CBRE hires Hugh Macdonald as Apac head of capital advisers | FinanceAsia

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CBRE, a US real estate and investment firm, has appointed veteran investment banker Hugh Macdonald as head of capital advisers for Asia Pacific.

Starting his role in Sydney on November 18, Macdonald will relocate to Singapore in the first quarter of 2025, according to a company media release. 

Macdonald (pictured) is joining CBRE from Deutsche Bank, where he was most recently head of investment banking coverage and advisory for Australia and New Zealand. He was at the German bank for over 16 years, according to his LinkedIn profile. 

He has previoulsy worked at Citi, Morgan Stanley and Bankers Trust, and has experience in real estate, gaming, leisure, and lodging sectors across M&A, financing, and capital markets.  

Macdonald has originated and executed many large transactions across Apac and will report to Leo van den Thillart, global head of investment banking, and Greg Hyland, head of capital markets, Apac.

Commenting in a media release, Hyland said: “Our capital advisors business has experienced exceptional growth in Apac, raising over $3.5 billion of capital in the past 18 months. With Hugh’s established relationships, we are confident in expanding our investment banking services across the region, providing top-tier capital markets, M&A, and strategic solutions to our clients.”

Macdonald added: “I’m eager to collaborate with my new colleagues to enhance the value we provide to our clients, meeting their diverse capital requirements and driving business growth throughout the Apac region.”

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Lease financing key to unlocking a green energy bonanza – Asia Times

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Although spending on oil, gas, and coal for the first time may reach US$ 3 trillion in 2024, but economic considerations are putting off some jobs.

In its World Energy Investment 2024 report, the Paris-based International Energy Agency stated that” some types of investment are being hampered by higher borrowing costs since the age of cheap loans ends.”

According to Samuel Sun, chairman of the Asia Development and Investment Bank, a local plan banks with branches in Hong Kong and Malaysia, lease financing, a staple of the travel equipment market, may enable funding for projects that may not have access to conventional funding.

In order to commit$ 140 billion in rent funding for alternative energy over the next five years, ADIB and DeepGreenX, an AI provider that provides project management and graphite trading services, recently teamed up.

The ADIB ally to DeepGreenX does create critical mass in the market for efficient energy equipment, as leasing made it possible for the current auto and aircraft industries.

Because products leases can be reorganized into asset-backed stocks and resold to investors, ADIB’s$ 140 billion commitment may allow for many larger equipment sales. The US market for car leases is$ 30 billion, whereas the US market for airplane leases is probably only half that size.

Large state subsidies have n’t been effective in halting renewable energy projects in Europe and the rest of the world, mostly because technology is expensive upfront. Instead of paying upfront the entire investment amount, lease funding allows project operators to pay for equipment use outside of operating cash flow.

The international level of project financing may be significantly affected by the ADIB-DeepGreenX approach. Coherent Market Insights, an India-based market intelligence and consulting firm, wrote earlier this year,” The global solar lease&nbsp, service&nbsp, market size is estimated to be valued at&nbsp,$ 14.84 billion in 2023&nbsp, and is expected to reach$ 49.26 billion by 2030″. The ADIB program’s size is significantly greater than the company’s estimates for the contract business.

A big business can be transformed by the right kind of finance. Before 1983, home loan financing in the US was the province of more than 11, 000 prudence organizations, constrained by their local conditions.

Cash-rich savings in the Northeast of the US was n’t contribute to cash-strapped consumers in the Sunbelt. The US experienced a housing bubble as a result of mortgage security, which mobilized benefits.

Contract borrowing has specific advantages for green energy technology, according to Samuel Sun, a task finance veteran who serves as ADIB’s president.

“60 to 70 % of the cost of a job is in tools”, Sun said in an exam. The buyer and the job owner are under a lot of pressure due to the high cost of the equipment. To solve that kind of issue, we are attempting to apply contract financing. That’s the upcoming model of clean power company. The best way to use low-cost cash to support clean energy projects is through it. In the automotive and aerospace industries, there are effective versions.

