DBS has appointed Tam Thye Hung as its new head of global transaction services (GTS) in Indonesia with immediate effect. Tam joined the bank in 2006 and was previously senior vice-president of DBS’s GTS regional cash sales team. He also spent over two years as head of GTS in Taiwan.
With over 25 years of banking experience, Tam has taken over from Stephen Lee Kiang Wah who has moved to Singapore to assume the role of senior vice-president of DBS’s trade product management team, GTS.
Prior to joining DBS, Tam spent several years at Deutsche Bank and Chase Manhattan, where he oversaw the cash management regional sales teams. His new responsibilities include developing the bank’s cash management, trade finance and custody businesses in Indonesia, which is a key market for the GTS franchise. He will report to Lum Yin Fong, group head of product management, and to Ken Stratton, managing director and global head of sales.
“Thye Hung has a wealth of experience, as well as strong customer insights and leadership skills. With Thye Hung leading the GTS business in Indonesia, a key market for DBS, I am confident he will help to take our business to the next level,” said Stratton in a statement.
In 2010, DBS identified GTS as one of the key strategic businesses for the group. Since then, it has invested aggressively in its product offering, distribution capabilities and capacity to grow. At the bank’s recent mid-year results announcement, where it delivered record first-half earnings, GTS was identified as one of the fastest growing business segments, registering 37% year-on-year revenue growth.
“We have built incredible momentum across our businesses in the last year and will be investing heavily in Indonesia to continue that growth. I am thrilled to have a seasoned leader like Tam heading up our Indonesia franchise," said Tom McCabe, the bank’s group head of GTS, in a statement.
In March 2011, DBS introduced export factoring in Indonesia, a solution that hasn't been overly active in the market for more than a decade since the Asian financial crisis of 1997-1998. DBS Indonesia is also the first Indonesian member of Factors Chain International, a leading organisation for independent factoring companies with the largest factoring network in the world.
In April of this year, DBS also appointed Vijay Vashist to a newly created role as group product head of open account trade within its GTS business. Vashist, who has more than 20 years of experience in the factoring, supply chain and traditional trade business lines, joined DBS from Standard Chartered where he was managing director and global head of open account trade finance.