thai general insurance association (tgia)thai general insurance association (tgia) study on the...

Thai General Insurance Association (TGIA) Study on the impact of ASEAN Market Liberalisation on the Non-Life Insurances in Thailand 27 March 2015

1 @ 2015 KPMG Phoomchai Advisory Ltd., a Thai limited liability company and a member firm of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Thailand.

Agenda

1. AEC 2015: The Journey to a Single Insurance Market

2. Regulatory Changes and Liberalisation Effects

3. Capability of Thai Non-life insurers

4. Opportunity assessment of the AEC countries

5. Roadmap

AEC 2015: The Journey to

a Single Insurance Market

1


ASEAN Economic Community (AEC) development

ASEAN Economic Community

A single market and production base

Competitive economic region

Equitable economic development

Integration into the global economy

Liberalisation and facilitation of free flow of: Goods Services Capital Investment Skilled labor

Development of 12 priority integration sectors

Strengthening food security and cooperation under agriculture sector

Laying the foundation for : Competition

policy Consumer

protection Intellectual

property rights

Infrastructure development

Development of energy and mineral cooperation

Development of SMEs

Implementation of Initiative for ASEAN Integration

Entry into force of Free Trade Agreements

AEC Blueprint (2008-2015)

Goals

Services

Top 5 priority services sectors including: 1. Air transport, 2. e-ASEAN, 3. Healthcare, 4. Tourism and 5. Logistic services For financial services sector, member countries will have to progressively liberalise, but will not take effect by 2015 to all members.


What will the AEC during 2015-20 look like?

Still far from being a single market…… 1. Good progress for Goods, but slow progress for Services in particularly financial service sector i.e.

Bank and Insurance

• There is still a lot of sensitivity around services to ensure development and maintenance of socio-economic stability

2. Priority actions on Services Liberalisation

• No restrictions on service delivery via cross-border trade and consumption abroad

• Gradual expansion of the foreign equity participation to not less than 70 percent

• Progressive removal of other limitations on market access via commercial presence

3. Barriers on implementation

• Passive instead of Active approach with respect to Article 20: Consultation and Consensus; Article 21: Implementation on a formula for flexible participation

• Lack of central body/agency who is able to enforce and control

• Against domestic laws and regulations


Global trend towards Liberalisation of the insurance market

Between 1995-97, ASEAN were under

negotiation in Insurance subsectors

2008 - 2015 2020

There is a global trend towards the liberalisation the insurance markets as shown by the commitments under World Trade Organization (WTO) agreements which are similar to the AEC objectives.

WTO agreements AEC Blueprint

Four modes of supply

Life insurance services Non-life insurance services Reinsurance and

Retrocession Insurance intermediation Services auxiliary to insurance

Note *

Insurance sub-sectors*


Lessons from Liberalisation of Insurance markets in EU and Japan

Area of Impact EU Japan

Legislation

Three major directives to establish SIM (1995) • 1st Council Directive (1973) Freedom of establishment • 2nd Council Directive (1988) Freedom of services • 3rd Council Directive (1994) Freedom of single license

& control

• Insurance Business Law (1996) • Consumer Contract Law • Law of Sales of Financial Products • Person Information Protection Law • Financial Instruments and Exchange Law

Distribution

• Evolving distribution channels from traditional agents and brokers across the EU markets

• Market penetration through direct insurance via telesales and internet

• Introduction of the brokerage sys. • Liberalization of general insurance agency sys. • Introduction of sys for small-amount and short-term

insurance business

Deregulation of Market Entry

• Allowing single license from origin state to underwrite insurances in all state members

• Abolishing direct regulatory control over insurance polices and prior approval of forms and rates

• Mutual entry into life and general business by subsidiaries

• Emerging of Bancassurance through mutual entry beyond firewalls i.e. Bank Insurance company

• Non-tariff premium ratings for automobile insurance policy

Policyholder Protection

• IMD (2002/92) e.g. Disclosure of remuneration by intermediaries

• Motor Insurance Directive (2009/103/EC) e.g. all vehicles covered by compulsory 3rd party insurance; abolishment border checks on motor insurance

• Policyholders’ Protection Fund for non-life insurers • Early Warning Measure • Non-life Policyholders Protection Corporation of

Japan • Revision of the safety new sys.

