Jersey Finance is stepping up its presence in Singapore and the surrounding South East Asia region with the recruitment of a dedicated Business Development Director.
Yiow Chong Tan (pictured) has extensive business and corporate finance experience in the Asian markets where he has been consistently 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.
In a previous role, he identified and built close working relationships with Chinese high-net-worth clients and institutional investors to secure and raise funds for mandated clients.
Most recently, he was Corporate Finance Director and Board Secretary at Hui Tian Network Technology Co., Ltd., and prior to that Director and Consultant at Singapore based HLB Atrede LLP, working out of Shanghai in mainland China.
A Singaporean, he has a Bachelor of Science in Information Systems and an Accounting Degree with First Class Honours from the University of Leeds and is fluent in English and Chinese Mandarin. He will be based full time in the region and work closely with Maria McDermott, Business Development Consultant, Jersey Finance, Asia, who is based in Shanghai.
Joe Moynihan, CEO Jersey Finance, commented: “Yiow’s 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. 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 Yiow 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.”
Yiow added: “I’m looking forward to working with my Jersey Finance colleagues. 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. More recently in 2019, Jersey’s then Chief Minister, Senator John Le Fondre, visited Singapore to meet representatives from the financial services sector to discuss opportunities to enhance links between the two jurisdictions.
Philip Ozouf, Minister for External Relations and Financial Services said, “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 resource 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. Having staff in key jurisdictions helps Jersey Finance represent its member firms, which in turn helps the delivery of the Government’s Financial Services Strategy. It is vital that we continue to provide opportunities for the growth of Jersey’s biggest economic and employment sector whist also addressing the financial pressures that Islanders are facing due to the cost of living crisis.”