The aim is to help firms comply with US withholding tax requirements on foreign persons and entities, as the total issuance for dim sum bonds in 2023 tallied $76 billion in Hong Kong.
The Monetary Authority of Singapore wants the credits to help with the retirement of coal plants, which account for 60% of energy supply in the region, and replace them with cleaner sources.
Three key partner appointments in Singapore are set to boost the firm’s support of the Southeast Asian energy transition, as well as opportunities across private capital and the M&A space.
The $700 million loan secured by PT SMI signals a growing market for sustainable infrastructure development, as banks seek to support Indonesia’s transition to net zero.