Asia Roundup
Singapore Seeks to Cut Account Opening Time for the Rich to a Month
Singapore’s financial regulator is working with private banks to shorten account opening time using a “risk-appropriate” approach, as the city-state rises in importance as a wealth management hub, Bloomberg reported.
The Monetary Authority of Singapore wants to cut the duration to within one month, from a current median of about six weeks or longer in complex cases, Managing Director Chia Der Jiun said at the UBS Asian Investment Conference in Singapore.
The move is to ensure banks avoid unnecessary and excessive checks on clients’ sources of wealth while also upholding high standards.
Vedanta Resources Looks to Rejig $5.5 Billion Holdco Debt in One Go
Vedanta Resources Ltd (VRL) has initiated talks with global banks on refinancing the holding company’s debt of $5.25-5.5 billion through a mix of bonds and loans, The Economic Times reported, citing people aware of the matter. The Indian group is seeking to better align repayments with dividend inflows from operating companies.
VRL is looking to raise $3.5-3.7 billion through 10-year bonds and another $1.5-1.7 billion via loans with a five-year maturity, according to ET. In recent weeks, VRL’s management has held discussions with at least eight global lenders.
SoftBank Taps Retail Market Again With $1.6 Billion Yen Bond
SoftBank Group plans to raise ¥260 billion ($1.6 billion) through another sale of subordinated bonds aimed mainly at individual investors, about two months after a similar retail offering, Bloomberg reported.
The bonds mature in 35 years with an issuer call option after five years, according to documents disclosed by the company. The pricing is scheduled for 5 June, with the initial five-year coupon guided at 4.8-5.6%.
SoftBank’s swift return to the retail bond market comes amid its growing funding needs for artificial intelligence-related investments. The company downsized plans for a $10 billion margin loan backed by its OpenAI stake.
Indonesia Roundup
Indonesia’s New Trade Regime and Rate Hike Deliver Double Blow to Markets
Indonesia’s decision to centralize exports of key natural resource commodities under a new state-controlled entity, combined with Bank Indonesia’s surprise 50-basis-point benchmark interest-rate increase, is being viewed by business groups as a double blow to investors, companies and consumers, Jakarta Globe reported.
“Single-gate exports for natural resources are a highly counterproductive policy and could trigger negative sentiment among investors and markets, especially when public trust in the government is already declining,” said Jahja Soenarjo, chairman and chief executive of Business Forum Indonesia.
Jahja said he understood the government’s intention to secure export earnings, but warned that the policy should not come at the expense of businesses and private-sector confidence.
Acrostics Asia wrote on 23 May 2026:
The president’s attempt to rein in transfer pricing – which has long been a form of capital leakage out of Indonesia – and keep dollars onshore is not illogical. But as with many of his earlier initiatives, the ambition and time horizon are misaligned with the practical reality, according to a Jakarta-based financier.
Indonesia to Revise State Budget Law But Deficit Ceiling Not the Focus
Indonesia’s parliament will soon start deliberating on a revision to state finance laws, but the focus will not be on changing rules on fiscal deficit limits, Reuters reported, citing a senior lawmaker.
Mukhamad Misbakhun, head of the parliamentary financial commission, said lawmakers would soon begin to draft a bill that will revise several existing financial laws at once – known as an omnibus bill – to align those with the establishment of new sovereign wealth fund Danantara.
The main point of the revision would be to shift the appointed stakeholder of state investments in these laws from the finance minister to Danantara. That would include giving the dividends of state companies to Danantara and removing those as a source of income for the state budget.
Acrostics Asia is an independent credit intelligence provider that delivers forward-looking insights across Asian sovereigns, private credit and restructurings.