Michael J. Birnbaum

Strengthening the banking system, economic growth is of the highest …

by Michael J. Birnbaum on September 26, 2021

(MENAFN – Khaama Press)

The Taliban say strengthening the banking system, growing Afghanistan’s trade and economy is vital and will do their best in this regard.

The second deputy of the Taliban Prime Minister Abdul Salam Hanafi at a meeting with the authorities of the central bank and banking associations said that the banking problems will be solved under the relevant laws.

The pledge comes as the Afghan people still struggle with banking services, lining up hundreds of yards of lines and even waiting three days to withdraw their money.

Central banks have allowed businesses and businesses to withdraw $ 25,000 per week, but individual account holders are still limited to $ 200 withdrawal per week.

Afghanistan’s limitations, huge unemployment and the freezing of billions of dollars have led to an economic and humanitarian crisis in the country.

The prices of food, fuel and gas have risen by more than 20% each, putting the lives of millions of people at serious risk.

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Digital Textile Printing Machine Market Analysis for Asset Tracking and Service Management from 2021 to 2027 – Stillwater Current

by Michael J. Birnbaum on September 26, 2021

Global Digital Textile Printing Machine Industry Production, Sales and Consumption Status and Prospects Professional Market Research Report 2021

The report titled ‘Global Digital Textile Printing Machine Market’ sheds light on global and local market spaces, along with an in-depth analytical perspective. In addition, it seeks to add a comprehensive knowledge of the global digital textile printing machine market to help our customers take a decisive rather than a cold approach. The excellent study is made possible by the consideration of demographic factors, the reversal of changing economic cycles and the analysis of the dynamics from one country to another. The study draws a clear line that transforms the conceptual shift of the market in terms of regional landscape versus that of global landscape.

Main Manufacturers in the Digital Textile Printing Machine Market: Mimaki, Printpretty, Zimmer, Robustelli, SPGPrints, Kaiyuan, Konica Minolta, MS Printing, La Meccanica, Kornit, Atexco, Reggiani, Durst, Mutoh

The market research competitive landscape comprises a broader analysis of regions, including North America, Europe, Asia-Pacific, Latin America, Middle East and Africa which should capture the essence of the market in its broadest category.

Download a free sample research report @ https://www.marketresearchstore.com/sample/textile-digital-printing-machine-market-805473

Geographical segmentation:

1.North America (United States, Canada)
2.Europe (Germany, Spain, France, UK, Russia and Italy)
3.Asia-Pacific (China, Japan, India, Australia and South Korea)
4. Latin America (Brazil, Mexico, etc.)
5. The Middle East and Africa (GCC and South Africa)

During the forecast period, Digital Textile Printing Machine industry is expected to grow at a significant rate in terms of the outlook for CAGR and market value. The Global Textile Digital Printing Machine industry report is an in-depth study that focuses on the overall production techniques associated with the space in terms of development trends (inbound and on-going), sales figures, composition of market and macro environments.

The report also provides a detailed overview of the dashboards of the dominant players, including daily operations, successful marketing campaigns, market contributions, recent developments and upcoming product launches, as well as ongoing mergers or acquisitions. . The report comprises a classification of the Textile Digital Printing Machine market into various types, applications for end product, market volume and size, and overall market size, besides a list of the dominant players and their production techniques.

Who is the digital textile printing machine market study for?

• Manufacturers or potential investors seeking to better understand the functioning of the digital textile printing machine market.
• Traders, distributors, retailers, importers and exporters seeking to better understand the operations of the digital textile printing machine.

In secondary and primary research, global market sales and production volumes are concentrated. During the final study, other considerations are taken into account such as customer requirements / preferences, research findings, market size estimates, and data sources. The Digital Textile Printing Machine market research study provides a comprehensive assessment of the forecast period.

Reasons for purchase

Create and design your licensing and licensing strategies by examining the products and technologies in the pipeline and identifying the companies with the most robust pipelines.
Understand the trends shaping and driving the 7MM COVID-19 vaccine to develop business strategies.
Increase revenue by understanding key trends, innovative products and technologies, market segments, and companies that are likely to impact the global COVID-19 vaccine market in the future.
Understand the competitive landscape and analyze the performance of various competitors to develop effective sales and marketing strategies.
Recognize emerging players with potentially strong product portfolios and develop effective counter-strategies to gain competitive advantage.
Organize your sales and marketing efforts by identifying the categories and market segments with the greatest potential for consolidations, investments and strategic partnerships.

