Under New Management: Finance and The Global Economy
The event was held on 18th May 2018 at Grand Hyatt Singapore
The year 2017 promises to be a game-changer for Singapore and the rest of Asia. A month into the US presidency, Donald Trump has withdrawn from the Trans-Pacific Partnership (TPP), browbeat some big US multinationals into rethinking non-US investment and talked tough on China and the imposition of a border tax on foreign goods that could invite trade retaliation. Rising protectionism in the US is coming against a backdrop of further US Fed rate hikes - from anywhere between two to four times this year.
Meanwhile, there is the rebalancing in the other economic powerhouse - China. Global value chains, which Singapore is deeply plugged into, are already seeing some disruptions as China shifts to a consumer-led economy. There is also a growing uncertainty in the euro zone due to Britain’s decision to leave the European Union and potential populist victories in upcoming elections in Germany and France.
Closer to home, the spillover from a money laundering scandal involving Malaysia’s state fund 1MDB is weighing on Singapore’s financial industry, with banks forced to spend hefty sums on compliance, which is not generating revenue. And a tax amnesty in neighboring Indonesia has triggered large outflows from Singapore’s wealth management industry.
But changes also throw up opportunities. New life is being breathed into the Regional Comprehensive Economic Partnership (RCEP), which can become a new engine of growth for ASEAN countries and their free-trade partners Australia, China, India, Japan, New Zealand and South Korea (but not the US). China’s Belt and Road and Asian Infrastructure Investment Bank (AIIB) initiatives might also serve as counterweight to the economic turmoil occurring in the West.
And despite the overall weak global outlook, the International Monetary Fund predicts that Singapore's economic growth will accelerate from 1.7% in 2016 to 2.2% this year, thanks to Singapore’s accommodative fiscal and monetary policies along with rising energy prices and the ongoing global recovery.
What strategic financial planning and business transformation initiatives do CFOs need to embark on to thrive in today’s challenging economic and market environment? As technological innovation continues to accelerate and revolutionize business models and operational processes, what can CFOs do to help their organizations maintain competitive edge?
The 8th CFO Innovation Asia Forum aims at providing CFOs with much needed strategic guidance on what is to be expected under the global and domestic uncertainties. The forum is designed to provide collective wisdom and insights from the CFO Asia community, and subject matter experts to provide the freshest insights into the below areas:
Challenges and opportunities arising from global changes post-elections in the US, Britain’s exit from the European Union and China’s economic readjustment Combating global currency fluctuation and ambiguity Technological innovation on business models, operation and finance talent management Innovative financial skillsets and CFO’s strategic role in the digital era Benchmarking FP&A for transformational performance improvement Who will attend? Chief Finance Officer (CFO) Chief Accountant Finance Director VP Finance Finance Controller GM/ Head of Finance Head/ Director of Treasury Director of Internal Audit Risk Manager Account/ Finance Manager Other senior level finance executives