Morgan Stanley wealth head sets eyes on trillions sitting in money markets

Morgan Stanley sees huge piles of wealth sitting in money markets and high-yield savings accounts and wants to have a big part in managing it when falling interest rates undermine the appeal of those investments.

Money markets and high-yield accounts are just two sources Morgan Stanley is looking to as it pursues its twin goals of eventually having $10 trillion under management and a pre-tax profit margin of 30% from managing clients’ wealth and assets, according to Jed Finn, the recently appointed head of the firm’s wealth management business.

“We know that our clients are holding cash balances outside of Morgan Stanley, sitting in savings accounts, sitting in money market funds, getting a really nice yield while they’re waiting for a catalyst,” Finn said in remarks delivered on Thursday at Bank of America’s 2024 Financial Services Conference in Miami.

That catalyst for most investors, Finn suggested, will be falling interest rates. Though Finn said he’s not looking “to make a market call here,” many economists and investors expect the Federal Reserve to lower rates in a bid to avoid a recession.

The Fed itself has suggested it will reduce rates three times by the end of the year, bringing the benchmark figure down to about 4.6% from the current range of 5.25% to 5.5%. Such a move would exert downward pressure on the returns paid by money market funds and high-yield savings accounts, many of which have been hovering around 5%.

More than $6 trillion dollars are now estimated to be in cash proxies like money markets, which typically pay slightly higher rates than savings accounts. Getting even a piece of that total would push Morgan Stanley toward its goal of having $10 trillion under management, up from roughly $6.6 trillion today.

“I think everybody knows the story pretty well,” Finn said. “The highest yielding cash environment in 15 years has attracted clients’ excess cash.”

Cash competes with cash?

But Tim Welsh, the CEO of the industry consulting firm Nexus Strategy, questioned whether the small predicted decrease in interest rates would be enough to encourage clients to move their cash off the sidelines. He noted that one of the reasons investors are attracted to money markets is their tendency to be far more stable than stocks or other investment assets.

“Of course, cash used to be trash,” Welsh said. “But now that anybody can get a nice 4% or 5% yield, it’s going to take some very drastic moves to get someone to reallocate those assets.”

Peter Crane, the president of Crane Data and the publisher of the Money Fund Intelligence newsletter, said the main reason investors have been moving cash into money market funds hasn’t been fears of stock market instability. Rather, it’s because the yields on regular bank accounts have been hovering around 1%.

“It didn’t come from the stock markets, so what makes Wall Street think it’s going to go back into the stock market?” said Crane, whose firm tracks money markets.

“Historically,” he added, “cash competes with cash.”

Internal moves to fee-based accounts

Finn said further opportunities for boosting the wealth management bottom line lie right within Morgan Stanley’s own “four walls.” Another of the firm’s goals is to take assets now held in its brokerage channels, where they generate commission when bought or sold, and move them to its advisory channel, where they’ll produce steady fees throughout the year.

Finn noted that Morgan Stanley has several hundred billion dollars held in fixed-income brokerage accounts today “because of the fact that, historically, the yield environment didn’t justify the higher advisory fee.”

“We’re not in that yield environment anymore,” he said.

Cross-selling assets

Finn said Morgan Stanley sees other ways to boost its profit margins by helping clients do things like obtain home mortgages or invest in alternative assets like private equity and credit. Such opportunities for “cross-selling,” or offering the same clients multiple financial services products, was a common theme at Bank of America’s Financial Services Conference.

Speaking on Wednesday at the same event, Bank of America CEO Brian Moynihan said 150,000 of his firm’s clients in its Merrill wealth management unit — some of them coming from its Merrill Edge online brokerage — opened bank accounts last year. Moynihan said Bank of America still has “infinite room to grow” further in that direction.

“If you have a Merrill private bank customer who has a self-directed account, that should be a Merrill Edge account, not someone else’s, because we can give them better insight and information and capabilities,” Moynihan said. “Same if they have a bank account or it’s someone with a credit card and mortgage or a commercial loan.”