Important product types on the market: Single pass, multiple pass

Benefits taken by the end user: Proof printing, Design teaching, Small volume production

The report concludes with a competitive market environment for Digital Textile Printing Machines, which includes the detailed dashboard of major players, their respective market share, key strategies put in place and the most recent merger and acquisitions. for the forecast period. In market strategies, a SWOT analysis area is also included. In order to aggregate our collected data, we use a variety of primary and secondary research methodologies.

Read also:
International Body Coil Market supply and demand chain, distribution channels, costs 2021
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Professional Windsurfing Equipment Market Survey, The Ultimate Business Guide

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COVA Wealth Advisor accused of harassing Nashville Banking Executive – David Biggs arrested – Scoop: Nashville

by Michael J. Birnbaum on September 26, 2021

On 9/20/21 I, Detective DV Smith, met the victim at Family Safety Center 610 Murfreesboro Pike about her ex-boyfriend harassing her. The victim said she initially reported a report of harassment on September 13, 21 at Midtown Hills Patrol.

The victim and the accused had a relationship from November 10, 2019 to January 7, 2021. The victim ended their relationship. On January 11, 2021, the victim told the accused not to contact her again by text. Since that date, the accused has not stopped harassing her. The victim provided a domestic violence detective with physical copies of emails, text messages and photographs with the accused’s listed email addresses, phone numbers and social media profiles.

The victim stated that he received 8 separate emails from the accused in 2021 to his work email address on 5/7, 5/24, 8/8, 8/11, 8/12, 8/15, 8 / 26 and 9/2. The victim stated that he received 10 separate emails from the accused in 2021 on his personal me.com account on 1/7, 1/13, 2/14, 2/14, 8/8, 8/10, 8 / 11, 8/12, 8/15 and 9/2. The victim stated that she received 12 emails from the accused in 2021 on his personal Gmail account on 1/21, 1/22, 1/23, 1/24, 2/1, 2/14, 4/14, 8/8, 8/11, 8/12, 8/15 and 9/2.

The victim said the accused left his roses and gifts at his residence on 02/14/2021. She said the defendant texted her daughter three times on 2/14/21. She stated that the defendant sent her 5 messages on Facebook Messenger; in which, she blocked it on 02/27/21. The accused sent him 4 messages via Instagram using two separate accounts. She said she blocked it on 2/3/21. The defendant sent him 2 messages via his Hinge profile on 3/6/21 and 4/20/21. The victim blocked and reported their profile.

The defendant sent him a copy of his own book via UPS on 4/4/21. The defendant added 12 new photos and videos of himself to a shared iPhoto folder. The victim abducted it on 5/2/21. The defendant sent money to the victim via Venmo for $ 8.55 to reimburse the postage. The victim blocked it on 05/04/2021. The defendant sent him a message via LinkedIn on 6/21/21. The defendant sent 11 text messages from his personal telephone number. The defendant then called his cell phone 7 times on 06/25/21. The defendant also left 2 voice messages. The victim blocked his phone number on 06/25/21.

The accused invited the victim out on two occasions: for dinner on 02/27/21 by text message and a concert on 08/11/21 by e-mail. The victim said the accused came to her home uninvited and left a note on his vehicle on 9/21/21. The victim said his vehicle was purchased recently, so the defendant should not have known which vehicle was his.

All of the incidents listed occurred in Nashville, TN Davidson County. The victim fears for her personal safety because the accused refuses to take no for an answer. She said the actions of the accused make her feel terrified, scared, intimidated, threatened and harassed. The victim suffered emotional distress.

Based on the victim impact statement, photos and documented evidence, there is a likely reason to seek a harassment warrant due to the defendant contacting the victim by phone, mail, email, but without s ” limit it by email, text or other electronic message sent using the internet, websites or social media platform, placing an item on or delivering an item to a property, the victim is the target of deliberate behavior involving repeated or continuous harassment.

