Articles by Ryan Cheng
Pakistan central bank raises rates amid energy shock; US Fed, RBNZ hold
The State Bank of Pakistan (SBP) raised its policy rate by 50 basis points (bps) to 12% on October 26, citing the ongoing Middle East conflict and persistently high global commodity prices. Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to CorporateTreasurer. Not signed up? New users get 2 free articles per month, plus a 7-day unlimited free trial.
Vietnam’s SHB raises S$229m through CGIF-backed social bonds
The dual-tranche issuance is the first Singapore dollar bond from a Vietnamese issuer and will support lending to local MSMEs. Vietnam’s Saigon-Hanoi Commercial Joint Stock Bank (SHB) has issued S$229 million ($179 million) of social bonds guaranteed by the Credit Guarantee and Investment Facility (CGIF), giving the lender access to Singapore’s institutional bond market. Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to FinanceAsia. Not signed up?
BlackRock’s HPS commits up to S$555m to TBS waste platform
The multi-tranche investment will support the Jakarta-based energy company’s organic expansion and acquisitions across Singapore, Indonesia and other Asian markets. Funds and accounts managed by HPS Investment Partners (HPS), part of BlackRock, have agreed to invest up to S$555 million ($433.3 million) in the Asian waste management platform of Indonesia-listed TBS Energi Utama (TBS). Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to FinanceAsia.
BNM and BOT collaborate with MAS on cross-border digital money settlement
The Monetary Authority of Singapore (MAS), Bank Negara Malaysia (BNM) and Bank of Thailand (BOT) are partnering with financial institutions and technology companies to develop interoperable arrangements for cross-border settlement using digital money. Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to CorporateTreasurer. Not signed up? New users get 2 free articles per month, plus a 7-day unlimited free trial.
Philippines central bank raises rates in inflation battle
The Bangko Sentral ng Pilipinas (BSP) raised its target reverse repurchase rate by 50 basis points (bps) to 5.50% on October 22, delivering its largest increase since February 2023 and its fourth consecutive hike. Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to CorporateTreasurer. Not signed up? New users get 2 free articles per month, plus a 7-day unlimited free trial.
Wild trading debut from Korea’s Elice reflects AI investment concerns
The Korean neocloud company’s turbulent first trading week reflects how investor scrutiny of the capital-intensive AI infrastructure is increasing. Elice Group (Elice) listed on Korea’s Kosdaq on October 20 after raising KRW201.1 billion ($152 million) in the exchange’s largest initial public offering (IPO) of 2026. Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to FinanceAsia. Not signed up?
Tencent, State Grid and ASUS tap debt markets
Amid continued momentum in 2026, there have been more large deals in Asia's corporate bond market over the last few weeks. China's Tencent Holdings and State Grid International Development have tapped the international bond markets, while Taiwan's ASUS Global has made a $2 billion debut offshore syndicated loan for ASUS Global in Singapore. Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to FinanceAsia. Not signed up?
Central Asian issuers broaden funding with dim sum bonds, sukuk
The Eurasian Development Bank and Kazakhstan’s Samruk-Kazyna have tapped the offshore Renminbi market, while Uzbekistan has struck its first sukuk listing on AIX. Central Asian borrowers are continuining to expand their use of Asian and Islamic capital markets to help fund investment projects.
Foxconn to invest JPY115bn in Mitsubishi Electric Mobility
Foxconn, also known as Hon Hai Precision Industry, has agreed to invest JPY115 billion ($728 million) for a 50% stake in Mitsubishi Electric Mobility, forming an equally owned automotive equipment joint venture (JV) with Mitsubishi Electric. The share purchase will be made through Lin Yin International Investment, a wholly owned investment subsidiary of the Taiwanese manufacturing conglomerate, according to an October 16 joint announcement.
Korea’s Elice wild debut reflects AI investment concerns
Elice Group (Elice) listed on Korea’s Kosdaq on October 20 after raising KRW201.1 billion ($152 million) in the exchange’s largest initial public offering (IPO) of 2026. The Seoul-based company service provider sold 2.22 million new shares at KRW90,500 each, the top of its KRW70,400 to KRW90,500 range, according to an October 13 post-issuance report. Institutional bookbuilding was 388 times oversubscribed, while the retail tranche was 408 times oversubscribed.
