Tokenize Xchange bolsters leadership team with strategic hire amid rapid growth

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  • Previously led fintech and cryptocurrency projects at FXHB Asset Management
  • Tasked to spearhead Tokenize’s strategic initiatives across APAC, drive innovation

Tokenize Xchange bolsters leadership team with strategic hire amid rapid growth

Tokenize Xchange, a leading digital asset exchange headquartered in Singapore has announced the appointment of Carney Mak (pic) as chief strategy officer. This key addition to the leadership team comes as the company rides a wave of expansion fueled by recent fundraising success.

Mak, a veteran in the fintech and cryptocurrency space, joins Tokenize Xchange at a crucial juncture. The company recently secured an additional US$11.5 million (RM53.6 million) in Series A Phase 2 funding, bringing the total Series A to US$23 million (RM107.9 million). Mak’s expertise is set to catalyse Tokenize’s ambitious growth plans.

“Mak’s appointment is a game-changer for us,” said Hong Qi Yu, founder and CEO of Tokenize Xchange. “His strategic vision and deep industry knowledge are exactly what we need as we navigate the complex, evolving landscape of digital assets in Southeast Asia.”

Mak brings a wealth of experience to the role, having previously spearheaded fintech and cryptocurrency ventures at FXHB Asset Management. His track record of innovation and leadership in banking and payments positions him perfectly to steer Tokenize’s strategic initiatives.

“Joining Tokenize Xchange feels like catching a rocket mid-flight,” Mak enthused. “The company’s recent funding success and its commitment to regulatory excellence create a perfect launchpad for innovation. I’m thrilled to help shape the future of digital asset trading in this region.”

Mak’s arrival coincides with Tokenize’s aggressive expansion plans. The company aims to expand its Singapore team and focus on enhancing compliance and operations. This growth strategy reflects Tokenize’s commitment to fostering trust and transparency in the digital asset ecosystem, which is particularly crucial in light of recent sector-wide challenges.

With a strong presence across Southeast Asia, Tokenize Xchange has established itself as a regional leader in digital asset trading. According to the firm, its proactive approach to regulation distinguishes it in a rapidly evolving landscape. Tokenize operates under an exemption from the Monetary Authority of Singapore and has already received approval from the Securities Commission Malaysia, where it stands as the country’s second-largest digital asset exchange. The company is actively pursuing similar licenses in other Southeast Asian jurisdictions. This multi-jurisdictional strategy underscores Tokenize’s dedication to regulatory excellence and its ambition to set new benchmarks for secure, transparent, and compliant digital asset trading in the region.

Mak’s role will be pivotal in leveraging these strengths. His mandate includes spearheading Tokenize’s strategic initiatives across the Asia-Pacific region, driving innovation while ensuring alignment with the company’s commitment to regulatory excellence.

“The digital asset space is at a critical inflection point,” Mak noted. “Tokenize Xchange has the vision, the backing, and now the expanded leadership to not just participate in this new era but define it. I’m excited to roll up my sleeves and get to work.”

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Beep raises USD 3.3 mil in Pre-Series A, expands to Thailand and Malaysia

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  • Oversubscribed fundraise led by existing investors, joined by M7 Ace Neo
  • With new partners, Voltality’s network now has over 5,000 charging stations

Beep raises USD 3.3 mil in Pre-Series A, expands to Thailand and Malaysia

Beep, a Singaporean IoT transaction platform startup, announced the close of its US$3.3 million (RM15.2 million) Pre-Series A investment. The oversubscribed fundraise was led by existing investors Granite Asia (formerly GGV Capital), Farquhar VC, SUTD Venture Holdings, Wing Vasiksiri, and new participation from M7 Ace Neo, an M7 Company.

In a statement, the startup said this aligns with the company’s expansion into Southeast Asia, starting with Thailand and Malaysia.

Beep raises USD 3.3 mil in Pre-Series A, expands to Thailand and MalaysiaKristoffer Jacek Soh (pic), co-founder & CEO of Beep, said, “We’re grateful for the continued vote of confidence from our investors who have been with us on our journey, supporting our growth to date. Our rapid progress is a result of the immense support we have received from our investors, partners, industry leaders, and government agencies.”

