| As the person responsible for the strategic direction and growth of DBS Bank’s Taiwan operations, Seraph Sun, Head of Consumer Banking at DBS Bank (Taiwan), is becoming busier and more successful everyday. He is not only ensuring the rise of DBS in Taiwan’s consumer banking industry, he is also focused on expanding its businesses with diversified product lines across wealth management, developing its channels, and recruiting and retaining talent. FX EXPERT Since Sun entered DBS Bank (Taiwan) around two years ago, he has turned the bank around from a minor player in Taiwan to becoming a fierce competitor. As soon as he entered the bank, he reviewed the bank’s balance sheet in detail, and began cutting costs and finding new revenue streams. He began aggressive marketing campaigns, and made the bank’s operations very clear; to focus on positioning DBS Bank as “FX expert” and the leading “Asian Insights Provider” to offer the country’s customers with international, lucrative and customer-centric wealth management products and services. |  Seraph Sun, Head of Consumer Banking at DBS Bank (Taiwan) |
Sun has made wealth management a priority since entering the bank, as he believes that the market has plenty of potential. “The wealth management market in Taiwan is quite big. We estimate that there are around one million people in Taiwan with investable assets of US$100,000. We are building trusts with these clients by providing them with unique treasury services, investment products and insurances,” said Sun.
Sun is pursuing bold and fast growth in Taiwan’s wealth management market; he aims to grow its wealth management and fee income by double digits by the end of 2014. In May 2014 DBS opened a new branch in Taipei’s Zhongzheng District with relationship managers to help affluent Taiwanese with asset allocation.
BALANCED INVESTMENT PORTFIOLIOS
Maintaining 42 branches in Taiwan, Sun believes that now the bank needs to focus on providing its clients with unique wealth management services. “We have branches all across Taiwan, from Taipei to Taichung, and from Hsinchu City to Kaohsiung. I believe that our focus should be on providing our clients with high-yield products and slowly working with them for developing a sound, healthy, and balanced investment portfolio.”
Since Taiwan’s population is highly mobile and active on the Internet, Sun believes that it is more important to focus on building its digital channels than building branches in Taiwan. “The Taiwanese population frequently uses online and mobile banking to access their finances. We are continuing to develop these digital channels with our global team to ensure that our clients in Taiwan are provided with a user-friendly platform.”
The Taiwan wealth management industry is highly competitive, as all major foreign banks and local banks are competing for the high-net-worth individuals and affluent classes’ loyalty. But DBS bank has a clear strategy that will ensure that it builds a niche in the Taiwan market.
THE FUTURE IN TAIWAN
“Our strategy in the Taiwan market is clear. Focus on building our leadership in FX and Asian Insights, and provide our high-net-worth Taiwanese with excellent services and products. We will continue to do this by hiring and training the best talents. This is the formula for success,” said Sun.
Sun is pursuing bold and fast growth in Taiwan’s wealth management market; he aims to grow its wealth management and fee income by double digits by the end of 2014. In May 2014 DBS opened a new branch in Taipei’s Zhongzheng District with relationship managers to help affluent Taiwanese with asset allocation.
BALANCED INVESTMENT PORTFIOLIOS
Maintaining 42 branches in Taiwan, Sun believes that now the bank needs to focus on providing its clients with unique wealth management services. “We have branches all across Taiwan, from Taipei to Taichung, and from Hsinchu City to Kaohsiung. I believe that our focus should be on providing our clients with high-yield products and slowly working with them for developing a sound, healthy, and balanced investment portfolio.”
Since Taiwan’s population is highly mobile and active on the Internet, Sun believes that it is more important to focus on building its digital channels than building branches in Taiwan. “The Taiwanese population frequently uses online and mobile banking to access their finances. We are continuing to develop these digital channels with our global team to ensure that our clients in Taiwan are provided with a user-friendly platform.”
The Taiwan wealth management industry is highly competitive, as all major foreign banks and local banks are competing for the high-net-worth individuals and affluent classes’ loyalty. But DBS bank has a clear strategy that will ensure that it builds a niche in the Taiwan market.
THE FUTURE IN TAIWAN
“Our strategy in the Taiwan market is clear. Focus on building our leadership in FX and Asian Insights, and provide our high-net-worth Taiwanese with excellent services and products. We will continue to do this by hiring and training the best talents. This is the formula for success,” said Sun.
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