Merger & Consolidation

• Decreasing numbers of non-life insurance companies within 17 EU more than 20% over a decade from 2001 – 2010.

• Occurrence of merger operations i.e. Aioi, NIPPONKOA, Nissay Dowa General, Mitsui Sumitomo Insurance, Sompo Japan, Millea Holdings, Meiji Yasuda General

Regulatory Changes and Liberalisation Effects

2


The Future of Insurance Industry under Market Liberalisation


Common trends in regulatory development

With greater foreign involvement, regulators from the emerging markets seek for adoption of International practices to establish effective insurance supervision in order to promote convergence towards a globally consistent supervisory framework.

We observe the following commons items on regulators agendas:

1. Increase of capital to strengthen solvency margin which is linked to risk exposure

2. Greater focus on Board and Senior Management relating to compliance and risk assessments

3. Increasing focus on business conduct and consumer protection

We highlight the following trends....


The continuum of risk based capital frameworks

Country Solvency

Regulation

Singapore Formulaic risk based

Malaysia Formulaic risk

based

Thailand Formulaic risk based

Indonesia Formulaic risk based

Brunei Formulaic

Philippines Formulaic

Vietnam Formulaic

Cambodia Formulaic

Laos PDR Formulaic

Myanmar Formulaic


Three-pillar approach – solo and group

Pillar 1 Quantitative capital

requirements ■ Market-consistent valuation ■ Own funds ■ Economic risk based

capital requirements – Minimum (MCR) – Solvency (SCR)

Pillar 2 Qualitative supervisory review

■ Internal control and risk management

■ Required functions

■ Own risk and solvency assessment (ORSA)

■ Supervisory review

■ Capital add-ons

Pillar 3 Market discipline

■ Transparency

■ Disclosure

■ Solvency and financial condition report (SFCR)

Market-consistent valuation

Validation of internalmodels

New focus for supervisors Maximum level of

harmonisation‘Use test’

More pressure from capital markets

More pressure fromrating agencies

Solvency II and IAIS standards Solvency II: a three pillar approach involving all aspects of the business


Solvency II Risk Management frameworks

The ORSA defined: “The entirety of processes and procedures ... to identify, assess, monitor, manage and report the short and long term risks if faces or may face and to determine the own funds necessary to ensure that the undertaking's overall solvency needs are met at all times"


OIC response to the AEC Blueprint

The Office of Insurance Commission (OIC) is currently in the process of finalising its 3rd Insurance Development Plan covering the strategic objectives for the period from 2015 through to 2020.

The strategic direction of the plan is:

1. Enhance the overall industry standard and enforce corporate governance

• Raise the qualifications to operate as an insurer such as increasing the minimum capital levels, more stringent ‘fit and proper’ qualifications and increased foreign ownership participation.

• Enhancing corporate governance and transparency of disclosure.

2. Improving insurers’ efficiency and promoting a competitive environment

• Enable the industry to operate more competitively which would involve, amongst other things, allowing the introduction of innovative products and de-tariffication.

3. Establishing a new image for the insurance industry through providing awareness and attracting talent

• Improve the public profile of the industry so that the benefits of insurance are better understood as well as attract better talent.

Capability of Thai Non-life insurers

3


Our approach to the capability assessment

• Questionnaire – base survey which focus on 7 key success

factors • Distributed to TGIA members in mid-2013 • 22 companies participated

Industry survey

• Desktop research using internal/external sources • Trend and key ratio analysis disaggregated by insurance group

and insurance segments

Study of statistics

• Draw on KPMG audit and advisory experience to confirm the accuracy of survey response and completion the rest of targeted operating model (TOM)

• Formation of independent conclusion KPMG experience/insights


Grouping of Thai Non-life insurers

Group Criteria

1. Bank subsidiaries (7) All subsidiaries of banks that operate in Thailand, regardless of size, due to having advantages over distribution

2. Foreign owned/partnered insurers (22)

Insurance companies that are entirely or partially owned (with significant influence) by foreign insurers (regardless of size) due to having access to technical expertise not available in the local market

3. Large domestic insurers (2) Insurance companies that are mainly owned or controlled by Thai and had direct premium volume greater than Baht 5 billion in 2012

4. Medium-sized domestic insurers(10) Insurance companies that are mainly owned or controlled by Thai and had direct premium volume between Baht 1 - 5 billion in 2012

5. Small-sized domestic insurers (13) Insurance companies that are mainly owned or controlled by Thai and had direct premium volume below Baht 1 billion in 2012

* Not included inactive companies (3), very small health insurer (5) and Road Accident Victim Protection

For the purpose of our analysis we have grouped Thai insurers into 5 categories to reflect common characteristics in order to provide a more meaningful interpretation of the results.


