes Together To Prepare Dealers And Remisiers With Skills For Future Economy

With the aim of upskilling the stockbroking industry, IBF and the Singapore Exchange (SGX) announced new training and development initiatives.

IBF launched a new professional development roadmap for Trading Representatives- the “IBF Standards for Sales and Trading/Execution (Retail)”. These new Standards will incorporate competency standards to foster deep technical competencies, and provide a good understanding of market developments, as well as laws and regulations. It would also allow Trading Representatives to be more familiar with new products.

A fresh element of the revised Standards is aimed at boosting the Trading Representatives’ client skills – client acquisition, onboarding and needs analysis and client servicing. Another new emphasis will also be on ethics, risks and controls, as well as coverage on overseas markets and technologies. IBF will be working with SGX Academy to offer a structured certification pathways to provide a Dealer/Remisier with training to progress to more senior roles.

These new initiatives were warmly welcomed by the industry, with the Securities Association of Singapore (SAS) and the Society of Remisiers, Singapore (SRS) welcoming the efforts to upgrade the skills of Trading Representatives.


Financial Sector Tripartite Committee Formed to Prepare our Workforce to be Future Ready

The Monetary Authority of Singapore (MAS) and the National Trades Union Congress (NTUC), together with the Association of Banks in Singapore (ABS) announced the formation of the Financial Sector Tripartite Committee (FSTC). Reflecting the spirit of tripartism, the FSTC will bring together the industry associations, labour movement, and government to foster a financial workforce that can meet the changing needs of the financial industry.

IBF has committed to work with the FSTC to review the IBF Standards and identify new cross-functional competencies, such as in data analytics and risk management. Structured progression pathways will also be developed for evolving job segments including Consumer Banking, to encourage continuous learning and upskilling.

IBF is pleased to support the formation of the Financial Sector Tripartite Committee (FSTC).


Industry Collaboration To Boost Skills Of Financial Advisers

IBF, in close partnership with the industry, launched a new skills roadmap for financial planning – the IBF Standards for Financial Planning. These new Standards provide a structured professional development roadmap and certification pathway for financial advisers (FA).

The IBF Standards for Financial Planning are the result of an industry partnership among the key industry associations in the financial advisory industry, namely the Life Insurance Association (LIA), the Association of Financial Advisers, Singapore (AFA(S)), Financial Planning Association of Singapore (FPAS) and Insurance and Financial Practitioners Association of Singapore (IFPAS). This represents the first time that the financial advisory industry has come together to agree on a common set of competency standards for the industry.

Besides covering core skills in constructing holistic financial plans and developing deep technical skills relating to cash management plus insurance, investment and retirement planning, the IBF Standards for Financial Planning introduces several new competency areas in guiding an FA’s professionaldevelopment: Financial Planning for High Net Worth Individuals and for Business Owners, Management of FA representatives as well as Ethical principles in financial advisory process.

The IBF Standards also provides a structured certification pathway which facilitates progression into more senior roles. IBF has worked closely with FPAS, IFPAS and the Singapore College of Insurance (SCI) to confer the IBF accreditation status on the widely-recognised Certified Financial Planner (CFP) and Chartered Financial Consultant/Singapore (ChFC/S) qualifications awarded by FPAS and the SCI respectively.

The launch of the IBF Standards for Financial Planning saw strong support from industry associations. Representing the associations were (3rd L to R) Dr Khoo Kah Siang, President, LIA; Roland Yeo, President- Elect, IFPAS; Joseph Kwok, President, FPAS; and Vincent Ee, President, AFA (S).


outreach To Aspiring practitioners

In partnership with Institutes of Higher Learning (IHLs) and the industry, IBF has also sought to engage aspiring practitioners to further grow the IBF Community.

Campus Career Talks

IBF management with senior industry executives participated at several career talks at various Institutes of Higher Learning, highlighting the job roles of Operations Managers, Relationship Managers and Compliance Officers. IBF provided career advice on appropriate learning pathways and certification programmes available. This helped to better equip students with skillset and capabilities to be more job-ready for the financial sector.

IBF at the campus talk at Nanyang Polytechnic.

Students attending the IBF Campus talk at Temasek Polytechnic.


