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<ul class="summary-list"><li>Eric Sim spent over 20 years in banking, working in Singapore, London, Shanghai, and Hong Kong.</li><li>The engineering major says he had no idea what banking was when he graduated in 1994.</li></ul>This as-told-to essay is based on a conversation with <a target="_blank" class="" href="https://www.linkedin.com/in/simeric/">Eric Sim</a>, 54, a former banker turned professional speaker and executive coach. The following has been edited for length and clarity. Business Insider has verified his education and employment history.When I picked banking as a career, I had very little idea of what the job would actually involve. I'd never even heard of the big names like Goldman Sachs and Morgan Stanley — but banking felt novel and challenging to me.My first job out of school was at DBS Bank, where I did corporate foreign exchange sales. I was an engineering graduate and not as savvy as my colleagues, who majored in business administration.After two years, I decided to leave DBS and get my master's in finance at Lancaster University. I wasn't able to secure a job in London, though. I ended up returning to Singapore in the thick of the 1997 Asian Financial Crisis.As jobs were scarce, I decided to take work in risk management instead. That was when I joined Standard Chartered.I was fortunate to have a good boss. He really believed in me and sent me on secondments to London and Hong Kong. That kickstarted my international career.I later moved on to Citibank in 2001, where I worked on global markets. In 2005, I saw that China was liberalizing its financial sector, so I asked my boss to post me to China, and I spent two years there.Working in China was eye-opening. Compared to a small country like Singapore, there were lots more industries, such as mining and shipping, to cover.I then relocated to Hong Kong and switched my focus to investment banking and Asia-centric transactions. That paved the way for me to join UBS as a managing director.<h2 id="6126e89b-83ba-409f-829f-7c6830f6f066">I can play the game, but I don't enjoy the game</h2><div type="image" title="Eric Sim giving a lecture to students." height="768" width="1024" msid="115431925" hostid="261" sizebytes="84092"></div>To be honest, I've always thought of leaving banking. Back in 2005, I thought of returning to college to study architecture. I applied for a spot and got accepted into the program after passing a test.But I decided against it. If I went back to school, I would have to study for five years and accrue two years of practical experience before I could qualify as an architect.That was a huge opportunity cost for me, as I could have made up to a million dollars if I had stayed with banking during the same period. I was in my mid-thirties then, and I still had to pay my mortgage. It didn't make financial sense to leave banking then.That said, I also recognized that while I could play the game, I didn't enjoy it. For most people who go into banking, the norm is to work as much as you can and retire when you're 60.However, that leaves you with very limited choices in life. Your health may deteriorate, and you won't be able to travel as much.So after spending over 20 years in banking, I left UBS in 2017.At that point, my health was still good, and I had sufficient savings. That meant that I could pursue the things I liked, and start a new career in professional speaking and executive coaching.In this phase of my life, I'm now focusing on satisfaction, meaning, and fulfillment. Through my work as a speaker and lecturer, I have been able to share my know-how in banking and career planning with more people.<h2 id="cd01a843-0073-4c6f-b1d9-e32d59c1e82f">It is a lot harder to make it in banking these days</h2><div type="image" title="Eric Sim standing in front of the London Bridge." height="768" width="1024" msid="115431926" hostid="261" sizebytes="39050"></div>Banking is really just a sales job. It is about knowing what your customer wants and then building a relationship. You want to be the first person the client calls when they have a problem.But succeeding in banking is a lot harder these days. In the past, there was less competition and less regulation within the sector. It was easier for the banks to make money.Things are different now. After the 2008 Global Financial Crisis, a lot more people now know how much money bankers can make. There is a lot more competition for banking jobs.But even if I could turn the clock back, I would still pick banking as a career. Banking is an excellent industry for self-development.My advice to young professionals is to seek out job opportunities that allow them to learn. That has been my career principle and it has served me well.

I made it to managing director after 17 years in banking, then I quit. I didn't want to work myself into the ground well into my 60s.

<ul class="summary-list"><li><keyword id="13173795" type="UNKNOWN" weightage="60" keywordseo="dbs-bank" source="Orion">DBS Bank</keyword> is planning to launch <keyword id="6514520" type="UNKNOWN" weightage="60" keywordseo="crypto-trading" source="Orion">crypto trading</keyword> services for retail clients this year.</li><li>The bank launched a digital asset trading desk for institutional clients in late 2021.</li></ul><keyword id="13173794" type="UNKNOWN" weightage="60" keywordseo="dbs" source="Orion">DBS</keyword> Bank, the largest bank in Southeast Asia by assets, is planning to launch cryptocurrency trading services for retail clients this year, expanding into the space following its launch of an <a href="https://www.coindesk.com/markets/2020/10/27/dbs-bank-is-planning-to-launch-a-digital-asset-exchange/">institutional digital asset trading desk</a> in late 2021.DBS Bank CEO Piyush Gupta during the bank's <a href="https://www.dbs.com/iwov-resources/images/investors/quarterly-financials/2021/4Q21%20media%20briefing.mp4">fourth-quarter earnings call</a> Monday said there is a roadmap in place though declined to give further specifics. "We've started doing the work on seeing how we get in a sensible way, take it out, and expand it beyond the current investor base. And that includes making sure we appropriate thinking about things like potential fraud and others," Gupta said during the call. "We should have something by the end of the year."Gupta, who has led the bank since 2009, also said he expects DBS Bank to improve its digital asset trading platform to "make the access to the digital assets a lot more convenient."This means allowing online deposits to operate more quickly and more seamlessly with minimal intermediaries. The bank's current workflow requires customers to call bankers to place orders within Singapore's timezone."What happens is that you've got 24/7, but the customers still need to call and speak to bankers," Gupta said. "So the first order is to make it all online, make it self-service, make it instant, and make sure the internal processes are robust to be able to support that."DBS Bank, which reported a net profit increase of 37% to $1.03 billion from October to December, has been deepening its presence in the <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> space.The bank in December 2020 established a crypto exchange division called <a href="https://cointelegraph.com/news/singapore-s-largest-bank-dbs-sets-up-crypto-exchange-platform">DBS Digital Exchange</a>, backed by SGX, Singapore's largest derivatives and asset exchange. CoinDesk reported that the exchange notched <a href="https://www.coindesk.com/business/2022/02/11/crypto-trading-volume-revs-up-at-singapores-dbs-bank/">full-year trading volume</a> of about $819 million for 2021. The development of DBS Bank comes as authorities in Singapore clamp down on crypto trading.The Singapore affiliate of <a href="https://markets.businessinsider.com/news/currencies/binance-founder-yi-he-regulation-crypto-growth-headquarter-search-meme-2021-11">Binance</a>, the world's largest cryptocurrency exchange, in <a href="https://www.businessinsider.com/binance-says-it-will-withdraw-singapore-licence-application-2021-12">December 2021</a> said it will withdraw its local license application and wind down its <a href="https://www.insiderintelligence.com/insights/digital-payment-services/">digital payment</a> token business in the broadly crypto-friendly city-state.

