Welcome to UOB's full year 2021 results briefing. This morning, we have Mr. Wee Ee Cheong, UOB Deputy Chairman and CEO, and Mr. Lee Wai Fai, our CFO, to present the results. A few house rules before we start. Please keep your questions till after the presentations are done. During the Q&A session, if you would like to ask a question, please raise your hand and wait for my cue. You can then use the mic to speak. For those dialing in via Microsoft Teams, please use the raise hand function to indicate that you would like to ask a question. You can find the icon at the top of the frame, third button from the left. Please wait for my cue and turn on your camera before asking your question. We would like to remind those in the room with us to keep your mask on at all times and to keep a safe distance with one another. Please also put your mobile phones to silent. For those of you on Microsoft Teams, please put yourself on mute for now. Without further ado, I will now pass the time to our CEO. Mr. Wee, please. Thank you. Good morning, thank you for joining us. We hope everyone is staying safe and healthy. As we enter the third year of the global pandemic, the operating environment is stabilizing. We believe the worst is behind us. In Singapore, we see market recovery and improving consumer sentiment. In Southeast Asia, green shots of recovery are strengthening. Last year, global FDI, foreign direct investment, surpassed pre-COVID levels, especially for flows into ASEAN. Our decision to acquire Citigroup's consumer business in Indonesia, Malaysia, Thailand, and Vietnam affirms our confidence in the long-term potential of ASEAN. This deal is a strategic fit at the right time. We are buying a quality franchise, four target markets at one go, with a complementary base of customers, people, and capabilities. A powerful combination that will accelerate our growth ambitions. We are confident that this deal will further strengthen and deepen our regional franchise. We are glad that we are in a position of strength to do this deal. Our strong balance sheets allow us to seize this opportunity and to put our capital to good use. We will have revenue synergies from scale benefits. Now, let me share our full year's results. With a pickup in customer activities, the bank recorded a healthy performance in 2021 with broad-based growth. Net profit after tax increased by 40% to SGD 4.1 billion. Loans registered double-digit growth of 10%. NIM was stable at 1.56%. We achieved record fees up 21%, mainly from wealth and loan-related activities. On the back of disciplined spending, our CIR improved to 44.1%. Our portfolio is resilient with stable asset quality, and our total credit costs declined to 20 basis points. We are grateful to shareholders for their support in the past year. We are pleased to share that the board has recommended a final dividend of SGD 0.60 per ordinary shares. Together with the interim dividend of SGD 0.60 per ordinary share, the total dividend for fiscal year 2021 will be SGD 1.20 per ordinary shares, represent a payout ratio of approximately 49%. Let me now share how we are progressing in our business strategies. My CFO, Wai Phye, will go through later the detailed financials. Last year, group wholesale banking income rose 8% on the back of continued diversification across geographical sectors and products. This strong performance is powered by our customer franchise and regional connectivity. We saw continued loan growth from large corporates, top global property funds, and financial sponsors in Singapore, Hong Kong, and developed markets. Fee income from loan and investment banking deals also registered strong growth. The business momentum is expected to continue as economies recover. We also see refinancing opportunities as clients transition to sustainable financing. Winning more cash and trade client mandates has increased our transaction banking revenue. We will continue to deepen client engagement to capture the entire working capital cycle. Cross-border revenue grew 10% and now accounts for about a third of wholesale banking revenue. We recently increased our capital commitment to China. We see upside potential from trade and investment corridors between ASEAN and China. ASEAN plays a prominent role in global value change and will continue to attract manufacturing FDI. Since 2011, our FDI team helped more than 3,500 companies connect across Asia. In the last three years, the companies we have supported are projected to invest about SGD 34 billion and to generate nearly 160,000 jobs. We have continued to diversify our revenue stream. Growth outside Singapore was 10%, while non-loan income rose 7%. During the year, we continued to meet our clients' needs through progressive solutions. For example, in broadening our digital payment and trade capabilities, we continue the rollout of UOB Infinity across the region and partner IMDA to digitalize cross-border trade flows between Singapore and China. Bloomberg recently affirmed our leadership position in capital markets across Singapore and Asia. Our retail strategy remains on track. We continue to tap the rising affluent in Southeast Asia by acquiring customer using our unified digital banking platform, UOB TMRW, and serving them through our omni-channel