Ah neh CEOs know how to protect their jobs and the jobs of their fellow villagers

[LITTLEREDDOT]

Iron rice bowl #1: Piyush Gupta, CEO of DBS Bank.

Quote: “I’m a firm believer in the fact that if you start penalising people every time something goes wrong, you will never build the kind of culture you want to build,” he said. “The culture of risk-taking, entrepreneurship and winning.”

Does not believe in accountability.
Use culture as an excuse not to fire.
In doing so, also building a moat for his own job and CECA foreign talent: should not fire the CEO, he is trying to build a culture. Should not fire foreign talent, can't find such talent from Sinkies.

DBS considering expansion in Dubai, CEO Piyush Gupta says​

Hubs like Dubai can act as a neutral player in a multipolar world, said DBS CEO Piyush Gupta. PHOTO: BT FILE


MAY 10, 2023

SINGAPORE - DBS Group Holdings is considering an expansion in Dubai, making South-east Asia’s biggest lender the latest financial company to explore scaling up in the Middle Eastern business hub.
“We’re revisiting the thesis that there is real opportunity to do more stuff out of Dubai and this region,” chief executive Piyush Gupta said on Tuesday in an interview with news anchor Yousef Gamal El-Din at the Dubai FinTech Summit.
The Singapore-based lender’s presence in the region is limited and “there’s an opportunity to scale it up”, he said.
Mr Gupta’s remarks underscore the growing importance of Dubai, which is emerging as a favoured destination for hedge funds and financial firms, drawn by its ease of doing business, tax-free status and its allure as a nexus for global travel.
Hubs like Dubai can act as a neutral player in a multipolar world, being able to mediate flows from the West and the East, Mr Gupta said.
GoldenTree Asset Management recently joined a cohort of hedge funds including Millennium Management that have opened offices in the city.
Elsewhere, some of the private equity industry’s biggest names are expanding in the Middle East to develop closer ties with the region’s deep-pocketed investors and source deal-making opportunities.

Digital woes​

Separately, Mr Gupta said the bank is reviewing its infrastructure for ways to improve its recovery capabilities, in his first public comments after the most recent disruption to digital banking services.
The bank was slapped with higher capital requirements after the Monetary Authority of Singapore called the repeated inconveniences caused by the disruptions “unacceptable”.
Two earlier incidents involved software glitches, Mr Gupta said.
“The most recent thing was just coincidental,” he added, saying the bank’s infrastructure is robust.
In 2021, the bank suffered one of its worst digital disruptions in the past decade.
In March 2023, DBS’ digital banking services in Singapore were disrupted for about 10 hours. Just over a month later, its digital systems were again disrupted for 45 minutes, according to the bank.
“I’m a firm believer in the fact that if you start penalising people every time something goes wrong, you will never build the kind of culture you want to build,” he said. “The culture of risk-taking, entrepreneurship and winning.”
BLOOMBERG

 

[LITTLEREDDOT]

Iron rice bowl #2: Dilhan Pillay, CEO of Temasek.

Quote: When asked why no one was let go as a result of Temasek’s poor investment in FTX, Mr Pillay said: “If you were to start to punish people beyond what we’ve done, who would want to be an investor?”

CEO Dilhan Pillay's message to stakeholders (including Sinkies whose money was lost): "Cannot fire. Otherwise, hard to find people who wants to join Temasek."

Dude, there are hundreds of Singapore citizens who are graduates and who will jump at the chance to join Temasek.

FYI, the team in Temasek that was responsible for investing in cryptocurrencies and in FTX was led by an ah nehs and most of his team members were ah nehs. Likely many of them were CECAs on Employment Passes.

FTX blow-up is ‘an aberration’ in early stage investments: Temasek CEO​

(From left) Temasek’s chief investment officer Rohit Sipahimalani, deputy chief executive Chia Song Hwee, executive director and CEO Dilhan Pillay and chief financial officer Png Chin Yee at the annual Temasek Review on July 11. ST PHOTO: JASON QUAH

