Regional Head of Securities Services for Greater China and Northeast Asia
This is a global challenge made even more urgent by the expansion of the middle classes in emerging markets. Data from the Organisation for Economic Cooperation and Development (OECD) predicts the “global middle class” will grow from 1.8 billion in 2009, to 3.2 billion by 2020, and 4.9 billion by 2030. (1)
The same report added Asia will account for 66% of the global middle class population and 59% of middle class consumption by 2030, compared to 28% and 23% respectively in 2009.(2) Nearly all other publicly available studies will reach similar conclusions on this topic. That is, the middle classes are increasingly abundant in emerging economies, and this growth is highly concentrated in Asia-Pacific (APAC).
The evolution of NE Asian insurers
These are challenging but exciting times for Asian insurance companies as they transform into truly global leaders in their industry. Standard Chartered is excited to play a unique role in supporting this growth: as a truly Asian partner at home and as a leading global partner across the world’s financial markets.
About the Author
Barnaby Nelson is Regional Head of Securities Services, Greater China and North East Asia, for Transaction Banking at Standard Chartered.In this role, he leads the end-to-end delivery of Standard Chartered Securities Services proposition in several of the Bank’s largest custody businesses across product development, sales, client servicing and operations.
Barnaby is also responsible for driving the business agenda amongst institutional investor and financial intermediary clients across North East Asia and Greater China, with a focus on supporting clients’ growth aspirations across Asia, Africa and the Middle East.
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