When meeting analysts and investors, the CFO is probably second only to the CEO of a bank. When questioned on nuts and bolts, it is usually the CFO who has a ready answer.
In a wide-ranging interview, Lee Wai Fai, group CFO of United Overseas Bank (SGX:U11
) (UOB), explains how the role of the CFO has changed over 30 years. Challenges are aplenty as UOB prepares for regulatory changes. Singapore banks will start transitioning to Basel IV in July (see sidebar).
Additionally, banks are transitioning from the TCFD (Task Force on Climate-Related Financial Disclosures) framework to the IFRS Sustainability Disclosure Standards issued by the ISSB (International Sustainability Standards Board).