The largest bank in Southeast Asia is launching a crypto trading service for retail customers this year

<ul><li>In our latest interview series, we talk to brands to understand how they are coping with the new normal and their strategies towards navigating these difficult times.</li><li>In today’s interview, Shoma Narayanan, Executive Director- Strategic Marketing &amp; Communications, <keyword id="133737" type="CITY" weightage="20" keywordseo="DBS-Bank">DBS Bank</keyword> India, tells us about their key learnings from the Covid-19 experience so far, a few tips on how to help consumers deal with today’s challenges, and how they are becoming digital-first to connect with their audience. </li></ul>After the COVID-19 outbreak came to India and slowly started spreading across the country, banks were forced to work at limited capacities, while trying to cater to the essential needs of their customers. However, as market forces and consumer behaviour continue to evolve and unemployment increases day-by-day, it is important for marketers to be agile and keep recalibrating their strategy. Applying a few learning from its fellow markets in Asia, DBS Bank was quick to see the writing on the wall. Earlier, it was using an integrated approach to marketing its brand communications. Albeit, in light of the spreading virus, it has shifted all its marketing monies to digital and is replugging some of its old content to keep engaging with its consumers. There is a lot of uncertainty and anxiety around -- the safety of one's family, public health care, and long-term economic impact are some of the key concerns in people's minds. DBS bank is, therefore, using its communications tools to help its audience navigate these challenges. We caught up with Shoma Narayanan, Executive Director- Strategic Marketing &amp; Communications, DBS Bank India to further understand how they are building a connect with their consumers at a time they are scared to step out of their homes, how is the brand doing its bit to help the society and a few learnings that she has picked on her way in these unprecedented days. Excerpts: Q) How have the past few weeks been for the brand, considering the country has been in a lockdown? These are extremely challenging times and with banking being an essential service, our top priority as an organization is to safeguard customers and colleagues while continuing to fully support client needs. We have a wide range of digital solutions that allow both retail and corporate customers to bank from the comfort and safety of their homes. Our branches remain open with extensive safety measures in place to support physical transactions. DBS has also partnered with Bharti AXA to roll out a health insurance plan covering medical conditions including Covid-19. Additionally, we have launched a series of Covid-19 relief measures to help strengthen healthcare infrastructure and support vulnerable communities such as daily wage earners. Q) What is your marketing strategy right now? How have you been trying to continue building a connect with your audience? Consumers are facing more uncertainty today than ever before. Their family's safety and overall public health are primary concerns and there are worries around long-term economic impact. Our marketing strategy therefore focuses on reassuring customers of our support, sharing relevant and useful content and encouraging them to use digital modes of banking as much as possible. While speaking to customers, we found that many of them were keen on helping people less fortunate than themselves, and were not sure how they could do this during a lockdown. We partnered with The Akshaya Patra Foundation to run a programme under which our customers could donate meals to daily wage earners who have been severely impacted. For every donation made by a customer, DBS is making a matching contribution of double the amount, thereby tripling the impact. We have received a higher than expected response to this campaign, and it has helped us strengthen our connect with customers as well as a wider audience. Q) If the lockdown is further extended, will you be tweaking your marketing strategy further? We follow an agile approach, and our marketing strategy will evolve to meet the needs of the situation at hand. Q) How is your brand making a difference in spreading awareness/contributing in whichever way you can? DBS recently launched the ‘DBS Stronger Together Fund’ to provide help to Covid-19 affected communities across its six key markets, namely Singapore, Hong Kong, China, India, Indonesia and Taiwan. In India, DBS is partnering with United Way, Metropolis Labs and others to help scale up public health infrastructure, provide medical supplies and equipment, and sponsor free testing for the underprivileged. DBS is also working with organisations such as Pratham, Akshaya Patra and United Way to provide the equivalent of 2 million meals (in the form of food supplies and pre-packaged meals) to daily wage earners whose earnings have been affected by the temporary closure of factories and workplaces. We plan to roll out more such initiatives in the coming months. Q) TV viewership and digital engagement continue to increase, where are you betting your money? In normal circumstances, we have found that an integrated approach across TV, outdoor and digital gives us the best results. Right now, most of our spends are focused on digital and social media as that is where we are able to best connect with our audiences. We are seeing increased traction on digital even on slightly older content. Earlier this year, around International Women’s Day, we had launched a new episode of our mini-series, SPARKS, featuring our brand ambassador Sachin Tendulkar. The episode traces the journey of a social enterprise that is supported by DBS and is helping women become delivery agents, a profession that was traditionally inaccessible to them. As there is a heightened demand for online content as well as increased interest in cause-related material, we have seen a recent spike in views. Q) What are a few key learnings for you as a brand in the last few weeks? The importance of agility was brought home to us, and we pivoted some of our campaigns really quickly to make sure they were relevant in the current context. DBS is present in multiple countries across Asia, and we had important learnings from our colleagues in Singapore, China and Hong Kong who had faced similar situations in their markets some months/weeks before we did. Our key learnings are around being digital-first, staying true to our brand ethos of ‘Live More, Bank Less’ in everything we do, and ensuring we understand evolving consumer sentiment and respond appropriately.