Claire Huang
Business Correspondent


JUL 11, 2023

SINGAPORE - The blow-up of disgraced American cryptocurrency exchange FTX is “an aberration” in early stage investments, Temasek’s chief executive said, adding that it is “very difficult” to determine how an investment will turn out from the start.
In early stage investing, one has to accept the binary outcome of the investment, said Mr Dilhan Pillay, who is also Temasek’s executive director.
He said that in the case of FTX, which resulted in the group writing off its US$275 million (S$369 million) bet on the firm, the blow-up was to do with what is perceived to be individual actions, in a reference to FTX founder Sam Bankman-Fried.
Bankman-Fried is accused of conspiracy to commit mail and wire fraud, as well as orchestrating the theft of billions of dollars of customer assets, following the collapse of FTX in November 2022.
Temasek said in late May that it would cut the pay of its investment team and senior management as a result of the FTX debacle, although no misconduct was found. The one-off pay cut was reported to have been carried out.
Speaking at the Singapore state investor’s annual review on Tuesday, Mr Pillay said the investment team and senior management decided to take a pay cut because of the reputational damage from the FTX incident, particularly as the implosion came so soon after the investment was made. Temasek had pumped money into FTX across two funding rounds from October 2021 to January 2022.
When asked why no one was let go as a result of Temasek’s poor investment in FTX, Mr Pillay said: “If you were to start to punish people beyond what we’ve done, who would want to be an investor?”


He added that as an investor, one takes calibrated risks, and “as long as you’ve done the work required to make the investment, the committee approves it, it goes forward”.
However, should an investment turn sour and negatively impact Temasek’s reputation, more punitive actions such as pay cuts could be taken, Mr Pillay said.
This is “to remind ourselves that every time we do something, the issue is not just the financial risk associated with the investment, it’s the reputational risk associated with us, and we take that very seriously”, he said.

Mr Pillay noted that most of Temasek’s investments have done well and very few have done very badly, like FTX. Others had started off performing well but became progressively worse, either due to external market conditions or internal conditions.
The state investor had held a 1.5 per cent stake in FTX and the investment constituted 0.09 per cent of its $403 billion portfolio as at end-March 2022.
The group was one of the exchange’s largest external investors, alongside Sequoia Capital and Canada’s Ontario Teachers’ Pension Plan. In November 2022, Sequoia wrote down the full value of its US$214 million investment in FTX.
Mr Rohit Sipahimalani, Temasek’s chief investment officer, said at the briefing that “FTX clearly was a situation we’re all disappointed with”.
He said Temasek caps the exposure to early stage companies at 6 per cent of its total portfolio, of which half are venture capital funds and the other half comprise over 200 companies that included FTX.
“We invested in FTX because at that time, it seemed like a company having good technology, it was rapidly gaining market share and all the checks with regulators suggested that they were very regulatory compliant and wanted to get licensed everywhere, so all that led us to invest in that company,” said Mr Sipahimalani.


He added that lessons have been learnt and that the group has enhanced its due diligence processes in the hopes of avoiding such situations in future, while “recognising that fraud is something that is difficult to protect against completely”.
Looking ahead, the group has built what it calls the “Temasek operating system” as part of its 2030 strategy.
This refers to a suite of specialised, next-generation capabilities in five areas – artificial intelligence (AI), blockchain, cyber security, data and digital, and sustainable solutions.
Temasek deputy chief executive Chia Song Hwee said these capabilities will be essential for the future and could differentiate the group as a value-adding investor and shareholder.
For now though, the group is trying to understand more about the business-to-business applications of AI and its investment in this area is “still a very small portion” of the portfolio, he said.
Mr Sipahimalani said the group will continue to invest in established tech companies as it is clear they will be winners, but he added that Temasek is less excited about investing directly in some of the start-ups for now as their revenue models are unclear and valuations are high.

 

[millim6868]

Cb neh

 

[ftan42]

well know open practice

 

[True Believer]

It is a sad state of affairs when foreigners can enter S'pore, displace true blue citizens for prized white collar jobs, advance up the corporate ladder, retrench locals and replace them with fellow foreigners, and yet be immune to consequences for failings under their watch. What a sorry state of affairs in S'pore when reverse discrimination is so openly practiced by our leaders. Malaysia is lambasted for their institutionalised racism, but S'pore is far worse where foreigners are favoured over citizens. Shame on Pay And Pay.

 

[Qantas]

It is a sad state of affairs when foreigners can enter S'pore, displace true blue citizens for prized white collar jobs, advance up the corporate ladder, retrench locals and replace them with fellow foreigners, and yet be immune to consequences for failings under their watch. What a sorry state of affairs in S'pore when reverse discrimination is so openly practiced by our leaders. Malaysia is lambasted for their institutionalised racism, but S'pore is far worse where foreigners are favoured over citizens. Shame on Pay And Pay.

Besides voting out the white mafia, I believe that the only way that we can get rid of those bloodsuckers is if Singapore falls into a deep depression and everyone lose their jobs. Though this will also be very tough on the true blue sinkies

 

[mahjongking]

headline was wrongly quoted, the right one is...