Characteristics of the Thai market: Products

• Thai non-life insurers’ capability has been built around motor insurance segment based on business volume and high retention

• Long-established sales support network,

brand awareness, market coverage and proactive claims management are the main strength of leading insurers

• Other retail lines of business, particularly PA, are growing through alternative channels, but requires expertise in product development and carefully monitoring

• The industry relies on foreign reinsurers to provide technical support and underwriting capacity for commercial risks

Source: OIC’s statistics (2008 - July 2013)


Characteristics of the Thai market: Distribution

Source: Thai Re’s statistics (2012 & 2013)

• Bancassurance is the major contributor to homeowner insurance, assuming all fire coverage for commercial business is included in ‘IAR’ segment.

• Telemarketing is gaining popularity to the expansion of personal line segment though the use of technology (data mining capability)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2012 2013 2012 2013 2012 2013 2012 2013 2012 2013

Fire Marine Automobile IAR PA

Perc

enta

ge o

f pol

icie

s so

ld (%

)

Line of Business

Distribution Channels

Tele-Mktg

Bank

Broker

Agent


Characteristics of the Thai market: Profitability

Source: OIC’s statistics (2007 – 2011)

0%

10%

20%

30%

40%

2007 2008 2009 2010

Ratio (%) Net loss ratio - Fire

0% 10% 20% 30% 40% 50% 60% 70%

2007 2008 2009 2010 2011

Ratio (%) Net loss ratio - Motor

0%

20%

40%

60%

80%

100%

2007 2008 2009 2010

Ratio (%) Net loss ratio - Misc

0%

10%

20%

30%

40%

2007 2008 2009 2010

Ratio (%) Net loss ratio - Marine

Bank sub

Foreign

Large

Medium

Small

• Average loss ratio for motor segment indicates that there is a requirement for tight expense control and claims management

• Commercial business is more profitable, however technical resources and capital is required to retain locally and support overseas expansion of Thai business


Characteristics of the Thai market: Expenses

Source: IPRB’s statistics (2007 - 2011)

• Medium/small-sized and foreign insurers incurred substantively higher cost of operations, compared to other insurance groups

• Large domestic insurers have the lowest operating expense ratio, the major benefit of reaching ‘economy of scale’


Characteristics of the Thai market: Capital

Source: Thai Re’s statistics (2012 & 2013)

• Overall CAR under the current regime is above the 140 mark. Further deteriorations may come from a shortfall in recovering reinsurance assets arising from the floods

• With the expiration of the flood relief in March 2014 and the possible increase in reinsurance provision, some insurers may need capital injections or consider exit options

-

100

200

300

400

500

600

700

800

3Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13

CAR

rat

io %

CAR Ratio

Bank subs

Foreign

Large

Medium

Small

Industry Average


Seven key success factors

Key success factor Measurement criteria

1. Financial strength CAR level indicates whether a company can fulfill its future obligation

2. People

Having right mix of human resource with the right technical skill, avoiding reliance on small number of individuals in order to support growth

3. Actuarial capabilities Sufficiency of skillful actuarial team to conduct functions ranging from product pricing to evaluating potential bad risks, data at the right granular level is available

4. System Having a system that fully supports all areas of the business model will enable the business objectives to be met

5. Business network Extensive distribution channels and cross-border service help support future growth

6. Process Efficient business processes will enable a lean operations and help lower overhead cost while implementing leading-edge technology can help meet the need of modern customers and business partners

7. Analysis capability Capability and availability of data to conduct insightful analysis to support strategic decision making – “big data” analysis

The following 7 key success factors were derived based on Target Operating Model (TOM) framework which reflect the dimensions required for insurers to operate efficiently and effective to meet the business objectives.