Marketing in the times of COVID-19: DBS Bank

<ul class="summary-list"><li>This story was delivered to Business Insider Intelligence Fintech Pro subscribers earlier this morning.</li><li><a href="https://store.businessinsider.com/products/fintech-pro-membership?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=top_text&amp;itm_term=bundle_subscription_text_link-dbs-standard-chartered-look-to-digitize-trade-finance-2020-2">To get this story plus others to your inbox each day, hours before they're published on Business Insider, click here.</a></li></ul>Trade finance has conventionally been a lengthy and paper-heavy process, and it has come under the spotlight as many banks look to revamp it. Last week, two banks in particular made strides to overhaul such processes by joining networks and forging partnerships.DBS has completed the first digital trade financing settlement on Singapore's Network Trade Platform (NTP), <a href="https://e.businessinsider.com/click/19383726.4/aHR0cHM6Ly93d3cuZmluZXh0cmEuY29tL25ld3NhcnRpY2xlLzM1MjQ4L2Ricy1jYXJyaWVzLW91dC1maXJzdC10cmFuc2FjdGlvbi1vbi1zaW5nYXBvcmVzLW5ldy1kaWdpdGFsLXRyYWRlLXBsYXRmb3Jt/5d233c18f730436f2414784fBabc99f02" target="_blank" rel="noopener">per</a> Finextra. For the transaction, DBS worked with NTP to offer the digitized service to Audi and its local distributor Premium Automobiles on a $3.5 million letter of credit.NTP aims to help streamline the trade finance and supply chain industry: By using the platform, companies don't have to physically present paper-based trade documents to complete a letter of credit transaction and can instead do so online by leveraging NTP's <a href="https://e.businessinsider.com/click/19383726.4/aHR0cHM6Ly93d3cubnRwLmdvdi5zZy9wdWJsaWMvaW50cm9kdWN0aW9uLXRvLW50cC0tLW50cC1mZWF0dXJlcw/5d233c18f730436f2414784fBcbbde139" target="_blank" rel="noopener">features</a> like its online cloud-based repository offering, and an SFTP connection or API integration for document sharing. Using this process, DBS can complete the financing in under one working day, down from the conventional processing time of around one week.Standard Chartered has teamed up with software provider Infor Nexus to overhaul its supply chain finance process, <a href="https://e.businessinsider.com/click/19383726.4/aHR0cHM6Ly93d3cuZmluZXh0cmEuY29tL25ld3NhcnRpY2xlLzM1MjQ2L3N0YW5kYXJkLWNoYXJ0ZXJlZC10by1kaWdpdGlzZS10aGUtc3VwcGx5LWNoYWluLXdpdGgtaW5mb3ItbmV4dXM/5d233c18f730436f2414784fB2b998c9e" target="_blank" rel="noopener">per</a> Finextra. Manually matching data for supply chain finance is a time-consuming undertaking as it often includes documents from third parties, which can result in delays of the trade finance process, and potentially reduce the working capabilities of suppliers.However, by using Infor Nexus' network, which includes over 65,000 business members across various industries, Standard Chartered is able to digitize data matching across documents like purchase orders, invoices, and transport documents, thereby speeding up its trade finance processes.While a number of banks have explored blockchain-enabled solutions to streamline trade finance, these two examples illustrate an alternative. Over the last few years, we've seen banks explore and implement blockchain technology to digitize trading processes, including HSBC <a href="https://e.businessinsider.com/click/19383726.4/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L2hzYmMtc2V0dGxlZC0yNTAtYmlsbGlvbi1vZi1meC10cmFkZXMtb24tYmxvY2tjaGFpbi1pbi0yMDE4LXVzLW5lb2Jhbmstam91c3QtbGF1bmNoZXMtZmluYW5jZS1hcHAtZm9yLWZyZWVsYW5jZXJzLTIwMTktMT9jaWQ9c2VhcmNo/5d233c18f730436f2414784fBb32ded6a" target="_blank" rel="noopener">settling</a> $250 billion in forex trades using blockchain technology throughout 2018.And there are reportedly <a href="https://e.businessinsider.com/click/19383726.4/aHR0cHM6Ly93d3cuY29pbmRlc2suY29tL2phcGFucy10aGlyZC1sYXJnZXN0LWJhbmstY29tcGxldGVzLWJsb2NrY2hhaW4tdHJhZGUtZmluYW5jZS10ZXN0/5d233c18f730436f2414784fBe54ff0c5" target="_blank" rel="noopener">30 consortia</a> globally, such as R3, looking to leverage blockchain for trade finance. But while blockchain is often praised for streamlining conventionally tedious processes, it has also met a fair share of criticism within the industry, with Bank of America's tech and operations chief Cathy Bessant <a href="https://e.businessinsider.com/click/19383726.4/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L2Jhbmstb2YtYW1lcmljYS1waWxlcy1ibG9ja2NoYWluLXBhdGVudHMtdGVjaC1jaGllZi1iZWFyaXNoLW9uLXRoZS10ZWNob25vbGd5LWJpdG1haW4tYWJhbmRvbnMtaXBvLXBsYW5zLWZvci1ub3ctaG9uZy1rb25nLWFsdC1sZW5kZXItcmFpc2VzLTE1bS0yMDE5LTM_Y2lkPXNlYXJjaA/5d233c18f730436f2414784fB08e791f8" target="_blank" rel="noopener">expressing</a> skepticism about the benefits of blockchain (despite the bank holding numerous patents for the technology) and regulatory uncertainty <a href="https://e.businessinsider.com/click/19383726.4/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L2Jsb2NrY2hhaW4taW4tYmFua2luZy1hbi1pbnNpZGUtbG9vay1hdC1mb3VyLWJhbmtzLWVhcmx5LWJsb2NrY2hhaW4tc3VjY2Vzc2VzLWFuZC1mYWlsdXJlcy0yMDE5LTU_Y2lkPXNlYXJjaA/5d233c18f730436f2414784fBf2aefdd3" target="_blank" rel="noopener">posing</a> a big barrier to blockchain adoption, according to global finance executives surveyed by PwC.Hence, options outside of blockchain to overhaul trade finance processes, such as the NTP and Infor Nexus' offering, could be worthy alternatives for banks to consider.Want to read more stories like this one? Here's how to get access: <ol><li>Sign up for Fintech Pro, Business Insider Intelligence's expert product suite tailored for today's (and tomorrow's) decision-makers in the financial services industry, delivered to your inbox 6x a week. &gt;&gt; <a href="https://store.businessinsider.com/products/fintech-pro-membership?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=learn_more_text&amp;itm_term=bundle_subscription_text_link-dbs-standard-chartered-look-to-digitize-trade-finance-2020-2">Get Started</a></li><li>Check to see if you already have access to Business Insider Intelligence through your company, or inquire about access if you don't. &gt;&gt; <a href="https://www.businessinsider.com/intelligence/corporate-check?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=learn_more_text&amp;itm_term=enterprise_text_link-dbs-standard-chartered-look-to-digitize-trade-finance-2020-2">Check If You Have Enterprise Access</a></li><li>Explore related topics in more depth. &gt;&gt; <a href="https://store.businessinsider.com/collections/fintech?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=learn_more_text&amp;itm_term=enterprise_text_link-dbs-standard-chartered-look-to-digitize-trade-finance-2020-2">Visit Our Report Store</a></li><li>Current subscribers can log in to read the briefing <a href="https://intelligence.businessinsider.com/post/dbs-standard-chartered-look-to-digitize-trade-finance-quickbooks-snags-bofa-as-latest-partner-uk-trading-apps-are-beating-incumbents-20x-on-prices-2020-2">here.</a></li></ol><a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019-2"></a>

DBS and Standard Chartered make strides to overhaul their trade finances operations

<keyword id="6354731" type="CITY" weightage="20" keywordseo="State-Bank-Of-India">State Bank of India</keyword> is now planning to overtake the state-run lenders and launch branch-less banking called <keyword id="4033812" type="UNKNOWN" weightage="20" keywordseo="SBI-Digi-Bank">SBI Digi Bank</keyword>. This is something similar to what Citi or <keyword id="133715" type="CITY" weightage="20" keywordseo="DBS">DBS</keyword> have done elsewhere in the world. It will have a financial superstore, a market place, and end-to-end digitisation for all products and services. 
 
With this, India’s largest lender will be rubbing shoulders the likes of Europe's M-Bank and Canada's Tangerine Bank. 
 SBI prepares to launch its own version of <keyword id="50691" type="COMPANY" weightage="20" keywordseo="Digital">Digital</keyword> only bank in the next 3-6 months. 
 