Quote: “I’m a firm believer in the fact that if you start penalising CECAs every time something goes wrong, you will not build the kind of shithole you want to build,” he said. “The culture of you die your business is the best. thank PAP for making me a CECA dog”

 

[True Believer]

Besides voting out the white mafia, I believe that the only way that we can get rid of those bloodsuckers is if Singapore falls into a deep depression and everyone lose their jobs. Though this will also be very tough on the true blue sinkies

We have witnessed how these bloodsuckers fled SG in droves during the pandemic. They have no loyalty to SG or gratitude to our leaders for offering them white collar jobs which their Third World home could not. They displace S'poreans for white collar jobs, but flee at the first sign of trouble, yet our politicians welcome them with open arms and legs.

 

[Loofydralb]

DBS will be the next Lehman Brothers.

Take your money out while you still can.

 

[birdie69]

Cb neh

Overstay his welcome!

Despite many screw ups, still not being sacked! CECA Privilege

 

[LITTLEREDDOT]

Don't need to resign. Just to hire more CECA programmers.

4 of the 5 major DBS disruptions in 2023 were bug or software-related: CEO Piyush Gupta​

DBS will also set aside a special budget of $80 million to enhance system resiliency. ST PHOTO: GIN TAY

Prisca Ang

Nov 6, 2023

SINGAPORE – DBS Bank will hire more engineering talent in the coming months to troubleshoot issues that might lie deep within its technology systems, in response to a spate of disruptions that have plagued customers this year.
Chief executive officer Piyush Gupta said on Monday that four of the bank’s five major disruptions in 2023 were bug- or software-related.
“The big issue to me is, how do you make sure that you get good change control, because the reality is that as you use a lot of different systems and architecture, you will run into bugs,” he told reporters during the bank’s third-quarter results briefing on Monday.
Monetary Authority of Singapore (MAS) managing director Ravi Menon said last week in an interview that there are some deeper-seated issues that need to be resolved at the bank.
Responding to a question on Monday about what these issues are, Mr Gupta said: “One issue is to have the deep engineering talent, because in at least two or three of these incidents, the bug was so deep that we wouldn’t be able to pick it up.”
Several of the recent disruptions have boiled down to human error or software bugs in systems of the bank’s vendors, he noted.
Working with a vendor to resolve these problems takes time, he said. Instead, improving the depth of DBS’ engineering team will help it troubleshoot bugs better.


Mr Gupta said the bank is working on a comprehensive set of measures to deliver improved service availability and hopes to have a more robust recovery process by the end of the first quarter of 2024.
One measure is to put in place more rigorous and comprehensive processes to ensure that systems that are being developed work correctly. The bank will also set aside a special budget of $80 million to enhance system resiliency.
Another priority is to decouple the bank’s systems such that important services can still be accessed.
Its payment service, for example, operates on multiple tech systems. Decoupling its underlying infrastructure will allow customers to pay via the bank’s other digital banking platforms even if one of these channels fails.
“It’s hard to figure out why we are getting more bugs now than we have in the past,” said Mr Gupta. “It’s purely my speculation that post-Covid, people are working from home and I think there’s been more pressure on software quality in general around the world.”


DBS was barred last week by the country’s central bank from acquiring new businesses or making non-essential IT changes for six months to ensure it focuses on shoring up its digital banking services. It is also not allowed to reduce the number of its branches and automated teller machines (ATMs) during this time.
Asked whether the measures will affect business, Mr Gupta said the bank did not have new deals or business ventures planned, and has not reduced its branch or ATM network in recent years.
“We will have to defer some new product features, new products and services which we would normally have done.
“But in reality, we have to focus on building resiliency so we would not have been able to put resources (in those areas) anyway. The MAS measures give us a six-month window to consolidate (our processes).
“When you have good brakes, then you can run faster later.”

 

[borom]

It was only in July last year, it was announced with fanfare that "DBS Tech India, the global technology hub for DBS Bank Limited, rebrands itself from being called DBS Asia Hub 2 (DAH2) to DBS Tech India (DTI), as an integral part of DBS Bank’s strategic technology initiative...........
The company is focused on building world class engineering teams,...............With the mission to revolutionise the future of banking and build innovative technologies and software-enabled business platforms, the company aims to achieve the next frontier of excellence as a technology company."
Now no more talk or sound from this DTI based in Hyderabad.
Cannot even prevent ATM and payment systems from breaking down often and yet aim aim to be world class and frontier of excellence

 

[syed putra]

I think jinxy love indian food.