As for assets held at Morgan Stanley, Finn said about half of the $4 trillion overseen by firm advisors is now in accounts that regularly generate fees. He called that a “high-water mark” in the industry.

“We don’t know what the ceiling is,” Finn said. “We don’t know if it’s 60%, or 65%, or 70%. What we do know, though, is that there is still a significant opportunity within our own book to continue to migrate assets into advisory accounts.”

30% profit margin

Moving clients over into advisory relationships is one of the central pillars of Morgan Stanley’s plan to eventually hit a 30% pretax profit margin for its wealth and asset management business. That margin stood at about 25% for 2023, down from 27% for the year before.

Finn also acknowledged Thursday that the firm’s flow of net new assets under management slowed in 2023. Morgan Stanley’s net asset haul for the entire year was $282 billion. That fell a bit short of the more than $300 billion annual benchmark it had set itself on the way to reaching $10 trillion under management.

Morgan Stanley’s main strategy for increasing that flow, built through a number of acquisitions over nearly 15 years, is what it refers to as its “funnel.” The idea is to reach out to new clients with the self-directed accounts on offer through the firm’s E-Trade brokerage service or its Morgan Stanley at Work unit, which helps companies provide employee benefits.

As their investments accrue, the firm’s hope is that these clients will eventually be moved down the funnel into full-time relationships with advisors. The threshold for working with a financial planner is usually having $250,000 in investable assets.

Client conversions

Finn said the firm has enjoyed success with its Morgan Stanley Virtual Advisor offering, a call center for customers who aren’t yet working with dedicated financial planners. One goal is to increase the conversion rate for call-center employees, or the percentage of clients they are able to move over to the fee-based advisory accounts.

Finn said the best representatives at Morgan Stanley Virtual Advisor now are referrals to financial planners for 35% of the leads they receive on average. He said the firm had 14,000 such referrals in January alone, up from only 2,000 in the same month two years ago.

Finn called the firm’s conversion process a “one hop” system, because a call center representative still has to arrange to have a financial planner to reach out to a client prospect. Morgan Stanley is now trying to go “no hop.”

Some full-time advisors, he explained, have agreed to take questions about self-directed or work place accounts in the hopes of converting clients on their own. The fewer steps prospective clients need to take to enter into an advisory relationship, Finn said, the more likely they will be to sign on.

“One of the things we learned is that when someone’s ready to talk about their personal finances, or think about advice, or focus on their own wallet and think about it from all of your perspective, there’s a very short window when you have their attention, and then they go back to their day-to-day life,” he said.

AI at Morgan Stanley

Finn said technological innovation should also help boost profit margins. He noted that Morgan Stanley is in the third year of a partnership with the tech firm OpenAI — the maker of the large language model ChatGPT — and is now offering that technology to advisors as part of “AI@MS,” or artificial intelligence at Morgan Stanley.

One use envisioned for the near future would have the system “listen in” to discussions between financial planners and investors. In the end, it will produce a quick summary of what was said and put it into an email format that’s ready to be sent to clients following the advisor’s approval.

Finn said he thinks the system will eventually eliminate the need for “hours and hours” of administrative work.

“You can do things like put together a proposal, rebalance a portfolio, move money, create an infinitely detailed performance report instantaneously, and AI@MS will take care of all of that,” Finn said. “All of that is on the way.”

The day before, Moynihan said Bank of America, too, is looking to technology to help advisors operate at a lower cost. Noting that advisors now take in about half of the firm’s wealth management revenue — a model he labeled as “pretty efficient” — he said suggested technology could play a part in boosting returns further.

“That’s where Merrill Edge is important, because for small-balance accounts, we can serve them completely automatedly,” Moynihan said. “That’s where the centralized capabilities we have for home lending or other things, there’s a lot of incremental volume without much expense. And so we’ve got to keep doing that. But it’s still too paper-intensive, still too document-intensive.”