He added that as electric vehicle adoption continues to surge, seamless access to charging infrastructure is an increasingly crucial requirement for both consumers and businesses making the transition from internal combustion engine vehicles, yet connectivity remains fragmented across the region. “Voltality aims to empower both charging operators and mobility providers, allowing them to embed connectivity across different charging stations directly inside their own platforms, with an added option for app-less payments through credit cards and QR codes, so drivers need only one interface to charge wherever they go. From our strong foundation established in Singapore, we found a common need for the same capabilities abroad, and we are now ready to cement our presence in Thailand, Malaysia, and beyond.”

The fundraise demonstrates greater investor confidence, with US$3.3 million (RM15.2 million) of the total fundraise coming in the form of a top-up from existing investors. This also showcases the proven impact of Beep’s eMobility platform, Voltality, in Singapore and its ability to provide seamless, interoperable, and collaborative EV charging in Southeast Asia.

“The team at FVC have journeyed with Beep in different capacities for the past six years and are proud to now be investing into Beep through the FVC Green Future Fund together with other investors,” said Jason Su, managing partner & chief investment officer.

“We are glad to support Beep as they pioneer the future of EV charging gateways. Beep is a great example of why we feel Singapore startups are leaders in innovation. M7 is excited about the opportunity to partner with Beep and other Singapore startups moving forward,” said Yasmin Mustafa, M7’s senior advisor in Singapore.

There is high demand for EVs in Southeast Asia, with total EV sales in the region experiencing 894% year-on-year growth. The first phase of Beep’s regional expansion strategy focuses on extending Voltality’s charging network in Thailand and Malaysia. Presently, the platform is live with its first partners in Malaysia and will launch in Thailand in Q3 2024.

According to Beep, in Thailand, Voltality has already signed contracts with Sharge and Evolt, two of the top five charging operators in Thailand, together with WHA Group, a leading developer of fully integrated logistics, industrial estates, power and utilities, and digital solutions, and EVme, the country’s largest and fastest-growing EV rental and purchasing platform. The agreement will enable connectivity for several thousand vehicles to over 1,600 charge points locally, with the network set to continue growing in the near future.

In Malaysia, contracts have been signed with several charging operators, including Sime Darby Berhad subsidiary KINETA, a major player in Malaysia’s EV space, which announced a partnership in May with ChargEV to accelerate EV charging and roaming innovation. Beep partnered with KINETA to enable its “KINETA Charge” application with Voltality’s platform.

Voltality has also secured contracts with mobility partners to enable both local and cross-border charging connectivity within the second half of 2024. In 2023, Beep was one of the five startups to win the Petronas FutureTech 3.0 accelerator programme, which further deepens connections and credibility in Malaysia.

The startup is also exploring expanding to other regional markets such as Indonesia, Vietnam, and more for its second phase in 2025. To help navigate its continued regional expansion, Ming Maa, ex-Grab group president, will also join Beep as an advisor, bringing significant operational expertise in market development and partnerships within Southeast Asia’s complex landscape.

In 2023, Beep launched the largest electric vehicle roaming network under Voltality, spanning over 1,350 charge points and 11 operators in Singapore. Since then, the network has continued to expand, with the latest addition being an MOU signing in July 2024 with ChargEco, a rapidly growing Singaporean Charge Point Operator jointly set up by SMRT Corporation’s business arm STRIDES and integrated energy provider YTL PowerSeraya. ChargEco is one of the five operators awarded by the Land Transport Authority to collectively deploy charging stations in nearly 2,000 public Housing Board car parks islandwide. With this MOU, Voltality is partnered with four out of the five selected operators in the landmark tender to make every HDB town EV-ready by 2025.

Together with new partners in Thailand and Malaysia, this brings Voltality’s total charging network to over 5,000 charging stations from 1,350 in 2023 – representing what the company claims to be a four-times coverage growth in less than 12 months and maintaining Voltality’s eRoaming service (VoltNet) as the largest permission-based eRoaming network in the region.