” We merely signed an agreement with Saudi Arabia”, ADIB’s Sun explained. ” They will buy 100, 000 Chinese cars, mainly EVs, for government and public use. The property will stay on the automakers ‘ books because they will lease them rather than purchase them. We use Central Bank Digital Currency to buy the trucks, transform the property, spend the producers, and send the cars to Saudi Arabia. The five-year license is paid for monthly to us.

The car owner benefits because the company retains control over the sale value risk. Due to rapid improvements in technology, the sale price of a five-year-old EV is extremely small.

Because of improvements in EV systems, which result in higher profits for the car manufacturer, the auto maker has no problem owning that chance. The automobile manufacturer increases sales by lowering the risk of the automobile person buying it again.

According to ADIB’s Sun, modern technology does speed up the financing of leased assets and boost investment turnover. Securitized assets can be tokenized with Real World Asset ( RWA ) technology. ADC anticipates that Central Bank Digital Currencies ( CBDCs ) will allow for asset-backed securities trading, increasing investor interest and liquidity. &nbsp,

With a product offering in Hong Kong, Sun anticipates that investment products based on real-world assets will be tradable as early as the first quarter of 2025.

Sun noted that the leasing model can significantly lower financing costs, adding that” we can also use this system for green energy equipment.” The effective financing rate for car leases ranges from 16 % to 18 %. Effective leasing interest can be lowered to 5 % using our tokenized RWA model. Investors who invest in our lease-based token will receive 10 % of the investment.

Traditional cryptocurrencies, such as Bitcoin, do n’t have a fixed rate of return. Bitcoin’s owners hope that its scarcity will cause its price to rise. Tokenized RWAs, though, are based on real-world assets that generate a rate of return, like equipment leases.

Assets in CBDCs with an inherent rate of return may compete favorably with Bitcoin and other well-known crypto vehicles as distributed ledger technology makes RWA investing accessible to a large public.

ADIB has taken a 36 % stake in Deep Green X at a post-investment valuation of$ 58 billion. DeepGreenX provides several AI-based services for green energy, including an AI platform for engineering, procurement and construction ( EPC ) to optimize project efficiency. Additionally, DeepGreenX will offer AI-based technology to create securitized assets based on leases for green energy and other real-world assets.

According to a company release,” DeepGreenX has established itself as a leader in various sectors, securing European projects on national virtual grid construction, photovoltaic power plants, grid energy storage centers, wind and microgrid equipment manufacturing, computing centers, and micro-nuclear power services, as well as US-based stored energy battery production”.

In a company release, Barclay Knapp, CEO of DeepGreenX, stated that” we anticipate this initiative to significantly advance the global expansion of green energy industries, breaking with the current system of limited supply of cross-border capital and standalone profitable business models.” Our new fund, in our opinion, will transform the alternative energy industry in a similar way to how lease financing transformed the auto and aerospace industries. We are collaborating with ADIB to create a global capital and data-driven profitability platform with unparalleled power and scale that will be able to overcome these difficult issues.

Knapp, a partner at DeepGreenX, began his career by creating the first cellular network in the US. Conventional wisdom predicted that regular people would be upset about the cost of the first cell phones because they were prohibitively expensive.

” Leasing removes the entry barrier”, CEO Knapp said in an interview. ” The minute we could finance phones, it took off, people who could n’t shell out$ 1, 500 for a phone would pay$ 150 a month to lease one”. He anticipates the same transformative effect from green energy equipment lease financing.

DeepGreenX’s project management software is one of several AI applications. The most crucial task may be using AI to calculate carbon credit.

” It’s the Wild West out there in carbon measurement. In a tense environment with a fragmented market for carbon credit, it is not just that you have no laws, but that you have laws everywhere, Knapp Said. ” We can do precise measurement and verification. And once verified, using AI and blockchain technology to digitize that and turn it into a financial product is simple. That makes carbon credits more valuable and clears the confusion.

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Hemisphere Ventures opens in Singapore amid SEA expansion | FinanceAsia

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Hemisphere Ventures, a US venture capital and consulting firm known for early-stage investments in space, cybersecurity, biotech, nanotech, drones, robotics, and other frontier technologies, has opened a new office in Singapore, marking its first expansion into Southeast Asia ( SEA ).

