World Focus

Reuben Ong Takes the Helm of JP Morgan's Southeast Asia Private Credit Financing Initiative

Reuben Ong, a seasoned banker at JP Morgan Chase, has been appointed to spearhead the company's private credit financing venture in Southeast Asia.

This move was revealed in an announcement that Reuters had access to, which a spokesperson from JP Morgan confirmed, according to USN.

Ong's impressive 13-year history at JP Morgan has been marked by the bank's rise to a leading position in Southeast Asia's debt capital markets. Ong, who is presently in charge of the bank's debt capital markets in Southeast Asia, will pass on this role to Puja Shah. Shah, an executive director at JP Morgan, has been with the firm for over eight years.

Private credit refers to non-bank lending, typically aimed at unrated or lower-rated companies. This financing alternative is gaining traction as borrowers explore different funding sources in response to rapidly increasing interest rates.

JP Morgan highlighted that Ong's new role is an extension of the bank's achievements in private credit financing in India, driven by a surge in client demand within Southeast Asia. The private credit sector is projected to reach a value of $2.8 trillion by 2028, a significant increase from $1.5 trillion in 2022, according to data from Preqin. This represents an annual growth rate of 11%.