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Sam Tanskul

Managing Director
Krungsri Finnovate Company Limited

With extensive experience in financial industry and in Thailand’s startup community, Sam Tanskul leads Krungsri Finnovate Co., Ltd., a subsidiary of Krungsri, with a focus on technological innovation investment in Thailand and ASEAN.

Sam got a Bachelor’s Degree with Honors in Finance and Banking from Assumption University, Thailand and a Master’s Degree in Finance and Banking from University of Bristol, United Kingdom.

Prior to his current role at Krungsri Finnovate, Sam has over 18 years of experience in the financial services industry with several leading organizations including UOB, GE Capital and Krungsri Consumer, in the area of product management and innovation.

Since 2014, he has joined Thailand’s startup ecosystem, as one of the core members behind the success of ‘Krungsri Uni Startup’ a platform for the young, creative generation to develop financial mobile applications in pursuit of their aspiration to be professional startups – and ‘Krungsri Rise’, the first fintech corporate accelerator in Thailand.

Currently, Sam is the Managing Director of Krungsri Finnovate Co., Ltd., a subsidiary of Krungsri to fully lead on Fintech/ Startup in Thailand and the region, with the key focus in 3 areas — accelerator & academic collaboration, startup project management, and corporate venture capital for Krungsri Group under MUFG with a focus on technological innovation investment in Thailand and ASEAN. He is also one of the board members of Thai Fintech Association.

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Lito Villanueva

Executive Vice President
Chief Innovation and Inclusion Officer
Rizal Commercial Banking Corporation

Lito Villanueva is the Executive Vice President, Chief Innovation and Inclusion Officer of RCBC, and the Chief Digital Transformation Advisor for the Yuchengco Group of Companies. He is the founding chairman of Fintech Alliance.ph, the Philippines’ largest FinTech organization.

He is an award-winning thought leader on digital transformation and financial inclusion with 20 years of experience. He institutionalized the country’s first fintech industry code of conduct and code of ethics to protect consumers and published the first Philippine fintech taxonomy book. His efforts have earned him close to 100 global and regional awards including bagging a three-peat for Best Digital Bank from Asiamoney and back-to-back wins for Best Financial Inclusion App from the Asian Banker for RCBC. Some of these recognitions include being among the Top 100 FinTech Leaders in Asia, Mr FinTech of the Philippines by NewsBiz Asia, Chief Innovation Officer of the Year by the London-based The Banker, and among the Top 100 Filipinos in LinkedIn.

He has a regular business column Byte in the Philippine Star. He is the Chairman of the South Africa-based Alliance of Digital Finance Associations and a member of the Global Impact FinTech and AIBP Advisory Board. He is the founding president of the BSP Governor Nestor A. Espenilla Jr. Institute for Growth towards National Inclusion, Transformation, and Empowerment (IGNITE).

He finished the Cambridge Intellect Leadership Programme in 2019 on Digital Transformation by Design at the University of Cambridge. He completed a Master of Arts in public administration magna cum laude at the University of Santo Tomas and a Master in National Security Administration at the National Defense College of the Philippines.

Greg Krasnov

Founder & CEO
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As the Founder & CEO of Tonik (www.tonikbank.com), the first neobank in the Philippines, I’m committed to building a trustworthy and simple banking experience to drive financial inclusion in the Philippines, where the majority of the population remains without bank accounts and without access to formal credit. I am a serial entrepreneur, having previously launched and led/co – led FORUM, Credolab, FLOW, AsiaKredit, and Platinum Bank. Ever since starting my first business at 17, I’ve been passionate about entrepreneurship and problem – solving.

I appreciate that in life one needs to have balance. During a two – year sabbatical, I skippered my sailboat SV Blues across Asia. I’m also a musician (check me out on Spotify). And as a resident of eight countries across three continents, and a founder of YPO’s Kyiv Chapter I’ve gained a unique understanding of diverse cultures and perspectives.