Established in 2014, Hemisphere has a collection of US border tech investments, with home offices as investors. Illustrations of markets include area, security, bioscience, nanotech, drones, robotics, and another frontier technologies

Leading the agency’s rise in SEA is Chip Whittemore, who has just been promoted to managing companion. In his new role, Whittmore may direct Hemisphere’s Singapore activity, building relationships with local shareholders, founders, and important stakeholders. According to a media transfer, Hemisphere has also been given the task of utilizing its US network to connect SEA startups with existing collection companies. &nbsp,

Lisa Rich, founder of Hemisphere Ventures, said in the relieve:” Hemisphere’s devotion to the development ecosystem has gone world. Our new company in Singapore makes it easier for startups to interact with global markets and encourages engagement there.

As both skill and cash flow to the area, Processor’s leadership and vision will be crucial to unlocking growth opportunities in the area’s SEA, which is ripe for growth.

According to the transfer, the number of home offices in Singapore has more than tripled since 2020, with 250 more ones established in the first eight month of 2024. &nbsp,

Singapore offers a secure and attractive location for investments in innovative technology, with access to SEA’s high-growth options, according to Chip. I’m excited to direct Hemisphere’s development, and connect owners and traders to the global business marketplace”.

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Hemisphere Ventures opens in Singapore in SEA expansion | FinanceAsia

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Hemisphere Ventures, a US venture capital and consulting firm known for early-stage investments in space, cybersecurity, biotech, nanotech, drones, robotics, and other frontier technologies, has opened a new office in Singapore, marking its first expansion into Southeast Asia ( SEA ).

Established in 2014, Hemisphere has a collection of US border tech investments, with home offices as investors. Illustrations of markets include&nbsp, speed, security, biotechnology, nanotech, drones, robotics, and another frontier technologies

Leading the agency’s rise in SEA is Chip Whittemore, who has just been promoted to managing companion. In his new role, Whittmore may direct Hemisphere’s Singapore activity, building relationships with local shareholders, founders, and important stakeholders. According to a media launch, Hemisphere has also been given the task of utilizing its U&nbsp network, which includes facilitating connections between clients and existing collection companies in SEA. &nbsp,

Lisa Rich, founder of Hemisphere Ventures, said in the media relieve:” Hemisphere’s devotion to the development ecosystem has gone world. Our new business in Singapore makes it easier for startups to interact with global markets and encourages engagement there.

As both skill and cash flow to the area, Processor’s leadership and vision will be crucial to unlocking growth opportunities in the area’s SEA, which is ripe for growth.

Since 2020, the number of home offices in Singapore has more than tripled, with 250 more opening in the first eight month of 2024.

Singapore offers a secure and attractive location for investments in sophisticated technology, with access to SEA’s high-growth options, according to Chip. I’m excited to direct Hemisphere’s development, and connect owners and traders to the global business marketplace”.

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MAS network to bolster ‘global south’ as fintech hub | FinanceAsia

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The Monetary Authority of Singapore (MAS) announced the establishment of the Global Finance and Technology Network (GFTN) on October 30, an ambitious initiative designed to reinforce Singapore’s standing as a global fintech leader and boost the tech potential of the ‘global south’.

Headed by Ravi Menon, former managing director of MAS from 2011-2023, the GFTN aims to “enhance global connectivity for impactful innovation in financial services”.

Menon old a media briefing that networks such as the GFTN aimed to tap the potential of the “global south”.

Beyond Silicon Valley

He said it was important to broaden fintech innovations beyond traditional centres like Silicon Valley and London to emerging cities such as Nairobi, Jakarta, and São Paulo.

He said that by 2030, the Asia-Pacific region is predicted to become the world’s largest fintech market, with Africa and Latin America projected to grow by 30 per cent annually. Yet regions like Sub-Saharan Africa and the Middle East still faced substantial funding gaps, noted.

Through GFTN, Singapore would aim to address these inequalities by providing resources, infrastructure, and collaborative frameworks to foster sustainable growth, especially in underserved regions.

“Through our networks and partnerships, GFTN will aim to unlock sustainable and inclusive pathways that serve communities facing critical gaps,” Menon said.

He added that the world is “entering an era of growing digital connectivity across borders” starting with electronic payments and progressing toward universal trusted credentials and data exchanges.

Getting cross-border digital infrastructure right, he added, would be critical.

