DOCSLIB.ORG

Financing Technology Entrepreneurs & Smes in Developing Countries

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Financing Technology Entrepreneurs & Smes in Developing Countries + innovation & entrepreneurship FINANCING TECHNOLOGY ENTREPRENEURS & SMES IN DEVELOPING COUNTRIES: CHALLENGES AND OPPORTUNITIES FINANCING TECHNOLOGY ENTREPRENEURS & SMES IN DEVELOPING COUNTRIES: CHALLENGES AND VIETNAM OPPORTUNITIES Country Study AN infoDev PUBLICATION PREPARED BY Roberto Zavatta Economisti Associati SRL in collaboration with Zernike Group BV Meta Group SRL June 2008 Information for Development Program www.infoDev.org www.infoDev.org FINANCING TECHNOLOGY ENTREPRENEURS & SMES IN DEVELOPING COUNTRIES: CHALLENGES AND VIETNAM OPPORTUNITIES Country Study AN infoDev PUBLICATION PREPARED BY Roberto Zavatta Economisti Associati SRL in collaboration with Zernike Group BV Meta Group SRL June 2008 Information for Development Program www.infoDev.org ©2008 The International Bank for Reconstruction and Development/ The World Bank 1818 H Street NW Washington DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org E-mail: [email protected] All rights reserved The findings, interpretations and conclusions expressed herein are entirely those of the author(s) and do not necessarily reflect the view of infoDev, the Donors of infoDev, the International Bank for Reconstruction and Development/The World Bank and its affiliated organizations, the Board of Executive Directors of the World Bank or the governments they represent. The World Bank cannot guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply on the part of the World Bank any judgment of the legal status of any territory or the endorsement or acceptance of such boundaries. Rights and Permissions The material in this publication is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. The International Bank for Reconstruction and Development/The World Bank encourages dissemination of its work and will normally grant permission to reproduce portions of the work promptly. For permission to photocopy or reprint any part of this work, please send a request with complete information to infoDev Communications & Publications Department, 2121 Pennsylvania Avenue NW; Mailstop F 5P-503, Washington, D.C. 20433, USA; telephone: 202-458-4070; Internet: www.infodev.org; Email: [email protected]. All other queries on rights and licenses, including subsidiary rights, should be addressed to the Office of the Publisher, The World Bank, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2422; e-mail: [email protected]. Cover design by Patricia Hord Graphic Design, Inc. Typesetting by The Word Express, Inc. TabLE of Contents Abbreviations and Acronyms v Executive Summary 1 I. Introduction 3 II. The Country Background 5 II.1 ICT/ICTE Industry 5 II.2 Policy and Institutional Framework 6 II.3 The Financial Sector 7 III. Issues in the Financing of Ict/icte Small Business 9 III.1 SME Financing Needs – The Demand Side 9 III.2 Issues in Accessing Financing – The Supply Side 9 III.3 The Financing Gap – Nature and Severity 11 IV. Conclusions and Recommendations 13 IV.1 Introduction 13 IV.2 Measures Aimed at Facilitating Access to Equity Financing 14 IV.3 Measures Aimed at Facilitating Access to Bank Financing 14 AnneXes Annex A – The Ict/icte Sector 19 Annex B – Policy and Institutional Framework 23 Annex C – The Financial Sector 27 Annex D – List of Entities Interviewed 33 Annex E – Profiles of Sme Financing Organizations 35 Annex F – Profiles of Ict/icte Sme 39 iv Financing Technology Entrepreneurs & SMEs in Developing Countries: Challenges and Opportunities ABBREVIATIONS AND ACRONYMS ADB Asian Development Bank IXC Internet Exchange Carrier ASMED Agency for SME Development IT Information Technology BCC Business Cooperation Contract JBIC Japan Bank for International BPO Business Process Outsourcing Cooperation CRC Center for Research and Consulting MNC Multinational Corporation on Management MPDF Mekong Private Sector Development CDMA Code Division Multiple Access Facility CGF Credit Guarantee Fund MPT Ministry of Posts and Telematics EC European Commission MST Ministry of Science and Technology ERP Enterprise Resource Planning QTSBI Quang Trung Software Business EU European Union Incubator GTZ Deutsche Gesellschaft für Technische SBV State Bank of Vietnam Zusammenarbeit (German develop- SME Small and Medium Enterprise ment cooperation agency) SOCB State-Owned Commercial Bank HCA Ho Chi Minh City Computer SOE State-Owned Enterprise Association TOR Terms of Reference HCMC Ho Chi Minh City UNDP United Nations Development IC Integrated Circuit Program ICT Information and Communication UNIDO United Nations Industrial Technology Development Organization ICTE ICT Enabled USAID United States Agency for International IDRC International Development Research Development Center VC Venture Capital IFC International Finance Corporation VINASA Vietnam Software