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Thailand’s new carbon tax won’t move the climate needle yet, but could push region to tackle emissions together

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Like in Singapore, the tax rate and types of industries targeted in Thailand are expected to expand. For example, a higher tax could eventually be introduced to battery production and the transport or manufacturing sectors.

“As the time goes by, we will see an increase from 200 baht per tonne. How high, we don’t know. There’s no ceiling,” said Associate Professor Wongkot Wongsapai, deputy director of the Multidisciplinary Research Institute at Chiang Mai University.

The tax will be part of a broader legislative package under the Thailand Climate Change Act, expected to take one to three years to implement and could include mandatory emissions reporting, a formal climate change fund and an emissions trading scheme where firms can buy and sell carbon credits.

Under such a scheme, the government would set a cap or a maximum amount of emissions allowed, and a firm that manages to reduce its emissions below that cap could sell its extra allowance to a high-polluting firm.

“That would allow those companies to have more flexibility … They can purchase carbon credits or they may install new technologies instead,” said Assoc Prof Nattapong Puttanapong from the Faculty of Economics at Thammasat University.

“Maybe the new technology might be too expensive, so you just trade the credits, or if you realise that the new technology is affordable enough, (you) can implement them,” he explained.

COULD MALAYSIA, INDONESIA BE NEXT?

Other countries in the region have also taken steps on carbon pricing.

Indonesia was supposed to introduce the tax in 2022 but postponed its implementation to 2025, saying it needs time to make sure the scheme would not clash with existing laws and regulations.

A Malaysian minister said this month the country will have to start implementing carbon pricing to facilitate carbon trading, and look into carbon taxing as its trade partner the European Union (EU) prepares to start its Carbon Border Adjustment Mechanism (CBAM) in 2026.

The CBAM puts a carbon emissions price in the form of a tariff on imported goods and aims to level competition, ensuring that EU-produced goods subject to a carbon tax do not lose out to imported goods without one imposed.

“Under CBAM, the export of steel and the other five listed items from Malaysia will be taxed by the EU, unless Malaysia collects the tax,” said the country’s investment, trade and industry deputy minister Liew Chin Tong, as reported by news agency Bernama.

“Carbon pricing, trading, and taxing are crucial aspects of the decarbonisation agenda.”

With the CBAM, the Thai government will negotiate with the EU to ensure Thai exports are not penalised twice – once the carbon tax is active – and allow Thai products to be promoted as more climate-friendly.

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BEST Inc. launches DWS System in Malaysia with nearly US.1 million investment

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  • Deployment follows successful expansions in Vietnam, Thailand & S’pore
  • Aims to enhance efficiency, service quality amid M’sia’s e-commerce boom

BEST Inc. launches DWS System in Malaysia with nearly US$2.1 million investment

BEST Inc., a leading integrated smart supply chain and logistics solutions provider in China and Southeast Asia, has announced the deployment of its eleven advanced Dimensioning, Weighing, and Scanning (DWS) systems in its largest sorting centre in Southeast Asia, located in Shah Alam, Malaysia. The total investment in these systems amounts to nearly US$2.1 million (RM10 million), the firm said in a statement.

It added that this strategic initiative is a significant part of its efforts to enhance operational efficiency and service quality in response to Malaysia’s burgeoning e-commerce market.

Gavin Lu, CEO of BEST Inc. Malaysia, highlighted the importance of this technological advancement, noting that the introduction of the DWS machine in Malaysia is a significant milestone for BEST Inc. Malaysia. “As we continue to invest in cutting-edge technologies, this advanced system will streamline our operations, reduce costs, and provide superior service to our customers. Malaysia is a crucial market for us, and we are committed to supporting its growth with our innovative solutions. The DWS technology exemplifies our dedication to optimising logistics through automation and precision,” Lu said.

The eleven dynamic DWS machines are an extension of the top-side code reading version, which not only has all the functions of the top DWS, but also further improves sorting efficiency. The code reading cameras on five sides of the frame can simultaneously scan five sides of the parcel. In this case, the barcode information, dynamic volume and weight data in all directions of the package can be obtained comprehensively, which reduces the requirements for package placement and improves the identification efficiency in unit time, including improving the automation degree and sorting efficiency of enterprise logistics links.