UBS Youth Finance Academy Event

IBF participated in the UBS Youth Finance Academy to discuss Skills Of the Future with 50 enthusiastic students from 18 pre-tertiary institutions. This program introduces pre-tertiary students to the world of finance and business and aims to foster awareness and deepen understanding on banking and finance careers.

Graduation Ceremony of the UBS Youth Finance Academy.


It has been heartening to continue hearing from graduates and existing

learners of our IBF Level 1 programmes in Technology and Operations attest to its high industry relevance and broad-based knowledge gained. Our mantra of staying agile and responsive to the

changing business and manpower landscape continues into 2016 and

beyond. SMU-FITA will be launching a suite of competency programmes that get professionals up to speed with the

digital competencies needed in today’s digital age.

Amelia Ching, Academic Director, Financial IT Academy @SMU

Raising Standards For The IndustryYEAR IN REVIEW

IBF, in partnership with the industry, will continue to play a vital and proactive role in growing Singapore’s dynamic financial centre.

The IBF Standards accreditation process comprises independent reviews of a training provider’s ability to conduct programmes that meet industry standards. IBF accreditation serves as an industry-endorsed mark of quality for training and assessment for the financial industry.

Several training providers share their perspectives on the value of IBF accreditation.

SMU Professional Certificate in Technology and Operations (IBF Level 1) Graduation


FTI is committed to design certification programmes that meet the exacting

demands of the industry, raise the bar of professional excellence and drive

effective change for businesses. The ACI-SMU Executive Certificate in Financial

Markets Operations (IBF Level 1) programme, developed with the support

of ACI Singapore and their member banks, provides an excellent platform for aspiring professionals to acquire critical competencies for successful careers in

Technology & Operations in financial markets.

Professor Annie Koh, Academic Director, Financial Training Institute, Singapore Management University

WMI is pleased to work closely with key industry practitioners through

the Singapore Trustees Association to develop this IBF-accredited programme.

WMI has been running the ACTS for the last 5 years, and the programme

seeks to equip professionals in further developing their competencies, and

prepare them for senior roles, including being resident managers of Singapore licensed trust companies. WMI looks

forward to a longstanding relationship with IBF and the industry to raise the standards of the wealth and estate

planning industry.

Foo Mee Har, Chief Executive Officer, Wealth Management Institute

WMI Advanced Certificate in Trust Services (IBF Level 2/3)

ACI-SMU Executive Certificate in Financial Markets Operations (IBF Level 1)

IBF Chairman and MAS Managing Director Ravi Menon (L) with joint IBF Aspire award winners Koh Fu Khai (Middle), Ow Wee Leong (R)

27IBF ANNUAL REPORT 2015 / 2016IBF ANNUAL REPORT 2015

Being IBF certified has given me accreditation that I am equipped with the skills required to do my job. Beyond that, it brought real life perspectives through stories shared that added color to my career. I also made new friends and expanded my network. All

these are certainly helpful in my banking career.

Koh Fu Khai, IBF Aspire Winner 2015

The comprehensiveness of the IBF accredited courses help to refresh and deepen my industry-relevant skills and knowledge, adding to my personal development to become a well-rounded corporate banker.

Ow Wee Leong, IBF Aspire Winner 2015

FINANCIAL TRAINING SCHEME (FTS)

IBF STANDARDS TRAINING SCHEME (IBF-STS)

2015 2014

1,454 898 Number of programmes

recognised under FTS

94 67 Number of providers recognised under FTS

22 18

Number of providers accredited under the IBF-STS

8,455 7,584 Number of individuals assessed

under the IBF-STS

3,374 2,520 Number of individuals certified

under the IBF-STS

173 199 Number of programmes

accredited under the IBF-STS

16,485 15,465 Number of individuals

trained under the IBF-STS

20142015

28 IBF ANNUAL REPORT 2015 / 2016IBF ANNUAL REPORT 2015

Client Advisor Competency Standards Continuing Professional Development (CACS CPD)

The Singapore Private Banking Industry continues to display strong adoption of CACS CPD.

In 2015, all private banking entities have sent their private banking professionals to undertake relevant CPD programmes. Furthermore, 99.7% of these professionals have fulfilled the minimum requirement of at least 15 hours of CACS CPD. Whilst the CACS guidelines require only a minimum of 15 CPD hours be fulfilled, IBF also noticed a consistent trend of private banking professionals volunteering to undertake more training hours to upskill themselves.