Association IFI International Financial Institutions VoIP Voice over Internet Protocol ISP Internet Service Provider WTO World Trade Organization Exchange Rates US$ 1 = VND 15,967.53 (average 2005) EUR 1 = VND 19,886.14 (average 2005) Abbreviations and Acronyms v vi Financing Technology Entrepreneurs & SMEs in Developing Countries: Challenges and Opportunities has a distinct conservative approach to lending, and EXECUTIVE the access to financing for SMEs is far from being an easy task. Some donors and IFI programs, as well as SUMMARY Government’s direct initiatives, address specifically the issue of SME financing, but these efforts have Over the last few years, the Vietnam’s ICT/ICTE only a limited impact on ICT/ICTE firms. Evidence sector has grown considerably and evidences suggest from the fieldwork showed the existence of a that this process is destined to keep the pace or even financing gap for SMEs in their development and accelerate in the near future. Vietnam holds a strong first expansion stage. This gap can be perceived by vocation in Hi Tech industry and, compared to its enterprises that need from as little as US$50,000 up neighbors, it has the advantage of being less to US$1.0 million, but appears particularly severe in expensive. Concrete signals of the increasing the US$200,000–750,000 range. international confidence can be identified in the recent establishment of several IT ‘giants’, such as The main determinants for the existing financing Intel, Jupiter, IBM. Leaving aside telecoms, the bulk gap can be summarized as follows: of ICT activities in Vietnam are related to hardware manufacturing and assembling. This sector is largely ■ Financing Policies: Conservative attitude of dominated by foreign Multinational Corporation banks: ‘heavy’ collateralization strictly necessary. (MNC). In the software and IT services sector, the Most of the Government’s and donors’ programs domestic market accounts for the most. The offshore in support of the SME financing focus on sectors outsourced services segment is still small but it is other than ICT; growing at a rate of 50% per year. In this respect, ■ Limited Diffusion of Alternatives: Financing many consider Vietnam as the most promising instruments like credit guarantees schemes or Asian economy for offshore operations. Vietnam is leasing are scarcely widespread. ‘Angel’ invest- currently home to a dozen national IT ‘champions’ ments have a very marginal diffusion; active in the production of locally branded PCs, ■ Constraints on the Demand Side: Substantial software, and BPO services, as well as to more than opacity and informality of SMEs. Poor quality of thousand small ICT/ICTE business. The projects submitted to institutional VC; Government acknowledged the strategic importance ■ Understanding of ICT: Bank officers are seldom of this sector. Over the past few years, several familiar with ICT/ICTE business models, and infrastructural projects for the promotion and the therefore many are reluctant to concede loans; development of technology and ICT have been ■ Business Environment Constraints: Economy is financed with the State’s budget. not completely liberalized. Some restrictions persist on operations made by foreigners. There In the transition process from a centrally planned is a poor protection of investors. The existing economy to a market economy, Vietnam is closely credit information system is limited and following the Chinese model, especially regarding unreliable. privatization. The private sector is increasingly perceived as the main driver for boosting the Bridging the gap would require a major reform of national economy, and several State-owned enter- the overall business environment, including the prises are being ‘equitized’ and sold. Recently, the creation of a reliable and comprehensive credit financial sector has witnessed important liberaliza- information system, the enforcement of regulation tions. As a consequence, the flow of FDI is con- for the protection of minority shareholders, and the stantly growing and venture capitalists, who left in removal of caps on foreign capacity to operate in the aftermath of the late nineties financial crisis, are Vietnamese economy. Evidently, direct intervention back in the country. The banking sector, which is in these fields falls out of the scope for this study. still dominated by State-owned commercial banks, Nonetheless, concrete measures can be envisaged to Executive Summary 1 reduce the gap and facilitate access to financing for should not be denied. In this sense, the credit ICT/ICTE SMEs. To begin with, increasing the guarantee model
Load more

Recommended publications
  • Powered by People UOB’S Wee Yap Yeo on SE Asia Mezzanine Strategy Asian Regulators, Vcs Grapple with the Crowdfunding Phenomenon? Page 7 Page 15
