Japanese capital pours into South-east Asia, seeking growth
THE planned acquisition of insurance provider Singlife, valued at S$4.6 billion, by Sumitomo Life in December 2023 sent a strong signal that Japanese investors are still on the lookout for opportunities in South-east Asia, as they capitalise on their low cost of funds.
Major banks have poured money into Indonesia, with Mitsubishi UFJ Financial Group (MUFG) investing US$100 million in lending platform Home Credit in December 2023, and a new 20 billion yen (S$181.2 million) fund with commercial Bank Danamon to focus on investing in the Indonesian market.
In January this year, Tokyo Century Leasing’s Singapore subsidiary made a strategic investment in car services platform Motorist, valuing the business at US$60 million.
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