Nearly 40% of Covered Persons clocked 20 hours or more of CPD. This is 11% higher than the previous year. This trend can be attributed to more training hours being committed to regulatory / compliance-related training to keep industry abreast of the latest global and local regulatory changes. Another contributing factor was also that Private Banks have been more disciplined in introducing structured training programmes for their staff and in sending them for accredited training programmes.

The latest CPD results reflect the private banking industry’s continued strong commitment towards training and skills upgrading. It is important

during difficult times, that the wealth advisor remains nimble to new

opportunities whilst also building up resilience in dealing with difficult

market conditions.

Mr Lawrence Lua, Managing Director, Head of DBS Private Bank, South & Southeast Asia, Chairperson

of CACS CPDAG and IBF Fellow

LICENSING AND INDUSTRY EXAMS IBF administers the Capital Markets and Financial Advisory Services Examinations (CMFAS) and the Client Advisor Competency Standards (CACS) Assessment as well as the Financial Markets Regulatory and Practices (FMRP) Examination and Corporate Banking Common Examination (CBCE).

Enrolments for these exams are as follows:

Number of enrolments

20142015

M1A

M1B

M2A

M2B

M3

M4A

M4B

M6

M6A

M10

CACS 1

CACS 2

FMRP

CBCE

522 | 785

405 | 420

4 | 38

49 | 77

730 | 1226

1698 | 1876

111 | 151

598 | 728

568 | 539

1322 | 1896

1165 | 1326

1299 | 1330

1040 | 1363

244 | 109


Growing and Engaging The IBF Community

YEAR IN REVIEW

Besides enhancing professional excellence, IBF also organises industry events to facilitate discussion on industry best practices.

IBF CONNECT

The IBF Connect serves as an avenue for certified professionals to network, share experiences and discuss industry developments. It is also a key platform for IBF Distinguished Fellows and IBF Fellows to act as mentors to the industry – to share their insights and perspectives with other certified practitioners.

TECHNOLOGY AND OPERATIONS (July 21, 2015)

Cyber Risks and Technological Innovations in the Financial Industry were the brood themes at the IBF Connect for the Technology and Operations sector. The event attracted over 100 practitioners. Tommy Tan, Deputy Director, Specialist Risk Department from the Monetary Authority of Singapore (MAS) delivered an insightful presentation on Penetration Testing and Vulnerability Assessment. Several industry experts also shared their insights, providing an overview of Cyber Risk as well as FinTech and Disruptive Innovation.

Speakers included:

Malcolm HarrowIBF Fellow and Head of Corporate & Investment Bank Shared Services and Processing Centre Lead, Asia PacificJP Morgan Chase Bank, N.A.

Markus GnirckCo-Founder & Global COO,Startupbootcamp FinTech

Richard MooreMD & Group Head of Financial Crime & Security Services,DBS Bank Ltd

Vincent LoyPartner, Financial Crime and Cyber,PwC

IBF CEO Ong Puay See ( 3rd from L) with industry panellists at the IBF Connect Technology and Operations (L to R): Vincent Loy, PwC; Malcolm Harrow, JP Morgan Chase Bank, N.A; Markus Gnirck, Startupbootcamp FinTech; Richard Moore, DBS Bank Ltd; and Tommy Tan, MAS.

IBF Connects provide an opportunity for the financial community to come together to discuss the latest industry trends.


COMPLIANCE (November 3, 2015)

The IBF Connect entitled AML Trends and Emerging Risk Areas 2016 attracted over 170 compliance and risk practitioners. This year’s edition of the ever-popular Compliance Connect also highlighted new trends in Fintech innovation for the Compliance industry. Lem Chin Kok, Executive Director, KPMG shared findings from KPMG’s 2014 Anti-Money Laundering Survey. This was followed by insights on FinTech Innovation for Compliance by Markus Gnirck, Co-Founder and Global COO, Startupbootcamp FinTech. Wilson Ang, Partner, Norton Rose Fulbright delivered a presentation on Emerging Trends and Risks from local, regional and international reports. Alexandru Caciuloiu, Digital Crime Officer, Cybercrime Training Management, Cyber Innovation and Outreach, INTERPOL discussed “INTERPOL Advanced Threat Assessment - The Dark Menace”.