Central Asian issuers broaden funding through dim sum bonds and sukuk
The Eurasian Development Bank and Kazakhstan’s Samruk-Kazyna have tapped the offshore Renminbi market, while Uzbekistan has struck its first sukuk listing on AIX. Central Asian borrowers are continuining to expand their use of Asian and Islamic capital markets to help fund investment projects.
Foxconn to invest JPY115bn in Mitsubishi Electric Mobility
The Taiwanese electronics manufacturer will acquire 50% of Mitsubishi Electric’s automotive equipment unit and form a joint venture for EV development. Foxconn, also known as Hon Hai Precision Industry, has agreed to invest JPY115 billion ($728 million) for a 50% stake in Mitsubishi Electric Mobility, forming an equally owned automotive equipment joint venture (JV) with Mitsubishi Electric. ¬ Haymarket Media Limited. All rights reserved.
Tencent, State Grid tap bond markets; ASUS secures debut $2bn offshore loan
The Chinese groups completed debt offerings across USD, CNH and AUD, while the Taiwanese manufacturer has used its Singapore subsidiary for syndicated lending. Amid continued momentum in 2026, there have been more large deals in Asia's corporate bond market over the last few weeks.
Bank Negara Malaysia launches tokenised bond and sukuk platform
Bank Negara Malaysia (BNM) has launched a platform for issuing, depositing and safeguarding tokenised bonds and sukuk, which will help expand Malaysia’s financial market infrastructure to support digitally represented securities. Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to CorporateTreasurer. Not signed up? New users get 2 free articles per month, plus a 7-day unlimited free trial.
Baiduri taps bond market; Golomt secures development loan
The Brunei lender priced its debut S$280m international bond, while the Mongolia bank obtained a $50m financing for MSMEs and climate and nature projects. Two Asian banks have secured international financing through separate debt transactions, with Brunei’s Baiduri Bank (Baiduri) pricing its first overseas bond and Mongolia’s Golomt Bank obtaining a $50 million development finance loan. Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to FinanceAsia.
Hong Kong and Singapore step up AI push in financial services
The two financial centres are advancing regulatory frameworks and attracting investment as banks and tech companies expand AI capabilities in Asia. The Hong Kong Monetary Authority (HKMA) has launched a framework to promote responsible artificial intelligence (AI) adoption in banking, while the Monetary Authority of Singapore (MAS) has also strengthened its AI regulatory framework. Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to FinanceAsia. Not signed up?
China exports surge as growth broadens beyond AI products
China’s exports surged 36.3% YoY in US dollar terms in September, accelerating from 25% in August and beating market expectations of around 25.7%, according to the country's General Administration of Customs. Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to CorporateTreasurer. Not signed up? New users get 2 free articles per month, plus a 7-day unlimited free trial.
MUFG expands Charles Peh’s remit as East Asia FIG head
The Hong Kong-based banker will lead financial institution coverage across mainland China, Hong Kong, Taiwan and South Korea. Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to FinanceAsia. Not signed up? New users get 2 free articles per month, plus a 7-day unlimited free trial. Questions? See here for more information on licences and prices, or contact . Markets Banks Moves North Asia #mufg #charles peh #fig #east asia #hong kong
Startale tests yen stablecoin across digital bond lifecycle
As the use of tokenised money grows among corporate finance teams, blockchain infrastructure firm Startale Japan (Startale) has opened subscriptions for a one-year digital corporate bond that will use a yen-denominated stablecoin, known as JPYSC, for both interest payments and principal redemption. Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to CorporateTreasurer. Not signed up? New users get 2 free articles per month, plus a 7-day unlimited free trial.
Endeavor Catalyst targets Asia after closing $320m fund
Endeavor's global venture capital arm's Fund V has deployed $55.7m across 30 companies. A hub in Singapore is supporting its growing Asia pipeline of startups. Endeavor Catalyst, a co-investment capital arm of entrepreneur global network Endeavour, has closed an oversubscribed $320 million fifth fund (Fund V), taking its total assets under management to more than $850 million. Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to FinanceAsia. Not signed up?
