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 Vision

The Asian standard of excellence for practitioners in finance.

IBF Mission

To empower practitioners with capabilities for a robust Asian financial industry.

Chairman’s Message

Ravi Menon

Ravi Menon

IBF Council

Chairman’s Message

Digital Innovation,

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.


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:

Progression pathways for evolving jobs in Consumer Banking;
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.

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.


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.


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.

Council Members

The 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 Menon

    - Ravi Menon
    Chairman of IBF Council;
    Managing Director
    Monetary Authority of Singapore
  • Wee Ee Cheong

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

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

    - Nicholas Hadow
    Member of IBF Investment Committee;
    Chairman, Investment Management Association of Singapore (IMAS);
    Director, Business Development,
    Aberdeen Asset Management Asia Limited
  • Loh Boon Chye

    - Loh Boon Chye
    Member of IBF Investment Committee;
    CEO, Singapore Exchange Limited (SGX)
    (Appointed on IBF Council on 15 July 2015)
  • Shirish Apte

    - Shirish Apte
    Chairman of Audit Committee
  • Guan Yeow Kwang

    - Guan Yeow Kwang
    Member 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
  • Ang Zhongren

    - Ang Zhongren
    Member of IBF Audit Committee;
    Senior Deputy Director
    (Higher Education Policy),
    Ministry of Education
    (Appointed to IBF Council on
    29 June 2015)
  • Piyush Gupta

    - Piyush Gupta
    Chairman of IBF e-System Advisory Committee;
    CEO and Director,
    DBS Group
  • Samuel Tsien

    - Samuel Tsien
    Group Chief Executive Officer
    and Director,
    Oversea-Chinese Banking
    Corporation Limited
  • Michael Zink

    - Michael Zink
    Head of ASEAN,
    Citi Country Officer, Singapore
  • Lim Cheng Teck

    - Lim Cheng Teck
    Vice Chairman, ASEAN
    Standard Chartered Bank
  • Derek Teo

    - Derek Teo
    Chief Executive,
    General Insurance Association of
    Singapore (GIA)
  • Karine Kam

    - Karine Kam
    Chief Executive,
    Singapore College of Insurance Limited (SCI)
  • Jacqueline Loh

    - Jacqueline Loh
    Deputy Managing Director
    (Monetary Policy & Investment /
    Development & International/
    FinTech & Innovation),
    Monetary Authority of Singapore
  • Julia Ng

    - Julia Ng
    Senior Director,
    Enterprise Development Group
    Singapore Workforce Development Agency
    (Appointed to IBF Council on
    1 August 2015)

Council Members who stepped down

Aw Tuan Kee
Magnus Bocker
Goh Eng Ghee

IBF Standards Committee

The 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. +-


Wee Ee Cheong Deputy Chairman & CEO
United Overseas Bank Limited


Chew Sutat Executive Vice President,
Head of Sales & Clients
Singapore Exchange Ltd

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

Paul Cobban Chief Operating Officer,
Technology & Operations
DBS Bank Ltd

Guan Yeow Kwang Singapore Branch CEO,
General Manager of Asia & Oceania
Administration Department,
Mizuho Bank, Ltd

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

Kong Eng Huat Chief Executive Officer,
Singapore Branch and
South East Asia

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

Irene Ng Regional Chief Underwriter,
Asia Life / Health
General Reinsurance AG, Singapore Branch
John Paterson Director - Talent Development and
Strategy, Talent, Branding and
Credit Suisse AG

Susan Soh Managing Director,
Schroder Investment Management (Singapore) Ltd

Derek Teo Chief Executive,
General Insurance Association of
Singapore (GIA)

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

Kenneth Wong Director, Creative & Professional Services Division
Singapore Workforce Development Agency

Ong Puay See Chief Executive Officer, IBF

Members who stepped down Magnus Bocker
Mack Eng
Azzli Jamain
Loh Hoon Sun
Tan Hak Leh
Lily Teo

IBF Working Groups

  • Branding & Marketing Outreach +-


    John PatersonCredit Suisse AG


    Adam Abdur RahmanCitibank N.A.