Capability gap analysis (Targeted operating model: TOM)

People

Actuarial capability

System

Business network

Process

High number of headcounts and man hours from

inefficient process

Disparate systems architecture

Stand-alone model

High volume of manual processing

No pricing capability

Business partner

High turnover, aging workforce, not

adaptive, difficult to attract new talents and

functional expertise

Limited turnover, mixed workforce, talented

employee take charge of key areas, slowly adapt

Some talented workforce, good

functional capability, adaptive, analytical thinking is limited by system and process

Experienced employee with strong functional expertise, proactive, insightful analysis, commentary and

challenge

Business performance orientation, highly

adaptive and mobility

No basic actuarial skill in house , limited to own data, limited knowledge

of markets outside Thailand

Basic actuarial skill in house, to serve

reporting needs, data and knowledge is limited

to Thailand

Mix of experienced and junior inhouse actuaries,

drilling capability is limited due to data

quality

Domestic market data only, drill down

capability, qualified pricing and reporting

actuary

Cross-border data, drill down capability,

qualified pricing and reporting actuary

System limitation which cannot meet all business need,

extensive use of EUC for reporting

Sophisticated front end systems for different lines. Use of EUC, studying alternatives

Mostly standardized systems, automatic

interface . Management reports are extracted

and formatted manually

Fully integrated system with automatic interface capability. External and

internal reports available on demand

Integrated systems, real-time updates,

external and internal reports generation at

finger tips

Employed selling agents, branch operation, high operating cost

Rely on agent/brokers , limited bargaining

power against reinsurers

Extensive domestic network/referrals,

bargaining power over reinsurance negotiation

Cross-border service-ability through

business partners or shared resources

One integrated insurance network

from direct to reinsurance

Low volume, highly manual process, lack of control, more time spent

on finding error and rework

High volume of manual to overcome system limitation, duplicate

controls, error somewhat occurred,

High level of integration, cost control, headcount freeze, moderate cost,

few delays exist

Fully integrated operations with limited manual intervention, volume processing,

contained cost

Cross-border operations and real-time updates,

volume processing, zero error, low cost

Competitive product & pricing

Integrated all across system

Cross-border service-ability

Lean operation

Analysis capability

Low understanding of results

Untimely, high level manual analysis of

operational results due to system and data

limitation

More detailed manual analysis but time

consuming process due to data validation of

multiple sources

Mix of system and manual preparation of

business analysis. Drill down capability is

limited

System and data available to fully support generation of insightful

analysis at a very granular level

System able to produceinsightful analysis from a single source of truth at great dept on a real time

basis.

Strong analysis and understanding

results

border data, drill down capability,

qualified pricingreporting

Foreign

Bank sub.

Large

Medium

Small


Summary of key findings

Regulatory changes • A need to strengthen their risk and capital

management framework and put risk-based consideration at the forefront of business operations and decision making

Operations (Profitability & Growth) • Limited awareness of actuarial capabilities in

supporting strategic planning and decision making • Serious investment in IT infrastructure is urgently

required to improve operational efficiency, effective cost management, talent recruitment, and reporting

• Open up to employing foreign skills to support highly technical functions and human resource development to support future growth and underwriting capability

• Cross-border alliance is highly possible for those with the initial aim towards enhancing cross-border service-ability and strengthening market knowledge outside Thailand

• Scale and credibility impact bargaining power when negotiating for reinsurance

• In-dept study on product & channels from performance aspects

Opportunity assessment of the

AEC countries

4


Key facts and figures

ASEAN diversity of Economic, Politics and Financial development is one challenge to make difficulty in accelerating a regional integration within short time.

Each AEC country is at a very different stages of development and presents different opportunities to Thai Non-life insurers.

Source: ASEAN 10 countries’ baseline Data, 2011


Market assessment framework

Three dimensions of overall assessment were defined based on empirical studies, publications conducted by professional organizations and our experience from conducting similar research. For each dimension, indicators were defined and ranked in order to provide and overall assessment of AEC countries for Thai Non-life insurers.

Country attractiveness

Accessibility to foreigners

Thailand capability


Country attractiveness

To measure the country attractiveness 12 indicators were defined and ranked. The indicators were a combination of measuring the existing size of other AEC non-life insurance markets and the potential for growth based on underlying drivers.