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300 crore of black silver detected with 2 funding groups in Tamil Nadu: CBDT | Latest Delhi News

by Michael J. Birnbaum on September 25, 2021

The Income Tax Service has detected “unrecorded” income of more than ??300 crore after raiding two private union fundraising groups in Chennai, the Central Direct Taxes Council (CBDT) said on Saturday.

By Press Trust of India, New Delhi

POSTED SEP 26, 2021 00:00 IST

The searches were carried out on September 23 at 35 premises in Chennai.

“The searches, so far, have detected undisclosed income of more than ??300 crore and unrecorded cash of ??9 crore was seized, ”CBDT said in a statement.

Evidence found at the premises of the financiers and their associates revealed that these groups have loaned to various large corporations and businesses in Tamil Nadu, a substantial portion of which is in cash, the statement said.

The department detected that the groups “charge high interest rates, part of which is not offered for taxation.”

“The modus operandi adopted by the groups has revealed that most of the interest payments by the borrowers are received in fictitious bank accounts and that they have not been disclosed for tax purposes,” said the governing body. of the tax department.

“Unaccounted money” is disguised and carried on the books of groups as unsecured loans, sundry creditors, etc., the CBDT said.

Many undisclosed real estate investments and other income cut-offs by these people were also found, he said.

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Would Crypto Be A Good Asset In A Crisis By DailyCoin

by Michael J. Birnbaum on September 25, 2021

Would crypto be a good asset in a crisis

According to a recent disaster preparedness survey, more than 75% of Americans are not ready to have enough food or water, even after going through COVID-19.

When it comes to money, some experts recommend a target of $ 2,000 in cash in the event of bank failure. However, the US Federal Reserve reports that nearly 40% of Americans could not handle a $ 400 cash emergency. It makes sense to have food, water and money available in the event of a disaster.

But disasters and crises take many forms. Natural disasters such as the wildfires that are spreading this summer in California or the hurricanes that ravage the east coast of the United States have caused mass evacuations. As we have all seen and experienced over the past year, civil unrest or a pandemic can force families and individuals into protective lockdown.

Not to mention the possibility of an economic collapse. Consider the consequences if a country’s currency becomes hyperinflationary, or if supply chain disruptions cause prolonged stockouts in stores, or if the 2008 housing collapse is repeated globally – producing a prolonged economic crisis, which can be just as dangerous as any natural crisis. calamity.

In all of these scenarios, and other macro-level crises, would it be a good idea to have some of your investments in cryptocurrencies along with a supply of cash, food, and water? The answer is yes – but it is a qualified yes (besides the most important disclaimer that this is NOT Financial advice).

Here’s why:

Scenario 1: SHTF aka Mad Max Post-Apocalypse

We must remember that the massive adoption of cryptocurrencies is still several years away due to price volatility, regulatory scrutiny, and technical complexity. So, in an “S ** t Hits the Fan (SHTF)” scenario where economic upheavals occur or society collapses, not everyone will universally accept cryptocurrencies as a method of exchange. Under these circumstances, the cryptos would likely be worthless.

In a “Mad Max” type scenario, it is better to have skills to trade such as woodworking, nursing, butchery, mending clothes and shoes, repairing small engines, manufacturing. candles and soaps, etc. Additionally, fiat currencies may not be worth much either.

Perhaps the best option to consider from a ‘currency’ perspective would be to have a pre-supply of durable goods such as bandages of different sizes, matches, candles, disinfectants, soaps, shampoos, zip-loc bags, toothpaste and toothbrushes, socks, large garbage bags, bottled water, plastic cutlery, paper plates, toilet paper, aluminum foil, plastic sheeting, zip ties , duct tape and hand tools. All of these have multiple uses with increased value in an SHTF situation.

If the power grid goes down, it will be difficult, if not impossible, to access the internet and subsequent crypto exchanges to remove your crypto and convert to dollars. Even though your funds are converted and transferred to your bank, the banking system may not function fully and may be down intermittently or permanently.

In this type of ‘worst case’ scenario, it is a better idea to have a reserve of silver that can easily be measured in fractions of ounces as a method of exchange, like these Canadian silver plates of. two ounces. Each plate contains 19 silver “coins” with unique weights and multiple denominations that make up two ounces of silver.

