Jersey Finance boosts its presence in Asia.

This week, Jersey Finance appointed Yiow Chong Tan as business development director to step up its presence in Singapore and the surrounding South-East Asia region.

He will be based in Singapore, working with Maria McDermott, business development consultant for Jersey Finance, Asia, based in Shanghai, the firm said in a statement.

Tan has business and corporate finance experience in the Asian markets where he has been involved in the origination, marketing, structuring, negotiation, due diligence and execution of private equity, stock exchange listings and M&A deals across Singapore and Malaysia, the firm added.

In a previous role, he built working relationships with Chinese high net worth clients and institutional investors to secure and raise funds for mandated clients.

Welcoming him to the firm, Joe Moynihan, CEO Jersey Finance, said: "His recruitment supports our strategic aim of broadening the scope of our international activity in key overseas markets."

"His wide-ranging experience in corporate finance and understanding of the needs of institutional investors and high net worth clients in the Asian region, together with his knowledge and contacts in Singapore and other nearby markets, will make him a fantastic asset for the overseas team," he added.

"With around half of all new finance business Jersey generates now originating from regions other than Europe, it’s important we build on that momentum and he will support us by identifying and fostering business opportunities. Our operation there will operate in a similar complementary fashion to the Jersey presence in DIFC," he said.

Tan added: "Among my objectives will be to foster and build on the network of key influencers and decision-makers, highlight the technical merits of Jersey’s financial services offering to encourage further inward investment and support Jersey Finance member firms in developing business in the region."

"The Jersey authorities have been building closer ties with Singapore for some years and in 2013 Jersey and Singapore signed a double taxation agreement," he added. 

Philip Ozouf, minister for external relations and financial services, stressed: "There are many similarities between Jersey and Singapore in being jurisdictions that have carved out a successful niche as centres of excellence for professional services. The expansion of the Jersey Finance team in Singapore is a recognition of the island’s increasing global connectivity. Having dedicated resources in this growing regional hub is helpful to the work of the external relations team in enhancing Jersey’s international relationships."

Ian Gorst, minister for treasury and resources added: "The recent hire in Singapore shows the government’s ongoing commitment to supporting the expansion of Jersey Finance’s business development team across the world."

See more about Jersey Finance here.