approach as their needs grow. The Citi acquisition, subject to regulatory approval, is a game changer. With this transformational deal, we will accelerate our ambition by five years and become one of the largest retail banks in the region, with an expanded customer franchise, more touch points and partnerships, a greater market share, and a stronger team to serve our customers. Our focus in the coming months is to work closely with the Citi team on integration and to fully realize synergies from the acquisitions. With our regional infrastructure and standardized systems, we are confident of executing this deal across the four market in a phased approach. We have established work streams for the integration and had a joint town hall with the teams earlier this week. Beyond building scale, we will continue to deepen our digital capabilities. Our award-winning of UOB TMRW positions us well ahead of digital banks emerging across the region. Speed to market is key. Since 2018, we have acquired nearly 800,000 customers digitally across our key markets, with accelerated momentum last year. Now, with the Citi acquisitions, we expect the numbers to ramp up. UOB TMRW is being rolled out progressively across the region. It will help us to build scale and reduce costs to serve. Another key pillar in our retail strategy is to serve the growing affluent client base in this region. We set up a private wealth group last year to better serve our high-net-worth clients with our holistic advisory capabilities and one bank approach. We will continue to beef up our team and capabilities. In 2021, we make substantial progress in our sustainability journey and receive industry recognitions for our efforts. We exceeded our 2023 target of SGD 15 billion of sustainable financing and 2 years ahead in advance. Our total AUM in ESG-focused investment grew to SGD 9 billion. In terms of impact, we continue to support our clients' efforts to reduce greenhouse gas emissions. In addition, we became carbon neutral for our own footprint through continued focus on energy efficiency and the purchase of renewable energy and carbon credits. Looking ahead, we aim to achieve new sustainable financing target of SGD 30 billion by 2025 and enhance disclosure in line with global best-in-class standards. We will continue to explore pathways to support the decarbonization of our finance emissions and support our customers in their transition to a lower carbon economy. For this year, our guidance is for mid to high single-digit loan growth backed by strong pipeline in corporate and institutional loans and mortgages. For margins, we expect 4 to 5 basis points upside per rate hike. Double-digit growth in non-interest income driven by loan-related wealth and credit card fees. Stable cost-to-income ratio, excluding Citi-related integration costs, and credit costs to normalize back to about 25 basis points on the back of our resilient portfolio. In summary, we are optimistic of ASEAN long-term potential and are well-positioned to capture opportunities arising. We stand ready to support our customers with our strong fundamentals. We will continue to invest and to deepen capabilities in connectivity, digital innovation, and sustainability, areas of growth in Asia for years to come. Subject to regulatory approval, we look forward to integrating Citi's quality portfolio and welcoming its team, and to creating value for our enlarged base of customers, employees, and other stakeholders. The acquired business, together with our regional consumer franchise, will form a powerful combination that will scale up UOB's business and advance our position as a leading regional bank. I also want to take this opportunity to thank all my colleagues for their teamwork and dedication. Thank you, too, for your support. I will now hand over to Wai Phye to elaborate on our financials. Thank you. Thank you, Yee-Chong, and good morning once again to everyone for joining us today. Our full year's profit increased 40% to SGD 4.1 billion. Despite a weaker trading and investment income, our operating profit grew 10% to SGD 5.5 billion. This good performance is the result of a healthy loans growth in business activities and consumer spending as the operating environment and customer sentiment improved. Fourth quarter profit was 3% lower than the previous quarter at SGD 1 billion, largely due to a lower trading and investment income. Quarter-on-quarter, NII was up 5% on steady loans growth and improvement in margin. Fees income was stable while trading and investment income declined due to a softer market sentiment towards year-end. Asset quality remained resilient with NPL ratio at 1.6%. Total credit cost on loans eased to 12 basis points this quarter due to write-back of general allowances as we had better clarity and confidence of the recovery path. Our capital and liquidity position remains strong, with CET1 at 13.5% and NSFR at 115% respectively. Retail did especially well as fees and customers' AUM sought to record level, coupled with pickup in credit and card activities, which cushioned the impact from margin compression. Wholesale saw robust growth led by strong demand for financing advice, structuring, and funding opportunity from large corporate and institutional clients. Global market