Q1: How did the business perform in 2025, and what drove its growth over the past year? How has the cost-income ratio trended this year, and what were the key factors influencing it? Looking ahead, what are your main priorities and strategic plans for 2026?

In 2025, our business delivered strong performance, highlighted by over 50% year-over-year growth in non-interest income revenue. This robust growth was primarily driven by favourable market conditions, including active trading volumes and high market volatility stemming from global tariffs and decreasing Federal Reserve rates.

The top three contributors to this revenue surge were structured products, notes and bonds, and foreign exchange (FX) activities, which capitalised on these dynamic environments to generate significant returns. We rolled out the BEA SmarTrade platform last year for our clients to trade equities via digital channels. It was very well-received by our clients, contributing to digital trading revenues rising by more than 110% in 2025.

Regarding the cost-income ratio, it has trended positively this year, reflecting improved operational efficiency amid revenue expansion. Key factors influencing this trend included disciplined cost management, economies of scale from higher transaction volumes, and targeted investments in technology that optimised back-office processes without proportionally increasing expenses.

Looking ahead to 2026, our main priorities and strategic plans revolve around sustaining momentum by capturing market opportunities through increased product variety and enhanced digital platforms. We will emphasise keeping clients invested via a core-satellite approach, for instance, by promoting our digitally enabled discretionary portfolio mandate (DPM) investment platform. These will allow clients to diversify their portfolios effectively while continuing to seize investment opportunities in volatile markets.

Q2: Looking at the investment outlook for 2026, which markets and asset classes are you prioritising for client portfolios to capture opportunities while managing risks? How are clients currently allocating their portfolios, and what trends are you seeing in DPM adoption and investment behaviour?

For 2026, we are prioritising markets and asset classes that offer a balanced blend of growth potential and risk management. Specifically, we see strong opportunities in the Chinese technology sectors, driven by government policies and corporate spending. We also see strong opportunities in Japan’s economy, which is poised for continued growth through structural reforms, technological advancements, and export-led expansion. In terms of asset classes, we recommend a focus on diversified equities in these regions, complemented by fixed income instruments and alternative investments like real estate investment trusts (REITs) to hedge against volatility while capturing upside.

A notable trend is the over 40% revenue growth from our DPM products, signalling heightened client interest in these managed strategies. Overall, we are seeing increased adoption of DPM as clients seek professional guidance to navigate complexities, alongside broader behaviours, like greater diversification and a preference for tech-enabled, customised investment solutions.

Q3: With artificial intelligence increasingly shaping the wealth industry, how has the firm leveraged technology and AI to transform processes and enhance value for both clients and the back office? What key technology upgrades were introduced in 2025, and what are your digital priorities for 2026 and beyond?

Our bank has actively leveraged technology and AI to transform processes across the wealth management function, enhancing value for both clients and our back office. By incorporating AI solutions into daily operational workflows, we have streamlined tasks such as trade execution, reporting, and client servicing, resulting in faster processing times and greater efficiency. 

Additionally, we have adopted big data and AI tools in our know-your-customer (KYC) and source-of-wealth verification processes, significantly improving data screening capabilities, reducing manual errors, and mitigating anti-money laundering (AML) risks through more accurate and proactive compliance monitoring.

In 2025, key technology upgrades included the rollout of the BEA Global Services Centre in Guangzhou, China, for AI-powered and centralised operational support across the Bank Group. 

For 2026 and beyond, our digital priorities centre on further expanding AI applications, such as utilising our database and developing advanced predictive analytics for investment forecasting.

Q4: With regulatory scrutiny and compliance requirements intensifying across the wealth industry, what updates can you share on how your firm is strengthening governance and compliance frameworks? How are you proactively managing risks while ensuring a seamless experience for clients?

In response to the intensifying regulatory scrutiny and compliance requirements in the wealth industry, our bank has made significant updates to strengthen our governance and compliance frameworks throughout 2025. 

We have focused on enhancing cybersecurity measures, including the adoption of advanced AI-driven tools for threat detection and response, in line with evolving SEC guidelines on outsourcing and custody. Additionally, we have bolstered ESG reporting and disclosures to meet new standards for transparency in sustainable products, while implementing robust vendor due diligence and business continuity planning to address fiduciary duties and electronic communications compliance. These efforts are part of a broader commitment to regulatory resilience, covering both financial risks like liquidity and non-financial risks such as operational disruptions.

To proactively manage risks, we are leveraging big data and AI integrations, building on our 2025 upgrades to KYC and AML processes, to enable real-time monitoring and predictive risk assessments, reducing potential exposures while ensuring adherence to fragmented global regulations. This approach not only mitigates compliance risks but also maintains a seamless client experience by minimising disruptions. For instance, our enhanced digital platforms allow for secure, efficient onboarding and transaction processes without compromising on personalisation or speed.

Q5: The private banking industry saw a plethora of leadership and structural changes in 2025. Looking into 2026, what are your key priorities for attracting and retaining talent across the front, middle, and back office? Are there plans for new hires in key markets?

We expanded our frontline workforce by over 15% extra headcounts in 2025. Heading into 2026, we aim to continue recruiting from diverse backgrounds, such as experienced RMs with both premium retail banking and corporate banking backgrounds. We also see traction with talent from the Chinese Mainland via the Top Talent Pass Scheme.

Additionally, we are focused on retaining talent and fostering development through targeted upskilling programmes in AI, data analytics, and sustainable finance, while emphasising diversity, work-life balance, and competitive compensation packages to address talent gaps amid rising costs and competition. We are also investing in mentorship and career development to build internal pipelines, ensuring retention in critical areas like compliance and client advisory.