Bank of Guam awarded for corporate social responsibility programme

24 July 2018 Consultancy.asia

The Asian Banking & Finance Retail Banking Awards have honoured the Bank of Guam with a Corporate Social Responsibility silver nod for its high school financial literacy programme ‘Mad City Money,’ decided on by a panel of representatives from each of the Big Four firms.

The annual Asian Banking & Finance Retail Banking Awards have been issued for 2018, with over 200 banks and insurance companies recognised from nearly 40 countries across Asia and the Middle East. Among the award-winners was the Bank of Guam, acknowledged with a silver award in the Corporate Social Responsibility of the Year category for its high school financial simulation program, ‘Mad City Money’.

The four man judging-panel for the 2018 awards was comprised of a representative from each of the Big Four accounting and consulting firms; PwC, Deloitte, KPMG and EY. The members of the panel were; Andrew Taggart, Financial Services Leader for PwC Southeast Asia Consulting; Mohit Mehrotra, Monitor Deloitte Co-leader for Asia Pacific; Liew Nam Soon, Managing Partner for EY ASEAN, and; Egidio Zarrella, ASPAC Head of Banking and Capital Markets for KPMG based out of Hong Kong.

The quartet of judges from the Big Four were responsible for the allocation of some 250 trophies in total, with the awards – now in their 13th year – celebrated at a ceremony event held at the Shangri La in Singapore earlier this month and attended by over 300 banking and insurance industry executives. “Whilst the rest of the world is occupied with the World Cup, tonight is a night to recognise banks who are well deserving of their recognition,” said Tim Charlton, publisher of the Asian Banking & Finance and Insurance Asia magazines.Big Four judges' panel awards Bank of Guam for corporate social responsibilityJust pipped in the Corporate Social Responsibility Program of the Year category by the repeat gold awardee BDO Unibank of the Philippines, The Bank of Guam from the tiny Micronesian territory in the Western Pacific can be proud of its silver – awarded to the bank for its efforts in promoting financial literacy to local youth through its ‘Mad City Money’ simulation, which has which has since 2016 reached over 2,100 high-school students throughout Guam, Saipan and Palau.

“Our bank was started 46 years ago to provide opportunity to our local community,” said Bank of Guam’s acting president Maria Eugenia H. Leon Guerrero. “A big part of that is promoting financial literacy and awareness at all levels, particularly our children. Today, Bank of Guam’s community outreach and financial literacy efforts are unmatched as our employees continue to make a difference in the lives of young adults throughout our region. We are humbled to receive such recognition from an esteemed panel of judges.”

Winners in some of the other all-regional categories included; ​CitiBank Singapore for International Retail Bank of the Year - Asia Pacific; DBS Bank (Taiwan) with gold for Employer of the Year; Hong Leong Finance for ASEAN Finance Company of the Year; OCBC Bank as ASEAN SME Bank of the Year; Nishit Majmudar of ​insurance and investment firm Aviva in Singapore as CEO of the Year, and; Anicom Holdings, for Domestic Pet Insurer of the Year.

Accenture Fintech Innovation Lab applications open for Asia Pacific

08 April 2019 Consultancy.asia

With over half a billion dollars raised by its alumni to date, Accenture’s FinTech Innovation Lab is back for another round in the Asia-Pacific.

Applications have now opened for the Asia Pacific edition of Accenture’s FinTech Innovation Lab, a 12-week accelerator programme for promising fintech start-ups which has seen over $1.5 billion raised in venture financing globally for its graduating alumni to date – a third of that for just 41 participating companies in the Asia Pacific. Both early and growth-stage fintechs are eligible to apply, with submission closing in May.

Launched in New York in 2010 before spreading to London and Hong Kong, the FinTech Innovation Lab is described as a collaborative, non-sales environment which brings execs from leading financial institutions together with aspiring fintech start-ups for mentorship, guidance and advice – augmented by a series of workshops and panel discussions covering areas such as procurement, technology architecture, and industry trends.

This year’s principal participating financial institutions include BlackRock, Morgan Stanley, Standard Chartered, Goldman Sachs, J.P. Morgan and Credit Suisse among many more leading names from the banking and investment realm, while Elzio Barreto, Accenture’s Financial Services Media & Analyst Relations Lead for APAC will serve as a mentor alongside experts from Deutsch Bank, Stott Advisory and CBA International among others.Accenture Fintech Innovation Lab applications open for Asia Pacific

“There’s now widespread acceptance that the best way forward for banks and fintech startups is to collaborate where possible, creating big ecosystems that will help unlock huge value for all stakeholders, particularly consumers,” said Piyush Singh, Accenture Managing Director for Financial Services in the Asia Pacific and MENAT, with the firm noting a shift in focus between fintechs and traditional firms over the past 18 months, “from competition to collaboration.”

“We’ve already seen banks, insurers and wealth managers partner with fintechs here in Asia, but the outlook for further collaboration and the resulting value creation is what’s making investors more comfortable to spread their bets more widely,” Singh continues. “That’s a big focus for the Innovation Lab, instigating this sense of partnership between well-established financial firms looking for the next breakthrough technology and nimble startups eager to test their solutions and push them to market.”

With the APAC Innovation Lab now entering its sixth cycle, Accenture also notes the recent global surge in fintech investments, which doubled in 2018 to over $55 billion, led by a wave of funding to mainland China. “The Lab’s geographical proximity to the mainland makes it particularly suitable for Chinese start-ups, especially for those like ours looking to expand abroad,” said Li Hao, co-founder of Chinese unicorn Wecash – which was among the Lab’s first intake in 2014.

For the 2019 edition, senior business and operations executives from the Lab’s participating financial partners will select up to ten applicants to take part in the programme, with fintech entrepreneurs developing cutting-edge products, services and technologies invited to apply. Kicking off in August, the 12-week programme will culminate in an Investor Day where particpants can showcase their technology to finance executives, investors and the media.