Selected indicators of Country attractiveness

Non-life Insurance Consumption (I)

Growth Enablers (G)

Human Development (H)

Business Environment (E)

Premiums volume GDP growth Health Ease of doing business

Premiums as % GDP Urbanization Education Protecting investors

Premiums per capita Population Income Paying taxes

Score Country attractiveness

61-100 Very positive impact on the demand for Non-life insurance

21-60 Likely positive impact on the demand for Non-life insurance

1-20 Unlikely positive impact on the demand for Non-life insurance


Overall assessment – Country attractiveness

Country

Non-life Insurance Consumption

(1-100)

Growth Enabler (1-100)

Human Development

(1-100)

Business Environment

(1-100)

Weighted Score (1-100)

High Income

Singapore 47 60 100 100 77

Brunei 47 33 87 87 64

Upper Middle Income

Malaysia 60 73 100 100 83

Lower Middle Income

Indonesia 87 73 33 33 57

Philippines 73 73 47 33 57

Vietnam 87 73 47 47 64

Low Income

Cambodia 73 47 20 33 43

Laos PDR 20 47 20 33 30

Myanmar 73 87 20 33 53

Source: Table 13: Country attractiveness scoring, page 31, The AEC landscape and impact on Thai non-life insurance industry

Country accessibility score composition



To measure the accessibility of other AEC countries, three indicators were defined to provide indicative assessment of the ease of entry for foreigners into these markets.

Selected Indicator

No or minimal restrictions in favour of market entry to

foreigners (61-100)

Nominal or some restrictions in favour of

market entry to foreigners (21-60)

Certain restrictions in favour of market entry to

foreigners (1-20)

Foreign ownership 70% - 100% 49%-69% Less than 49%

New license availability New license available/M&A allowed

Join venture or representative office/ branch allowed with business expansion limit

Foreign insurer is prohibited

Foreign exchange control No restriction Some restriction with controlled limits Stringent controls in force


Overall assessment – Accessibility to foreigner

Country

Foreign Ownership Limit

Weighting 30%

Availability of new License

Weighting 50%

Foreign exchange control

Weighting 20%


High Income

Singapore No limit Available – but must be able to

operate at a international standard No 100

Brunei No specific restriction Doubtful – most players already

partner with world class insurers No 55

Upper Middle Income

Malaysia 70% limit Available – through acquisition of

local companies No 71

Lower Middle Income

Indonesia 80% limit Available – through acquisition of

local companies No 74

Philippines No limit Available – through acquisition of

local companies Some 72

Vietnam No limit

Possible – through acquisition of

local companies however political

ties may be needed

High control 59

Low Income

Cambodia No limit Doubtful – most players already

partner with world class insurers No 55

Laos PDR No limit

Possible – joint venture or foreign

branch is allowed but political ties

are possibly needed

No 60

Myanmar Representative office only (at

present)

No - but representative office is

allowed High control 10

Source: Table 14: Market accessibility assessment, page 32, The AEC landscape and impact on Thai non-life insurance industry

Country accessibility score composition


Thailand capability

Based on capability analysis in Non-life Thai insurers, following three aspects were selected to assess Thailand capability to compete in Non-life insurance markets in other AEC countries.

Selected Indicator

Highly likely to be able to complete (61-100)

Likely to be able to complete

(21-60)

Unlikely to be able to complete

(1-20)

Technical expertise

Developing market with high growth opportunity in both

personal lines and commercial insurance

Highly competitive market with high growth in personal line and

commercial insurance

Highly developed market with high growth in commercial

insurance only

Ability to cope with local regulations

Regulatory regime that are similar to or less advance than

Thailand e.g. absence of a RBC framework

Regulatory regimes that have features which have some

features which are dissimilar to Thailand e.g., Malaysia with high punitive damage award for motor

vehicle accidents

Regulatory regime that is more advanced than Thailand e.g.,

Singapore

Foreign direct investment by Thai

Thailand is within the top 10 of foreign investors - Thais are not within top 10

foreign investors


Overall assessment – Thailand capability

Country

Technical Expertise Weighting 40%

Ability to cope with local regulations

Weighting 20%

Foreign investment by Thai

Weighting 40%


High Income

Singapore Commercial reinsurance including

catastrophe risk from offshore

Complex – moving towards

international practice e.g., Solvency

II

Below top 10 countries 20

Brunei Commercial line based on economy

structure (oil & gas exporter)