DayOne secures $3.67bn financing to support Malaysia's AI buildout
The package from seven banks will bolster the Singapore operator’s data centre expansion in Johor. DayOne Data Centers (DayOne) has secured a RM15 billion ($3.67 billion) multi-currency financing arrangement from a consortium of seven banks to fund the development of its data centre operations in Johor, Malaysia, which is becoming Southeast Asia's (SEA) fastest-growing data centre hub. Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to FinanceAsia.
TBC Uzbekistan launches $1m secured SME loans
Digital bank TBC Uzbekistan has launched a secured lending product for small and medium-sized enterprises (SMEs), offering facilities of up to UZS12 billion ($1 million) through its digital business banking platform. Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to CorporateTreasurer. Not signed up? New users get 2 free articles per month, plus a 7-day unlimited free trial.
China and the EU agree trade concessions
China and the European Union (EU) have agreed concessions aimed at rebalancing bilateral trade relations, following a second round of consultations in Beijing between October 8-9. Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to CorporateTreasurer. Not signed up? New users get 2 free articles per month, plus a 7-day unlimited free trial.
Two Japan deep-tech startups complete Series B second closes
Helical Fusion and Celaid Therapeutics have raised JPY3.23bn and JPY400m, respectively, as Japanese capital targets research-intensive startups. Two Japanese deep-technology startups have completed second closes of their respective Series B rounds, attracting capital from domestic companies as investors increase their exposure to fusion energy and cell therapy. Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to FinanceAsia. Not signed up?
Firmus Technologies withdraws ASX IPO as investors question AI infrastructure risk
The Australian data centre operator has abandoned a multibillion-dollar ASX listing. The decision comes as Apac firms continue to accelerate the AI buildout. Firmus Technologies (Firmus) has withdrawn its application to list on the Australian Securities Exchange (ASX), highlighting growing investor scrutiny of the valuations, funding requirements and execution risks attached to artificial intelligence (AI) infrastructure. Registered users get 2 free articles in 30 days.
Platforms aim to bridge Asia-Middle East liquidity gaps
As trade and fund flows between Asia Pacific (Apac) and the Middle East accelerate, banks and fintechs are introducing a range of treasury tools, including digital cross-border payments, to help strengthen links between businesses in these two fast-growing regions. Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to CorporateTreasurer. Not signed up? New users get 2 free articles per month, plus a 7-day unlimited free trial.
Central Asia's Bakai Bank secures Hong Kong licence
Bakai Bank, the fourth-largest bank in the Kyrgyz Republic, has received regulatory approval to set-up a Hong Kong bank branch. When launched, it will become the first Central Asian bank to secure a presence in the city. Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to FinanceAsia. Not signed up? New users get 2 free articles per month, plus a 7-day unlimited free trial. Questions? See here for more information on licences and prices, or contact .
Round-up: DayOne files for Nasdaq IPO; Nippon Paint’s $1.35bn AkzoNobel deal and more
DayOne seeks US listing; Japan’s Nippon Paint makes deal; Umios invests in JV; Singapore’s BrilliA expands across Southeast Asia; Thai Airways suspends CEO. The following is a round-up of recent capital market and corporate news across the Asia Pacific (Apac) region. Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to FinanceAsia. Not signed up? New users get 2 free articles per month, plus a 7-day unlimited free trial. Questions?
Treasury Wine Estates appoints CFO
Treasury Wine Estates (TWE) has appointed Justin Pipito as group chief financial officer (CFO), effective October 1, following an internal and external search process. Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to CorporateTreasurer. Not signed up? New users get 2 free articles per month, plus a 7-day unlimited free trial. If you are a treasurer, CFO or senior financial professional at a corporate or SME, please register for free VIP access here.
Apac transition finance urged to scale up
Apac's economies need to turn taxonomies and corporate transition plans into financing at scale, according to the Hong Kong Green Finance Association. Transition bonds remain a small part of Asia Pacific (Apac)’s sustainable bond market, despite the region making up a significant portion of global sustainability issuance.