"We are working on a digital-only bank where no individual will be visible to the customer and all transactions will be done with the help of apps, internet banking and mobile banking. It will be an omni-channel, omni-device digital bank which will be available to both new and existing customers," a banker told ET. 
 
The digital-only bank, which will be device-agnostic, will use the Aadhar infrastructure for not only on-board customers but also provide them services online. 
 
"So there will not be any paper, we will onboard customers online using e-KYC and all services will be provided digitally. Completely zero assisted modes may not be possible initially, so there could be couple of our people who will help customers in our InTouch branches,” the banker further added. 
 SBI InTouch is the bank's state-of-the-art <keyword id="2539372" type="UNKNOWN" weightage="20" keywordseo="digital-branch">Digital Branch</keyword> which facilitates instant opening of accounts, printing and issue of personalised debit card, and expert advice on investment through videoconference. 
 The <keyword id="4034692" type="UNKNOWN" weightage="20" keywordseo="digi-bank">Digi Bank</keyword> will also offer a market place under which the lender will send offers to customers based on their profiles. Customers availing products from the bank's market place will get higher discounts compared to those being offered on ecommerce websites. 
 
The bank also plans to deploy software robotics in its back office to increase efficiency. SBI also plans to redeploy branch workforce on ground to sell its products. 
 
"Going forward, you will see that we will have less branch staff and more sales staff," an official told ET.

SBI to launch its own version of digital only bank

New Delhi, Mar 24 () State-run Indian Bank and Syndicate Bank on Tuesday announced safety measures for their employees and customers amid the coronavirus outbreak that has forced people to stay indoors. Syndicate Bank said ATM, branch banking and door step banking will be restricted and may be closed if necessary, depending upon the situation. This is being implemented to ensure minimum human contact. However, banking through digital channels like mobile and internet banking shall remain open, Syndicate Bank said in a release. Rolling out Pay Safe-Stay Safe campaign for its customers and medical support for its staff, Indian Bank said banks and ATMs are crucial places which are frequented by the public in large numbers. This human contact might prove to be a hindrance in arresting the rapid spread of this virus as feared by the medical fraternity, it added. Indian Bank MD and CEO Padmaja Chunduru said, "We are concerned about the well-being of our customers during these trying times and hence, request them to opt for the Banks' seamless Digital Banking Services (DBS)." She urged the customers to act upon the government's and medical practitioners' directive to avoid public places, adding an enhanced DBS is the bank's attempt in that direction. Indian Bank said about 50 per cent of its employees would be present in each branch on any given day and non-critical roles would be identified to enable implementation of the work-from-home policy. "We have entered into tie-ups with a few hospitals on a tele link with a doctor for preliminary consultation if any of our employees shows any symptoms. We would also assist in arranging for testing, as required," Indian Bank said. If any employee tests positive, paid leave would be granted for treatment time. Meanwhile, all branches and offices have been advised to down shutters by 7 pm and ensure that adequate sanitisation measures of the premises are carried out, it added. Syndicate Bank said its branches will not offer passbook printing services to avoid possible contact with the affected and asked customers to avail such facilities digitally. "Self-isolation and social distancing are a must to ensure safety of people and society at large...Syndicate Bank will continue to do whatever is necessary to curtail spread of this virus while ensuring customer service as well as employee safety is met simultaneously," said Mrutyunjay Mahapatra, MD and CEO, Syndicate Bank. The lender said that these measures are being implemented with immediate effect. Earlier on Monday, the umbrella body Indian Banks' Association had asked all member banks to ensure that all customers are provided uninterrupted services. KPM ABM

Syndicate Bank, Indian Bank announce safety measures for staff, customers amid virus lockdown

(Eds: Incorporating related stories) New Delhi, Mar 25 () In a bid to help people and businesses affected in the wake of coronavirus outbreak, state-owned lenders including Indian Bank, Union Bank of India and Bank of Baroda on Wednesday announced special emergency loan products. Besides, other public sector lenders -- Canara Bank, UCO Bank and Indian Overseas Bank -- too announced emergency credit line for customers. Public sector banks with about 80 per cent of banking operation have taken steps to ensure the safety of its staff and uninterrupted banking services to customers. "In these challenging times, the bank is committed to stand by its customers. Keeping in view the hardships faced by various sectors of the economy, we have launched products to take care of immediate liquidity requirement of businesses and retail customers," Indian Bank managing director Padmaja Chunduru told . "In wake of #coronavirus outbreak, #UnionBankofIndia unstintingly supports all its existing customers with the launch of Covid Emergency Line of Credit (CELC) which provides additional credit facilities to tide over liquidity issues," Union Bank of India said in a tweet. Another state-run lender Bank of India too announced emergency line of credit for borrowers. Bank of Baroda said it has set up an emergency credit line to provide funds to its existing MSME and corporate borrowers impacted by the outbreak of coronavirus. This follows a similar additional funding facility announced by the country's largest lender State Bank of India for its borrowers, last week. "Canara Bank announces special Loan schemes for our MSME/Corporate/Business/ Agri &amp; Retail Customers, to tide over the liquidity / Cash flow mismatches in the wake of outbreak of COVID -19," the bank tweeted. Indian Overseas Bank launched MSME Product "COVID 19 Line of Support Scheme" for all MSME customers. More banks to follow suit and announce special emergency credit line in days to come. Last week, the country's largest lender State Bank of India also announced an emergency credit line to meet any liquidity mismatch for its borrowers. Sharing details, she said, IND- COVID Emergency Credit Line (IBCECL) for large corporates will provide additional funding of up to 10 per cent of the Working Capital Limits (both Fund Based and Non Fund Based limits) with a maximum limit of Rs 100 crore. Large Corporates and Medium Enterprises that are in the Standard Category would be eligible for this loan, she said, adding the loan tenor will be for 36 months with an initial moratorium of up to 6 months and would carry fixed interest rate of 1 year MCLR. For MSME sector, she said, IND- MSE COVID Emergency Loan is aimed at providing additional funding of 10 per cent of fund based working capital limits with max Rs 50 lakhs. The will have tenure of up to 60 months and there will not be any processing fee. To support the women workforce, the bank has launched the SHG-COVID - SAHAYA LOAN. Under this each member can avail a soft loan of Rs 5000 up to maximum of Rs 1 lakh per SHG. The loan is for 36 months with 6 months moratorium. Indian Bank is servicing 1.68 lakh SHGs with more than 22 lakh women beneficiaries and the product will help them tide over the crisis, she said. For salaried class, the bank has designed IND-COVID Emergency Salary Loan under which one can avail loan up to an amount equivalent to 20 times latest monthly gross salary subject to max of Rs 2 lakhs. Available at concessional rate, this will help meet urgent medical and other expenditure, she said. "We expect that these credit lines will meet the immediate liquidity requirements of businesses. SHGs has always been an important part of our business and with our initiatives we ensure that the group gets all the desired support for financial independence. We have made these loans repayable over a longer period of time to give them the flexibility in operations until business is back on track again. With salaried class and the pensioners, it is more a line to meet their immediate requirements," she said. Talking about efforts made by the bank to keep its staff safe, Chunduru said, the bank is deploying 50 per cent staff on alternate basis. Besides, she said, masks, sanitizers are being ensured and a helpline number manned by a team of doctors has been started for staff and their families to address the query related with the disease. She said, the bank is also identifying non-critical roles would be identified to enable implementation of the work-from-home policy. The bank is also dissuading its customers not to visit bank branches and do transaction through Digital Banking Services (DBS) in order to protect themselves from the coronavirus. The bank is promoting digital payments such as mobile banking, internet banking, debit and credit cards instead of using cash which may require them to go to crowded places for paying bills. To familiarise people about digital payment methods, she said, the bank has designed videos which inform customers about step by step use. For pensioners, she said, the bank is taking extra effort to provide cash at their doorstep as these people are more prone to virus attack. DP MKJ