Throughout my career, I’ve received many accolades that I’m proud of, but what truly matters to me at this stage is the impact I make on people’s lives through my managerial and creative problem – solving skills. I’m a “what you see is what you get” kind of guy who values honesty and open communication. I believe in fostering genuine connections and staying true to my principles, both personally and professionally.

If you’re not just going to sell me stuff, feel free to reach out to connect, and let’s explore opportunities to create meaningful change together in the world of fintech and beyond.

Albert Tinio

Co – Chief Executive Officer
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Albert has several years of experience in the fields of fintech, banking, telecommunications, and logistics. He started his career in logistics working for American President Lines and Federal Express. He then moved into telecommunications with two major Philippine telco players, Globe Telecom and Smart Communications. Albert earned Globe’s Leadership Award for significant gains made in growing and expanding broadband services nationwide. He transitioned from telco to fintech after being chosen to lead GCash as President and CEO. During this time, Albert became the founding president of the Philippine E – Money Association.

Immediately before joining GoTyme Bank, he was SVP, Digital Payments and Agency Banking for Robinsons Bank. Albert has a Bachelor of Science degree in Hotel and Restaurant Administration from the University of the Philippines and completed the Oxford FinTech Program from the University of Oxford Saïd Business School

At the launch of GoTyme Bank in October 2022, Albert explained its differentiator which is providing accessible and affordable products and services with a human touch. He mentioned that to keep the human connection always, GoTyme Bank has kiosks supported by bank ambassadors that are strategically located across the Robinsons ecosystem as well as personal bankers who address customer concerns or issues thru phone calls, emails or chats.

Eugene S. Acevedo

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Eugene Acevedo is the President and Chief Executive Officer of Rizal Commercial Banking Corporation.

Under his leadership, RCBC accelerated its business and digital transformation, winning multiple awards in innovation including best digital bank and best retail bank. RCBC also took major strides in sustainable finance resulting in landmark green bond is sues, and its upgrade to Single A ESG rating by MSCI.

Eugene serves as Chairman of the Asian Bankers Association (ABA) for the 2021 – 23 term. In 1987, he graduated from the Asian Institute of Management. He completed the Advanced Management Program at the Harvard Business School.

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                  Jojo was formerly the CEO of JG Digital Equity Ventures Inc (JGDEV), and Data Analytics Ventures Inc (DAVI) , both digital subsidiaries of the JG Summit Holdings, one of the largest conglomerates in the Philippines with business interests in air transportation, banking, food manufacturing, hotels, petrochemicals, power generation, publishing, real estate and property development, and telecommunications. JGDEV deploys capital to early stage startups and successful portfolio companies raising funding at later stages. JGDEV investments are within the new media, consumer sector, retail and financial services verticals. It also looks at technology platforms that could power future industries such as digital health, data, and logistics.   Jojo was also Co-Founder and CEO , Chairman of GoTyme Bank, one of six companies granted digital banking licenses in the Philippines. GoTyme has successfully launched in October 2022 and now has about 300, 000 transacting customers.

                  Jojo was formerly Chief Executive Officer of Wing, a pioneering Mobile Finance institution that has successfully brought the unbanked into the mainstream financial industry of the country that allows them to contribute to the economic success of Cambodia.

                   

                  Jojo is an experienced mobile money and mobile payments chief executive and brings with him extensive Mobile and Digital Financial Services (DFS) experience in emerging markets including the Philippines, Latin America and Africa that married technology and finance that are relevant to the poor. He has led and ran pioneering mobile money companies like WING and Smart Money in setting the financial services landscape in developing markets, fulfilling the needs of both banked and unbanked to create and manage successful FINTECH footprints in the ASEAN region particularly.