    Bojan BlecicOversea-Chinese Banking Corporation Limited

    Patricia EnslowUBS AG

    Peter HattStandard Chartered Bank
    Joanna Ong-AshAIA Singapore Private Limited

    Alina TanDBS Bank Ltd
  • CACS Continuing Professional
    Development Advisory Group (CPDAG)


    Lawrence LuaDBS Bank Ltd


    Chan Cher TeckHSBC Private Bank

    Eddie GanUBS AG Singapore

    Peter KokStandard Chartered Private Bank

    Robin HengBank of Singapore
    Kong Eng HuatEFG Bank AG

    Alison LimCredit Suisse AG

    Conrad LimLGT Bank (Singapore) Ltd

    Margie PagdangananCiti Private Bank

    Angela Tan Ee LiUnited Overseas Bank Limited
  • Capital Markets and Financial Markets +-


    Chew SutatSingapore Exchange Limited

    Guan Yeow KwangMizuho Bank, Ltd


    Esmond ChooUOB Kay Hian Pte Ltd

    Paul DaviesGoldman Sachs Futures Private Limited

    Deborah HoBarclays Bank PLC

    Lam Kun KinOversea-Chinese Banking Corporation Limited

    Clifford LeeDBS Bank Ltd
    Clement LeowPartners Capital (Singapore) Pte Ltd

    David LynneDeutsche Bank AG

    Gerald OngPrime Partners Corporate Finance Pte Ltd

    Eddie TanCitibank, N.A.

    Tan Jeh WuanDBS Bank Ltd

    TK YapOCBC Securities Pte Ltd
  • CMFAS Examination Board +-


    Tan Boon GinSingapore Exchange Limited


    Yolanda ConstantineMonetary Authority of Singapore

    Rachel EngWong Partnership

    Kan Shik Lum
    Kao Shih TengLion Global Investors

    Kenneth KawMonetary Authority of Singapore

    Lim Mei ShernMonetary Authority of Singapore

    Rodney LimNikko Asset Management Asia Limited
    Grace MokSingapore Exchange Limited

    Yvonne OngCapitaCommercial Trust Management Limited

    Martin SiahBank of America Merrill Lynch

    Karen TiahAllen & Gledhill

    TK YapOCBC Securities Pte Ltd

    Yit Chwee FungUnited Overseas Bank Limited
  • Corporate Banking Common Examination
    (CBCE) Examination Board


    Chew 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
  • Compliance +-


    Lam Chee KinDBS Bank Ltd


    Sainava Bee BeeGreat Eastern Life
    Assurance Co Ltd

    Andrew ChowBNP Paribas

    Goh Siew LianCitibank N.A.

    Koh Wan TsyrPrudential Assurance Company
    Singapore (Pte) Ltd
    Conrad LimLGT Bank (Singapore) Ltd

    Fairlen Ooi Chooi TingUnited Overseas Bank Limited

    Lily TeoUniCredit Bank AG

    Karen TiahAllen & Gledhill LLP

    Wong Foong HarCIMB Bank Berhad
  • Corporate Banking +-


    Eric ThamUnited Overseas Bank Limited


    Ronny ChngUnited Overseas Bank Limited

    Irene ChuaThe Hongkong and Shanghai Banking Corporation Limited, Singapore Branch

    Elaine LamOversea-Chinese Banking Corporation Limited

    Patrick LeeStandard Chartered Bank
    Lee Swee SiongOversea-Chinese Banking Corporation Limited

    Lim Wee SengDBS Bank Ltd

    Soh Kian TiongDBS Bank Ltd

    Yeo How NgeeDBS Bank Ltd
  • Financial Planning +-


    Khoo Kah SiangGreat Eastern Life Assurance Company Ltd


    Wendy AngNTUC Income Insurance
    Co-operative Limited

    Christine CheahGreat Eastern Financial Advisers Private Limited

    Vincent EeAssociation of Financial Advisers (Singapore)

    Joseph KwokFinancial Planning Association of Singapore
    Steven LauPrudential Assurance Company Singapore (Pte) Ltd

    James OngHSBC Global Asset Management (Singapore) Limited

    Peter TanUnited Overseas Bank Limited

    Roland YeoInsurance & Financial Practitioners
    Association of Singapore (IFPAS)
  • Fund Management +-


    Susan SohSchroder Investment Management (Singapore) Ltd


    John DoyleUOB Asset Management Ltd

    Andrew KwekAK Management Consultancy Pte Ltd
    Michael LimInvestment Management Association of Singapore

    Teo Joo WahLion Global Investors Limited

    Thio Boon KiatUOB Asset Management Ltd
  • General Insurance +-


    Derek TeoGeneral Insurance Association of Singapore


    Kenrick LawAllianz Reinsurance

    Lisa MarbonAXA Insurance Singapore Pte Ltd

    Shirley OwQBE Insurance (International) Ltd
    Jenny PeNTUC Income Insurance
    Co-Operative Ltd

    Noel TanFederal Insurance Company

    Sam TanMSIG Insurance (Singapore) Pte Ltd
  • IBF E-System Advisory Committee +-


    Piyush GuptaDBS Bank Ltd


    Paul CobbanDBS Bank Ltd

    Christian HobsonStandard Chartered Bank
    Leong Weng LingAIA Singapore Private Limited