Banks launch special emergency loans for customers amid COVID-19 crisis

Mumbai, Apr 17 () The reduction in reverse repo rate by 25 basis points to 3.75 per cent by the Reserve Bank is a significant step but it is important that banks should increase their risk appetite, say economists and analysts. The Reserve Bank of India on Friday announced a 25 basis points reduction in reverse repo to 3.75 per cent from 4 per cent in order to encourage banks to deploy these surplus funds in investments and loans in productive sectors of the economy. "The reduction of reverse repo is significant but it needs to be seen if the flow to the private sector actually increases," Care Ratings Chief Economist Madan Sabnavis said. DBS Bank India Economist Radhika Rao said the reduction in the reverse repo rate is meant to prod banks to consider lending activity rather than park funds with the central bank. "Given the still sizeable funds that is being parked with the central bank under the reverse repo operations even after the 90 basis points cut in March, points to the limited credit and risk appetite of financial institutions," Rao said, while cautioning that a further reduction might disincentives banks to utilise the reverse repo window. SBI's Group Chief Economic Advisor Soumya Kanti Ghosh said the RBI has excluded the accounts availing moratorium from the 90-day NPA norm, thus providing a breather to banks as well as customers. "However, given the working capital challenges it is advisable for the RBI now to relook at the 90-day norm," he said. Ghosh said once an account is classified NPA, the borrower will not be able to raise funds from any other lender. "In the current circumstances the only way to save the economy and the financial system seems to be a relaxation of the IRAC norms i.e extending the 90-day schedule to 180 days," he said. Ghosh, however, said this relaxation should be given along with a well laid out calendar of returning to the current norm of 90 days in the next two years, by which time hopefully the Covid-19 crisis would have subsided. RBI also announced targeted long-term repo operations (TLTRO 2.0) for an aggregate amount of Rs 50,000 crore, to begin with, in tranches of appropriate sizes. The funds availed under this will have to be invested in investment grade bonds, commercial paper, and non-convertible debentures of NBFCs, with at least 50 per cent of the total amount availed going to small and midsized NBFCs and MFIs. KPMG India Partner and Head (CFO Advisory) Sai Venkateshwaran said "the TLTRO 2.0 for a total of Rs 50,000 crores, will provide some of the much needed liquidity for NBFCs, that have been faced with a significant ALM mismatch as they haven't benefited from the grant of moratorium announced by RBI earlier." RBI also announced providing special refinance facilities for a total amount of Rs 50,000 crore to Nabard, Sidbi and NHB to enable them to meet sectoral credit needs. Crisil Ratings Senior Director Krishnan Sitaraman said the twin funding measures announced by RBI will definitely provide some relief to NBFCs / HFCs / MFIs who have been providing moratorium on their loans to borrowers but were facing uncertainty in obtaining moratorium on their bank loans. "At the same time the fact that no formal announcement was made on applicability of bank loan moratorium to NBFCs would be a dampener for them," he said. According to EY India's Economist and Chief Policy Advisor D K Srivastava, the two measures -- reduction in reverse repo and increase in the state governments' WMA limits by 60 per cent of the original limit -- would facilitate increase in economic activities as the lockdown is progressively eased. RBI further said in respect of all accounts for which lending institutions decide to grant moratorium or deferment, and which were standard as on March 1, 2020, the 90-day NPA norm shall exclude the moratorium period, that is there would be an asset classification standstill for all such accounts from March 1, 2020 to May 31, 2020. "With the objective of ensuring that banks maintain sufficient buffers and remain adequately provisioned to meet future challenges, they will have to maintain higher provision of 10 per cent on all such accounts under the standstill, spread over two quarters, i.e., March, 2020 and June, 2020," RBI said. According to Icra Ratings Senior Vice President and Group Head (financial sector) Karthik Srinivasan, the proposal for 10 per cent provisions on the accounts under the standstill on asset classification because of moratorium is likely to significantly increase the credit provisions for the banks. "With an estimate of 3-4 per cent of the bank credit being in overdue category, i.e. SMA 1 and SMA2, which currently requires provision of only 0.4 per cent, the provisioning requirements of banks can increase by Rs 300-400 billion because of the proposed regulations," he said. Deloitte India's Economist Rumki Majumdar said the ability to grant relaxed NPA classification to borrowers and excluding NPA classification from the moratorium period will encourage NBFCs to lend to MSMEs without worrying about the impact such lending may have on their NPAs, which have been high. According to Covestro India's Head of Finance Avinash Bagdi, the bold steps taken by RBI to ensure smooth functioning of banks and financial institutions will help the country to prevent the economic slowdown curve from steepening. HV ABMABM

RBI's reverse repo cut significant, but banks need to increase risk appetite: Economists