Gogolook’s CFO prioritises deploying capital, boosting liquidity
Taipei-headquartered Gogolook began operations as the developer of Whoscall, a mobile application that identifies unknown telephone numbers and potentially fraudulent calls, and has since evolved into a broader anti-fraud and fintech platform. Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to CorporateTreasurer. Not signed up? New users get 2 free articles per month, plus a 7-day unlimited free trial.
China Railway Construction's green bond to fund overseas projects
China Railway Construction Corporation (CRCC) has priced Rmb2.3 billion ($343.3 million) of 10-year senior unsecured green bonds in Hong Kong as it continues to expand overseas and diversify into projects beyond railways. Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to CorporateTreasurer. Not signed up? New users get 2 free articles per month, plus a 7-day unlimited free trial.
New World Development advances Shanghai C-REIT spin-off
Hong Kong property giant New World Development (NWD) has received an acceptance notice from the Shanghai Stock Exchange for the proposed spin-off and separate listing of a China real estate investment trust (C-REIT) backed by two of its flagship Shanghai properties. The proposed NWD C-REIT is expected to raise approximately Rmb3.82 billion ($570.2 million), with NWD subscribing for at least 20% of the units, according to a September 21 release.
New World Development advances Shanghai C-REIT spin-off
Hong Kong property giant New World Development (NWD) has received an acceptance notice from the Shanghai Stock Exchange for the proposed spin-off and separate listing of a China real estate investment trust (C-REIT) backed by two of its flagship Shanghai properties. The proposed NWD C-REIT is expected to raise approximately Rmb3.82 billion ($570.2 million), with NWD subscribing for at least 20% of the units, according to a September 21 release.
The Executive Centre secures $585m debt financing from Apollo
The private capital package will refinance debt while supporting the workspace operator’s expansion in Apac and the Middle East. Funds managed by Apollo Global Management, its affiliates and other long-term investors have provided $585 million in financing to The Executive Centre (TEC), according to a September 15 announcement. Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to FinanceAsia. Not signed up?
Deal Analysis: Grab to expand Asean lending with Atome Financial buy
Superapp giant Grab Holdings has made its largest deal to date through the acquisition of a 60% stake in Singapore-headquartered digital lending platform Atome Financial for $1.49 billion in cash. Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to FinanceAsia. Not signed up? New users get 2 free articles per month, plus a 7-day unlimited free trial. Questions? See here for more information on licences and prices, or contact .
Apollo provides $585m debt financing to The Executive Centre
The private capital package will refinance debt while supporting the workspace operator’s expansion in Apac and the Middle East. Funds managed by Apollo Global Management, its affiliates and other long-term investors have provided $585 million in financing to The Executive Centre (TEC), according to a September 15 announcement. Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to FinanceAsia. Not signed up?
Grab to expand Asean lending with Atome Financial buy
The Singaporean tech firm's $1.49bn deal will boost its financial services arm across five markets. Superapp giant Grab Holdings has made ts largest deal to date through the acquisition of a 60% stake in Singapore-heaquartered digital lending platform Atome Financial for $1.49 billion in cash, accelerating the expansion of its financial services arm in Southeast Asia (SEA). Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to FinanceAsia. Not signed up?
Malaysia's CIMB qualifies as CIPS participant
CIMB Bank has become the first Malaysian lender to obtain direct participation qualification for China’s Cross-Border Interbank Payment System (CIPS). The move will strengthen its ability to process Renminbi transactions between China, Malaysia and other Asean markets. Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to CorporateTreasurer. Not signed up? New users get 2 free articles per month, plus a 7-day unlimited free trial.
Payment firms test digital assets in Hong Kong and Thailand
As providers across Asia explore how tokenised value can be incorporated into financial workflows, companies in Hong Kong and Thailand have been stepping up the testing of digital assets in the payment ecoystem. Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to CorporateTreasurer. Not signed up? New users get 2 free articles per month, plus a 7-day unlimited free trial.