operating profit was lower due to higher gains from bond sales last year. Wholesale, like Yee-Chong said, continued to register strong performance driven by diverse growth engines. Our comprehensive ASEAN footprint, sector specialization, and deepened product capabilities has enabled us to capture the growing cross-border opportunities. Cross-border income grew 10% and now accounts for 30% of our wholesale banking income. Loans and trade-related fees rose 28% as customers increasingly leverage our sector-specific insights and solutions. Our global financial institution group registered 21% income growth in banking, property funds, and financial sponsors, serving them with our strong structuring capabilities. The acceleration of digital adoption by our corporate customers had also facilitated increased transaction volumes. We continue to build scale and different capabilities in our retail business. Prior to our recent acquisition, we had digitally acquired around 800,000 customers in the region since the fourth quarter in 2018. In fact, the pace of new customer acquisition has increased significantly with close to 300,000 customers onboarded in 2021. The pace of our customer growth will be accelerated with UOB TMRW, alongside our regional ecosystem partners and further augmented by the Citi acquisition. Our recent introduction of UOB TMRW was well-received by customers, with the app receiving the highest rating among key banking apps in Singapore. Our rewards program on UOB TMRW, where customers can view, track, and redeem rewards, registered a 44% growth in number of users. As a trusted bank of choice of our clients, our assets AUM increased 4% year-on-year to a new high of SGD 139 billion. Total card billings in Singapore rose 17%, underscoring the recovery in the consumer sentiment. On the back of economic recovery, growth is similarly seen across our key markets in Singapore, North Asia, and ASEAN. The developed market saw significant improvement in 2021 as our customers invested into these countries, giving rise to funding opportunities. While the recovery in ASEAN was slower, we managed to still show a 2% year-on-year increase as there are still pockets of economic activities. I have summarized the overall performance earlier, just to recap the key highlights. Strong business flow helped grow total income by 7%, while disciplined cost measure contained cost to 3%. This resulted in a positive jaws, where operating profit grew 10% for the year. I will now go through some of the key drivers in the next few slides. Interest rate. While interest rates stayed low through 2021, we managed NII growth by 6% to SGD 6.4 billion due to two key reasons. First, in a year where market was very competitive for good credits and mortgages, we managed to grow loans 10% year-on-year. Second, we managed to hold NIM stable through proactive balance sheet management. With the interest rate expected to be higher in 2022, interest income is similarly expected to grow. With the economic recovery and strong customer franchise, 2021 fees income is the highest ever seen at SGD 2.4 billion, a 21% increase over the previous year. Wealth management fees reached a record level with returning investor confidence. It achieved a double-digit growth of 16% to SGD 823 million in 2021. Wealth sales was seen across most investment products, especially in investments and bank insurance. Customer continued to entrust us to help grow their investments, resulting in the 4% AUM growth. Corporate fees also has seen very good performance in 2021. Economic recovery gave a boost to revive trade and investment transaction. We're able to capture these flows as our past investment to enhance product capabilities and to provide customers with solutioning spanning across industry and countries start to show results. Loans and trade-related fees grow to record level in 2021, surpassing the SGD 1 billion mark. Customer-related treasury income also reached a new high year-on-year with a growth of 10%. Non-customer trading income decreased year-on-year on the exceptional high gains on sale of bonds last year. Expenses. Expenses grew 3% year-on-year as we continued to invest into building for the future. As a result of new investments coming on stream, technology-related costs rose by 10% over the last year. With the investment in our people over the years, together with the addition of the Citibank talent, we now have the confidence to face the challenges that has disrupted the industry. Our overall asset loans portfolio remain resilient. NPA formation was higher this quarter from a few secured corporate accounts. These were well within management expectation, we have adequately set aside provisions for them last year. NPA ratio rose marginally to 1.6%. We know that there are ongoing concerns on some countries that have extended their relief programs. We have assessed the residual risk of this portfolio and believe that the impact on credit costs or NPAs will not be significant. Our general allowance set aside is more than adequate to absorb the losses should they materialize. Total credit cost is to 20 basis points for the year as credit outlook stabilized. Based on internal portfolio assessments and improved economic outlook, we are confident that the general