According to the company, the newly built automated line allows each DWS to handle 20,000 parcels per hour, contributing to a daily capacity of 500,000 parcels for the KUL Hub.

“The implementation of the DWS machine marks a new era for logistics in Malaysia. By integrating this technology into our operations, we are not only enhancing efficiency but also setting a new standard for the industry,” Lu added. “This advancement will enable us to better serve our customers with faster and more accurate parcel processing, ultimately driving customer satisfaction and operational excellence. This is particularly important as Malaysia’s e-commerce market continues to expand rapidly, necessitating more sophisticated and scalable logistics solutions.”

The deployment of the DWS machine in Malaysia aligns with BEST Inc.’s broader strategy to strengthen its presence in Southeast Asia. This follows successful expansions into other regional markets, including Vietnam, Thailand, and Singapore.

“These strategic moves are driven by the company’s commitment to innovation and customer satisfaction, aiming to deliver reliable and efficient logistics services across the region. The DWS system is a testament to BEST Inc.’s commitment to providing high-quality logistics solutions that meet the demands of modern e-commerce and supply chain operations,” Lu concluded.

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Indonesia keeps up hopes of hosting 2036 Olympics, as president-elect Prabowo meets IOC president in Paris

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“Mr Prabowo’s passion for sports drives his vision for Indonesia to host global events again,” Mr Erick said.  

Mr Prabowo will take over as president in October from Mr Joko Widodo, who expressed Indonesia’s aspiration to host the Olympics in November 2022 during the G20 Summit in Bali. 

At the time, Mr Widodo expressed readiness for his country to host the 2036 Olympics in the new capital Nusantara, which is being developed to replace Jakarta as the country’s administrative capital and slated to be fully completed in 2045.

After the 2022 G20 Summit, the IOC confirmed Indonesia’s inclusion in the continuous dialogue phase of the bid process, reported GamesBids.com, an independent site with information about the Olympics bid process. 

As part of this phase, an Indonesian delegation with observer status would visit the Paris Games, and monitor preparations by the Los Angeles 2028 organising committee, GamesBids.com reported.

According to the IOC’s website, the continuous dialogue phase is flexible and does not require any financial commitment, written submission or other legal or financial guarantees. 

The IOC conducts a feasibility study to assess the state of progress of a project, help the interested party make improvements, and assist the IOC’s executive board with its strategic decision-making. 

Indonesia is also keen on hosting the 2030 Youth Olympics, NOC Chairman Raja told CNA on Monday (Jul 29). “We are chasing the 2036 Olympics but the priority today is the 2030 Youth Olympics, which is closer,” he said.

Countries that are keen to host the 2030 Youth Olympics include Thailand, India and Mexico.

Besides the IOC’s Mr Bach, Mr Prabowo and Mr Erick – who is chairman of the Indonesian Football Association (PSSI) – also held discussions with international football governing body FIFA’s president Gianni Infantino. 

The talks focused on enhancing soccer collaboration and Mr Infantino praised Indonesia’s success in hosting the U-17 World Cup and acknowledged the establishment of FIFA’s new regional office in Jakarta.

“We discussed FIFA’s fantastic working relationship with Indonesia and @pssi and the fantastic progress that has been made by his beautiful country in recent times. We also talked about leveraging football’s popularity among the youth population,” Mr Infantino stated in his Instagram post on Sunday. 

“Indonesia was a fantastic host of the FIFA U-17 World Cup last year and everyone who visited, including myself, was struck by the warmth and hospitality. It was also clear that Indonesians live and breathe football,” he added.  

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Equinix acquires land to expand digital infrastructure in Malaysia

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  • New land will expand Equinix’s ecosystem for service providers and enterprises
  • This follows the launch of Equinix’s International Business Exchange in Johor & KL

Kamarul Ariffin Abdul Samad, CEO, Cyberview Sdn. Bhd., exchanging documents with Cheam Tat Inn, managing director of Equinix Malaysia, at the document exchange ceremony between Equinix and Cyberview.

In the rapidly growing digital landscape, Malaysia is experiencing a surge in demand for data centers across various industries. Recognising this potential, Equinix, Inc., a digital infrastructure company, has announced a US$5 million (RM23 million) investment to acquire land from Cyberview Sdn Bhd in Cyberjaya, expanding its data center capacity in Malaysia.

