Update from our APAC CEO

2023 was a year of constant adaptation for AACB in APAC as AACB embedded both its new way of working (1Global) and its new leadership team in the region, initially welcoming a new Chief Commercial Officer and Chief Executive Officer Singapore.

2023 in perspective

Market volatility was more sporadic than in previous years as the changing interest rate and inflationary environments across the world was followed by a period of lower volatility.

AACB saw several of its clients shift their focus throughout the year towards APAC although markets remained challenging, particularly in Hong Kong, with dampened volumes across derivative products in particular. AACB also saw new initiatives launched throughout the region by exchanges, holiday trading in Hong Kong and Japan, dual currency listings in Hong Kong (CNH and HKD) and the GIFT City transition of Indian products in Singapore.

During the year the APAC region delivered strongly on its longer-term priorities, progressing the development of the branch project in Hong Kong with the planned implementation in 2024 and developing AACB’s cutting edge new pre-trade risk filter in Japan.

Regulatory challenges have been adressed during 2023 but will require attention going forward.

2023 also saw AACB go live with its APAC treasury activities that AAB outsourced to us in Singapore. This requires working closely together with AAB to manage liquidity for the group during APAC hours.

AACB’s employees are of course its most important asset and AACB was pleased to see upticks in the employee engagement scores across all sites in the region, particularly in a year with so much change. Financially, 2023 was a strong year for APAC as AACB maintained itsstrong regional market shares across the region. The net interest income was also stimulated by increased interest rates as well as significant increases in client borrowing.