    John PatersonCredit Suisse AG
  • IBF E-System Industry Taskforce +-


    Paul CobbanDBS Bank Ltd


    Ann ChoiCitibank

    Adrian ChowBank of Singapore
    Christian HobsonStandard Chartered Bank

    Badhri IyerCredit Suisse AG

    Ng Weng-KuenAIA Singapore Private Limited
  • Life Insurance +-


    Irene NgGeneral Reinsurance AG,
    Singapore Branch


    Daniel ChongHSBC Insurance (Singapore) Pte Limited

    Christine NgAIA Singapore Private Limited
    Karen SheePrudential Assurance Company Singapore (Pte) Ltd

    Yvonne WuAIA Singapore Private Limited
  • Risk Management +-


    Vincent ChooOversea-Chinese Banking Corporation Limited


    Marcelo MicheliniCitibank NA

    Ng Puay LengThe Hongkong and Shanghai Banking
    Corporation Limited,
    Singapore Branch

    Frankie Phua Peng YeoUnited Overseas Bank Limited

    Ronnie TanGreat Eastern Life
    Assurance Co Ltd
    Seamus ToalDBS Bank Ltd

    Lukas van der HoefABN AMRO Bank N.V.,
    Singapore Branch

    Gopalan VedarthamBarclays Capital

    Yap Ee LingAustralia and New Zealand Banking Group Limited
  • Technology And Operations +-


    Paul CobbanDBS Bank Ltd


    Carol ChanCredit Suisse AG

    Osman Ershad FaizStandard Chartered Bank

    Malcolm HarrowJPMorgan Chase Bank, N.A.

    Lim Lai LingUnited Overseas Bank Limited

    Ong Soon YanOversea-Chinese Banking Corporation Limited
    KL TehGreat Eastern Life Assurance Co Ltd

    Lilian ThamSchroder Investment Management
    (Singapore) Ltd

    Claude Von ArxMerrill Lynch Global Services Pte Ltd

    Janet YeongStandard Chartered Bank
  • Wealth Management +-


    Kong Eng HuatEFG Bank AG


    Anthonia HuiAL Wealth Partners Pte Ltd

    Lawrence LuaDBS Bank Ltd

    Christine OngUBS AG
    Jessica PohCiti Private Bank

    Shantini RamachandraPricewaterhouseCoopers
    Services LLP

    Annette C S SuiHSBC Trustee (Singapore) Ltd

    Celine TanPortcullis Trust (Singapore) Ltd

Year in

Celebrating Distinction

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.

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.

IBF Distinction Evening 2015

We 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.

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
CORPORATE BANKING (Transaction Banking)
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
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

Honour Roll of Award Winners

The 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 Fellows

The “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 Fellows

The “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 Recipient

The “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 Recipient

The “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 Recipients

The “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

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 & 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 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 professional development: 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.

Raising Standards for the Industry

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
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
WMI Advanced Certificate in Trust Services (IBF Level 2/3)
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
ACI-SMU Executive Certificate in Financial Markets Operations (IBF Level 1)
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
IBF Chairman and MAS Managing Director Ravi Menon (L) with joint IBF Aspire award winners Koh Fu Khai (Middle), Ow Wee Leong (R)
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

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


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:


Growing and Engaging the IBF Community

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


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.


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.

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.
Speakers included:

Malcolm Harrow
IBF Fellow and Head of Corporate & Investment Bank Shared Services and Processing Centre Lead,
Asia Pacific
JP Morgan Chase Bank, N.A.

Markus Gnirck
Co-Founder & Global COO,
Startupbootcamp FinTech

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

Vincent Loy
Financial Crime and Cyber,
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.

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.
The panellists included:

Lem Chin Kok
Executive Director, KPMG

Glenn Seah
Senior Vice President and
Head of Compliance, SGX

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

Markus Gnirck
Co-Founder and Global COO, Startupbootcamp FinTech

Wilson Ang
Partner, Norton Rose Fulbright

Alexandru Caciuloiu
Digital Crime Officer,
Cybercrime Training Management,
Cyber Innovation and Outreach, INTERPOL
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.

