HSBC appoints new Singapore country head of GLCM
David Koh will drive cross-border payment and liquidity solutions in dynamic region
HSBC Singapore announces the appointment of David Koh as head of global liquidity and cash management (GLCM), effective October 14. Koh will lead the GLCM business in Singapore working with customer groups to maximize its potential as a regional treasury hub as they deepen their presence in Southeast Asia.
HSBC’s GLCM helps corporate customers to maximise control and oversight of their cash flows with its global payables, cards, receivables and clearing services, as well as an array of liquidity and investment solutions.
Koh joins from Standard Chartered, where he most recently led the transaction bank for Greater China and North Asia. He brings over 25 years of experience in transaction banking, having worked across seven geographies including China, Singapore, the UK and Saudi Arabia.
Prior to Standard Chartered, Koh headed the corporate and transaction banking teams for Deutsche Bank in Greater China. Koh began his career at HSBC on the bank’s executive trainee development programme.
Koh will report jointly to Alan Turner, head of commercial banking, Singapore, and to Kee Joo Wong, regional head of GLCM, Asia Pacific.
Commenting on the appointment, Turner says, “Whilst Singapore already enjoys a strong concentration of multinationals basing their regional treasury centres here, Southeast Asia’s rising consumer market means these numbers are ratcheting up even further. When you couple this with the region’s growing digital economy and mobile-first mentality, it becomes clear that businesses require truly innovative solutions to grasp these opportunities.”
“With David’s many years of international experience, he will be instrumental in driving cross-border payment and liquidity solutions in this ever-changing dynamic region,” he adds.
Southeast Asia forms a formidable economic powerhouse with a combined GDP larger than that of the UK or India. Its rapidly growing middle class and increasingly high-tech manufacturing capabilities has prompted many of the of the world’s largest companies to base their regional headquarters there.
With its established financial ecosystem and proximity to Asean, Singapore has grown to become the largest regional treasury hub in Asia Pacific, home to 4,200 regional headquarters. Nearly four million new users are expected to come online every month in Southeast Asia for the next five years, generating a user base of 480 million by 2020.
The appointment is part of HSBC Singapore’s country strategic plan, announced in March 2018, which seeks to support corporate clients – ranging from SMEs to multinational corporations - take advantage of the opportunities flowing from Southeast Asia’s macro-economic growth. In line with the strategic plan, HSBC has invested heavily in its commercial banking business and Asean strategy in 2018, both in technology and headcount.
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11 Oct 2019