                   

                  Among his notable leadership positions were:

                  • Member, Southeast Asia Senior Advisory Council, Women’s World Banking, a global nonprofit devoted to giving more low-income women access to the financial tools and resources they require to build security and prosperity.
                  • Managing Director Cignifi, Inc., Big Data Consumer Analytics for financial services using non-traditional credit scoring solutions that provides organizations to extend access to the financially excluded populations in emerging markets
                  • Managing Partner, AccessOneBillion (A1B), a management consulting firm on mobile money/financial inclusion based in San Francisco. A1B aims to Educate, Empower and Lead in the application of Digital Innovation to achieve Exponential Results in Financial Inclusion


                  • Formerly Chief Executive Officer of Smart Hub Inc., a mobile commerce company and subsidiary of Smart Communications, Inc.
                  • Formed Mobile Payment Solutions Pte. Ltd., (MPS) a joint venture with Mastercard Worldwide and Smart Hub Inc., a mobile money company implementing new global mobile payments ecosystems in emerging markets including Latin America, Europe, Asia, Africa.
                  • Established a mobile micro-thrift bank in the Philippines (M-Bank) in partnership with global microfinance organizations that will pursue real financial inclusion in the Philippines using loans, savings services to develop micro-enterprises amongst the poor and within the poor
                  • International corporate business leadership roles in PriceWaterhouseCoopers, IBM Corp., Smart Communications, Inc., Smart Hub Inc, Mobile Payment Solutions, Pte. Ltd., the GSMA Mobile Money for the Unbanked organizations and International Networks that support businesses

                  Sumit Batra

                  Director of Solutions Engineering APAC
                  Backbase

                  Sumit is the Director of Solutions Engineering for APAC at Backbase, bringing over 15 years of domain expertise spanning Retail, SME, Wealth & Institutional banking. With a strong foundation in modern technology and architecture design principles, Sumit has made significant contributions to product management, enhancing corporate banking products and platforms since the early stages of his career.

                  As a thought leader, Sumit remains at the forefront of market trends and technological advancements. His customer-centric approach, strategic vision, strong sales acumen, and problem-solving skills make him a well-rounded and effective leader in driving successful business outcomes and fostering meaningful client relationships.

                  Edison Tsai

                  President and CEO
                  Seedin Technology

                  As the Executive Director of Seedin Technology Inc., Edison is responsible for managing and developing the Philippines finance market and works closely with other overseas counterparts to ensure the successful expansion and implementation of SeedIn in the Philippines. Edison has over 20 years of experience in the development, management, operations, and consultation of Information Management Projects for major private companies and government agencies in the Philippines. He is also on the Board of Directors of ExpressPay Inc., one of the leaders in Payment Services franchising with over 800 franchised branches since 2016.

                  As an art enthusiast, Edison also founded Unit 256 Ventures Inc., a startup that operates the Artifract.io NFT Marketplace, a pioneer of Fine Arts NFT in Asia that focuses on helping art estates, museums, private collectors, and artists in the preservation of Fine Arts, ensuring copyright of every piece, and future-proofing collections. The platform brings Master-art to the public through NFTs and Fractional Ownership. In his work, he focuses on how through royalty programs, artists can directly profit from their work and have a sustainable perpetual income.

                  He is currently the Chair of Strategic Partnerships for FinTechAlliance.ph to foster and strengthen relationships with other Fintech Organizations in and outside of the Philippines, and the Chair of the Membership Committee and Board Member of Fintech Philippines Association (FPA) in its mission to promote the Philippines as a global leader in FinTech innovation and expanding its membership base.

                  Prior to SeedIn, he worked with the Department of Trade and Industry (DTI) as its Chief IT Consultant for implementation of key IT projects involving business registrations. This includes collaborations with various government agencies such as Securities and Exchange Commission (SEC), Cooperative Development Authority (CDA), Bureau of Internal Revenue (BIR), Social Security System (SSS), Home Development Mutual Fund (Pag-IBIG), Philippine Health Insurance Corporation (PhilHealth), Local Government Units (LGUs) and other permit/license-issuing agencies.