    Asia’s Private Equity News Source avcj.com September 16 2014 Volume 27 Number 34 EDITOR’S VIEWPOINT The uncertain world of China short-selling Page 3 NEWS Ardian, Baidu, Baring, Fosun, Gobi, KKR, Macquarie, MSPEA, Redbright, Partners Group, Permira, PEP Page 4 FUNDS Leapfrog raises $400m financial services fund Page 12 DEAL OF THE WEEK Standard Chartered taps chemical tanker demand Page 13 INDUSTRY Q&A Powered by people UOB’s Wee Yap Yeo on SE Asia mezzanine strategy Asian regulators, VCs grapple with the crowdfunding phenomenon? Page 7 Page 15 FOCUS DEAL OF THE WEEK Shop till they drop? Service with a smile Alibaba, Rocket and online retail overseas Page 10 Mekong makes 9x on Vietnam dining deal Page 13 Private Equity & Venture Forum Taiwan 2014 20 November • Westin Taipei GLOBAL PERSPECTIVE, LOCAL OPPORTUNITY avcjtaiwan.com Join the leading private equity Simultaneous translation is available conference in Taiwan! 活動全程提供 中英文同傳。 reasons to attend 5 : Gain insights from the world’s leading private equity firms and local market leaders Network and collaborate with like-minded industry professionals Understand latest policy developments and the impact on your business Explore the hot sectors with senior industry practitioners Examine the implications of the latest and future industry trends BY TYPE OF COMPANY BY TITLE BY COUNTRY China Managing Director / 3% Partner / CFO, GPs 22% Hong Kong LPs 12% Principal / VP / Japan Associate, 1% 50% Director / GM / Taiwan Chief Rep., 80% 19% Limited General Chairman / CEO / President, Singapore Partners,
    [Show full text]
  • Special Evaluation Study on Private Equity Fund Operations
    Evaluation Study Reference Number: SST: REG 2008-17 Special Evaluation Study July 2008 Private Equity Fund Operations Operations Evaluation Department ABBREVIATIONS ADB – Asian Development Bank AIG – American International Group AISF – AIG Indian Sectoral Fund APVL – Asia Pacific Ventures Limited ASEAN – Association of Southeast Asian Nations CAGR – compound annual growth rate CalPERS – California Public Employees Retirement System CAPE – country assistance program evaluation CAPM – capital asset pricing model CLASS – comprehensive loan administration and servicing system CPS – country partnership strategy CSP – country strategy and program CTL – Controller’s Department DMC – developing member country EBRD – European Bank for Reconstruction and Development EMPEA – Emerging Markets Private Equity Association ESHS – environmental, social, health, and safety FDI – foreign direct investment FIRR – financial internal rate of return GDP – gross domestic product HQPV – H&Q Philippine Ventures Incorporated ICICI – Industrial Credit and Investment Corporation of India ICT – information and communication technology IFC – International Finance Corporation IL&FS – Infrastructure Leasing & Financial Services Limited IVCL – IL&FS Venture Capital Limited LAPIC – Lombard Asian Private Investment Company LNWCEI – Liberty New World China Enterprises Investments MDB – multilateral development bank NPL – nonperforming loan OED – Operations Evaluation Department OGC – Office of the General Counsel OIST – Office of Information Systems and Technology PAU – Project
    [Show full text]
  • Quarterly Review a Publication of the Emerging Markets Private Equity Association ● Volume V, Issue 2, Q2 2009 June 2009
    Emerging Markets Private Equity Quarterly Review A Publication of the Emerging Markets Private Equity Association ● Volume V, Issue 2, Q2 2009 June 2009 Viewpoint In This Issue The first half of 2009 has been a dismal time for private equity and venture capi- tal firms worldwide, and emerging markets PE fund managers are seeing their FEATURES share of challenges. The recent upswing in the emerging markets stock indices gives hope that the impact of the financial crisis has already hit bottom in these markets, ahead of developed countries. But even if this trend holds—and it is not Plugging the Financing Gap: yet clear it will—private equity and venture capital fund managers in developing Is There a Growing Role for countries are not out of the woods yet. Mezzanine and Debt Funds? 3 Fundraising for EM PE remains very difficult, with Q1 2009 totals down 71% year-on-year, with no clear rebound in sight. LPs retain a positive outlook for new 2009 LP Survey Results: EM PE investment opportunities and expect outperformance from legacy and LPs Still Find Emerging Markets new funds relative to developed market buyouts. However, near-term financing Private Equity Attractive Despite constraints among many Western LPs will limit their ability to commit substantial Global Economic Downturn 8 funds to the asset class this year. In the midst of this crisis, the financing gap for developing market companies is Fundraising and Investment raising its head, as equity and debt availability is constrained. Fund managers and Slows in Q1 2009 11 development finance institutions are looking at innovative ways to fill the gap us- ing debt and mezzanine fund structures and vehicles, but these nascent efforts are not yet off the ground.