After years of experimentation, Menon stated, “the tokenisation of financial assets has reached a tipping point” with billions of dollars of financial assets now on-chain.

However, he noted that “the promise of a tokenised financial system has not materialised,” indicating it was still a work in progress.

Quantum leap

He observed that artificial intelligence is beginning to make significant inroads into financial services, bringing both AI-powered innovations and potential risks.

Menon pointed out that if quantum technologies develop, the coupling of AI and quantum technologies would “unlock new opportunities as well as unprecedented security challenges”.

Addressing climate change had also become a growing focus for the financial sector,  he said, with increased interest in climate tech solutions for both carbon mitigation and climate resilience.

All these advancements, according to Menon, would demand “closer and more meaningful engagements between countries (and) between the public and private sectors” couple with coherent policies and regulations to “harness the benefits of these technologies while mitigating their downsides”.

GFTN initiatives

The GFTN will be launching four key initiatives as a part of its scope:

GFTN Forums will expand Elevandi’s five flagship events, including the Singapore Fintech Festival (SFF), to foster cross-border collaboration with experts worldwide. Elevandi – to be replaced by GFTN -is a not-for-profit entity set up by MAS to connect people and businesses, ideas and insights in the fintech sector in Singapore and globally. 

GFTN Advisory will offer practitioner-led consultancy to help developing economies build digital infrastructure, form innovation-friendly policies, and support social-impact-driven private entities with market insights.

GFTN Platforms which will empower small enterprises and startups through digital services, improving market access, analytics, and sustainability reporting.

And lastly, GFTN Capital that will target early- and growth-stage startups in fintech and climate tech, providing patient capital and global partnerships to promote financial inclusion and environmental sustainability.

 

 


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Indonesia Investment Authority and DB Investment Partners form bn partnership | FinanceAsia

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The Indonesia Investment Authority (INA) and investment firm DB Investment Partners (DBIP) have formed a partnership, through an Investment Framework Agreement (IFA), to help Indonesia’s economic development. 

INA and DBIP will collaborate by leveraging each other’s market access and investment expertise to deploy at least $1 billion within the next five years.

This joint investment initiative is looking to address needs across capital structures and strategic sectors in Indonesia or with an Indonesian nexus, according to a statement. 

INA and DBIP will also cooperate to support eligible projects in Indonesia through knowledge and network sharing initiatives to help Indonesia’s sustainable economic development. Both parties are seeking to invest “in innovative financial solutions within key sectors”, according to a media statement. 

The investment framework has been developed to cater to the complex and evolving capital needs within the market.

Ridha Wirakusumah, chief executive of of INA, stated, “This partnership enables us to leverage DBIP’s premier platform while we bring our local knowledge to the table, enhancing our joint investment strategy. This allows us to tailor investments that are not only strategic but also diverse, reflecting the dynamic needs of Indonesia’s growing economy.”

Wirakusumah added: “Through this collaboration, we seek to harness DBIP’s proven capabilities to meet the dynamic needs of Indonesia’s growing economy, and each investment is carefully designed to create bespoke solutions that address needs across capital structures and strategic sectors in Indonesia.”

Raheman Meghji, chief investment officer of DBIP, said: “The Indonesian economy has tremendous growth potential and we look forward to playing our part in the story going forward.”

DB Investment Partners (DBIP) is a Deutsche Bank Group company and a global private capital investment firm, which is independently authorised and regulated by the UK Financial Conduct Authority (FCA).

FinanceAsiia has reached out for more information about the partnership. 


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Karthik Shenoy joins Bank of Singapore in transformation push | FinanceAsia

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Karthik Shenoy joined Bank of Singapore as head of platforms and transformation, chief operating office, last month.

Shenoy (pictured) reports to Bank of Singapore’s global chief operating officer Jacky Ang, and has been tasked with driving the implementation of the bank’s three year strategic plan to enhance its internal infrastructure and platforms.

Shenoy has over two decades of experience in the financial services industry, and has held senior positions in both business and technology domains. Prior to joining Bank of Singapore, Shenoy worked at Credit Suisse (now part of UBS) where he was most recently its global head of financing technology and head of Asia Pacific (Apac) wealth technology. Before that, he was head of Apac banking & lending platform and head of Apac markets platform.

