Lawyer in Vietnam Oliver Massmann Interview with Caijing Magazine on the Tran...Dr. Oliver Massmann
Lawyer in Vietnam Oliver Massmann Interview with Caijing Magazine on the Trans Pacific Partnership Agreement and Institutional Reform and Competitiveness of Vietnam
In this special, exclusive webinar, Jouk Pleiter and Tim Rutten of Backbase will showcase the Finovate Europe’s Best of Show solution, The Everyday Bank - we will show how to create personalised customer journeys hyper targeted to users, resulting in increased customer acquisition and retention.
Instead of simply providing customers with traditional banking products such as account access and payment tools, the new solution will push the boundaries of personalisation to the next level by delivering tailor-made customer journeys based on real-time behavior, interests, location and preferences.
We will look at:
How can banks leverage on AI (artificial intelligence)? How can they harness its power to improve their customer experience?
The impact of the open fintech API ecosystem.
PSD2 - not just compliance but a new sales & origination opportunity
The main strategic directions banks should choose from
Lawyer in Vietnam Oliver Massmann Interview with Caijing Magazine on the Tran...Dr. Oliver Massmann
Lawyer in Vietnam Oliver Massmann Interview with Caijing Magazine on the Trans Pacific Partnership Agreement and Institutional Reform and Competitiveness of Vietnam
In this special, exclusive webinar, Jouk Pleiter and Tim Rutten of Backbase will showcase the Finovate Europe’s Best of Show solution, The Everyday Bank - we will show how to create personalised customer journeys hyper targeted to users, resulting in increased customer acquisition and retention.
Instead of simply providing customers with traditional banking products such as account access and payment tools, the new solution will push the boundaries of personalisation to the next level by delivering tailor-made customer journeys based on real-time behavior, interests, location and preferences.
We will look at:
How can banks leverage on AI (artificial intelligence)? How can they harness its power to improve their customer experience?
The impact of the open fintech API ecosystem.
PSD2 - not just compliance but a new sales & origination opportunity
The main strategic directions banks should choose from
New business models for competency-based higher education - The opportunities...EduSkills OECD
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Content and Visual Design by Tiffany Simms
Background
In 2011 NIVEA launched the anti-perspirant Invisible for Black & White. The product was the first anti-perspirant on the market referred to as invisible, leaving no stains on black and white fabrics.
The launch became one of the most successful launches for Beiersdorf at that time.
The years to follow, NIVEA has met increasing competition from its competitors, mainly from Unilever copying the Black and White concept for its Dove and Rexona brands, referring them to as “invisible” anti-perspirants.
Objective
NIVEA came to Madison in late 2014, with the objective to drive sales and maintain leadership on the Black and White anti-perspirants market, targeting the GCC and local community, specifically the UAE and the KSA market.
Insights
From research we had the following insights on what was important to consumers:
-Wearers of the traditional black Abaya, wanted a fabric that would keep them cool in the hot weather but yet not be transparent. They also wanted the fabric to be able to hold the perfume fragrance and not crease easily.
-Consumers are concerned about embarrassing deodorant stains as this makes them feel less confident
Approach
NIVEA developed a digital campaign with the objective to stay close to the local consumer and stay relevant in the market. A campaign that would talk directly to the local consumers and address their needs and concerns that we had retrieved from the insights.
To achieve this, Madison created a campaign, talking to the consumers through the use of a leading Abaya Designer. An Arab designer that would partner with NIVEA and that would vouch for NIVEA B&W and its benefits, as an Abaya designer mainly deals with black and white fabrics.
The Abaya Engineer
NIVEA carefully sourced among several local Abaya designers, a designer who could not only speak to the local consumers but also had an influence on the social media. After a lot of research, Madison found Sara Al Madani as the perfect fit for the product and the brand, a female, young, Emirati Abaya designer, using the pseudo name “The Abaya Engineer”. Not only was Sarah a local sought-after Abaya designer with a big social following, she has also designed Abayas for Madonna during one of her visits to Dubai and the Star Wars movie, episode 7.
When discussion technology to reach the unreach, the focus shall be supporting the learners. What happens now, happens in the shift to a new paradigm of Lifelong Learning. While India as a young has great opportunities, one have to think on the changes taking place within the perspective of the huge innovations and technological changes that (will) take place.
The discussion on the trends observed, gives input to the message suggested to be:
Learners first. Learners are the future. They are here. Now. For a quality learning experience. Quality as priority 1.
Lead digital transformation. Lead transformation of education for SDG 4: Ensure inclusive and quality education for all and promote lifelong learning.
Go Open, Innovative and Collaborative.