A lively panel discussion ensued on issues and challenges on compliance, governance, risk management and technology and its impact on compliance/risk management professionals in Singapore.

The panellists included:

Lem Chin KokExecutive Director, KPMG

Glenn SeahSenior Vice President and Head of Compliance, SGX

Lam Chee KinIBF Distinguished Fellow and Group Head of Compliance, DBS Bank Ltd

Markus GnirckCo-Founder and Global COO, Startupbootcamp FinTech Wilson AngPartner, Norton Rose Fulbright

Alexandru CaciuloiuDigital Crime Officer, Cybercrime Training Management, Cyber Innovation and Outreach, INTERPOL

Panellists at the IBF Connect for Compliance: (L to R) Lem Chin Kok, KPMG; Glenn Seah, SGX; Alexandru Caciuloiu, INTERPOL; Lam Chee Kin, DBS Bank; Wilson Ang, Norton Rose Fulbright; and Markus Gnirck, Startupbootcamp FinTech.

FINANCIAL PLANNING (December 1, 2015)

Disruptive innovation and increasingly onerous regulation were key themes at the Financial Planning Connect entitled Trends and Emerging Challenges for the Financial Planning Industry 2016, attended by 120 practitioners. Several industry experts shared their insights on global trends, developments and challenges for the financial planning industry in Singapore. The event featured presentations on The Experience Economy: How Technology Will Reimagine The Financial Services Industry by Iker Ibanez, South East Asia Digital Services Leader, PwC Singapore and Regulatory Trends and its Impact on the Financial Planning Industry by Lee Chiwi, CEO, Rockwills Group.

A panel discussion delved deeper into emerging challenges for the Financial Planning Industry.

The panellist included:

Stafford NeilRelationship Manager, Financial Services, PwC Singapore

Charles WongHead of Retail Banking,Citibank Singapore

Iker IbanezSouth East Asia Digital Services Leader, PwC Singapore

Lee ChiwiCEO, Rockwills Group

Winson YapChief Distribution Officer,PIAS

Wong Sze KeedChief Agency Officer,AIA

Active participation from the attendees at the IBF Connect Financial Planning.


WEALTH MANAGEMENT (March 3, 2016)

IBF’s annual Connect event for the Wealth Management sector was held on 3 March 2016. Entitled The Transformation of the Wealth Management Industry, the event was attended by close to 150 practitioners from the private banking industry. IBF was privileged to have IBF Fellows Lawrence Lua, Managing Director, Head of DBS Private Bank, South & Southeast Asia and Conrad Lim, Managing Director & Deputy CEO, Regional Head Legal & Compliance, LGT Bank share their perspectives during a CEO dialogue on the transformation of the Wealth Industry.

Consultants and industry veterans also discussed the latest trends for Wealth Management such as new operating / business models, Institutional Approach to Private Wealth Management and Managing Private Wealth.

Speakers and panellists: Chew-Mee Foo Kirtland, Mornington Services Pte Ltd; David Buerge, BAA; Ong Puay See, IBF; Stacy Choong, Withersworldwide; and Nadav Lehavy, Sand Aire (Singapore) (PTE.) Ltd.

Speakers included:

Mohit MehrotraS.E Asia Leader, MonitorDeloitte

Michiel van SelmDirector, Financial Services Industry Practice,PwC

Chew-Mee Foo KirtlandManaging Director,Mornington Services Pte Ltd

David BuergeCAIA, Director, BlackRock Alternative Advisors (BAA)

Nadav LehavyManaging Director, Sand Aire (Singapore) (PTE.) Ltd.

Stacy ChoongPartner,Withersworldwide

CEO Dialogue moderated by Michiel van Selm, PwC (L) with panel members Robin Heng, Bank of Singapore (2nd from L); Lawrence Lua, Managing Director, Head of DBS Private Bank, South & Southeast Asia; Conrad Lim, LGT Bank; and Mohit Mehrota, MonitorDeloitte.