These “flex” silver coins are a solid store of value and have served as a reliable method of exchange for centuries, with a unit of account stamped in both troy ounces and dollar equivalent, which almost. everyone understands. Unfortunately, the cryptos lose in the SHTF scenario.

Scenario 2: economic or financial collapse

Okay, enough dystopian dialogue – which is unlikely anyway.

However, a temporary government shutdown, prolonged recession, or economic collapse in some countries are much more likely to occur, sending shock waves through global financial markets.

In these cases, select cryptocurrencies such as and would be your best options as an extended store of value, with a stable coin such as the USD coin as the preferred method of exchange and unit of account.

As long as the power grid, mobile phone networks, and the internet remain intact, these crypto assets can be used for any type of payment or peer-to-peer transaction that operates independently of a bank or government.

It’s best to have the bulk of your cryptocurrency assets off-chain, in cold wallet storage such as a Trezor or Ledger hardware wallet – before disaster strikes. Also, be sure to keep these cold storage devices in a secure location that is physically separate from your wallet recovery phase.

Your cryptos can be protected from hackers in a cold store, until you feel comfortable putting them back online. Avoid storing unstable cryptos that aren’t in the top 10 market caps – people will only care about major cryptos (if they care) during a crisis.

Scenario 3: Natural disaster evacuation

In any evacuation scenario, cryptocurrencies are arguably the best asset due to their discreet portability and easy mobility.

Whether it’s a hurricane, flash flood, chemical spill, nearby riot, tornado warning, bomb threat, or whatever item that requires you to leave quickly, your cryptocurrencies in a chiller wallet are your best bet.

You can hide it in a coat liner or in plain view hanging from a key ring. It’s simple to move and instantly hide billions of assets stored on any of these devices – try this with any other asset.

Just move you and your loved ones out of harm’s way to an area with mobile phone service or internet connectivity and you can access your cold storage assets. Make sure you don’t leave your recovery phrase in the disaster zone, otherwise your cryptos may never be unlocked if the recovery phrase is destroyed or lost.

Diversification of disasters

The bottom line is, no asset is perfect for every disaster scenario. As with your investments, your “disaster assets” should be diverse and mobile.

Keep in mind that your most valuable assets can change during a crisis. For example, in a prolonged global food shortage, a bag of protein bars will be worth more than an ounce of gold in a few months.

Make sure you have a few weeks of food (minimum 2,500 calories per day per person) and water (minimum one gallon per day per person) on hand. Also, make sure you have a mix of easily divisible cash and cash, and cryptocurrencies in a cold storage wallet – don’t forget the respective recovery phrase for the wallet.

Cryptocurrencies can be a solid asset option during a crisis, as long as the power stays on and internet access is available.

On the reverse

Very few families or individuals are equipped for any type of protracted disaster scenario and have not thought about what they could do to prepare in advance.
Currency and methods of exchange are a consideration – but not the most important, especially if public safety crashes, a government is overthrown, or a cataclysmic natural disaster strikes.
Safe shelter, water and food are the most important assets in the event of a disaster.

Why should you care?

Even though we have been through the COVID-19 pandemic, we are lulled by a sense of complacency. Far too many people rely on their local, state and federal governments to get them out of a crisis. What if government assistance does not arrive or arrives too late? Be your own helper and safety net.

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IT department raids two Chennai fundraising groups

by Michael J. Birnbaum on September 25, 2021

The Central Council of Direct Taxes (CBDT) claimed on Saturday that the income tax department detected “unrecorded” income of more than 300 crore yen after raiding two private union fundraising groups in Chennai.

The searches were carried out on September 23 at 35 premises in the capital of Tamil Nadu.

“The searches so far have resulted in the detection of undisclosed income in excess of 300 crore; and unrecorded money of 9 crore has been seized,” the CBDT said in a statement.

High interest rates

The department detected that the groups “charge high interest rates, part of which is not offered for taxation.”

See also: We Do Business With Honesty And Integrity: Newslaundry After IT Department Investigation

“Unaccounted money” is disguised and carried on the books of the groups as unsecured loans, sundry creditors, etc., alleged the CBDT.

Many undisclosed real estate investments and other income cut-offs by these people were also found, he said.