Active participation from the attendees at the IBF Connect Financial Planning.
Industry experts and senior executives:

Stafford Neil
Relationship Manager, Financial Services, PwC, Singapore

Charles Wong
Head of Retail Banking
Citibank Singapore Limited

Iker Ibanez
South East Asia Digital Services Leader
PwC Singapore

Lee Chiwi
CEO, Rockwills Group

Winson Yap
Chief Distribution Officer

Wong Sze Keed
Chief Agency Officer
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.
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.
Speakers included:

Mohit Mehrotra
S.E Asia Leader,

Michiel van Selm
Financial Services Industry Practice,

Chew-Mee Foo Kirtland
Managing Director,
Mornington Services Pte Ltd

David Buerge
CAIA, Director,
BlackRock Alternative Advisors (BAA)

Nadav Lehavy
Managing Director,
Sand Aire (Singapore) (PTE.) Ltd.

Stacy Choong
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.

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.
The panellists were as follows:

Vincent Ee
Association of Financial Advisers (Singapore) (AFA (S))

Joseph Kwok
Financial Planning Association of Singapore (FPAS)

Roland Yeo
Insurance and Financial Practitioners Association of Singapore (IFPAS)

Dr Khoo Kah Siang
Life Insurance Association (LIA)

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.

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).
Speakers included:

Jonathon Allaway
Senior Managing Director,
Financial Services,

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

Amelia Ching
Academic Director,
Financial IT Academy @ SMU

Thio Tse Gan
Cyber Risk Services Leader,


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.

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.
Speakers included:

Benjamin Cavalli
Managing Director and
Market Area Head,
Southeast Asia,
Credit Suisse

Bernard Heng
Managing Director,
Head of Syndication and
Shareholder Advisory,
Credit Suisse

Ruben Kempeneer
APAC Regional Director,

Bernard Fung
Head of Family Office APAC,
Credit Suisse

Chew-Mee Foo Kirtland
Managing Director,
Mornington Services Pte Ltd

John Paterson
Head of Talent Development APAC,
Credit Suisse

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

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.
Speakers included:

Mario Marconi
Head of Family Services Group,
UBS Wealth Management

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

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

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

David Ong
Head of Business Insights,
UBS Wealth Management Asia Pacific

Paul Stefansson
Head of Portfolio Specialists,
UBS Singapore
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.

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).
Speakers included:

Berry Wong
Head of Wealth Planning Services,
Asia Pacific,
BNP Paribas Wealth Management

Garth Bregman
Head of Discretionary
Portfolio Management,
Asia Pacific,
BNP Paribas Wealth Management

Ben Cherrington
Director of Intermediary Channels,
Asia Pacific,
M&G Investments Asia

Royston Low
Regional Head Private Investments,
Asia Pacific,
BNP Paribas Wealth Management

Arnaud Tellier
Head of Investment Services,
Asia Pacific,
BNP Paribas Wealth Management
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 from Citi included Roger Bacon (3rd from L) and Daniel Chan (2nd from R).
Speakers included:

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

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

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

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

Bassam Salem
Managing Director and Region Head Asia Pacific,
Citi Private Bank


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.

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

IBF on Social Media

In 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.