Kazakhstan taps Renminbi bond market
The issuance of a sovereign panda bond, in addition to a dim sum bond from the Development Bank of Kazakhstan, will give the country Renminbi benchmarks. Kazakhstan is expanding its use of Renminbi-denominated debt, with its Ministry of Finance and the Development Bank of Kazakhstan (DBK) raising a combined Rmb10.3 billion ($1.53 billion) from China’s onshore and offshore bond markets in September. Registered users get 2 free articles in 30 days.
Agentic AI initiatives step up in treasury management
Artificial intelligence (AI) is moving closer to the financial decisions and transactions managed by corporate treasury teams, prompting technology providers and payment networks to develop controls around how autonomous tools access data, recommend actions and initiate payments. Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to CorporateTreasurer. Not signed up? New users get 2 free articles per month, plus a 7-day unlimited free trial.
Shenzhen issues Hong Kong and Macau bonds in sustainability push
As financial integration continues in the Greater Bay Area (GBA), Shenzhen's government has raised a combined Rmb5 billion ($745.6 million) through offshore renminbi municipal bonds in Hong Kong and Macau. The deal was struck using green and sustainable structures to fund transport, water management and healthcare projects. Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to FinanceAsia. Not signed up?
Circle expands Apac cross-border payment capabilities
As competition steps up in the payment ecosystem, Circle Internet Group (Circle) has agreed to acquire Singapore-headquartered cross-border payments platform Tazapay for approximately $400 million in shares. Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to CorporateTreasurer. Not signed up? New users get 2 free articles per month, plus a 7-day unlimited free trial.
Uzbekistan launches stablecoin payment pilot
The Central Bank of the Republic of Uzbekistan and the National Agency for Prospective Projects (NAPP) have begun a pilot project to test the “HUMO” stable token (stablecoin) as a means of payment. Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to CorporateTreasurer. Not signed up? New users get 2 free articles per month, plus a 7-day unlimited free trial.
Jollibee’s HKEX listing plan to spur SEA demand
The Philippine restaurant group plans to spin-off its overseas operations, as more Southeast Asian issuers eye Hong Kong, despite strict requirements. As Hong Kong continues to strengthen ties with Asean's fast-growing economies, Jollibee Foods Corporation is considering listing its international business in Hong Kong as part of the plan to spin-off the business from its domestic operations in the Philippines. Registered users get 2 free articles in 30 days.
Jollibee’s HKEX listing plan boosts Hong Kong's appeal to SEA issuers
As Hong Kong continues to strengthen ties with Asean's fast-growing economies, Jollibee Foods Corporation wants to list its international business on the Hong Kong Stock Exchange (HKEX) as part of a plan to split the global arm from its domestic operations in the Philippines. ¬ Haymarket Media Limited. All rights reserved. Sign in to read on! Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to FinanceAsia. Not signed up?
Tencent Music and Bilibili tap debt markets
Chinese video-sharing and streaming platform Bilibili has priced $700 million of unsecured convertible notes due September 15, 2031, and Tencent Music Entertainment has priced a $1 billion public bond offering. Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to CorporateTreasurer. Not signed up? New users get 2 free articles per month, plus a 7-day unlimited free trial.
MediaTek and BW LPG tap convertibles
Taiwan’s MediaTek has teamed up with Nvidia, while Singapore’s BW LPG placed a $300m issuance. Asia's appetite for convertible bonds is continuing with Taiwanese semiconductor giant MediaTek and Singapore's BW LPG both tapping the market in recent days. Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to FinanceAsia. Not signed up? New users get 2 free articles per month, plus a 7-day unlimited free trial. Questions?
AIIB appoints Gustavo De Rosa as chief financial officer
The former Inter-American Development Bank CFO has taken up the Beijng-based role. The Asian Infrastructure Investment Bank (AIIB) has appointed Gustavo De Rosa as chief financial officer (CFO), effective August 31. Registered users get 2 free articles in 30 days. Subscribers have full unlimited access to FinanceAsia. Not signed up? New users get 2 free articles per month, plus a 7-day unlimited free trial. Questions? See here for more information on licences and prices, or contact .
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