                  He is also the founding CEO of Sigmasoft Technologies, that was acquired by Touch Solutions in 2011, before the company went public on the Philippine Stock Exchange. Edison holds a degree in Master of Science in Information Technology (MSIT) from De La Salle University.

                  Chirag Amla

                  Principal Architect, APAC
                  Mambu

                  Currently based in Melbourne, Chirag is a seasoned banking technologist who has worked on large and small transformation programs with banks and fintechs globally, including NAB, UBank and ANZ in Australia. He has acquired expertise in key business areas including Home Loans, Customer Centric Origination & Fulfilment Workflow and Retail & Digital Banking that has enabled him to successfully design and deliver solutions that are flexible, provide omni-channel experience and are scalable to respond to changing market conditions.

                  Chirag’s passion is to learn and apply new ways of thinking that push the boundaries and question the status quo, allowing him to have an effective partnership between traditional and modern practices and to inject digital DNA on a corporate level to enable the organisation to be digital-first.

                  Lynette V. Ortiz

                  President and CEO     
                  Land Bank of the Philippines

                  Ma. Lynette V. Ortiz assumed her post as the 11th President and CEO of the Land Bank of the Philippines on 24 May 2023 following her appointment by Philippine President Ferdinand R. Marcos, Jr.

                  With over 30 years of experience in banking and finance, Lynette held various senior roles in Risk Management, Treasury, Corporate Finance and Capital Markets in foreign and local institutions. Prior to her appointment, she was the first Filipino CEO of Standard Chartered Bank (SCB) Philippines. She led strategies to grow the local franchise across the various client segments and deliver sustainable financial performance.

                  During her tenure in SCB, she spearheaded several landmark transactions in both domestic and international capital markets for Philippine and ASEAN issuers. These include the maiden offerings of both LANDBANK and the Development Bank of the Philippines of Sustainability Bonds. She helped the National Government raise funds through global and domestic bond issues, with SCB serving as book runner for foreign currency denominated offerings of the ROP.

                  She serves as First Vice President in the Board of the Bankers Association of the Philippines (BAP), and is also a member of the BAP Executive Committee.

                  A strong advocate for diversity and inclusion, Lynette was named United Nations 2021 Philippine Women’s Empowerment Principles Awards Champion for Leadership Commitment, for her role in setting strong corporate commitments and inclusive leadership.

                  Lynette took her MBA in Finance and Investments from the City University of New York, Baruch College, and her degree in BA in Economics, Cum Laude, from the University of the Philippines.

                  Angelo Madrid

                  President
                  Maya Bank

                  Angelo Madrid is the President of Maya Bank, the no. 1 digital bank in the Philippines.

                  Before joining Maya Bank, Angelo served as the Country Manager of Tala Philippines (Tala PH), a US-based fintech lending startup. He also held various executive leadership roles with Citibank, based in New York, including co-founding a fintech startup with Citi Ventures that uses alternative data to help consumers in the US gain access to credit. ​Early in his career, he practiced law at Baker & McKenzie (QT) and Sycip Law, doing banking, project finance, and M&A transactions.

                  Gelo received his bachelor’s degree in Management and Juris Doctor law degree from the Ateneo de Manila University. He completed his MBA from Duke University – Fuqua School of Business.

                  Hamilton Angluben

                  Founder & CEO
                  Kwik.insure

                  Hamilton Angluben is the Founder and CEO of Kwik.insure, an insurtech which digitalizes insurance and healthcare distribution. He was previously General Manager of Cashalo, one of the Philippine’s first and largest digital lending apps. He was also a General Manager of Cebuana Lhuilllier, the largest pawnshop chain in the world, where he sold microinsurance and bundled them with bill payments and remittance products.

                  Hamilton is a founding member of the Fintech Alliance Philippines. His education comes from Oxford University, University of the Philippines, and Ateneo de Manila. He holds a Level 3 Certificate in Insurance from the Chartered Insurance Institute.