    [Show full text]
  • GOVERNANCE in EMERGING MARKET PRIVATE CAPITAL a Practical Resource for Investors and Fund Managers
    2019 GOVERNANCE IN EMERGING MARKET PRIVATE CAPITAL A practical resource for investors and fund managers A product of the Governance Working Group of the EMPEA ESG Community Governance in Emerging Market Private Capital 1 About the EMPEA ESG Community EMPEA’s Board of Directors Robert Petty (Chairman) The EMPEA ESG Community is open to all individuals at EMPEA Co-Founder Clearwater Funds / Co-CEO and Co-CIO Fiera Capital (Asia) member firms who have an active interest in environmental, social, Clearwater Funds / Fiera Capital (Asia) and governance issues (ESG) in the emerging market space. This Nicolas Rohatyn (Vice Chair) Community provides a platform to share resources and advice Chief Executive Officer & Chief Investment Officer The Rohatyn Group with EMPEA members considering how to build and/or expand Runa Alam their ESG management strategy and offers practitioners and Co-Founding Partner & Chief Executive Officer experts a forum to advance the development of ESG best practices Development Partners International through information exchange, research, and the aggregation and Fernando Borges development of innovative resources. Managing Director & Co-Head of Carlyle South America Buyout Group The Carlyle Group Project Team Torbjorn Caesar Senior Partner Hany Assaad, Co-Founder and Chief Portfolio and Risk Officer, Avanz Actis Capital Drew Guff Abir Attia, Director, Responsible Investing, AfricInvest Managing Director & Founding Partner Michael Casey, Founder and Managing Director, Portico Advisers Siguler Guff & Company Walter Van
    [Show full text]
  • Driving Vietnam's Economic Growth– the Role of Private Equity
    Driving Vietnam’s economic growth– the role of private equity and venture capital AVCJ Vietnam Forum 2017 Ho Chi Minh City, May 25, 2017 © Reddal Inc. This material is Reddal proprietary. Key messages Despite rapid growth and foreign investment, Vietnam’s economy (like many of its peers in SEA) remains vulnerable due to weak local supporting industries Vietnam’s private equity sector is still small and volatile but a vibrant ecosystem is starting to shape up, partially due to government support Finding good deals and driving systematic value creation continue to be challenging for private equity players – it is still about finding the “right opportunistic deal”, and there is room for more active HR, process, top- and bottom-line performance improvement Vietnam has promise but requires transparent policy – consumer- and technology-driven sectors have potential, and private equity could have a big economic impact if actively and transparently engaged in SOE reforms © Reddal Inc. This material is Reddal proprietary. 2 After Đổi Mới* reform, Vietnam experienced rapid growth, peaking at double digit GDP growth in 1995 GDP and GDP growth in Vietnam GDP growth (annual %) Asian GDP (current US$) financial crisis Increasing Mismanagement of export Global BTA** signed with financial SOEs and (BUSD) U.S. and increasing privatization reform crisis (%) FDI and export started 10 194 200 9 186 10 Đổi Mới 9 9 171 9 8 8 reform 156 7 8 8 8 7 136 150 7 7 7 7 6 6 106 6 6 7 6 6 6 6 116 6 5 5 5 5 5 5 99 100 5 4 4 77 66 4 3 58 49 3 50 43 37 34 35 38 27 29 2 26 25 21 25 27 14 13 16 6 6 10 10 1 0 0 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 *:Đổi Mới is the name of the major economic reforms started in Vietnam in 1986 to create a socialist-oriented market economy.