allowances are more than adequate. We have hence reduced our general allowance for this quarter. We expect credit costs for 2022 to stay within the 20 to 25 basis points guidance range. The group total allowances were at SGD 4.9 billion for the year, of which SGD 3.3 billion was general allowances. NPA coverage at 96%, or 239% after taking collateral into account, and more important, the performing loans coverage at 1%, they all remain strong. With the strong reserve coverage, we are confident that our general allowance is sufficient to see us through this downturn. I think loans momentum sustained well. We grew 2% for the quarter and 10% for the year. Growth was mainly from Singapore, North Asia, and the Western world, as economic and investment opportunities pick up for our corporate and institutional customers. The strong deposit growth from last year carried into 2021. We continue to see strong liquidity flows, in particular in Singapore. As a result, CASA to deposit ratio grew to 56.2% at the end of last year. Our liquidity position remains strong with the quarter LCRs at 133% and NSFR at 116%, both well above the minimum regulatory requirements. We ended the year with CET1 ratio healthy at 13.5%. With a solid balance sheet and adequate general allowances, we are comfortable with our current CET1 position. We had mentioned previously that on a pro forma basis, the Citibank acquisition will bring our CET1 down to 12.8%, a level we are actually very comfortable with. Like Yi Shang said, the board declared a final dividend of SGD 0.60 per ordinary share in appreciation of the support from our shareholders. I think with that, I conclude my presentation, and I pass it back to the moderator, Kelly. Thank you, Mr. Lee. We will now move on to the Q&As. A reminder to everyone, please raise your hand if you would like to ask a question. Can we have the first question, please? Can we have Prisca from The Straits Times? Yes. Thanks for the presentation and congrats on the good results. I have a question about what are some of the lingering uncertainties or headwinds that the bank continues to see. For example, the impact of inflation on its customers, as well as will rising interest rates hinder spending by its customers as well and bookings of loans. Also have a question about the requirements that MAS announced yesterday for improved fraud surveillance capabilities among banks. How does UOB expect that this will affect its expenditure on tech? Well, I think the concern about inflation, the concern about interest rate, I think this is not something unique. This is a global scenario. I trust all the central banks, they are on top of things. I still remain fairly positive. It's still too early to tell. I hope the situation is manageable. Now, regarding the scam situations, I think this is something that is a price that we all have to pay, trying to digitalize the whole economy. I think it's something that we are very mindful. I would urge everyone, the banks, the consumer, as well as the other ecosystem, we all have to play a part. You are as strong as your weakest link, okay. I think this is timely that we should set up some measure to how to address the confidence. I, being the Chairman of ABS, I think we are already in the process of a joint committee together, ABS together with MAS, to see how we can look at the whole industry as a whole to work on some of these solutions. Okay. Next question. Can we have Goola from The Edge? Hello, Mr. Wee and Wai Fai. Yeah, thanks for the results and congratulations. Can I ask perhaps a bit more granular on the interest rate front? What's the impact on your net interest income, assuming the Fed hikes like 25 basis points four times a year for this year? That's the first question. The second question, specifically, how does inflation and these higher interest rates impact your MEV model and the outlook for your general allowances? Does your credit cost outlook of 25 basis points include this impact of inflation and higher interest rates? Also, will the Citi acquisition have any impact on the model? Just could you give an update on your management overlay? The last question is on the funding part. I'm just wondering, are your regional businesses self-funding? You did announce an increase in CASA, but are there plans to increase CASA sort of regionally? Because I see that your operating profit from the region is more than 40%, so funding is important part. Yeah, thanks. Thanks, Goola. Yi Shang, take the question. Yeah. There's a whole series of questions as to, your guess is as good as mine, when Fed will raise, hike, whether it's four times, six times, five times, and what's the impact to our earnings. Like we all know, increasing interest rate is positive to commercial banks like ours. Okay, and like E-Chong said, every 25 basis point, you assume that each rate hike is 25 basis point. That probably translate to, if you look at absolute profit, SGD 150 million-SGD 200 million to NII in absolute dollars. You basically just have to That's the annualized basis. You just look at how many times and just take your own computation. Whether it will affect credit costs, okay, I think that's the second question, whether inflation with the increased interest rate will be a burden for