Technology is transforming banking at an unprecedented pace. It’s impacting every part of the business including customer expectations, products, processes, and people. We believe, in 2017 disruption of the Indian banking industry will be led by five technologies. Following the success of the Jan Dhan program, the Government has asked banks to step it up by enrolling all customers in mobile banking by 31st March. While it may actually take much longer than that, there is little doubt that mobility will continue to be at the forefront of a changing banking landscape. Next, open banking, riding on initiatives such as Unified Payments Interface (<keyword id="6358921" type="COMPANY" weightage="20" keywordseo="UPI">UPI</keyword>), will make it extremely simple for customers to engage with providers of the best, most contextual experience, regardless of where they have their bank accounts. With a number of data centers springing up in the country, including the ones by leading global providers, Indian banks now have more avenues to run their systems from the cloud. If banking is to become a platform business, such as Uber or Airbnb, involving open collaboration with an ecosystem of providers, there is no option but to run it on the cloud. The fourth technology to disrupt banking is clearly Artificial Intelligence. Early signs of AI are visible in <keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword>, which has used Robotic Process Automation on 200 processes or more, and in HDFC Bank, which has deployed a robot in its branch. But this is just the beginning. Banks will follow with AI investments across functions spanning the front, middle and back office. Last but not least is blockchain, where once again, ICICI Bank has taken the lead by setting up a pilot network with Emirates NBD for trade finance and remittance transactions. Blockchain has also attracted the attention of the regulators; <a href="http://timesofindia.indiatimes.com/business/india-business/rbi-arm-tests-tech-behind-bitcoin/articleshow/56575335.cms">recently</a> RBI’s research arm, IDRBT, completed an end-to-end test on blockchain in a trade application that had multiple financial institutions, banks, clearing houses, and regulators involved. These technologies will not just change things at the front end; they will transform business models. And that will obviously create an impact on the workforce as well. For instance, just one technology – AI– could automate several processes and help banks achieve scale without adding new resources. <a href="https://www.icicibank.com/aboutus/article.page?identifier=news-icici-bank-introduces-software-robotics-to-power-banking-operations-20160809103646464">ICICI Bank</a> strongly believes that automation will enable their employees to focus on more value-added services while having better work-life balance. Our view is that while new digital technologies will automate a number of routine, repetitive jobs, they will also create a sizeable demand for new skills such as experience design, data scientists, among others. The point to note is that unlike static jobs of the past, these roles will constantly shift and change; some will go away in a few years and others will be added. This will pose a tricky workforce management challenge for Indian banks, who until now have trained people for specialized positions and lifelong careers. Going forward, they will have to nurture a versatile and flexible workforce that can slip in and out of different roles, not once, but several times in a career. An important part of that is to have employees who can work at the intersection of banking, technology, and value – people with reasonable knowledge of both the business and technology domains – given that the lines between various functions within an organization are rapidly blurring. A good example is an initiative by <keyword id="6355975" type="CITY" weightage="20" keywordseo="Axis-Bank">Axis Bank</keyword> called <a href="http://www.thehindubusinessline.com/business-wire/axis-bank-launches-axis-academies-twin-tracking-capabilities-for-the-future/article9461215.ece">Academies</a>, to build the proficiency of its workforce partnering with institutions such as INSEAD, CRISIL, INSOFE. The bank is enabling its employees to become future ready as digital bankers, while selecting an area of specialization. The bank calls it “Twin-Tracking”. Rotation policies will assume great significance in this scenario. Banks must shift personnel around to challenge them to adapt to new roles, acquire new capabilities, and be more creative in whatever they do. ICICI Bank credits its innovativeness to a policy that says any project must go live in 90 days. The Bank says that the only way it can meet such a demanding target is by assigning each project to a specially assembled cross-functional team, which works exclusively on it for that period. The future belongs to banks that are “truly digital”. Among other things, such banks are highly empathetic to customers. If a bank has to be empathetic as a whole, all its people, and not just customer-facing staff, need to walk the talk. For that, all p<a name="_GoBack"></a>ersonnel must be sensitized to customer needs, and trained to think “customer first” regardless of whether they serve in the front or back office. A good example here is DBS Bank, <a href="http://www.mckinsey.com/business-functions/digital-mckinsey/our-insights/the-digital-reinvention-of-an-asian-bank">which won the Digital Bank Award</a> from Euromoney recently. The bank has a big focus on getting their company technology literate with a slew of initiatives for enabling their employees, changing the culture of their organization and embracing digital more pervasively. Can our banks turn these changes around overnight? Clearly not. People-related change is the hardest kind; hence banks need to approach it thoughtfully. It will also take them several years to reskill the workforce at so many levels. In the short-term, to make the most of opportunities which will not wait, banks can look at partnering with fintech companies and other startups to partly bridge their skill gaps. In the long-term, however, they would have to do it the hard way by establishing a culture of lifelong learning. (The article is authored by Mahesh Dutt Kolar, Vice President &amp; Head - APAC, Infosys Finacle)