TECHNOLOGY AND OPERATIONS (May 13, 2016)

The latest edition of the IBF Connect put the spotlight on The Future of Technology and Operations in Banking, with a turnout of over 100 practitioners. During the seminar, industry experts discussed Cyber Security Trends, Next Generation Banks and Cyber threats facing the financial sector.

IBF Distinguished Fellow Susan Hwee (Managing Director and Head of Group Technology and Operations, United Overseas Bank Limited) and IBF Fellows Olivier Crespin (Group Head Digital Bank, DBS Bank Ltd) and Stacey N. Lacy (Head of Operations & Technology, Singapore & ASEAN, Citibank N.A. Singapore Branch) shared their perspectives on the future of technology and operations in banking during a lively panel discussion.

Speakers included:

Jonathon AllawaySenior Managing Director, Financial Services, Accenture

Alexandru CaciuloiuDigital Crime Officer, Cybercrime Training Management, Cyber Innovation and Outreach, INTERPOL

Amelia ChingAcademic Director, Financial IT Academy @ SMU

Thio Tse GanCyber Risk Services Leader, Deloitte

IBF CEO Ong Puay See (middle) with panellists at the latest IBF Connect for Technology and Operations: (L to R) Amelia Ching, FITA; IBF Fellow Olivier Crespin; IBF Distinguished Fellow Susan Hwee, (4th from L); and IBF Fellow Stacey N. Lacy (R).

FINANCIAL PLANNING (April 22, 2016)

The IBF Connect entitled New Competency Frontiers of Financial Planning attracted over 120 practitioners from the financial planning and insurance industry. This seminar also marked the launch of the new IBF Standards for Financial Planning.

In her keynote address, Ms Merlyn Ee, Executive Director, (Capital Markets Intermediaries I), Monetary Authority of Singapore (MAS) shared how the IBF Standards for Financial Planning can help uplift the industry. Dr Fong Wai Mun, Associate Professor, National University of Singapore discussed the importance of how financial advisers can move up the value chain. This was followed by insights on investors’ sentiments by Mr Damien Ng, Vice President, Head of Retail Distribution, BlackRock Singapore. Ms Rachie Hui, Deputy CEO, IBF then highlighted how financial advisers can be equipped with skills to meet the future needs of customers via the IBF Standards.

A panel comprising the Presidents of major industry associations in Singapore then provided a lively discussion on market trends, challenges and the next phase of growth for the financial planning industry in Singapore.

The panellists were as follows:

Vincent EePresidentAssociation of Financial Advisers (Singapore) (AFA (S))

Joseph KwokPresidentFinancial Planning Association of Singapore (FPAS)

Roland YeoPresident-ElectInsurance and Financial Practitioners Association of Singapore (IFPAS)

Dr Khoo Kah SiangPresidentLife Insurance Association (LIA)

A strong show of support for the launch of the Financial Planning standards. (L to R):Rachie Hui, IBF; Vincent Ee, AFA (S); Roland Yeo, IFPAS ; Ong Puay See, IBF;Merlyn Ee, MAS; Dr Khoo Kah Siang, LIA; Joseph Kwok, FPAS; and Leong Sow Hoe, IFPAS.


IBF CACS CONNECT

Expanding on the success of the IBF Connects, IBF launched a new IBF CACS Connect series dedicated to support the private banking community. This series sees Private Banks taking turns to host the private banking community at their bank’s premises and in availing the industry to in-house speakers and thought-leaders. IBF is grateful to the following banks which have kindly hosted the IBF CACS Connect in 2015 / 2016. Look out for more IBF CACS Connects in 2016.

CREDIT SUISSE (July 2, 2015)

The inaugural IBF CACS Connect highlighted issues relating to Shaping The Future of Ultra High Banking. The event was hosted by Credit Suisse. Francesco de Ferrari, Head of Private Banking and Wealth Management, Asia Pacific, Credit Suisse delivered the opening address. Senior management executives from Credit Suisse and industry experts then shared their perspectives on the UHNW Private Banking Landscape/Trends, Shaping the Future of Private Banking, Family Offices in Asia and insights and best practices on learning and Continuing Professional Development for the private banking industry.

