SG Dealbook: ST Engineering’s new German unit; Fintech pact with Australia

ST Engineering has launched a new German subsidiary to manage components manufacturing, while Canberra and Singapore have entered into a pact to accelerate licencing of fintech ventures.

ST Engineering sets up new German unit, plans investment of €40m

ST Engineering says that its German subsidiary, Elbe Flugzeugwerke GmbH (EFW), is setting up a new subsidiary in Kodersdorf, Germany, with a planned equity of €5.5 million ($6.19 million).

EFW is a 55:45 joint venture of ST Aerospace and Airbus Group that combines various aviation and technology activities. This includes passenger-to-freighter aircraft conversions, maintenance and repair of Airbus aircraft, as well as the development and manufacturing of flat fibre-reinforced composite components for structures and interiors of the entire Airbus aircraft family. It is the exclusive supplier of composite flat sandwich panels to Airbus.

The new corporation will oversee the production of lightweight components – mainly comprising floor panels and cargo linings – for single-aisle Airbus aircraft and supplement EFW’s existing production line in Dresden as EFW expands its component production business.

With a planned investment of €40 million, the new component manufacturing factory will commence operations by H1 2018. According to ST Engineering, this new unit will not have any material impact on the consolidated net tangible assets per share and earnings per share of the group for the current financial year.

Canberra, Singapore ink fintech pact

The Monetary Authority of Singapore (MAS) and Australia’s Securities and Investment Commission (ASIC) have signed a reciprocal agreement to accelerate the licensing of fintech startups entering their respective jurisdictions.

Both regulators have been striving to create a positive environment for fintech innovators, creating specialist teams to guide young businesses through the regulatory maze and establishing sandbox environments to test new concepts.

Both MAS and ASIC inked similar pacts with Financial Conduct Authority this year.

Sopnendu Mohanty, chief fintech officer at the MAS, commented:: “MAS is also looking forward to partner Asic in joint innovation projects on the application of key technologies such as digital and mobile payments, blockchain and distributed ledgers, big data, and Application Programming Interfaces (API).”

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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.