Here’s how technology is driving future of the banking workforce

<ul><li><keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>’s <keyword id="2003276" type="PERSON" weightage="20" keywordseo="Jio">Jio</keyword> has partnered with <keyword id="6354576" type="UNKNOWN" weightage="20" keywordseo="facebook">Facebook</keyword> which many think is a bid to build the next <keyword id="3848715" type="PERSON" weightage="20" keywordseo="Super-app">super app</keyword> for India.</li><li>Historically, super app experiments in the country have not been sustainable.</li><li>Currently, it’s not known whether Jio or WhatsApp will be the new super app — or if it will be a new independent super app altogether.</li><li>Payments may be oil for e-commerce, but a lot of these uncertainties and questions will only be answered in the weeks and months to follow.</li></ul>In a bid to be India’s Alibaba, the country’s richest man Mukesh Ambani is attempting something where others have failed — building a super app. The <a href="https://www.businessinsider.in/tech/news/heres-why-facebooks-mark-zuckerberg-is-paying-top-dollar-for-a-stake-in-mukesh-ambanis-reliance-jio/articleshow/75286331.cms">$5.7 billion deal with Facebook</a> is another step by <keyword id="6354504" type="DEFINITION" weightage="20" keywordseo="reliance-jio">Reliance Jio</keyword> towards a super app — an idea that hasn’t worked in India so far. Even if it takes off this time, there will be other uncomfortable questions for Ambani as well as his new friend <keyword id="6354630" type="PERSON" weightage="20" keywordseo="mark-zuckerberg">Mark Zuckerberg</keyword> who is looking to capture a big chunk of the millions of Indians who are yet to use the internet. <div type="image" title="pjote grid (6)" msid="75343777" hostid="261" caption="&amp;lt;p&amp;gt;A WhatsApp super app, a Jio super app, or a third new super app altogether — nobody really knows. The bigger question is why attempt building a super app in a country where, historically, super apps haven&amp;#39;t worked out.&amp;lt;/p&amp;gt;"></div> The Mittal experience Facebook and Reliance are not the first to try out the super app in India. Hike, an eight-year-old startup with 2 million weekly active users as of December 2019, had to pivot away from the super app idea after working on it for six years. “Do consumers want a super app on a super app is the question that we asked and in 2017, we concluded that was not going to be the future,” said <a href="https://www.businessinsider.in/tech/apps/news/exclusive-kavin-mittal-says-hike-will-look-to-make-money-this-year-heres-how/articleshow/73924944.cms">Kavin Mittal</a>, the founder and CEO of Hike, told Business Insider during an interview in February. <div type="Article" hostid="261" msid="73924944" title="Exclusive: Kavin Mittal says Hike will look to make money this year —here's how" mstype="2" mssubtype="0"></div> “Given that India is not like China — in that it’s open to competition from the world — building a super app wasn’t the way to go forward. In a market with very cheap 4G and good smartphones, the smartphone becomes the super app,” Mittal went on to explain. However, Mittal didn’t have the wide array of businesses that could leverage each other or the deep pockets like Ambani does. The difference in context for Ambani Reliance Jio is just one of the many businesses that Ambani owns — refining, petrochemicals, and retail being the other major segments ⁠— and he wants the super app to complement his vast network of <a href="https://www.businessinsider.in/business/ecommerce/news/from-reliance-jiomart-to-unicorns-and-other-startups-all-line-up-to-serve-kiranas-indias-mom-n-pop-stores/articleshow/75324026.cms">10,901 retail stores and sourcing prowess</a> to beat his primary competitors Amazon, Walmart-owned Flipkart and Future Retail. <div type="Article" hostid="261" msid="75290132" title="Jio, a 3-year old telecom company, is now bigger than HDFC, Infosys and ITC – and India's largest bank" mstype="2" mssubtype="0"></div> Further, Ambani who has been touting the phrase ‘data is the new oil’ for a few years now wants access to as much information on his users as possible. In the process, Jio, which was born as a mobile service provider just 3 years ago, has quickly added everything from movies to music to the upcoming services like e-commerce, and even <a href="https://www.businessinsider.in/reliance-jio-fired-up-as-mukesh-ambani-joins-hands-with-satya-nadellas-microsoft-to-challenge-jeff-bezos-in-india/articleshow/70641754.cms">virtual reality (VR) shopping.</a> Now, Ambani wants to bring 30 million small shops and business owners onto his new commerce platform, JioMart, in the next one year. Facebook brings the missing piece of the puzzle — WhatsApp, India’s most-used messaging service, and a motherload of user data from its 400 million monthly active users (MAUs) in India. “Not many telecoms in the world have this kind of ecosystem control — right from content to music to movies as well as having all the different apps within that ecosystem. What was missing was the commerce piece of it,” Tarun Pathak, an associate director at research analytics firm Counterpoint, told Business Insider. Both Zuckerberg and Ambani have another common grouse too. Their respective e-payments service, Jio money and WhatsApp payments, have not taken off in a big way so far. And as Akhil Handa, head of fintech at Bank of Baroda, told Business Insider, “Payments is oil for e-commerce.” <div type="javascript" title="Custom" contenttype="Video"><cdata><![CDATA[]]></cdata></div> “In my mind, WhatsApp Pay and Jio Money will all hopefully get rolled into one,” Vikram Sud, an independent director at DBS told <a href="https://www.businessinsider.in/tech/news/whatsapp-is-the-secret-sauce-in-the-deal-between-facebook-and-reliance-jio/articleshow/75296172.cms">Business Insider.</a> Together, they will have the muscle to disrupt a crowded payments market both in terms of money and a mammoth data bank to market itself optimally. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Platform </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Users </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">WhatsApp </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">400 million MAU* </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Facebook </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">250 million MAU </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jio </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">366 million subscribers </td></tr></tbody></table>*MAU: Monthly active users Size matters but not always Pathak believes that the success of the super app will depend on whether it can prove to be ‘sticky’ enough for users to stay. “In India, it’s about value for money. If I’m getting a good deal on a particular platform, it’s not going to matter whether I’m hooked to a particular super app or not,” explained Pathak. On the other hand, <a href="https://www.linkedin.com/in/vibar/?originalSubdomain=sg">Vibhu Arya</a>, the head partnerships &amp; big deals in South East Asia for Tencent-backed iPaylinks. predicts that the success of an app like this is pretty low. “A super app tied to a parent like Jio Telco and Reliance Retail defeats the very purpose of a super app ushering in conflict of interest for other sellers,” Arya told Business Insider. Right now, there isn’t clarity around the Reliance-Facebook concept of a super app. The world doesn’t know if it’s going to be on WhatsApp, if it’s going to be on Jio, or will it be an entirely new independent super app co-owned by both. “If WhatsApp becomes the super app and Reliance is only one of the many sellers, there’s no conflict. In an ideal scenario, if WhatsApp needs to build a super app — there is no advantage that Reliance brings to it,” Arya explained. Citing the example of WeChat, he said that anyone can set up a store on the platform — from a mom making pastries to international giants like Louis Vuitton. Consumers are chatting — they can build a relationship with a brand or a seller. Then they use payments within the app to complete the transaction. It’s essentially an operating system on a smartphone and customers don’t have any other options. A lot of these uncertainties and questions will only be answered in the weeks and months to follow. See also: <a href="https://www.businessinsider.in/tech/news/heres-why-facebooks-mark-zuckerberg-is-paying-top-dollar-for-a-stake-in-mukesh-ambanis-reliance-jio/articleshow/75286331.cms">Here's why Facebook's Mark Zuckerberg is paying top dollar for a stake in Mukesh Ambani's Reliance Jio</a> <a href="https://www.businessinsider.in/tech/news/whatsapp-is-the-secret-sauce-in-the-deal-between-facebook-and-reliance-jio/articleshow/75296172.cms">WhatsApp is the secret sauce in the deal between Facebook and Reliance Jio</a> <a href="https://www.businessinsider.in/business/startups/news/reliance-and-facebook-all-set-to-innovate-together-for-a-post-corona-world-their-startup-acquisitions-certainly-say-so/articleshow/75290353.cms">The Indian startups backed by Reliance Industries and Facebook have a lot in common</a>

To be India’s Alibaba, Mukesh Ambani wants a super app with Facebook⁠— but an all-in-one app is not known to work so far

