Singapore Digest: ICBC launches i-banking services; UOB in JV with Pintec

UOB in Singapore. Credit: United Overseas Banking Group

China’s Industrial and Commercial Bank (ICBC) has launched investment banking services in Singapore while United Overseas Bank (UOB) has partnered Beijing-based financial technology firm Pintec Technology Holdings to set up a joint venture company, Avatec.ai.

ICBC China launches investment banking services in Singapore 

China’s Industrial and Commercial Bank (ICBC) has launched investment banking services in its Singaporean branch (ICBC Singapore) after receiving accreditation as an issue manager from Singapore Exchange (SGX).

In a statement, ICBC Singapore was awarded Qualifying Full Bank Licence by the Monetary Authority of Singapore in 2012, which enables it to offer corporate banking, financial institutional banking, global cash management, private banking as well as retail banking products and services.

“With the continuous progression of the Belt and Road Initiatives as well as the increase in economic cooperation between China and Singapore, we have seen strong interest from Chinese companies in tapping into Singapore’s capital markets,” said Geng Hao, Deputy General Manager of ICBC Singapore.

ICBC Singapore will focus on real estate developers and owners in the first and second-tier cities in China which are listed as candidates for Real estate investment (REITs) and Business Trusts (BTs) on SGX.  It will also expand areas such as healthcare, consumer and technology for non-REITs / BT initial public offerings (IPO).

Besides, ICBC Singapore will focus on corporate finance advisory services, which include follow-on fund raisings, reverse takeovers, mergers and acquisitions advisory services, private equity and pre-IPO fund raisings.

“Companies from Southeast Asia including Singapore, Malaysia and Indonesia will also be our targeted potential clients,” Geng added.

UOB enters JV With Pintec Technology Holdings

Singapore’s United Overseas Bank (UOB) has partnered with Beijing-based financial technology firm Pintec Technology Holdings to set up a joint venture company, Avatec.ai.

In an announcement from the bank, UOB said it will have a 60 per cent stake in the joint venture. Meanwhile, Avatec will have an issued and paid-up capital of up to S$10 million ($7.6 million) and will be a subsidiary of UOB.

Avatec will provide credit services and solutions, mainly in Southeast Asia countries. UOB believes that there is much potential for credit services in South-east Asia where 27 per cent of 600 million people hold a bank account.

Dennis Khoo, UOB’s head of regional digital bank and strategic initiatives, said the collaboration is likely the first for a regional bank and is the first in a series of “groundbreaking digital initiatives” that will be launched by UOB in 2018.

Also Read: 

SG Dealbook: UOB sells stake in Marco Polo; fundMyLife deal; ComfortDelGro investment

CR Group, ICBC partner to provide financial services in China, HK, US

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.