customers in that environment. We take comfort as we look at some of the regulators trying to balance that. We think that increase will be on a marginal slow level rather than a one-time hike. I think everybody got excited because of the high inflation indicators of the 7.5% shown by the U.S. You really look at some of the reports saying whether that will continue or whether that's the result of the supply chain disruption, and when it stabilize, will it be a lower number? My view is that it will be gradual rather than Although a lot of it will be front-loaded, but I think it will be gradual because I think all of us are still trying to look at the long-term impact. Needless to say that it will be positive, because when that translate to the low end, our margins will increase and will be positive. We don't think that credit quality will be significantly affected. As for management overlay, which is the next question, I think we have enough and we are confident. We disclosed previously that we have over SGD 1.2 billion in there, and that we have kept majority of it, that we have not added because we are confident that it won't get worse. We have not added mainly because we are holding back because of the regional recoveries. If there are some concerns that some of the NPAs will come through, but my credit cost is buffeted. Hence we are really confident of guiding the 2025% credit cost on the long-term basis. Your last question is on Citi portfolio. I think Citi portfolio is no different from us. You look at where they are. There were some concerns that are they on the higher risk unsecured? We have seen their credit model, and I think the COVID was the best test. You look at what happened over the last two years, they managed their portfolio well, and the credit cost was manageable. That gives us a lot of confidence on the quality of the customers and their credit process. We don't think that it will affect us significantly in the Citi portfolio. Hence, we are not changing any of our guidance that we talk about. I hope that answers your series of question. How about the funding cost as well? How will you keep your funding costs down? Okay. In the region, is your regional businesses self-funded? Correct. I think the regional countries itself, local, have to be self-funding because there's no way that we have the foreign currency impact, which is not a big portfolio, okay, in the various countries. You look at Thailand, Malaysia and Indonesia, there's a small portfolio that might need help, and we can actually help fund that, but it's actually a small portfolio. Where we are looking for the domestic supply chain growth is really the local currency. There are plans that we have, and I think the good news is that as we roll out our wholesale capability of UOB Infinity, et cetera, into the region, that helps the supply chain in the countries itself. We are also trying to increase our retail portfolio. We are very hopeful and confident that with the Citi acquisition, that gives me another 2 over billion of customers that we think that we can better tap into, and will help us stabilize that as well. We're actually confident in there. In the short term, if we need some market funding, we'll do it, but it won't be a significant part of our needs. I think, Goola, let me just add, because the acquisition is more the customer base that we are looking at. In terms of balance sheets, you are talking about 9 billion cut across 4 countries, right? Actually it's very small. You have a deposit base of 13 billion, right? As you said, right, we can always tap on In fact, UOB TMRW, our digital bank, we are all step one to see how we can continue to increase our CASA, as well as we can actually go to the market and give some wholesale funding if required. This is not a really big strain to us, but it's a customer base that we are acquiring, right? That will put us You look at the consumer side, the credit card, Malaysia will be number 2 in the whole country. Right? In Thailand, we'll be number 3. Right? This is where the customer base will allow us to cross-fertilize. Right? Cross-sell a lot of products to the consumer. Okay. Thank you, Gulat. Can we next have Takashi from Nikkei? Good morning. For the last year, the fee income increase from wealth advisory business contributed an increase in revenue and the profit from the whole UOB. How much room is there for further growth in wealth advisory business? To what extent will the acquisition of Citi's retail business strengthen the wealth advisory business? Which countries and regions have the most potential for growth in the wealth advisory business? I think the fee income will continue. In my speech, we are still targeting about double-digit growth for fees. Right. That come across wholesale as well as retail. Right. Now, your second question is with the acquisition of Citibank. That will actually improve our fee-generating business. Right. Which country is more attractive? I think if you look at the two country that we acquired, the Malaysia and Thailand, that form the bulk of the activities. Okay. Indonesia, Vietnam, it still has a long-term potential given the size of the population. I would say four countries are equally attractive, but the immediate will be Malaysia and