<ul class="summary-list"><li>Donald <keyword id="19906203" type="General" weightage="100" keywordseo="trump" source="keywords">Trump</keyword> pledged to enforce a 10% blanket tariff on all imported goods to the US.</li><li>It is months before Trump's inauguration, but tariffs are already on the lips of global business leaders.</li></ul>As soon as Donald Trump won reelection, CEOs worldwide discussed his plans for <a target="_blank" href="https://www.businessinsider.com/global-reaction-donald-trump-election-victory-tariffs-trade-disputes-2024-11">a new</a><a target="_blank" class="" href="https://www.businessinsider.com/global-reaction-donald-trump-election-victory-tariffs-trade-disputes-2024-11"> era</a> of global tariffs. Although inauguration day is two months away, the leaders of consumer giants like BMW, Ikea, Airbus, and <keyword id="20017281" type="General" weightage="20" keywordseo="ralph-lauren" source="keywords">Ralph Lauren</keyword> were asked about the plans by the press and on earnings calls this week. Trump has vowed to impose a 10% blanket tariff on all foreign goods entering the US and up to 60% and 100% on goods imported from China and Mexico, respectively. He also floated a 100% tariff on imported vehicles and said he'd impose <a target="_blank" class="c-link" href="https://www.businessinsider.com/trump-tariff-threat-john-deere-economists-baffled-2024-9">a 200% tariff</a> on machinery giant John Deere if it continued with plans to move some production to Mexico. <h2>Asia</h2>During Trump's first term, the US and China imposed billions of dollars worth of tariffs against each other. Now, the potential for renewed trade disputes has concerned some Asian business leaders. <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/chinese-stocks-em-fx-currencies-rout-trump-election-stimulus-china-2024-11">Chinese stocks dropped</a> after news of Trump's election victory. <keyword id="23945005" type="General" weightage="20" keywordseo="shinji-aoyama" source="keywords">Shinji Aoyama</keyword>, a global executive vice president at Japan's Honda Motors, said on a Wednesday earnings call that new tariffs on Mexico would have a big impact on Japanese companies. Honda, for instance, has production plants in Mexico. "If the tariff is a permanent one — I suppose it could be not permanent — maybe we would go for the production elsewhere, which is not subjected to the US tariff that we could do it." Aoyama said that he did not expect tariffs to be imposed soon, but added that it would not be easy to stop production quickly in Mexico. "Whoever the president could be, we should not be too much swayed around by them," said Aoyama. <div type="image" title="Shinji Aoyama, global executive vice president of Honda, in a suit behind a grey background." height="2741" width="4000" msid="115088843" hostid="261"></div><keyword id="20489383" type="General" weightage="20" keywordseo="piyush-gupta" source="keywords">Piyush Gupta</keyword>, CEO of Singapore's top bank, DBS, said during a media briefing on Thursday that he found it hard to believe Trump would follow through with his proposed tariffs. "The better thing to do is to wait and see what policy they actually come up with. It's very hard to make projections at this point in time," said Gupta. Instead, he highlighted the impact Trump's policies could have on <a target="_blank" class="" href="https://www.businessinsider.com/federal-reserve-cuts-interest-rates-quarter-point-powell-inflation-election-2024-11">Fed rate cuts</a>. Fewer rate cuts would boost net interest margin — a key metric for banks. "I think a higher interest rate environment is generally better for DBS," Gupta said. He added that DBS would be focusing on the legal and regulatory risks associated with the Trump administration. "They could come up with different kinds of sanctions and other policies — you have to be on top of that." <h2>Europe</h2>Trump has repeatedly said he sees the European Union's trade policies as unfair. During his first term, he <a target="_blank" href="https://www.businessinsider.com/trump-threatens-to-tax-european-cars-if-the-eu-retaliates-against-us-tariffs-2018-3">imposed a number of tariffs</a> on key European industries, including steel, aluminum, and certain luxury goods. Europe responded in turn with tariffs on goods including bourbon whiskey, Harley-Davidson motorbikes, and Levi's. The US is Europe's top trading partner, leaving its businesses highly vulnerable to Trump's proposed 10% tariff. Sectors like automobiles, pharmaceuticals, and chemical products, which represent the lion's share of European exports to the US, would likely experience the biggest economic hit. Shares in BMW, Mercedes, and Volkswagen all fell in response to Trump's victory. The US is by far Germany's largest export market, with goods worth $170 billion sent in 2023, per <a target="_blank" class="" href="https://www.destatis.de/EN/Themes/Economy/Foreign-Trade/Tables/order-rank-germany-trading-partners.pdf?__blob=publicationFile">Germany's statistical authority.</a> On Wednesday, <keyword id="20964414" type="General" weightage="20" keywordseo="oliver-zipse" source="keywords">Oliver Zipse</keyword>, chairman of BMW, downplayed fears over tariffs during a third-quarter earnings call, citing the company's large US business. "We have a strong footprint there, which kind of protects us against anything which might happen on the geopolitical side," he told analysts. Zipse also told reporters, <a target="_blank" class="" href="https://www.reuters.com/business/autos-transportation/bmw-downplays-fears-over-us-tariffs-trump-election-win-2024-11-06/#:~:text=The%20U.S.%20market%20accounted%20for,carmakers%20in%20Europe's%20biggest%20economy">per Reuters,</a> that BMW "shouldn't be too nervous about what might happen." <div type="image" title="Oliver Zipse of BMW speaks in a blue suit behind images of motorbikes and cars." height="3203" width="4804" msid="115088838" hostid="261"></div>Arne Freundt, CEO of German sports brand <keyword id="19922141" type="General" weightage="20" keywordseo="puma" source="keywords">Puma</keyword>, took a similarly relaxed attitude to potential tariffs. "We can shift volumes to other countries swiftly in case of tariffs increase in certain countries," Freundt said. "Politics is politics," Ikea's CEO, Jesper Brodin, told Business Insider when asked about how Trump's tariffs would affect international business. "So we work with longer term cycles and investment frames, and so on. In Ikea, we are very clear on our direction." Guillaume Faury, CEO of the airline Airbus, was more concerned about how tariffs may impact prices. Addressing Trump's proposed tariffs during Airbus' third-quarter earnings call the day before the election, Faury warned that the cost of any new tariffs would be passed along to Airbus's airline customers, as in 2020. "We don't believe that's helping aviation and the competitiveness of the airlines and the aviation industry, but it's something we would be able to manage," Faury said. During his first term, Trump and the European Union were locked in <a target="_blank" href="https://www.businessinsider.com/trump-administration-slaps-tariffs-european-goods-2020-2">a long-running dispute</a> over aircraft subsidies, which the US said put Boeing at a disadvantage, and 15% tariffs were imposed on aircraft imported from the EU. Soon after Trump's departure from the White House, <a target="_blank" class="" href="https://ec.europa.eu/commission/presscorner/detail/en/ip_21_3001">the two sides ended their dispute and axed the tariffs</a>, but renewed tariffs could lead to issues once again. <div type="image" title="Airbus general director Guillaume Faury" height="3000" width="4500" msid="115088848" hostid="261"></div>Martin Sorrell, executive chairman of the UK-based advertising company S4 Capital, described the President-elect as "good news" for North American businesses and companies during an earnings call on Thursday. "Whilst US business doesn't like to talk about it, basically US businesses wanted to see a Trump administration because it means low tax and low regulation," Sorrell said. He added that Europe would be more challenged because of the threat of tariffs. <h2>USA</h2>While tariffs are intended to protect domestic industries by making imports more expensive, companies whose supply chains include foreign contractors could see their costs rise. Justin Picicci, Ralph Lauren's CFO, said that over the last seven-plus years, the fashion brand has diversified its sourcing and developed alternative production for its key products. "Our global sourcing and supply chain is agile and well-positioned," Picicci said during an earnings call Thursday. "So we'll wait and see what, if any, future policy ultimately gets passed. But we've navigated tariffs successfully before, including not so long ago," Picicci said. The costs of tariffs are often passed onto the consumer in the form of price rises. But as demand for domestic goods increases, consumers see higher prices across the board. <keyword id="23945003" type="General" weightage="20" keywordseo="timothy-boyle" source="keywords">Timothy Boyle</keyword>, chief executive of Columbia Sportswear, said in an interview with <a target="_blank" class="" href="https://www.washingtonpost.com/business/2024/10/30/companies-tariffs-trump-prices/">The Washington Post</a> published on October 30 that the brand was set to raise prices if tariffs were imposed. "It's going to be very, very difficult to keep products affordable for Americans," he said. Correction: November 8, 2024 — An earlier version of this story misspelled the name of a Honda executive. He's Shinji Aoyama, not <keyword id="23945004" type="General" weightage="20" keywordseo="shinju-aoyama" source="keywords">Shinju Aoyama</keyword>.

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