Anchored on people, growth, and trust
Cathay United Bank’s Singapore strategy is built around three key areas: sustainable growth, talent and brand trust. “We’re targeted on delivering sustainable growth and focused on hiring and retaining talents [which] continues to be one of the challenges,” says Wong.
On brand awareness, Wong notes that the bank has been here for over 16 years. “Banking is about trust. It’s important that customers know this brand,” says Wong. “You can see that we’ve set out to be more than a bank focusing solely on the Taiwan corridor. Singapore and Southeast Asia are our key business drivers.”
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Cathay United Bank's CEO Winfield Wong. Photo: Cathay United Bank
He adds: “A lot of banks look at growth and KPIs [like] topline and profitability. To me, it is what is beneath that line that matters.”
This means tracking not only growth, but where it comes from. In April 2024, Wong asked his finance and business teams to assess how much revenue in Singapore stemmed from innovation, which is new products, new clients or new solutions. “The answer was 30%. I was quite happy with that number.” He clarifies, however, that the bank is not setting a target, but is asking what that number means and how does the team sustain it.
Breaking down that 30%, Wong was happy to see that three business lines in Singapore - corporate banking, private banking and treasury to be delivering above 30% as well. In Singapore, the bank’s corporate arm serves three key client segments, which are Taiwanese companies expanding abroad, international corporates operating in Asean and large Singaporean businesses investing overseas.
Seizing opportunities
On cross-border investment trends, Singaporean players are also going into the region. For example, Singapore companies are investing in Vietnam logistics, says Wong.
“We’re seeing more than just electronics or semiconductor industry players coming through from Taiwan. We’re also seeing Taiwanese conglomerates landmark sizes fundraising here,” he adds.
Finding opportunities
Wong makes it clear that Cathay United Bank’s strategy is not to lead deals for the sake of it. “We’ve never insisted to be the sole bank. We always look at how we can better understand our clients complement what corporates already have — not compete head-on,” he says. “Clients will tell you that not every bank is good at everything — and I respect that.”
That said, one area where the bank adds value is capital solutions. “We give clients funding ideas. That’s why we created the Capital Solutions Group. We offer access to our Taiwan investor base. Taiwan is a huge banking market, and many traditional banks there — even smaller, older ones — are keen to deploy liquidity in Southeast Asia.”
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To this end, the bank has seen a pickup in asset-based finance, especially in data centres, aviation and shipping sectors in general, especially in situations where they’re rejuvenating their hardware.
The bank is also seeing companies moving to dual-fuel systems for ships or getting younger aircraft fleets. “Some of them shifted to [using] sustainable aviation fuel, but you don’t necessarily need to do that to reduce carbon footprint. A younger fleet reduces footprint as well.”
In addition, Wong tells us that the bank has seen an increase in environmental, social and governance (ESG)-related financing, especially from businesses undergoing transitions. So far, the bank has completed sustainability-linked loans (SLLs) in the marine sector and an SLL for an established Singapore corporate.
“We’re more active in originating deals than just participating in transactions, which is more passive,” Wong explains. “When you originate and structure deals, the bank is better positioned to offer hedging and derivatives solutions. That gives us the ability to provide a more comprehensive fundraising solution, and that’s already differentiating us from many peers.”
Seeing long-term commitment in private banking
Cathay United Bank launched private banking in Singapore during Covid, which is a move Wong sees as a vote of confidence in the city’s long-term value. “We will continue to follow our clients. There is interest to protect their wealth and interest to access more products. As you can see, Singapore has strong infrastructure in terms of regulations, investment ideas, as well as access to legal and insurance professionals.”
As Singapore stepped up its anti-money laundering (AML) regulations, Wong disagrees when asked if these rules are a deterrent. “I can’t agree that it’s stricter. We follow international standards… Ultimately, clients like to make sure that where they invest, or where they store wealth is in a safe zone.”
He compares this to 9/11. “If you recall, after 9/11, everyone started to create those security gates. Has that deterred travel 20 years later? No. In fact, it’s made travel feel safer.” Referring to Singapore’s regulators, Wong adds: “These are professionals, and I believe they appreciate that we operate in a safe environment.”
Investing in future talent
A growing concern for Wong is the talent pipeline. “There’s a talent drain in banking. Today, young people in Singapore today have a much bigger array of choices and careers including fintech, programming, e-commerce, IT and even digital banks. The availability of talent coming into banking is a long-term challenge.”
From 80 people when Wong joined two years ago, the team in Singapore has grown to 150. He hopes to hit 200 by the end of 2025. “We’re building not just for Singapore — but for the region.”
When it comes to the bank’s overall strategy, Wong believes in balance. “There’s no growth unless you have financial stability. It’s not one or the other. It has to be both,” he says. “Clients bank with institutions who can make sure it is safe [to do so with them]. The more you demonstrate that, the more positive the outcome.”