Moderate – based on development

of solvency measurement (% of

net written premium


Upper Middle Income

Malaysia Personal lines (Takaful compliance)

and commercial lines

Moderate – regulations are

developing and are similar to Thai

e.g., RBC

Within top 10 countries 68

Lower Middle Income

Indonesia

Personal line (Takaful compliance)

and commercial lines with

catastrophe protection



e.g., RBC


Philippines Personal line and commercial lines

with catastrophe protection



e.g., RBC


Vietnam

Personal line and commercial line

based on industrial and

infrastructure projects



net written premium)


Low Income

Cambodia Commercial line based on industrial

and infrastructure projects



registered capital)


Laos PDR Commercial line based on industrial




registered capital)


Myanmar Commercial line based on industrial


Moderate – for representative office

operation Within top 5 countries 74

Source: Table 15: Assessment of Thailand capability in foreign markets, page 33, The AEC landscape and impact on Thai non-life insurance industry

Thailand capability score composition


Overall assessment

Final assessment results

• Based on the KPMG analysis, the greatest opportunity is within the upper and lower middle income countries where the potential for growth is higher since the insurance markets are already developed and a good base for further development

• This is supported by the level of M&A seen in recent years, as foreign shareholdings limits have been raised (in particular Malaysia and Indonesia)

• Whilst the long term potential for growth in C,M,V, L is very high, however, given the current stage of development this will take time

• Thailand is seen as attractive to foreign investors

Country

Country attractiveness Weighting = 20%


Weighting = 20%

Thailand capability

Weighting = 60% Ranking High Income

Singapore 77 100 20 8

Brunei 64 55 26 9

Upper Middle Income

Malaysia 83 71 68 1

Lower Middle Income

Indonesia 57 74 46 4

Philippines 57 72 38 7

Vietnam 64 59 50 3

Low Income

Cambodia 43 55 50 6

Laos PDR 30 60 58 5

Myanmar 53 10 74 2

Source: Table 16: Final assessment scores, page 34, The AEC landscape and impact on Thai non-life insurance industry

High Opportunity

Moderate Opportunity

Low Opportunity

Color codes definition

Roadmap 5


Get ready for the future

Responding to opportunities:

• Thai outbound investment Cross-border service ability

• Capturing growth in emerging markets Cross-border alliance

• Increase capability Capitalisation and technical expertise to capture opportunities in the Thai market

Responding to threats:

• Address capability gaps compared to global players System & data, actuarial capability, functional expertise

• Profitability pressure Product, distribution and operational efficiency (system & process) – data mining and performance analysis

• Regulatory changes Enterprise risk management implementation


Creating a valued insurer – a vision for success

“"Increasingly, we see successful insurers harnessing four attributes: they are focused, efficient, agile and are trusted by their customers, regulators and investors. Above all, they place focused, efficient, agile and are trusted by their

customers, regulators and investors. Above all, they place their customers at the hear of their business."

Source: The Valued Insurer, KPMG International, 2013


Roadmap (Now – 2020)

Now • Capitalisation • Operational quality and

efficiency • In-dept profitability study • Culture change

(competitiveness)

Before 2015 • Leading-edge technology • Cross-border alliance • Friendliness of working

environment foreigners • ERM • Capacity • Big data

Before 2020 • RBC II readiness

Thank You

Contact us Noel Ashpole Partner, Financial Services T: +66 (0)2 677-2794 E: [email protected]

Pantip Gulsantithamrong Executive Director, Financial Services T: +66 (0)2 677-2121 E: [email protected]

© 2015 KPMG Phoomchai Business Advisory Ltd., a Thai corporation and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. Printed in Thailand. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. Produced by KPMG’s Financial Services Practice in Thailand

Chanchai Sakulkoedsin Executive Director, Financial Services T: +66 (0)2 677-2337 E: [email protected]

Itthipat Limmaneerak Associate Director, Financial Services T: +66 (0)2 677-2654 E: [email protected]

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