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Modern Kanban Workflow Best Practices for Software Teams
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The AEC is the realization of the end goal of economic integration which is based on a convergence of interests of ASEAN Member Countries to deepen and broaden economic integration through existing and new initiatives with clear timelines. It will establish ASEAN as a single market and production base making ASEAN more dynamic and competitive with new mechanisms and measures to strengthen the implementation of its existing economic initiatives; accelerating regional integration in the priority sectors; facilitating movement of business persons, skilled labour and talents; and strengthening the institutional mechanisms of ASEAN.
Bank Negara announced yesterday measures for further liberalisation of the financial
sector:
Increase in foreign equity limits. The foreign equity limit for investment banks,
Islamic banks, insurance companies and takaful operators has been raised from 49%
to 70%. It is envisaged that these institutions’ business potential and growth prospects
will be enhanced by the international expertise and global networks of foreign
shareholders. However, the cap on foreign shareholdings in domestic commercial
banks remains at 30%.
New banking and Takaful licences up for grabs. New licences will be issued to
strong and world-class players in the following categories:
• In 2009, up to two new Islamic banking licences will be issued to foreign players to
establish new Islamic banks with paid-up capital of at least US$1bn.
• In 2009, up to two new commercial banking licences will be issued to foreign
players that will bring in specialised expertise.
• In 2011, up to three new commercial banking licences will be dished out to worldclass
banks that can offer significant value propositions to Malaysia.
• In 2009, up to two new family takaful licences will be made available.
Greater operational flexibility for foreign banks. Locally-incorporated foreign
commercial banks can establish up to 10 microfinance branches with immediate
effect. Further branches will be considered based on the effectiveness of these
branches in servicing microenterprises. Foreign banks will also be allowed to establish
up to four new branches in 2010 based on the distribution ratio of 1 branch in market
centres, 2 in semi-urban areas and 1 in non-urban areas.
Locally-incorporated foreign insurance companies and takaful operators are now
allowed to set up branches nationwide without restriction. The restriction against these
companies entering into bancassurance/bankatakaful arrangements with banking
institutions has been lifted.
Other liberalisation. Banks, insurance companies and takaful operators now have
greater flexibility to employ specialist expatriates with expertise to continue the
development of Malaysia’s financial system. Offshore financial institutions that meet
the predetermined criteria will be given the flexibility to have a physical presence
onshore – from 2010 for banking institutions and from 2011 for insurance companies.
Comments
Liberalisation well expected. The further liberalisation of the financial sector is within
our and market expectations as it is in line with the objectives laid out in the Financial
Sector Master Plan (FSMP) issued in 2001. Furthermore, the government has alluded
to announcements on this matter this week.
Upping foreign equity limits for Islamic and investment banks... However, it is a
surprise to us that Bank Negara has increased the foreign equity limits for Islamic and
investment banks from 49% to 70% as this means that foreigners will control these
entities. It appears that the authorities view the relaxation as necessary to attract more
foreign players into the Malaysian market to help develop these segments.
…but not for commercial banks. We are also surprised that the government did not
increase the 30% foreign equity limit for domestic commercial banks, which is
something the market had been looking forward to. An increase in the equity limit for
The role of LABUAN in the ASEAN Economic Community 2015Stephen Ong
This policy study discusses the role of Labuan in the new ASEAN Economic Community 2015 onwards as an international financial centre and offshore tax haven that allows money laundering of Malaysia's elites and tax evading crony capitalists...
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on measures the Government are adopting to approve its ranking on a number of international indicators; margin lending; consumer lending and e-gaming.
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1. Lawyer in Vietnam Oliver Massmann ASEAN Banking Integration
Framework - What you must know:
Key dates:
- 1992: ASEAN Free Trade Area (AFTA) agreement signed. This establishes the
Common Effective Preferential Tariff scheme (CEPT): customs tariffs to be reduces to 0-
5% within 15 years.
- 1998: ASEAN Investment Area (AIA) framework signed. Foreign investors to receive
“national treatment”.
- 2003: “Bali Concord II” signed, agreeing to establish the AEC on 3 pillars:
Economic Community (AEC),
Political-Security Community,
Socio-Cultural Community.
- 2007: AEC blueprint adopted. It creates roadmap for setting up the AEC in 2015.
- 2009: ATIGA (ASEAN Trade in Goods Agreement) signed. It enhances CEPT scheme.
- 2015: AEC to take effect on 31 December 2015.
Characteristics and elements of the ASEAN Economic Community (AEC) involve:
1. Establishing a single market and production base. The aim is to break down
barriers to trade and investments, and to free up the movement of skilled
workers/labors.
2. Developing a competitive economic region. This will include:
Breaking down non-tariff barriers (NTBs),
Reducing transport costs by developing infrastructure,
Encouraging innovation by enforcing intellectual property rights more uniformly.
3. Building a region characterized by equitable economic development. There will be
support for small businesses, as wells as technical assistance and capacity-building
programs to help the region’s less developed economies.