                  TG Limcaoco

                  President & CEO
                  Bank of the Philippine Islands

                  Jose Teodoro “TG” Limcaoco (TG Limcaoco) is the President and CEO of Bank of the Philippine Islands (BPI) – the oldest bank in both the Philippines and Southeast Asia, and one of the most established financial institutions in the country. TG was appointed as BPI President and CEO on April 22, 2021. He has served as a Director of the Board and a Member of the Bank’s Executive Committee since February 2019.

                  He is Chairman of BPI Wealth – A Trust Corporation, Bank of the Philippine Islands (Europe) Plc., BPI Capital Corporation, BPI/MS Insurance Corporation, and BPI AIA Life Assurance Corporation. He is Vice Chairman of BPI Century Tokyo Lease & Finance Corporation and BPI Century Tokyo Rental Corporation. He is President and Vice Chairman of BPI Foundation, Inc.

                  Outside of BPI, he is President of the Bankers Association of the Philippines, Chairman of Philippine Payments Management Inc., a Trustee of the Asian Institute of Management, and a Director of AC Mobility Holdings, Inc. He is also a current member of the Management Association of the Philippines, the Financial Executives Institute of the Philippines (FINEX), and the Rotary Club of Makati West (where he is a Past President). Lastly, TG is a Director of Just for Kids, Inc., a homegrown business of his family.

                  In recognition of his outstanding leadership and exemplary communication skills, TG was bestowed the prestigious 2023 Communicator of the Year award under the Executive Leader Category by the International Association of Business Communicators (IABC) Asia Pacific. This award underscores his ability to effectively convey complex ideas and foster meaningful connections within the business community. He also earned the Gold Award in the Best CEO category for the Philippines in Asia’s Best Managed Companies 2023 poll of FinanceAsia. This accolade serves as a testament to his exceptional stewardship and strategic vision, further solidifying his reputation as an exceptional leader in the financial industry.

                  Before coming to BPI, he was the Chief Finance Officer, Chief Risk Officer, and Chief Sustainability Officer of Ayala Corporation, a Philippine Stock Exchange-listed company. He was also the Chairman of AC Energy International, Inc. (formerly Presage Corporation) and the President and CEO of AC Ventures Holding Corp. He was also a Director of the Board of several Ayala companies, including publicly-listed Globe Telecom and Integrated Micro-electronics Inc, and the energy, infrastructure, industrials and healthcare companies of the Ayala group. He was also a director of the companies that operated G-Cash and Zalora Philippines.

                  Previously, he served as President of BPI Family Savings Bank from 2010-2015 and President of BPI Capital Corporation from 2007- 2010. He also served as Officer-in-Charge for Ayala Life Assurance, Inc. and as Director and Chairman of Ayala Plans, Inc.

                  Mr. Limcaoco joined Ayala Corporation as a Managing Director in 1998. Prior to his appointment as Chief Finance Officer in April 2015, he held various responsibilities including Trustee and Treasurer of Ayala Foundation, Inc., President of myAyala.com, and CFO of Azalea Technology Investments, Inc. He served as the President of the Chamber of Thrift Banks from 2013-2015. He was named as the ING-Finex CFO of the Year in 2018. He has held prior positions with JP Morgan & Co. in Singapore and New York and with BZW Asia.

                  He graduated from Stanford University with a BS Mathematical Sciences degree (Honors Program) in 1984 and from the Wharton School of the University of Pennsylvania with an MBA (Finance and Investment Management) in 1988.

                  Jean-Marc Arbogast

                  Jean-Marc Arbogast

                  Country Manager – Philippines
                  International Finance Corporation

                  Jean-Marc Arbogast is the newly appointed Country Manager for the Philippine office of the International Finance Corporation (IFC), a member of the World Bank Group.