Following the launches of its International Business Exchange™ (IBX®) in Kuala Lumpur (KL1) and Johor (JH1), the additional land will be instrumental in addressing the rising demand for reliable, high-performance data center services in Malaysia and the broader Southeast Asian region, the company said in a statement.

Malaysia’s data center market is rapidly expanding due to its strategic location, supportive government policies, and increasing demand for digital infrastructure. As Southeast Asia becomes a significant hub for digital transformation, Malaysia is emerging as a key player, aspiring to transform into a digitally-driven, high-income economy. Factors such as geopolitical stability, a skilled workforce, improved connectivity, and a focus on renewable energy sources are propelling the data center market, which is expected to grow at a CAGR of nearly 14% and reach an estimated US$3.97 billion (RM18.4 billion) by 2029.

Located in Malaysia’s Global Tech Hub of Cyberjaya, Kuala Lumpur, the acquired land is less than one kilometre from the existing KL1 facility. With a total area of 14,300 square metres, the newly acquired land will serve as a strategic complement to KL1, enabling Equinix to further enhance its ecosystem in Malaysia to cater to a wide range of network and cloud service providers, as well as enterprises spanning various industries.

Amirudin Shari, Chief Minister of Selangor, participated in the document exchange ceremony between Equinix and Cyberview. At the ceremony, he said, “Selangor aims to accelerate the pace of digitising our economy, and data center are a key component of the digital economy backbone. Equinix’s investment, renowned for its global expertise in building resilient digital infrastructure and fostering a robust network ecosystem, is poised to contribute significantly to the adoption of cloud technology by Malaysian companies.” 

“Malaysia boasts a substantial Internet user base, with a staggering 96.8% of the population actively engaging in various digital activities such as video streaming, online shopping, online banking, and gaming. Consequently, businesses operating in Malaysia are increasingly seeking secure and scalable data center services and access to digital ecosystems to meet the demands of this tech-savvy consumer base. Equinix’s unique positioning and competitive edges make it the company of choice,” said Cheam Tat Inn, Managing Director, Equinix Malaysia. 

Meanwhile, Kamarul Ariffin Abdul Samad, CEO of Cyberview, said, “The digital economy contributes 23% to the country’s GDP and with Cyberjaya having the highest concentration of tech companies in Malaysia, the city plays a pivotal role in contributing to the growth of Malaysia’s digital economy. Last year alone, Cyberjaya saw a rapid increase in data center investment and today, with the land expansion of Equinix, this is a testament to Cyberview’s commitment to fostering innovation and ensuring that Cyberjaya continues to be the preferred investment location for tech companies.” 

Equinix currently has two data centers in Malaysia, JH1 and KL1. JH1 offers 500 cabinets and 1,960 square metres of colocation space, while KL1 will provide 900 cabinets and 2,630 square metres of colocation space once fully built. These facilities have already attracted various network, content, fintech, gaming, and AI companies to deploy their IT infrastructure.

In Asia-Pacific, the company currently has 56 data centers located in key metropolitan areas across Australia, China, Hong Kong, India, Japan, Korea, Malaysia, and Singapore. Its global presence with 260 data centers across 71 metropolitan areas continues to support over 10,000 leading businesses worldwide.

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Minister touts economic, security integration push

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PUBLISHED : 29 Jul 2024 at 05:08

Foreign Affairs Minister Maris Sangiampongsa (photo: Ministry of Foreign Affairs)
Foreign Affairs Minister Maris Sangiampongsa (photo: Ministry of Foreign Affairs)

Thailand wants Asean to improve integration efforts by adopting a common digital economy system, supporting sustainable development and ensuring security in the region through existing mechanisms.

In his speech at the 57th Asean Ministerial Meeting in the Lao capital of Vientiane on Thursday, Foreign Affairs Minister Maris Sangiampongsa said that many countries and international organisations have shown interest in furthering their engagement with the bloc.

He said this information was relayed to him by his Lao counterpart Saleumxay Kommasith.

Therefore, Asean should come together and boost economic and security integration among members, he said.