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Computer raids on two Chennai-based private union finance companies uncover undisclosed sum of Rs 300 cr – The New Indian Express

by Michael J. Birnbaum on September 25, 2021

Through Express news service

CHENNAI: The Income Tax Department discovered undisclosed income of more than 300 crore rupees after carrying out search and seizure operations on two private union fundraising groups based in Chennai.

He also seized unrecorded cash worth Rs 9 crore during the search operation which was carried out on Friday at 35 premises in Chennai. During the search, it was found that there were undisclosed real estate investments and other income cuts.

The modus operandi adopted by the groups revealed that most of the interest payments by borrowers are received in fictitious bank accounts and that these have not been disclosed for tax purposes. In addition, unrecorded amounts are disguised and carried on the groups’ books of account as unsecured loans, sundry creditors, etc., a statement said.

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Biometric Point of Sale Terminal for Asset Tracking and Service Management Market Analysis 2021-2027 – Stillwater Current

by Michael J. Birnbaum on September 25, 2021

Global Biometric Point of Sale Terminal Industry Production, Sales and Consumption Status and Outlook 2021 Professional Market Research Report

The Biometric Point of Sale Terminal Market research report presents the most recent market changes in a statistical format including the market size, growth, and overall forecast for the current period. The research also sheds light on the most recent key players in the Biometric Point of Sale Terminal market, which are further classified based on their market footprint and product offerings. In addition, a section of the report focuses on the current strategies implemented by the actors in their respective regions. Moreover, the Biometric Point of Sale Terminal market research examines the driving forces, opportunities and challenges that the Biometric Point of Sale Terminal industry will face during the forecast period.

Download a free sample report @ https://www.marketresearchstore.com/sample/biometric-point-of-sale-terminals-market-811968

The competitive landscape of the market research includes a broader analysis of the regions of the world which are expected to capture the essence of the market in its broadest category. The Biometric Point of Sale Terminal market study also encompasses the market in terms of the most recent outlook and emerging market scenarios, based on in-depth knowledge and valuable information gleaned from industry experts. in the market for biometric point of sale terminals during the primary. stages of research. In addition, the Biometric Point of Sale Terminal market report contains some factors such as business opportunities, latest market innovations, upcoming trends, growth analysis, and latest key players that can provide the consumer a detailed market estimate. . Our team of researchers and analysts have put a lot of effort into creating the Biometric Point of Sale Terminals market study by providing important and reliable consumables for every fact that has been presented.

Some of the major players in the global biometric point of sale terminal market are: M2SYS Technology, Biyo Bright Co, Ingenico Group, KEMP Technologies, CROSSMATCH, Fujitsu, Dermalog Identification Systems GmbH, Bitel Co, Danal

The detailed information provided in the Biometric Point of Sale Terminals market research study with the help of key players presented in the study will help our readers to understand the strategies implemented with the help of the methodology followed and guidelines observed. for the collection and use of the data collected.

While conducting secondary and primary research, market revenue and production volumes are prioritized. Other factors such as customer needs / preferences, research findings, estimated market size, and data sources are taken into account when completing the final study of the report. The Biometric Point of Sale Terminal market research study provides comprehensive assessment for the forecast period.

The Global Biometric Point of Sale Terminals Market analyzes and discusses the impact of COVID-19 on the market. The global catastrophe has caused untold damage to all sectors of the biometric point of sale terminal market. However, as the world draws closer to a pre-pandemic situation, the biometric point-of-sale terminal market is expected to be driven by rapid industrialization, increasing demand for biometric point-of-sale terminals, and stringent government conditions and regulations. to respect. industry standards. The Biometric Point of Sale Terminals market study examines all aspects of the Biometric Point of Sale Terminals industry from various perspectives including various drivers, restraints, challenges, and opportunities over the forecast period. Further, the Biometric Point of Sale Terminal study divides the market into key players, Biometric Point of Sale Terminal types, and application and use cases.