He has experience across markets including Singapore, Tokyo, and Hong Kong, and has been involved in conceptualising, designing and delivering complex applications and platforms involving pricing, trade lifecycle, risk, and portfolio management domains, according to a media release.  

Ang commented: “Karthik’s exceptional combination of business acumen and technology expertise positions him well to drive the implementation of our three-year strategic plan in enhancing our infrastructure and platforms. His ability to collaborate well will also be instrumental in developing intricate client and front-office applications, which are critical deliverables of our three-year strategic plan.”

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Citi boosts Asia markets team with two hires from JP Morgan | FinanceAsia

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Citi is adding to its Asia markets team with two appointments from JP Morgan who are both set to start at Citi in December. 

Anand Goyal is set to join Citi’s FX team as head of FX institutional sales for Japan, Asia North & Australia and Asia South clusters. Based in Singapore, Goyal (pictured right) will report to Cécile Gambardella, head of sales for markets for Japan, Asia North and Australia clusters and Sam Hewson, global head of FX sales.

Goyal was previously head of macro FX (MacroX) and real money sales for Asia Pacific (Apac) at JP Morgan, where he began his career over 20 years ago, according to his LinkedIn profile. 

In addition, Hooi Wan Ng will join Citi as head of markets for Malaysia. Ng (pictured left) will report to Sue Lee, head of markets for the Asia South cluster and Vikram Singh, Citi country officer and banking head for Malaysia. She was most recently head of local corporate sales and private side sales at JP Morgan, where she has served since 2011.

The upcoming move follows the appointment of Ngo Hong Minh as head of markets and country treasurer for Vietnam who joined Citi in December 2023 from JP Morgan.

Commenting on Goyal’s appointment, Hong Kong-based Gambardella said, “As Apac’s leading markets and FX franchise, we have opportunities for growth across our network. With his extensive experience and deep understanding of regional market trends, we are well positioned to further strengthen and grow our client relationships under Anand’s leadership.”

Commenting on Ng’s appointment, Singh said: “Malaysia is a key market for Citi globally, where we are seeing strong growth across our interconnected businesses. Malaysia is at the forefront of investments, both foreign and domestic, as it continues to benefit from supply chain shifts. I’m confident under Hooi Wan’s leadership Citi’s growth momentum will continue.”

Citi’s Q3 2024 results 

 

Meanwhile, on October 15, Citigroup revealed that its net profit was $3.2 billion in the third quarter 2024, compared to net profit of $3.5 billion in Q3 2023. 

The bank said this was driven by the higher cost of credit, which was  partially offset by the higher revenues and the lower expenses.

Citigroup revenues of $20.3 billion in Q3, an increase of1%, on a reported basis. Excluding divestiture-related impacts, primarily consisting of the approximately $400 million gain from the sale of the Taiwan consumer banking business in the prior-year period, revenues were up 3%. This increase in revenues was driven by growth across all businesses.

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Oracle to invest .5bn in AI and cloud computing in Malaysia | FinanceAsia

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As demand for artificial intelligence ( AI ) and cloud services rises, Oracle has made plans to invest more than$ 6.5 billion to establish a public cloud region in Malsyais. The upcoming cloud region, Oracle’s twelfth in Asia Pacific ( Apac ) will enable Oracle customers and partners in Malaysia to leverage AI infrastructure and services and migrate mission-critical workloads to Oracle Cloud Infrastructure&nbsp, ( OCI).

The planned public cloud location may enable Malaysian firms modernise their applications, travel all load to the fog, and develop with data, analytics, and AI, according to a company media release. &nbsp,

Customers will have access to OCI Generative AI Agents&nbsp, with retrieval-augmented generation (RAG ) capabilities, accelerated computing and generative AI services to help keep sovereign AI models within country borders, and the OCI Supercluster, a large AI supercomputer&nbsp, in the cloud, the release said. In addition, over1 50 additional services may be made accessible.

” We warmly welcome Oracle’s$ 6.5 billion investment in Malaysia, which represents yet another expansion of their 36-year footprint in Malaysia”, said YB senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, minister of investment, trade and industry ( MITI), Malaysia.