“It is important for Asean to get really close [to each other] because while Asean members are different in governance, race and ethnicity, those differences had laid a strong foundation for this region and none of the regional groups could have a strong foundation like us — the unity on differences,” he said.

“Therefore, we need to come together as a unified Asean and show our true potential,” he added.

“We need to strengthen our collaboration within the region while adapting to global changes.”

To foster higher integration, Thailand proposed three ideas that the bloc could adopt.

First, Asean should boost economic integration by upgrading the region’s digital connectivity, he said. One example of this is Thailand’s push for the Asean Digital Economy Framework Agreement, which aims to promote connectivity via digital technologies, he said.

He pointed out that cross-border transactions between Thailand’s PromptPay and Singapore’s PayNow have shown the potential of digital technologies.

PromptPay is a payment service which allows users to pay for goods or services by scanning a QR code via a mobile banking application, he said.

“Such collaboration should be the model for Asean to follow,” Mr Maris added.

He also pointed out that people-to-people connectivity contributes to economic integration. He suggested that there be more flights between Asean countries for mutual benefits.

“I also suggested that Asean should have a longer visa period, and that could help to boost the local economy,” he added.

Second, as Thailand has been working on sustainable development, Mr Maris said, Thailand would like to see an Asean Outlook on the Indo-Pacific forum, especially if it can drive the bloc towards achieving UN sustainable development goals by 2030.

Such a platform will help Asean meet regional sustainable development goals together, he said.

Lastly, he said that Asean should work together on security through the Treaty of Amity and Cooperation in Southeast Asia, a legally binding code, to ensure peace and stability in the region.

Currently, about 50 countries have joined this treaty, he said.

Asean countries should work together to fight transnational crimes through existing mechanisms, such as the Asean Narcotics Cooperation Centre and Asean Working Group on Anti-Online Scams, he said.

“Using the existing mechanisms will help Asean solve transnational crime more effectively,” he added.

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Hines acquires second industrial property in Singapore through JV | FinanceAsia

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US-headquartered real estate investment manager and developer, Hines, has announced its acquisition of a logistics asset in Singapore, through a joint venture (JV) with Mitsubishi Estate and MBK Real Estate Asia (MREA).

The property is located at 15 Senoko Loop in northern Singapore near the Johor-Singapore Causeway on the border with Malaysia. 

A July 2 press release stated that the property (pictured) sits on a 24,464-square-metre site with a four-storey facility that has around 41,482 square metres of total gross floor area.

Kim Fong Lim, country head of Singapore at Hines, told FinanceAsia: “Singapore’s industrial sector does present favourable dynamics. The sector has seen rent and capital value growth due to supply constraints, making it an attractive investment opportunity.”

“Importantly, this deal represents Hines’ first joint venture with Japanese institutional partners in Singapore whom we look to scale our business within the market,” he added.

Other promising sectors the Hines team is exploring in Singapore include office, retail and living although industrial continues to be the key focus.

Lim said the team is also looking at ground up development opportunities.

CBRE disclosure shows that the property was on sale at an indicative price of S$100 million ($73.6 million) last October. Final size of the deal remains confidential.

LSEG data recorded 31 industrials mergers and acquisitions (M&A) transactions that targetted the Singapore market in the first half of 2024, with a total value of $175.3 million. Real estate was recorded separately in the dataset, standing at $126.85 million with 11 deals in the first half.

Both sectors witnessed a year-on-year decrease of almost 90% compared with the first half of 2023.

This marks Hines’ second industrial deal in the Singapore market,after its acquisition of Bukit Batok Connection in 2022. The press release underlined that limited quality spaces and a supply crunch have driven up rent prices and capital value growth for Singapore’s industrial and logistics sector in Q1 2024, making it one of the “most popular” among Asia Pacific (Apac) investors.

“With the growing strength of our industrial portfolio in Singapore, together with the sector’s demand and supply dynamics, we’re optimistic and eager to capture more opportunities in the market,” Lim commented in the press release.

Koji Segawa, managing director of Mitsubishi Estate Asia said the team believes Singapore’s logistics and industrial sector will continue to be “robust”; while Koji Nishikiori, director and chief executive officer (CEO) at MREA pointed to both the acquired property’s “prime location” and the sector’s “strong performance”.