Important product types on the market: Palm vein identification, facial recognition, voice identification, fingerprint identification

Benefits taken by the end user: Retail, Finance & Banking, Healthcare

The report concludes with a competitive landscape of the Biometric Point of Sale Terminal market, comprising a detailed dashboard of major players, their respective market share, key strategies implemented and their most recent mergers and acquisitions for the forecast period. A SWOT analysis segment is also included in the market strategies. We use a variety of primary and secondary research methodologies that differ in their research methods to categorize our collected data.

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People over 65 can open an NPS account now; Check the new rules

by Michael J. Birnbaum on September 25, 2021

People over 65 can open an NPS account now; Check the new rules | Photo credit: Getty Images

New Delhi: In order to make the National Pension Scheme (NPS) more attractive to seniors, the Pension Fund Regulatory & Development Authority recently allowed seniors over 65 (up to 70) to open an NPS account. Previously, the PFRDA had raised the maximum age for membership in the NPS from 60 to 65.

Now, any Indian Citizen, Resident or Non-Resident and Overseas Indian Citizen (OIC) aged 65-70 can also join NPS and continue or defer their NPS account until the age of 75. Subscribers who closed their NPS accounts at age 65 are now allowed to open a new NPS account according to age eligibility standards.

While people over the age of 65 can now open an NPS account, experts say you should not enter the program after the age of 60 as it involves a lot of risk and minimizes the magnitude of returns. . Once a person crosses 60, they will only have 15 years to invest in the NPS, which reduces the scope of funding. At maturity, a subscriber is allowed to withdraw a maximum of 60% of the corpus as a lump sum and the remaining 40% must be used to purchase an annuity.

Here are some of the risks of investing in NPS after 60 years:

1. Liquidity risk: The amount invested in the NPS remains blocked for at least three years. Even if you invest in it after 60 years, the minimum downtime remains the same. This rule may not be suitable for older people because they will not have access to cash.

2. NPS returns are not insured: NPS is a market linked product, so it does not offer a guaranteed return to investors. An investor should remain invested in the program for the longer term in order to obtain a higher return even if they do not take exposure to equities. For seniors, investing in a plan that does not guarantee returns may not be a wise choice. In contrast, schemes like the Senior Citizen Savings Scheme (SCSS) and Pradhan Mantri Vaya Vandana Yojana (PMVVY) offer a guaranteed rate of return to investors.

3. Compulsory pension: 40% of the NPS maturity corpus must be invested in annuity plans, which typically offer a return of between 4% and 5% and this annuity income is taxable. For this reason, the overall returns of the NPS are reduced, making it an investment option that is not ideal for the elderly.

4. Lower investment horizon: NPS can generate good returns over the long term, as stocks typically outperform other asset classes if the investment horizon is long. However, after the age of 60, one cannot stay invested in the plan any longer. Thus, the scope of the return is reduced.

5. Equity exposure: Since seniors cannot gain significant exposure to equities, they must invest in government debt or corporate debt funds, which currently offer low returns. Also in the near future, these funds are expected to generate a yield of less than 6% due to the current interest rate scenario. Even if a senior takes 50% exposure to stocks, they may not get good returns because the investment period is short.

6. Taxation: Annuity income received by a person is taxable in the hands of the elderly according to their tax bracket in the year of receipt. If a person is in the 30% tax bracket, their annuity income will be taxable at this rate, thus reducing overall pension income.

It should be added that there are tax advantages for NPS subscribers. The contribution paid to the NPS not only gives the right to a deduction under Article 80 CCD (1) up to a limit of Rs 1.5 lakh per fiscal year, but it is also accompanied by an additional tax advantage in under section 80CCD (1B) up to Rs 50,000 per fiscal year.

For those who join the NPS after the age of 65, the advantage is in terms of better annuity rates compared to younger people. The annuity rate for a 65-year-old is better compared to the annuity rate for a 55-year-old. Note that for those looking to join the NPS after 65, the goal should not be just to save taxes but to create a body of work to supplement the pension during retirement. years.

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Focus on wealth management | The star

by Michael J. Birnbaum on September 24, 2021

SOME 16 months later, CIMB Group Holdings Bhd The CEO of the group, Datuk Abdul Rahman Ahmad, is no less sure that the days to come will bring fewer challenges. Still, the banking group has a solid plan and is prepared to tackle these issues.