Youtube Instagram Linkedin


Institution Type

Financial Institution

Aberdeen Asset Management Asia Ltd
AL Wealth Partners Pte Ltd
Amundi Singapore Ltd
APS Asset Management Pte Ltd
BNP Paribas Securities (Singapore) Pte Ltd
Cambridge Industrial Trust Management Ltd
CIMB Securities (Singapore) Pte Ltd
Citigroup Global Markets Singapore Pte Ltd
CMC Markets Singapore Pte Ltd
Credit Suisse Securities (Singapore) Pte Ltd
DBS Vickers Securities Group
First State Investments (Singapore)
Foord Asset Management (Singapore) Pte. Limited
G.K. Goh Financial Services (S) Pte Ltd
Instinet Singapore Services Pte Ltd
Javelin Wealth Management Pte Ltd
KGI Fraser Securities Pte Ltd
KGI Ong Capital Pte Ltd
Lim & Tan Securities Pte Ltd
Lion Global Investors Ltd
Macquarie Capital Securities (Singapore) Pte Ltd
Marcuard Asia Pte Ltd
Maybank Kim Eng Securities Pte. Ltd.
Mitsubishi UFJ Trust International Ltd (Singapore Branch)
Mizuho Securities (Singapore) Pte Ltd
SG Securities (Singapore) Pte Ltd
Nikko Asset Management Asia Limited
Nomura Asset Management Singapore Ltd
OCBC Securities Pte Ltd
Pheim Asset Management (Asia) Pte Ltd
Phillip Futures Pte Ltd
Phillip Securities Pte Ltd
PineBridge Investments Singapore Limited
RBC Investor Services Trust Singapore Limited
RHB Securities Singapore Pte Ltd
Rothschild (Singapore) Limited
Schroder Investment Management (Singapore) Ltd
State Street Global Advisors Singapore Ltd
UOB Asset Management Ltd
UOB Bullion & Futures Ltd
UOB Kay Hian Pte Ltd
Wellington International Management Company Pte Ltd
Western Asset Management Company Pte Ltd
Singapore Exchange Ltd
Hong Leong Finance Ltd
Sing Investments & Finance Ltd
Singapura Finance Ltd
finexis advisory Pte Ltd
IPP Financial Advisers Pte Ltd
Australia & New Zealand Banking Group Limited
Bangkok Bank Public Company Limited
Bank of America, National Association
Bank of China Limited
Bank of India
BNP Paribas
CIMB Bank Berhad
Citibank N.A.
Credit Agricole Corporate and Investment Bank
HL Bank
ICICI Bank Limited
Indian Bank
Indian Overseas Bank
Industrial & Commercial Bank of China Ltd
JPMorgan Chase Bank, N.A.
Malayan Banking Berhad
Mizuho Bank, Ltd
PT Bank Negara Indonesia (Persero) TBK
RHB Bank Berhad
Standard Chartered Bank
State Bank of India
Sumitomo Mitsui Banking Corporation Singapore Branch
The Bank of East Asia Ltd
The Bank of Tokyo-Mitsubishi UFJ, Ltd (Singapore Branch)
The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch
UCO Bank
AXA Financial Services (Singapore) Pte Ltd
Bank of Singapore Ltd
DBS Bank Ltd
Far Eastern Bank Ltd
Oversea-Chinese Banking Corporation Limited
United Overseas Bank Ltd
Asean Finance Corporation Ltd
Bank Pictet & Cie (Asia) Ltd
Bordier & Cie (Singapore) Ltd
BSI Bank Ltd
Coutts & Co Ltd
Credit Suisse (Singapore) Limited
Daiwa Capital Markets Singapore Ltd
LGT Bank (Singapore) Ltd
Lombard Odier Darier Hentsch & Cie (Singapore) Ltd
Mitsubishi UFJ Securities (Singapore) Ltd
Nomura Singapore Limited
The Bank of Nova Scotia Asia Ltd
Toronto Dominion (SEA) Ltd
VP Bank (Singapore) Ltd
Arab Bank plc
Bank J. Safra Sarasin Ltd
Canadian Imperial Bank of Commerce
Chang Hwa Commercial Bank Ltd
Credit Agricole (Suisse) S.A.
E.SUN Commercial Bank Ltd
Hang Seng Bank Ltd
Mitsubishi UFJ Trust & Banking Corporation
Nordea Bank Finland PLC
Philippine National Bank
PT Bank Mandiri (Persero) TBK
Raiffeisen Bank International AG
Royal Bank of Canada
Skandinaviska Enskilda Banken AB (publ)
Svenska Handelsbanken AB
The Bank of New York Mellon
The Korea Development Bank
The Norinchukin Bank
The Siam Commercial Bank Public Company Ltd
Union de Banques Arabes et Francaises
Woori Bank
Monetary Authority of Singapore
Nittan Capital Singapore Pte Ltd
Portcullis (Singapore) Pte Ltd
PricewaterhouseCoopers LLP
Tradition Singapore (Pte) Ltd
UCAP AM Asia Pte Ltd
Arab Banking Corporation (BSC)
ABN AMRO Bank N.V, Singapore Branch
Agricultural Bank of China Ltd
Bank Julius Baer & Co Ltd
Bank of Communications Co., Ltd
Barclays Bank PLC
BNP Paribas Wealth Management
China Construction Bank Corporation
Commerzbank Aktiengesellschaft
Commonwealth Bank of Australia
Cooperative Centrale Raiffeisen-Boerenleenbank B.A.
Credit Industriel et Commercial
Credit Suisse AG
CTBC Bank Co, Ltd
Deutsche Bank AG
DNB Bank ASA Singapore Branch
DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt Am Main
EFG Bank AG (EFG Bank SA) (EFG Bank Ltd)
First Commercial Bank
First Gulf Bank PJSC
Habib Bank Ltd
ING Bank N.V.
Korea Exchange Bank
Landesbank Baden-Württemberg
Mega International Commercial Bank Co., Ltd
National Australia Bank Ltd
National Bank of Kuwait S.A.K.
Norddeutsche Landesbank Girozentrale
Société Générale
Sumitomo Mitsui Trust Bank Limited Singapore Branch
The Bank of Nova Scotia
The Northern Trust Company
The Royal Bank of Scotland plc
UniCredit Bank AG
VTB Capital plc
Westpac Banking Corporation
IBF Audited Financial Statements 2015


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