Speakers included:

Benjamin CavalliManaging Director and Market Area Head, Southeast Asia, Credit Suisse

Bernard HengManaging Director,Head of Syndication and Shareholder Advisory, Credit Suisse

Ruben KempeneerAPAC Regional Director,Timetric

Bernard FungDirector,Head of Family Office APAC,Credit Suisse

Chew-Mee Foo KirtlandManaging Director,Mornington Services Pte Ltd

John PatersonDirector,Head of Talent Development APAC,Credit Suisse

Daniel KesslerManaging Partner BCG Switzerland,Global Segment Leader Wealth, Management & Private Banking,The Boston Consulting Group

Francesco de Ferrari, Head of Private Banking and Wealth Management Asia Pacific for Credit Suisse, delivering the welcome address at the inaugural IBF CACS Connect Series.

Active dialogue with the participants at the IBF CACS Connect @ Credit Suisse.


UBS (October 22, 2015)

The IBF CACS Connect at UBS, explored Future Trends in the Wealth Management Industry in APAC. Susan Co, IBF Fellow and Managing Director & Vice Chairman South East Asia Wealth Management, UBS delivered the opening address. Senior management executives from UBS discussed a broad range of issues relating to Global Trends, Challenges and Opportunities in Family Office, Trusts as well as the increasing impact of analytics, digitalization and innovation on Wealth Management and the application of Behavioural finance on Asian client portfolios.

Speakers included:

Mario MarconiHead of Family Services Group,UBS Wealth Management

Eric LandoltExecutive Director & Head of Family Advisory, Asia Pacific, UBS Wealth Management

Raymond GweeChief Executive Officer,UBS Trustees (Singapore) Pte Ltd and IBF Distinguished Fellow

Geoffroy de RidderManaging Director and Operating Head,UBS Wealth Management Asia Pacific

David OngHead of Business Insights,UBS Wealth Management Asia Pacific

Paul StefanssonHead of Portfolio Specialists,UBS Singapore

Continued support from the IBF Community at the IBF CACS Connect @ UBS event. IBF Fellow Susan Co, UBS AG (2nd from R); and IBF Distinguished Fellow Raymond Gwee (R), UBS Trustees (Singapore) Pte Ltd.

Attendees at the IBF CACS Connect at UBS.


BNP PARIBAS WEALTH MANAGEMENT (March 31, 2016)

The spotlight was on The Changing Landscape For High-Net Worth Investors at the IBF CACS Connect hosted by BNP Paribas Wealth Management. Ernest Leung, CEO, BNP Paribas Wealth Management delivered the opening address. Senior management executives from BNP Paribas Wealth Management and industry experts shared their expertise and perspectives, discussing a range of issues relating to Understanding the Asian HNW Investor, Implications of Automatic Exchange of Information (AEOI) in the Ultra High Net Worth Landscape, Investor Behaviour and Asset Allocation and The Changing Landscape for Investors relating to Private Equity.

Speakers included:

Berry WongHead of Wealth Planning Services,Asia Pacific, BNP Paribas Wealth Management

Garth BregmanHead of Discretionary Portfolio Management, Asia Pacific, BNP Paribas Wealth Management

Ben CherringtonDirector of Intermediary Channels,Asia Pacific, M&G Investments Asia

Royston LowRegional Head Private Investments,Asia Pacific, BNP Paribas Wealth Management

Arnaud TellierHead of Investment Services, Asia Pacific, BNP Paribas Wealth Management

BNP Paribas Wealth Management hosted the IBF CACS Connect at their Asia Pacific Campus. Speakers included Royston Low (2nd from L); Garth Bregman (3rd from L) and Arnaud Tellier (middle).

CITI PRIVATE BANK (April 22, 2016)

The IBF CACS Connect@Citi Private Bank discussed Differentiation in a Crowded and Commoditized Industry. Bassam Salem, Managing Director and Region Head Asia Pacific, Citi Private Bank commenced proceedings with his opening remarks. Senior management executives from Citi Private Bank provided insights on a broad range of trends and developments relating to discretionary asset management strategies, hedge fund strategies and investor behaviour.

