Japan's Shinkin Central Bank sets up 1st Asia subsidiary in Singapore
SINGAPORE, NNA - Shinkin Central Bank, the central institution for credit associations in Japan, has decided to set up a wholly owned subsidiary in Singapore this month, its first local arm in Asia.
Shinkin Singapore Pte. Ltd. will have U.S. dollar-based capital equivalent to 1 billion yen and is scheduled to start operation in July to cater to a growing number of Japanese small and medium-sized businesses in Southeast Asia, Shinkin Central Bank said last Thursday in a press release.
The new company will engage in lending to overseas outlets of clients of "shinkin" credit union banks and help them expand their businesses outside Japan, according to the release.
Other areas of operation will include providing support for investment and loans as well as research and studies on financial innovation and developing human resources in the shinkin industry.
Shinkin Central Bank has representative offices in Bangkok, Hong Kong, New York and Shanghai as well as a subsidiary in London.
The bank has formed business alliances with such Southeast Asian lenders as Bangkok Bank of Thailand, Maybank Indonesia, BDO Unibank Inc. of the Philippines and the Bank for Investment and Development of Vietnam. (NNA/Kyodo)