The minister added:” This funding will enable Indonesian institutions, particularly small and medium-sized enterprises, with modern and cutting-edge AI and sky technologies to enhance their worldwide competitiveness. It also represents a major step in the direction of the optimistic 3 000 intelligent factory goal of the New Industrial Master Plan by 2030. The establishment of a common cloud area in Malaysia by Oracle highlights Malaysia’s facilities readiness and its growing reputation as a top South Asian destination for online investments.

” Malaysia offers special growth prospects for companies looking to accelerate their growth with the latest electronic systems”, said Garrett Ilg, executive vice president and general director, Japan &amp, Asia Pacific, Oracle. &nbsp,

Growing desire

The move by Oracle comes amid growing demand for AI and data centres in Asia Pacific ( Apac ), with Blackstone’s$ 24 billion recent deal for Sydney-headquartered AirTrunk one such example. &nbsp,

” Rapidly growing need for AI services prompts calls for more data centres that keep large amounts of data and computing power to teach and build AI models”, said Franco Chiam, vice president, fog, data center and future electric infrastructure, Apac, IDC.

Chiam added:” According to IDC FutureScape’ The Network and Cloud Impact 2024 Predictions’, Malaysia’s public cloud services market is expected to grow by 27.2 % Growth from 2022 to 2027. The future Oracle sky location in Malaysia, so, signals the country’s ability to become a gateway for technical innovation and growth in Southeast Asia”.

Some Nvidia AI equipment companies will be available to clients via Oracle, including Nvidia AI Enterprise, Nvidia Omniverse, and Nvidia DGX Cloud.

Dennis Ang, senior director, enterprise business, ( Asean and ANZ region ), Nvidia, said:” With the new Oracle Cloud Malaysia Region, customers in Malaysia will gain local access to Nvidia’s accelerated, secure, and scalable platform for end-to-end AI development and deployment on OCI, helping accelerate the development of generative AI applications”.

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IHH Healthcare snaps up Malaysia’s Island Hospital for 6m | FinanceAsia

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A consortium led by previate equity player Affinity Equity Partners has sold its 100% stake in Malaysia’s Island Hospital to IHH Healthcare (IHH), a Kuala Lumpur-headquartered international healthcare group.

The 100% sale at a value of RM4.2 billion ($966 million) includes Affinity’s 78% stake, with the remainder of the shares belonging to the founder & CEO, Mark Wee, and senior doctors of the hospital.

Founded in 1996, Island Hospital (pictured) is a leading 600-bed healthcare provider in Penang, Malaysia, with 119 specialists across 40 medical and surgical specialties. Island Hospital attracts around one in three inbound foreign patients to Malaysia, according to a statement from Affinity. Medical tourism is one of the fastest growing parts of the Malaysian private healthcare market.

Under Affinity’s ownership, Island Hospital expanded its original 300-bed facility, through the development of the adjoining Peel Wing during the pandemic. Additional land has been acquired with approvals secured for future development, a media announcement said. 

Since Affinity bought the hospital in 2015 for an undisclosed amount, Island Hospital expanded its medical and surgical offerings through recruitment and investments in medical infrastructure, resulting in a tripling of foreign patient volumes. During this period, profitability more than tripled, driven by mofd complex cases, and higher operating efficiency from the doubling of bed capacity, according to the announcement. 

Island Hospital also invested in its core specialties of orthopaedics, gastroenterology and general surgery, and established new centres of excellence in cardiology and cancer.

Rippledot Capital Advisors acted as the sole financial advisor to the Affinity-led consortium on this transaction.

“Island Hospital’s evolution into a leading healthcare institution that positively impacts the community, stakeholders, and serves as a beacon of medical excellence in Malaysia and beyond . . .  I’m confident that Island Hospital will continue to thrive under the IHH platform,” said Tang Kok Yew, founding chairman and managing partner, Affinity Equity Partners, in a statement.

Affinity Equity Partners is one of the largest independent private equity firms in Asia Pacific (Apac), investing in Asia Private Equity since 1998. Affinity has $14 billion of assets and funds under management, and is currently investing out of Fund V, a $6 billion fund. Affinity’s investment focus includes Korea, Australia, New Zealand, Southeast Asia, and Greater China. 

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