Speakers included:

Roger BaconManaging Director and Head of Managed Investments Asia Pacific, Citi Private Bank

Daniel ChanManaging Director and Head of Citi Investment Management Asia Pacific, Citi Private Bank

Thor MonsenDirector and Head of Hedge Funds Asia Pacific, Citi Private Bank

Dimitrios PapacostasCFA, Senior Investment Analyst, Global Investment Lab Asia Pacific, Citi Private Bank

Bassam SalemManaging Director and Region Head Asia Pacific, Citi Private BankSpeakers from Citi included Roger Bacon (3rd from L) and Daniel Chan (2nd from R).


IBF GRADUATION CEREMONY

It was a night of celebration, networking and learning as the IBF Community welcomed 350 newly-minted certified practitioners from the industry segments of Corporate Banking, Technology and Operations and Wealth Management.

In his congratulatory remarks, Mr Wee Ee Cheong, IBF Vice-Chairman and Deputy Chairman and CEO of United Overseas Bank Limited said, “Whether it is new regulations, new technologies or new customer behaviour, the industry and individuals must be “future-ready”, both in terms of deep functional competencies and cross-functional skills.” Mr Wee also elaborated on IBF’s efforts to enhance its online service offerings and further strengthen its presence on social media.

A key highlight of the Graduation ceremony were structured mentoring sessions conducted by several IBF Distinguished Fellows and IBF Fellows. The industry veterans generously shared their guidance and professional insights with the graduates, discussing diverse topics relating to industry trends and professional development.

Newly-certified practitioners celebrating at the IBF Graduation Ceremony 2015.

IBF Distinguished Fellows and IBF Fellows welcoming the newly certified practitioners at the IBF Graduation Ceremony 2015.

IBF Distinguished Fellow Raymond Gwee (5th from L) in a group mentoring session with graduates from the WMI Advanced Certificate in Trust Services (IBF Level 2/3).

IBF on Social MediaIn 2015/2016, IBF launched its presence on Instagram and LinkedIn to digitally connect with our IBF certified individuals, who number over 3,000 and to build a vibrant online community of IBF certified individuals. Highlights of key IBF events can also now be viewed on YouTube.

http://bit.ly/ibfInstahttp://bit.ly/ibfyoutube http://bit.ly/LinkedInIBF


IBF MembershipInstitution Type

Capital Markets Services Licence Holders

Financial Institution

Aberdeen Asset Management Asia LtdAL Wealth Partners Pte LtdAmundi Singapore LtdAPS Asset Management Pte LtdBNP Paribas Securities (Singapore) Pte LtdCambridge Industrial Trust Management LtdCIMB Securities (Singapore) Pte LtdCitigroup Global Markets Singapore Pte LtdCMC Markets Singapore Pte LtdCredit Suisse Securities (Singapore) Pte LtdDBS Vickers Securities GroupFirst State Investments (Singapore)Foord Asset Management (Singapore) Pte. LimitedG.K. Goh Financial Services (S) Pte LtdInstinet Singapore Services Pte LtdJavelin Wealth Management Pte LtdKGI Fraser Securities Pte LtdKGI Ong Capital Pte LtdLim & Tan Securities Pte LtdLion Global Investors LtdMacquarie Capital Securities (Singapore) Pte LtdMarcuard Asia Pte LtdMaybank Kim Eng Securities Pte. Ltd.Mitsubishi UFJ Trust International Ltd (Singapore Branch)Mizuho Securities (Singapore) Pte LtdSG Securities (Singapore) Pte LtdNikko Asset Management Asia LimitedNomura Asset Management Singapore LtdOCBC Securities Pte LtdPheim Asset Management (Asia) Pte LtdPhillip Futures Pte LtdPhillip Securities Pte LtdPineBridge Investments Singapore LimitedRBC Investor Services Trust Singapore LimitedRHB Securities Singapore Pte LtdRothschild (Singapore) LimitedSchroder Investment Management (Singapore) LtdState Street Global Advisors Singapore LtdUOB Asset Management LtdUOB Bullion & Futures LtdUOB Kay Hian Pte LtdWellington International Management Company Pte LtdWestern Asset Management Company Pte Ltd