    [Show full text]
  • Upping the Dosage Cathay Launches Third Sino-French Vehicle Are PE Investors Getting What They Expected in Chinese Healthcare? Page 7 Page 13
    Asia’s Private Equity News Source avcj.com April 08 2014 Volume 27 Number 13 EDITOR’S VIEWPOINT Trial and error in private equity co-investment Page 3 NEWS Baring Asia, Blackstone, BVCF, Everstone, Hopu, IFC, MSPEA, SAIF, Tata Capital, Temasek Page 4 DEAL OF THE WEEK India’s Rabo Equity seeks nourishing returns Page 12 Wolsely draws up consolidation blueprint Page 12 FUNDS Siguler Guff cements BRIC fund close Page 13 Upping the dosage Cathay launches third Sino-French vehicle Are PE investors getting what they expected in Chinese healthcare? Page 7 Page 13 FOCUS PORTFOLIO Consumer complex Improved reception GPs on the implications of Japan’s tax hike Page 11 CDH, Mekong and Vietnam’s Mobile World Page 14 15th Annual Private Equity & Venture Forum Japan 2014 26-27 June, Conrad Tokyo GLOBAL PERSPECTIVE, LOCAL OPPORTUNITY avcjjapan.com Prospering in the New Japan Early confirmed LP speakers include: Juan Delgado-Moreira Hidekazu Ishida Managing Director, Investment Investment Officer Committee, Asia OSAKA GAS PENSION FUND HAMILTON LANE Takeshi Ito Yoshisuke Kiguchi Senior Portfolio Manager Chief Investment Officer AISIN EMPLOYEES’ PENSION FUND OKAYAMA METAL AND MACHINERY PENSION FUND Kazushige Kobayashi Tatsuya Kubo Managing Director Managing Director CAPITAL DYNAMICS HARBOURVEST PARTNERS (JAPAN) LIMITED Soichi Sam Takata Zhan Yang Head of Private Equity Director TOKIO MARINE ASSET MANGEMENT BLACKROCK PRIVATE EQUITY CO. LTD PARTNERS, ASIA For the latest programme and speaker line-up, please visit avcjjapan.com Secure your seat now, SAVE US$400
    [Show full text]
  • Understanding the Role of Venture Capital and Private Equity on Iran's
    Understanding the role of venture capital and private equity on Iran’s future economic development Workshop at IRAMOT 2016 Teheran, December 8, 2016 © Reddal Inc. This material is Reddal proprietary. Abstract Understanding the role of venture capital and private equity on Iran’s future economic development In this workshop we will review in detail how the venture capital and private equity markets have evolved in Finland, South Korea, Taiwan, Malaysia and Vietnam, and what learnings we can draw from the history of these markets to how Iran can develop in the future. These markets represent today different stages of maturity and sophistication when it comes to how technology companies are able to grow into globally competitive major players in their industry. We will discuss the decisions made by the governments in these countries, and what implications they have had for the development of the business ecosystem and growth. We will also take a concurrent view on the issues each of these countries are facing, and how that reflects to the stage Iran is now, and the decisions that are needed in Iran. The end goal of the workshop is to develop an outline of policy for future Iranian growth, especially in the technology startup and mid-cap sectors, with the aim to create internationally leading Iranian companies. Participants are requested to actively participate in the discussion. No prior knowledge of the venture capital and private equity sector is needed, although familiarity with basic terms and concepts, and current day issues in Iranian economy and government policy will be beneficial. © Reddal Inc.