Thailand. That I think will be, in terms of people that we have, in terms of the number of customer we have, that itself should be able to generate immediate benefits. Okay. Can we next have Kelly from Business Times? In the room. Hi, Kelly. Yeah. Am I on? Okay. Hi. Thanks for the update. I have two questions. On the CASA trending upwards and in view of a rising rate environment, is there a possibility where the bank will wind up paying higher interest to customers but not being able to loan as much? My second question is actually on the emerging blockchain and crypto space. As you know, a lot of the banks in the region have sort of planted their flags in this space. I'm just curious what UOB's stand is on this. Are there any plans to also establish a foothold here, and why or why not? Thanks. The first question is on CASA. Basically, general questions on funding. I think, do I fund ahead of lending? That's always the challenge. That's why we are not rushing. Because we knew interest rate is going up, how much it translate to the short end, how much I can reprice my loans, because there's still a very competitive market in there. There might be one or two quarters of drag if you're not careful. Like I say, but generally, it's positive, but the specific details is where we actually will debate at ALCO, where we see the impact on the interest rate if should we do that. Generally, we hope that CASA is less rate sensitive. There are some fears whether when interest rate goes up, people will take it out of that low cost and do investments or shift it to FD. There might be some, but you really look at the focus that we have on CASA was that people who use us as a primary account, hopefully with our transactions, with our friendly capabilities, they will keep their money with us. That's probably what we are hoping for, rather than they look at it as interest rate sensitive. There might be some, but hopefully it's not significant. Your second question on blockchain, you want to take it, Yee-Chong? As far as blockchain, this is an area we are looking at. In fact, we are actually focusing on CBDC. That is the Central Bank Digital Currencies, tokenization of asset, as well as the using blockchain in trade finance and supply chain. This is something we are actually working on. What we need to monitor is the crypto space will be something that we are monitoring. We think it's still quite speculative. The rest of it, like Central Bank Digital Currency, the tokenization, in fact, we are really working on it. It's a question of how to convince customer to be more actively using some of this initiative. Sorry, can I just quickly follow up? On CBDCs, does it mean you're working on anything with the MAS? Yeah. Also with some regional central banks. Yeah. Okay. Thank you, Kelly. Next, can we have Leslie from finews.asia? Leslie, please turn on your camera. I had several questions. I wanted to find out what was the net new money in the wealth management? What was the reason for the large drop in Vietnam operating profit? Can you give more color on the sensitivity of earnings to interest rate hikes? Perhaps on a per basis point basis? Your last question on sensitive to earnings, I think we have addressed that earlier in two ways. In terms of basis point, Yee-Chong already mentioned maybe four basis point for every rate hike of 25 basis point. I mentioned that in dollar and cents it's SGD 150 million-SGD 200 million translation to our profit. That is the last question. Your second question on Vietnam itself, I think Vietnam is a small book. Okay? A lot of the drops was because of some of the margins. As we go in, we look at that and we compete in there. It's actually a very small book. Okay? You look at the absolute dollars, it's actually less than SGD 10 million. It's an important market for us. It's growing. Our medium-term plan, together with the Citi acquisition, was to try and target that consumer growth as the country evolve. What was the amount of net new money? What's that? The amount of net new money. Oh, okay. When we look at it, I think the net new money is actually positive for us in that sense. That's why the AUM actually goes up. I think in the consumer PFS side, we are probably seeing positive SGD a few billion. I can't remember the actual number. It's actually positive in the sense that when the sentiment improve, people are actually now investing. We always had this debate whether wealth will drag deposit? Whether it cannibalize deposits. Actually, we have seen over the last few years, that it doesn't. People have many secret reserves that they are just taking out in the various form of investments and probably wealth. Once they are positive to the sentiment, the money will come back, especially in the higher private banking space. Okay. We'll now move on to the next question. Faris from Bloomberg. Hi, Mr. Wee. Faris from Bloomberg. Just two questions. The Citi deal was UOB's first major M&A in 16 years, I'm just wondering whether, are you looking at more acquisitions within Southeast Asia or even within Asia, and which areas are you zooming in? The second question that I have is, there has been chatter in the past year about Singapore exploring wealth taxes. Given the expansion in your wealth business, how much of a