4. Integrating ASEAN into the global economy.
2. The services sector is one of the most important sectors to be liberalised by the AEC as
it supports the establishment of regional integration. It will also facilitate the movement of
goods within the region.
Therefore, the AEC is ambitious:
- Customs: The blueprint envisages a general tariff-free zone without exceptions. The
common objective for ASEAN member States is “0% tariffs on 100% of traded goods
and services”.
- Non-tariff barriers: the ATIGA signed in 2009 envisages that countries remove NTBs
according to the following schedule:
1) ASEAN-6 countries (Bruney, Indonesia, Malaysia, the Philippines, Singapore and
Thailand) in 2015.
2) CLMV countries (Cambodia, Laos, Myanmar, Vietnam): 2015 with flexibility until 2018.
3. ASEAN Banking Integration Framework (ABIF):
The banking system continues to be the most developed financial sector in many
ASEAN member States. In December 2014, the ASEAN Central Bank Governors
endorsed the ASEAN Banking Integration Framework (ABIF) and its attendant
Guidelines. The ABIF’ aim is to provide financial stability in the region and achieve
multilateral liberalization in the banking sector for ASEAN commercial banks. Indeed, the
integration of the banking sector is believed to bring benefits to the region.
Unlike other financial sector services such as capital market and insurance that is
scheduled for integration in 2015, the banking integration will only take place in 2020.
One of the reasons for the later timeline is because banking integration requires more
time and more preparation for each country to consolidate its banks as there are risks
involved. The implementation of the ABIF will use a double-track implementation plan
which means that the ASEAN-5 (Indonesia, Malaysia, the Philippines, Singapore and
Thailand) will first implement the ABIF in 2020 and this will then be followed by the rest
of ASEAN’s member States (Brunei, Cambodia, Laos, Myanmar and Vietnam) when
they are ready for the implementation.
Aimed at providing advantages to regional versus non-regional banks in cross-border
expansion in the region) it introduces the concept of Qualified ASEAN Banks (QABs).
Banks so designated will be able to operate branches in other ASEAN countries under
the same regulations as host country branches:
“Any two ASEAN countries may enter into reciprocal bilateral agreements to provide
QABs with greater market access, and operational flexibilities consistent with those of
domestic banks in the respective host countries. The implementation of the Framework
will be accompanied by the strengthening of home-host regulatory and supervisory
cooperation arrangements to support the effective surveillance and supervision of
QABs.”
Given the diversity of financial market development, economic structure, and priorities
among ASEAN members, the implementation process of ABIF is very challenging. There
are 4 preconditions that was agreed by the central banks of all ASEAN member States:
- Hamornisation of regulations,
- Building financial-stability infrastructure,
- Assisting Brunei, Cambodia, Laos, Myanmar and Vietnam to enhance their banking
capacity,
- Determining the criteria of Qualified ASEAN Banks (QABs) (NB. not all ASEAN banks
will be able to participate in the integration, only banks that meet the criteria known as
the QABs: Specific qualifying criteria for QABs will be agreed mutually on a bilateral
basis, these will focus on the financial capacity, governance quality and track record and
business plan of the prospective candidate bank.).
According to a study conducted by the Asian Development Bank (ADB), there are 3
dimensions that will guide the integration:
- Equal access: ASEAN banks that comply with the criteria for QABs will be able to
access other ASEAN banking markets aside from their home countries.
- Equal treatment: regulators in host countries should give equal treatment to QABs and
give permission for accessing domestic banking market and they take into account
QABs’ ability in managing risk.
- Equal environment: regulators in ASEAN member States should harmonise their
regulations in order to ensure that there will be no conflicting rules within the banking
industry in the ASEAN region.
4. Benefits expected of the ABIF:
- Cheap financing due to lower interest rates (it varies widely in the ASEAN region, ex:
Malaysia has the lower lending interest rate. But the implementation of the ABIF is
expected to drive down lending interest rates in the region due to the future increase
competition in the banking industry.).
- The increased competition among ASEAN banks will improve and better allocate
savings in the region. Thus, through better fund allocation and mobilization, growth and
productivity within the region will increase.
- The integration of the banking sector will enhance its resilience in facing potential
shocks via possible cooperation between banking industries across ASEAN.
NB. negative impacts of the ABIF?
Especially for Brunei, Cambodia, Laos, Myanmar and Vietnam. Funds that are expected
to flow within the region through the banking integration may not work well because
funds will likely move to a country that have better political stability, lower levels of
corruptions, and better regulations.
***
Please do not hesitate to contact Oliver Massmann under
omassmann@duanemorris.com; if you have any questions or want to know more details
on the above. Oliver Massmann is the General Director of Duane Morris Vietnam LLC.