Daily Briefing: Clifford Capital to co-found platform for securitising infra debt; MOM expands training programme for PMETs

And a StanChart stalwart joins UOB’s technology and operations department.

From DealStreetAsia:

Temasek-backed Clifford Capital has joined forces with Asian Infrastructure Investment Bank (AIIB) to establish Bayfront Infrastructure Management, a platform to raise institutional capital for infrastructure debt in Asia.

Clifford Capital will be taking a 70% equity stake in Bayfront Investment Management (BIM), whilst the remaining 30% will be held by AIIB, according to a statement. BIM, slated for business operation from the first quarter of 2020, is expected to be capitalised at US$1.98b, comprising US$180m in equity and US$1.8b in debt issuance capacity.

The establishment of BIM comes a year after Clifford Capital issued Asia’s first securitisation of project finance and infrastructure loans through a special purpose vehicle called Bayfront Infrastructure Capital (BIC). The BIC transaction demonstrated the viability of the Infrastructure Take-Out Facility concept, designed to unlock additional capital for Asia’s infrastructure financing needs.

Read more here.

From CNA:

The capacity of the Professional Conversion Programme (PCP) for manufacturing will increase by 1,000 over the next three years for Manufacturing Professional and for Technical Sales Engineer/Manager, Manpower Minister Josephine Teo announced.

The two conversion programmes are aimed at equipping mid-career professionals, managers, executives and technicians (PMETs) with skills to take on roles in areas such as sales and operations management within the sector.

Since the manufacturing PCPs - there are four in total - were launched in November 2016, more than 1,400 people and 600 companies have tapped on it.

The conversion programmes help potential PMET mid-career switchers enter new industries by offering them training programmes and job placements. Companies that participate in it receive wage and training subsidies.

Read more here.

From eFinancialCareers:

Chee Sun Kwan, a Standard Chartered stalwart, joined UOB earlier this month as a managing director. He is currently part of its technology and operations department in Singapore.

Kwan had been with Stan Chart for more than 25 years. In 2015 to 2019, he was the CEO of Global Business Services (GBS), the firm’s gigantean shared services unit, in India.

Kwan was in charge of some 20,000 staff across seven locations in Chennai and Bangalore, and responsible for services such as client onboarding, financial crime surveillance, finance shared services, and technology, according to his LinkedIn profile.

Read more here.