concern do you have about wealth taxes and the possible impact on your clients and wealth management business? Well, I think we have not digest the Citi acquisition yet. I think it's a bit too early, too premature to say that we're going to make a second acquisitions, right? Let's focus. Our key job is to focus on our integrations, right? To make sure it's successful. That is your first question. What is the second question? The impact of wealth tax. The wealth tax. Well, I think Singapore already has a wealth tax already. I don't know what is your definition of wealth tax. We have property tax. We have all kind of taxes. The fact is, I believe, the government, while the budget is coming this Friday, the minister will look at Singapore, he will consider holistically, right, Singapore as a status, as a financial center, and innovation hub. I think whatever we do, I think they should not impact, right, especially the wealth side, the family offices coming to Singapore. Right? We are no different. Singapore as a country, we want to attract as many people to come in to maximize the revenue. I think this is something the government will consider all this. There are already all kind of wealth taxes imposed in Singapore already. Right? Okay. We'll now move on to our next question, Zhao Baojun. Hey, good morning. I have two questions. One question is on, can you provide guidance on dividends moving forward? Any plans to review the policy? Secondly, I have noted that the group has set a new sustainable financing portfolio target. How do you plan to achieve this target? Any particular area or market that you'll be focusing on? Thank you. Okay, your first question on guidance on dividends. I think we have mentioned that we are confident of keeping that 50% payout ratio, we are confident that so long as we stay within above the 12.5%-13% range, because when you have too much CET1, it's a drag on ROE. Now that we have the Citi acquisition, we are utilizing that to better effect. The earning capacity of it will allow me to pay out 50%, because we think that the return on RWA will be higher. We are not planning to change that at this point in time. We are sticking to the 50% dividend guidance. The second question was on sustainability target. I think generally we take a more holistic approach in the whole sustainability initiative, right? We as a bank, we cut across the whole region. We want to be the catalyst, as well as enabler, right? That we are working together with our customer, and obviously, we are not in a position we will select a few sectors that has a better impact on sustainability, and we will work with them. Hopefully, that will give us a multiplier effect. That is the long term, right? As an organization, I think I like to achieve at least 80% of our own buildings, our own activity. We want to be as carbon neutral as soon as possible. If any detail that you think that you want to further indulge in, I think I have a sustainable officer. I'm sure he's more than happy to give you the whole initiative of the bank, what we plan to do. We have time for one last question. Can we have Chloe from The Edge in the room? Hi, I'm Chloe from The Edge. I just want to ask a little bit more about your strategy towards digital assets, especially with more and more movements towards decentralized finance? Yeah. Thank you. This is a new initiative. Strategy is one thing. I think we have to work together with customers, because when you talk about tokenization, it's the acceptance of customer. It's no different than in the old days. You do a syndication loans. The question is, if you want to sell these assets, I can tokenize it. Some customer prefer to deal with the bank on a wholesale basis. Some prefer to say, "Oh, I want to sell it in a piecemeal basis." It's a lot depending on the philosophy of the customer. The one is actually ongoing. You may not see a big traction. This is something that we have to work on, because when you talk about financing of all these tokenized assets, one thing you have to make sure that the asset is sustainable and is of high quality. Can you imagine if you have a problem? How are you going to have so many tokenized customer to deal with? Some customer would still prefer to work with one or two wholesale banks to work out the solution. It is something that is a journey, I would say, but we have a team of people within UOB to look at some of this initiative. We cannot ignore it. As far as the central bank is concerned, what do you call that, the focus on CBDC, that is an area we have to work with central bank. We have to make sure that we have the treasury capability to make sure that we are using the blockchain for trade finance and supply. This is something that the bank as itself, we do have a powerful regional cash management system to make sure we are able to complement some of this initiative. To answer your question, yes, we are staying on top of it, but it's a level of acceptance, because you talk about central bank, it's Chinese renminbi, whether the customer still prefer to use renminbi or still prefer to use US dollar, this is something I cannot control. Okay. Thank you, Mr. Wee. That's all we have time for today. Thank you, everyone, and we wish you a good day ahead. Thank you. Thank you.