                  Jean-Marc, a French national, was formerly the Adviser to the Vice-President Corporate Strategy and Resources, where he helped formulate and articulate IFC’s strategic priorities while aligning resources to deliver on our ambitious agenda. Prior to that, Jean-Marc was a Senior Investment Officer in the Global Water team where he led origination and execution of transactions in the sector globally, in close coordination with regional infrastructure colleagues. Before joining IFC in 2012, Jean-Marc worked as an investment banker at BofA Merrill Lynch in New York City, advising industrial and agribusiness companies globally on mergers and acquisitions and capital markets transactions.

                  In his new role, Jean-Marc is responsible for all IFC activities in the Philippines, including leading efforts to build its portfolio, developing new upstream opportunities and enhancing its impact.

                  He holds an MBA from Yale University and a Master’s in Aeronautical Engineering from ENSICA, a French engineering school.

                  Mike Singh

                  Mike Singh

                  Chief Commercial and Revenue Officer
                  UnionDigital Bank Inc.

                  Mike Singh brings a wealth of experience to the table, with a background in both financial services and entrepreneurship.

                  He has successfully founded multiple businesses, and his atest venture, Pera247, a digital lending app, was acquired by Grab Finance in 2021, marking his third successful exit. Mike also spent almost a decade at HSBC Finance North America, where he played a key role in launching Best Buy’s Private Label credit card in China and Mexico, and oversaw General Motors’ co-branded credit card. which had a portfolio of over US$7 billion.

                  Mike holds a Master’s Degree in Business Administration from the renowned Kellogg School of Management in Illinois, USA.

                  Renren Reyes

                  Ren-ren Reyes

                  President & CEO
                  G-Xchange Inc.

                  Ren-ren Reyes is the President & CEO of G-Xchange, Inc., responsible for the mobile wallet operations of GCash. He oversees all business units that cover GCash’s Payment and Transfer products. Previous to the role, he was the Chief Marketing and Sales Officer for the country’s flag carrier, Philippines Airlines, and formerly a Director, SVP & Head of the Consumer Business for PLDT and SMART.

                  He has had extensive experience across a broad spectrum of business challenges – from driving new sources of growth from a dominant position in the foods industry with Nutri Asia, pivoting a legacy business into the digital landscape with PLDT, to successfully turning around the biggest and most well-loved business in the Philippines and the region – SMART, Philippine Airlines, L’Oreal’s Consumer Business, Dove Hair in Southeast Asia and Sunsilk in the Philippines. Ren-ren obtains his Bachelor of Science Degree in Management Engineering from Ateneo De Manila University and attended an executive course on Culture Building in CEDEP, INSEAD and General Management in France.

                  Manish Bhai

                  Manish Bhai

                  Founder & CEO
                  UNO Digital Bank

                  UNO Digital Bank

                  Manish Bhai is the Founder, President & CEO at UNO Digital Bank (UNObank Inc.), one of the six licensed and operating Digital Banks in The Philippines and also the Founder at UNOAsia Pte Ltd., the Singapore based fintech that is the primary incorporator of UNO Digital Bank. UNOAsia is the first fintech company in the South & South East Asia region to receive a license outright to operate a digital bank.

                  Manish left Citigroup in mid 2019 to start his entrepreneurial pursuit around digitalisation Manish is a financial services and banking veteran with 30 years of industry expertise, and C-level engagement across the ecosystem. He has extensive experience of clients, products and regulatory landscape in Asia by being in regional and country head roles in multiple locations. He has built and managed diverse businesses including Asia Institutional Sales, Global Markets Indonesia and Singapore, Country Treasury Indonesia and Corporate Structuring & Sales, South Asia. An industry innovator with expertise across Investments, FX & Derivatives, Balance Sheet management, Credit, Sales & Execution, Manish is very passionate about digitalisation and building new solutions.

                  Manish is a HBS alumni, a Fellow Chartered Accountant, Associate Cost Accountant and a qualified Company Secretary with a number of university level and All-India Rank recognitions. He was recognised as the Top 10 Fintech Leaders in the Singapore Fintech Festival (SFF) Global Fintech Awards 2022, and more recently as the CEO of the Year, Asia 2023 by IDC.

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