The transaction was completed late June on a sale and leaseback basis, where the building is leased back to the seller, British American Tobacco, as the anchor tenant. Hines, Mitsubishi Estate and MREA become the joint lessors.

Sumitomo Mitsui Banking Corporation (SMBC) Singapore Branch acted as the financing partner for Hines.

Hines opened its Singapore office in 2020, managing assets for its regional clients through funds and programmatic ventures.

MREA is a wholly owned subsidiary of Mitsui and Co., founded in 2017 targeting real estate business in Southeast Asia. Mitsubishi Estate is one of the largest real estate developers in Japan, whose track record in Singapore includes co-development of office building CapitaSpring with CapitaLand.


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UOB makes ‘management refresh’ amid digital push | FinanceAsia

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United Overseas Bank (UOB) is making several senior leadership changes. From September 1, Susan Hwee, head of group technology and operations (GTO) will assume the role of head of group retail, taking over from Eddie Khoo.

Khoo (pictured left) is retiring from his role, but will still take on the position of senior adviser to United Overseas Bank (UOB) Vietnam.

To replace Hwee (pictured middle), UOB has promoted Singapore-based Lawrence Goh (pictured right) is promoted head of GTO and will commence the role on the same day as September 1, according to a UOB press release.  

UOB is a leading bank in Asia, headquartered in Singapore with subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam. The global bank has 500 offices in 19 countries throughout Asia Pacific, Europe and North America.

Hwee has more than 35 years of experience in the technology and banking industry. Having joined UOB in 2001, Hwee leads the bank’s global strategy for technology, operations and information security in her present role as head of GTO.

According to the release, Hwee is “instrumental in the development and innovation” of UOB’s digital platform, UOB TMRW, which uses artificial intelligence (AI) to push digital acquisition and customer engagement.

Hwee’s promotion will see her spearhead plans to strengthen the bank’s digital operations and product solutions while increasing customer engagement and connection to Asean opportunities, the release said. Hwee will also help integrate AI and push digital acquisition across UOB’s customer base.

Goh will succeed Hwee as head of GTO after more than three decades of IT experience spread across positions in corporate and consultancy roles. Goh began his professional life at a global advisory firm, having held positions of leadership in strategy and transformation, infrastructure consulting and security. 

Goh currently manages the day-to-day operation and strategic planning of UOB’s infrastructure and platform services across the bank’s international network as chief operating officer for GTO and head of group infrastructure platform services.

Responsible for progressing UOB’s technology strategy, Goh has been “instrumental in shaping the bank’s technological investment and transformation”, according to the release, having established UOB’s first Test Centre of Excellence in 2018 to enhance the bank’s testing quality, automation and consistency.

The aim of Goh’s new role is to push innovation and technology integration to enhance operational efficiency and customer experience, the release said

Khoo is to become senior advisor to UOB Vietnam after retiring as head of group retail. Khoo joined UOB in 2005 and has been “pivotal in growing UOB’s group retail business to the strong regional franchise the bank has today”, the release said.

UOB Vietnam has been integrating Citigroup’s consumer banking businesses following its full integration of Citi’s consumer banking businesses into UOB Indonesia, Malaysia and Thailand, after UOB’s acquisition of several of Citigroup’s businessesin 2022. 

Khoo intends to apply his experience to support UOB’s management team to drive the bank’s retail strategy in Vietnam, with UOB Vietnam “imperative” to strengthening the bank’s regional franchise.

“This management refresh is part of our ongoing efforts to strengthen UOB’s capabilities to serve our enlarged customer base across the region,” commented Ee Cheong Wee, deputy chairman and chief executive officer of UOB, in the release.

Wee added: “With rapid digitalisation in our key markets, Susan’s experience is crucial to drive digital engagement strategies and uplift customer experience. Lawrence, as a seasoned IT leader, will continue to drive innovation and lead our technology transformation in our new phase of growth. Eddie has made invaluable contributions to our retail banking business. In his new role, he will continue to support our team to realise the potential of our retail franchise in Vietnam.”  

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