Citi commends local banks at ASEAN roadshows

The events, spanning six cities in five ASEAN countries, recognise the significant achievements and advancements made by banks in the region and bring together financial leaders from around the world to share insights and foster collaboration.

During these events, Citi senior leaders and guest speakers discussed several important topics in the banking sector, including navigating real-time banking, powering digital commerce through a seamless payment experience, managing risk and financial crime compliance, and navigating cross-border payment challenges, among others.

Citi also took the opportunity to share the results of its Future of Payments survey, which engaged more than 100 financial institution clients.

The survey highlighted that in the next three to five years, there will be an unprecedented level of change in payments and the growing cross-border payments revenue will be split between various players.

Two out of five Citi clients indicated that they have lost at least 5 per cent market share to fintech firms.

Nearly 90 per cent of respondents said they expect market share to drop anywhere from 5-10 per cent over the next decade. With disruptions from fintech companies and challenger banks, 'traditional' banks must respond to this evolving environment.

Aashish Mishra, Asia head of Financial Institutions and Fintech Sales at Citi’s Treasury and Trade Solutions, said, “We believe that active collaboration will help deliver better solutions for our clients in this challenging environment. Citi remains steadfast in our commitment to being at the forefront of our clients' success journey."

“Our focus on product innovation, digitalisation, balance sheet management, liquidity position, and a robust risk management framework has positioned us as a critical pillar of stability for the market and our clients,” Mishra added.

Ramachandran A.S., Citi Vietnam’s country officer

Ramachandran A.S., Citi Vietnam’s country officer said, “Citi presents the STP Award annually to banks that showcase exceptional quality and meet the highest global standards for automatic processing of international payments. We will continue to expand our payments network and offer new payment methods to our clients globally.”

Citi announced the winners' list of Citi Excellent Straight Through Processing Award 2022 to recognise local banks for automatic processing of international payments earlier this year.

The 11 award-winning Vietnamese banks are Agribank, BIDV, Vietcombank, VietinBank, ACB, Eximbank, HDBank, MB, Sacombank, Techcombank, and VPBank.

The Citi Excellent Straight Through Processing Award has been ongoing for nearly 20 years and is one of the most prestigious award schemes in the banking industry, recognising financial institutions and banks that have state-of-the-art international payment services with highly qualified international transactions.

Local banks seek foreign funding On May 23, Saigon-Hanoi Bank (SHB) announced the completion of the transfer of a 50 per cent stake in its consumer finance subsidiary SHB Finance to its Thai partner, Krungsri Bank. Over a year on from initially signing the contract to sell the stake, SHB has now received $78 million from its foreign partner.

Citi organises beach clean-up on Global Community Day On June 24, more than 120 employees and their families gathered at Phan Thiet beach in Binh Thuan to lend a hand in cleaning the beach. On June 17, about 70 Citi employees also came together to clean up plastic and other non-biodegradable waste at Do Son Beach in Haiphong.

EU commends ASEAN’s role in Indo-Pacific High Representative of the European Union (EU) for Foreign Affairs and Security Policy and Vice President of the European Commission Josep Borrell has emphasised that the EU must be more present and engaged in ASEAN, which plays a crucial role in the Indo-Pacific region.