SINGAPORE – HSBC Singapore on Friday (Oct 11) announced the appointment of David Koh as head of global liquidity and cash management (GLCM), effective from Oct 14.
Mr Koh will lead the GLCM business in Singapore and work with clients as they deepen their presence in South-east Asia, leveraging on the Republic’s status as a regional treasury hub.
HSBC’s GLCM helps corporate customers to maximise control and oversight of their cash flows with its global payables, cards, receivables and clearing services, as well as an array of liquidity and investment solutions.
Mr Koh joins from Standard Chartered, where he most recently led the transaction bank for Greater China and North Asia. He brings over 25 years of experience in transaction banking, having worked across seven geographies including China, Singapore, the UK and Saudi Arabia. Prior to StanChart, Mr Koh headed the corporate and transaction banking teams for Deutsche Bank in Greater China.
He will report jointly to Alan Turner, head of commercial banking, Singapore, and to Kee Joo Wong, regional head of GLCM, Asia Pacific.
“Whilst Singapore already enjoys a strong concentration of multinationals basing their regional treasury centres here, South-east Asia’s rising consumer market means these numbers are ratcheting up even further,” said Mr Turner.
“When you couple this with the region’s growing digital economy and mobile-first mentality, it becomes clear that businesses require truly innovative solutions to grasp these opportunities.”
He added that with Mr Koh’s many years of international experience, he will be “instrumental” in driving cross-border payment and liquidity solutions in this ever-changing dynamic region.
HSBC Singapore said that the appointment is part of the country’s strategic plan, announced in March 2018, which seeks to support corporate clients – ranging from smaller businesses to multinational corporations – take advantage of the opportunities from South-east Asia’s growth.
“In line with the strategic plan, HSBC has invested heavily in its commercial banking business and Asean strategy in 2018, both in technology and headcount,” the statement continued.
A media report on Sunday said HSBC may axe up to 10,000 workers, or 4 per cent of its 238,000 global headcount, as part of its cost-cutting drive. But the bank reiterated that Singapore remains a growth market and that plans to hire remain on track.
HSBC has seen a string of high-profile hires of late in its Singapore office.
In September, it appointed ex-Deutsche banking veteran Philip Lee as vice-chairman, South-east Asia, for its global banking franchise in a newly-created role.
And in a move that could be seen as bolstering its domestic presence here, HSBC Singapore added three senior hires in its retail banking and wealth management unit, while its insurance arm also added three senior executives to its management team in the past few months.