Exchange Holding Company

Finance Companies

Singapore Exchange Ltd

Hong Leong Finance LtdSing Investments & Finance LtdSingapura Finance Ltd


Foreign Full Banks Australia & New Zealand Banking Group LimitedBangkok Bank Public Company LimitedBank of America, National AssociationBank of China LimitedBank of IndiaBNP ParibasCIMB Bank BerhadCitibank N.A.Credit Agricole Corporate and Investment BankHL BankICICI Bank LimitedIndian BankIndian Overseas BankIndustrial & Commercial Bank of China LtdJPMorgan Chase Bank, N.A.Malayan Banking BerhadMizuho Bank, LtdPT Bank Negara Indonesia (Persero) TBKRHB Bank BerhadStandard Chartered BankState Bank of IndiaSumitomo Mitsui Banking Corporation Singapore BranchThe Bank of East Asia LtdThe Bank of Tokyo-Mitsubishi UFJ, Ltd (Singapore Branch)The Hongkong and Shanghai Banking Corporation Limited, Singapore BranchUCO Bank

IBF Membership

Insurers

Local Banks

AXA Financial Services (Singapore) Pte Ltd

Bank of Singapore LtdDBS Bank LtdFar Eastern Bank LtdOversea-Chinese Banking Corporation LimitedUnited Overseas Bank Ltd

Financial Adviser’s Licence Holder

finexis advisory Pte LtdIPP Financial Advisers Pte Ltd


Merchant Banks

Offshore Banks

Asean Finance Corporation LtdBank Pictet & Cie (Asia) LtdBordier & Cie (Singapore) LtdBSI Bank LtdCoutts & Co LtdCredit Suisse (Singapore) LimitedDaiwa Capital Markets Singapore LtdDZ PRIVATBANK Singapore LtdLGT Bank (Singapore) LtdLombard Odier Darier Hentsch & Cie (Singapore) LtdMitsubishi UFJ Securities (Singapore) LtdNomura Singapore LimitedThe Bank of Nova Scotia Asia LtdToronto Dominion (SEA) LtdVP Bank (Singapore) Ltd

Arab Bank plcBank J. Safra Sarasin LtdCanadian Imperial Bank of CommerceChang Hwa Commercial Bank LtdCredit Agricole (Suisse) S.A.E.SUN Commercial Bank LtdHang Seng Bank LtdMitsubishi UFJ Trust & Banking CorporationNordea Bank Finland PLCPhilippine National BankPT Bank Mandiri (Persero) TBKRaiffeisen Bank International AGRoyal Bank of CanadaSkandinaviska Enskilda Banken AB (publ)Svenska Handelsbanken ABThe Bank of New York MellonThe Korea Development BankThe Norinchukin BankThe Siam Commercial Bank Public Company LtdUnion de Banques Arabes et FrancaisesWoori Bank

Representative Offices of Banks

Others

Arab Banking Corporation (BSC)

Monetary Authority of SingaporeNittan Capital Singapore Pte LtdPortcullis (Singapore) Pte LtdPricewaterhouseCoopers LLPTradition Singapore (Pte) LtdUCAP AM Asia Pte Ltd


IBF Membership

Wholesale Banks ABN AMRO Bank N.V, Singapore BranchAgricultural Bank of China LtdBank Julius Baer & Co LtdBank of Communications Co., LtdBarclays Bank PLCBNP Paribas Wealth ManagementChina Construction Bank CorporationCommerzbank AktiengesellschaftCommonwealth Bank of AustraliaCooperative Centrale Raiffeisen-Boerenleenbank B.A.Credit Industriel et CommercialCredit Suisse AGCTBC Bank Co, LtdDeutsche Bank AGDNB Bank ASA Singapore BranchDZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt Am MainEFG Bank AG (EFG Bank SA) (EFG Bank Ltd)First Commercial BankFirst Gulf Bank PJSCHabib Bank LtdING Bank N.V.Korea Exchange BankLandesbank Baden-WürttembergMega International Commercial Bank Co., LtdNational Australia Bank LtdNational Bank of Kuwait S.A.K.NatixisNorddeutsche Landesbank GirozentraleSociété GénéraleSumitomo Mitsui Trust Bank Limited Singapore BranchThe Bank of Nova ScotiaThe Northern Trust CompanyThe Royal Bank of Scotland plcUBS AGUniCredit Bank AGVTB Capital plcWestpac Banking Corporation

THE INSTITUTE OF BANKING & FINANCE

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Singapore 079117Tel: (65) 6220 8566 Fax: (65) 6224 4947

www.ibf.org.sg

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