Growing opportunity, growing business. EY s financial services practice in ASEAN

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1 Growing opportunity, growing business EY s financial services practice in ASEAN

2 Our team of almost 3,900 financial services professionals across Asia-Pacific and close to 1,700 in ASEAN connects to bring you seamless advice wherever you do business in the region. Working with you across ASEAN and beyond Financial services organizations continue to face the challenge of rapid regulatory change, increased customer expectations and growth mandates. As companies seek to expand their footprint in this environment and take on increasingly complex, multi-jurisdictional programs, specialist expertise is critical. EY s financial services team in ASEAN comprises professionals connected across Indonesia, Malaysia, the Philippines, Singapore and Vietnam. We work seamlessly across ASEAN and Asia-Pacific and connect with our 21,000 professionals worldwide to deliver deep knowledge and experience of working with financial services organizations across the globe. Recognizing the importance of providing industry knowledge, our teams focus on three key sectors: banking and capital markets, insurance, and wealth and asset management. These teams are connected to global sector centers that, through their hub-and-spoke organization, work collaboratively to ensure our clients receive the latest sector insights. We are agile in our approach and we activate the resources when you need them, bringing together teams across sectors, services and geographies. Our multidisciplinary teams strive to enhance our working relationship by bringing together professionals that mirror your team and the way in which you are organized. 2

3 We have a strong and well-connected financial services network in South-east Asia. Greater China South Korea Ho Chi Minh Kuala Lumpur ASEAN Hanoi Singapore Jakarta Manila Oceania The ASEAN region has some of the fastest growing economies in the world. Rapid expansion and increasing business opportunities mean that it is now a global trade and manufacturing hub and important consumer market. Doing business across the region requires local knowledge and experience to understand and effectively navigate the complexities. That s where we can help. 3

4 Helping you meet the challenges that lie ahead Assurance Bankin capital m asset management ASE Transaction Wealth and Assurance Strong, independent assurance provides timely and constructive insight to management, a robust and clear point of view to audit committees and critical information for investors and other stakeholders. Our audit quality starts with assurance professionals who have experience auditing many of ASEAN and the world s leading financial services institutions. We respond swiftly, designing audit plans that focuses on the early identification of business and control vulnerabilities as well as opportunities. As a leader in using technology to facilitate audit execution and client communication, our teams have ready access to the latest accounting and auditing information. We also provide other attestation services as required by global or local regulations, or both, including: Accounting compliance and reporting Climate change and sustainability services Financial accounting advisory services Fraud investigation and dispute services Advisory Operations, risk and finance management activities, as well as compliance and internal audit programs, are not just functional parts of a business they are complex and interlinked, and their effectiveness impacts the bottom line. By first identifying and helping you understand your organization s business risks and areas of improvement, our advisory professionals develop pragmatic plans to enhance processes, address issues and assist with implementing measurable and sustainable performance enhancements. We bring together diverse perspectives and experience to work with you across the following key areas: Performance improvement, including the following areas: Finance Customer and digital IT Advisory Operational excellence And Risk, including: Risk management Internal audit Actuarial services 4

5 g and arkets AN Insurance Advisory Working across ASEAN and beyond as a multi-disciplinary team, we draw on our expertise across Advisory, Assurance, Tax and Transactions to help clients achieve their goals. Tax Tax Transactions Managing tax obligations effectively lays a foundation for sustainable long-term growth. Drawing on the combined skills of tax professionals in 150 countries, you ll benefit from our deep understanding of critical tax issues. Our network helps you align your company s international tax position with its overall business strategy, while managing worldwide tax risks and meeting cross-border reporting obligations. Business tax compliance Human capital Indirect tax International tax Tax accounting and risk advisory services Transfer pricing Because transactions are inherently risky, they require a particular set of skills. Our transaction professionals around the globe work with some of the world s largest and fastest-growing companies, on thousands of transactions across many markets and industry segments. We can bring together the people you need, wherever you need them. Commercial advisory Lead advisory Transaction integration Transaction diligence Transaction tax Valuation and business modelling Corporate finance strategy Divestment advisory 5

6 How we work with you 1 2 The strength of our ASEAN and Asia-Pacific network was critical to our work with a major global bank that divested its non-core assets and liabilities across the region. We managed the project from planning to execution including in-country project management, test planning, dress rehearsal and business migration planning across Indonesia, Hong Kong, Philippines, Singapore, Taiwan and Vietnam. We worked with regional project managers from finance, operations and technology and liaised between the buyer and seller to address regional risks and issues. We made sure all regulatory requirements were met. Using detailed rehearsals, migration was achieved without incident and six businesses were sold and transferred within six months. We worked with a regional bank to implement a single core banking platform, rationalizing its systems across four countries in ASEAN. Our role included undertaking an analysis of existing systems and developing a cost analysis of alternative solutions. We then assisted to design the target operating model, business case and implementation plan. Our involvement included implementing and testing the new system including project management oversight. The implementation of a new core banking platform has enabled our client to realize significant cost savings and efficiencies. Furthermore, implementation was achieved with minimal business disruption. Furthermore, implementation was achieved with minimal business disruption. 6

7 Whether you are undertaking a major business transformation, implementing a new IT system or undertaking an IFRS conversion, we draw on our breadth and depth of experience to help you achieve your goals. 3 4 We were asked by a significant general insurer in Malaysia to work with it to review its core insurance, point of sale and workflow systems to improve operational efficiency, meet growing transaction volumes and address a number of challenges around its products and distribution channels. We undertook a thorough review and validation process which looked across existing systems and considered both revenue and cost drivers across three work streams. As a result of this project the organization now understands how to align its technology architecture to its business objectives. A business case and roadmap have been developed which will guide the following phases of system implementation. When a leading private bank in ASEAN wanted to enhance its credit risk management procedures and automate its existing processes for managing clients credit collateral, margin requirements and exposure, we were asked to assist. Leveraging our credit management methodology and private banking expertise we worked together to customize a comprehensive credit monitoring framework to manage credit lines, collaterals, exposure, credit surplus and shortfall, trading limit and margin ratio. We subsequently program managed the implementation of this framework into the bank s private banking system. The bank now has a comprehensive credit monitoring framework, clearly defined policies and procedures, as well as a robust technology platform to help effectively monitor its credit, collaterals and perform portfolio lending. 7

8 Our ASEAN FSO team Liew Nam Soon Managing Partner, Financial Services Asean Tel: Winston Ngan Financial Services Asean Assurance Leader Tel: Aaron Perryman Financial Services Asean Advisory Leader Tel: Amy Ang Financial Services Asean Tax Leader Tel: Patrick Hanna Financial Services Asean Transaction Advisory Services Leader Tel: EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com EYGM Limited. All Rights Reserved. APAC No BMC Agency GA 0462_03191 ED None This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax or other professional advice. Please refer to your advisors for specific advice. ey.com