Below are excerpts from StarBizWeek’s (SBW) exclusive interview with Abdul Rahman:

SBW: How has it been for you so far, overall? Abdul Rahman: I have not yet visited our operations in Malaysia and the region.

In that sense, it was extremely difficult.

At the same time, when I arrived last year, we were faced with the reality of our weakest results of the year because of the pandemic, but also because we had to take specific provisions on some of our old accounts, so it was extremely difficult.

I think we quickly identified the issues and then rolled up our sleeves and focused on execution.

In that sense, I am extremely grateful to the team and the board of directors. It’s been a roller coaster ride, but I think we’re on a positive course.

How do you plan to continue to optimize costs? The segments that we wanted to release, that was done, so there are no more areas that we need to release.

I think we fixed this problem with the business operations in Thailand and we have optimized or resized our business in Singapore.

When it comes to people, in general, natural attrition is already high within the banking industry.

However, we are very focused on good attrition management so that we know the areas that we can streamline.

We are investing in the right areas, for example in wealth management where we are very determined to want to add more relationship and sales managers to be able to better serve our clients.

Wealth management is a very competitive business and you remain a relatively small player in the region. How do you plan to compete?

Yes, we are relatively small but from where we are today, we are already very strong in our franchise within ASEAN.

The size of the wealth management market is estimated to be close to RM40 billion and is expected to grow in double digits until 2025. So it is a significant market.

Due to the pandemic, liquidity has become extremely strong. CASAs (Current Account Savings Accounts) in all economies have grown due to spending constraints.

People who haven’t lost their jobs have seen their wealth increase because they can’t spend due to the lockdowns, so because of that cash flow has increased.

Coupled with the impact of low interest rates, the demand for wealth management will grow stronger and this is the fundamental reason why we and many other financial institutions are focusing on wealth management.

Malaysia and Singapore are a big part of it simply because Malaysia is our home market and Singapore is the hub.

We are also seeing growth in Islamic wealth management, which is more relevant to Malaysia and Indonesia. As these two economies become not only richer but also more religiously aware, the demand for Islamic services becomes extremely large and increasing.

How important is consumer banking? The consumer banking sector is closely linked to wealth management, so on our side, consumption is extremely important.

In terms of ratio, personal banking currently accounts for 50% of our lending base in the region and we expect it to continue to grow on an asset basis.

While the growth in our loans this year shows that we are practically stable and that we have lowered our forecast to 2%, consumption continues to grow strongly in some markets.

In terms of revenue, the Malaysian market contributes around 60%, Indonesia around 20% and Singapore and Thailand around 10% each.

We expect Indonesia as a market to grow faster in the next few years as it is part of a large growing economy.

Malaysia will probably be a little watered down by that point, but to be fair historically it (Indonesia) has been 30% and we would expect it to come back close to the 30% mark, at the future.

Is your entire management team in place and are you satisfied with it? Yes, it is in place and I am very happy with it.

We have a mix of the existing team and new people.

We also have a succession plan in place.

CIMB has traditionally implemented very solid succession planning and we continue to improve it.

Are you going to make any changes to your dividend payments? No, it stays the same, 40-60% of our base profit.

I am happy that we can maintain this despite the difficult environment.

However, we remain vigilant on the strength of our capital and I am very happy that we were able to strengthen our CET-1 ratio to a high of 13.4%. In the past, we were below 13%.

We continue to optimize and balance the payment of dividends with the need to further strengthen our capital in order to be robust and able to meet any challenges.

There is no need to raise additional capital at this point, we are comfortable.

How do you manage the expectations of your shareholders?

Just be transparent and really express what the plans are. At the same time, also highlight the challenges and risks.

I think as long as we are clear enough with them and show progress in executing the plans, they will understand. This has been our approach, but we have to keep our promises.

Could you share with us some of CIMB’s sustainability efforts? Beyond the numbers, we understand that as a goal-driven organization our goal is to move customers forward in society.

The subject of sustainability really comes to the fore and this is where CIMB is probably one of the first organizations to take the lead. We were one of the first to announce our exit from coal (funding) and we continue to make sustainable development a priority.

This year is our third year of hosting the CIMB Cooler Earth Sustainability Summit, where we bring together a large number of think tanks and leaders to discuss how we can advance the sustainability agenda.

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