    [Show full text]
  • Country Report Vietnam Entrepreneurial Ecosystem Assessment
    #ClosingTheGap Mekong Country Report Vietnam Entrepreneurial Ecosystem Assessment Commissioned on behalf of: Dutch Good Growth Fund (DGGF): Investment funds local SMEs April 2019 #ClosingTheGap Mekong Country Report Vietnam Entrepreneurial Ecosystem Assessment Commissioned on behalf of: The Dutch Good Growth Fund, part Investment funds for local Small and Medium Enterprises (SMEs), is a “fund of funds” investment initiative from the Dutch Ministry of Foreign Affairs. The initiative aims to improve financing for the “missing middle” – i.e. entrepreneurs who have outgrown micro-finance but do not yet have access to regular financial services. The Seed Capital and Business Development (SCBD) program was established to increase the impact of the DGGF by providing technical assistance, seed capital and business support services to intermediary investment funds and local SMEs. The program incorporates a knowledge development and sharing component that supports research, tests assumptions and shares insights into financing SMEs in developing countries and emerging markets – fostering industrywide knowledge exchange. Authored by: Matt van Roosmalen, David Totten, Emerging Markets Consulting (EMC) Reviewed by: Dominic Mellor, Asian Development Bank Marnix Mulder, Director Market Development, Triple Jump Coordinated by: Triple Jump, fund manager of Dutch Good Growth Fund (DGGF) part Investment funds local SMEs: Karina Avakyan, Knowledge Manager Julia Kho, Knowledge Manager Acknowledgements: The DGGF hired Emerging Markets Consulting (EMC) to complete the #CTG Mekong studies. The Evidence Network, Mekong Business Initiative provided research insights. The Vietnam Angel Investor Network co-facilitated the #CTG Vietnam stakeholder workshops, and the Saigon Innovation Hub hosted the workshop in Ho Chi Minh City Design & Visuals: Julian Deleij, De Beeldmaecker Disclaimer: #ClosingTheGap Vietnam has been commissioned on behalf of DGGF as part of the #ClosingTheGap series of entrepreneurial ecosystem assessments.
    [Show full text]
  • CEB Policy Paper
    CEB Policy Paper The Vietnamese financial economy: reforms and development, 1986-2016 Quan Hoang Vuong In an age of reform, Vietnam’s financial systems have come to a critical stage in which the quality of policy-making, independence of the central banking operations and over-risk controls will ultimately be required if the country is set to move forward in a sustainable fashion. Analysts may have different views about Vietnam’s financial economy, but all agree that it has evolved and grown fast over the past three decades. The next course of development will depend on how Vietnamese society views raison d’être of its financial systems and financial health. But the process will much depend on the economic growth of the economy as a whole. Failing to support a sustained growth puts VFS’s existence at risk as economic growth helps mitigate higher risk-taking behavior and contain instability in less competitive markets. Keywords: Financial economy, reforms, emerging market, money market, capital market JEL Classifications: E44, E58, F36, G00 CEB Policy Paper N° 19/001 March 2019 Université libre de Bruxelles - Solvay Brussels School of Economics and Management Centre Emile Bernheim ULB CP114/03 50, avenue F.D. Roosevelt 1050 Brussels BELGIUM e-mail: [email protected] Tel.: +32 (0)2/650.48.64 The Vietnamese financial economy: reforms and development, 1986-2016 Quan Hoang Vuong Université Libre de Bruxelles Email: [email protected] or [email protected] Abstract: In an age of reform, Vietnam’s financial systems have come to a critical stage in which the quality of policy-making, independence of the central banking operations and over-risk controls will ultimately be required if the country is set to move forward in a sustainable fashion.
    [Show full text]
  • The Mongol Lottery Baring Private Equity Asia’S Jean Eric Salata Foreign Investors Crave Mongolia’S Resources, but Fear Its Murky Politics Page 7 Page 15
    Asia’s Private Equity News Source avcj.com March 26 2013 Volume 26 Number 12 EDITor’s VieWPOINT Nominations open for the AVCJ China Awards Page 3 NEWS AMP, Canaan, Carlyle, CPPIB, CVC, CVCI, FountainVest, JAFCO, KKR, Quadria, Shoreline Page 4 INDONESIA WEBINAR What must Indonesia do to turn the hype into private equity returns? Page 10 DEAL OF THE WEEK Leopard Capital makes Cambodia agriculture investment Page 14 INDUSTRY Q&A The Mongol lottery Baring Private Equity Asia’s Jean Eric Salata Foreign investors crave Mongolia’s resources, but fear its murky politics Page 7 Page 15 FOCUS DEAL OF THE WEEK Digital down under Mekong mobile exit Angels back Australian venture revival Page 13 PE firm to sell rest of Mobile World in IPO Page 14 AVCJ WILL SKIP AN ISSUE NEXT WEEK FOR THE EASTER HOLIDAY. WE return ON APRIL 9 INNOVATION... SOPHISTICATION... INTEGRATION... Shearman & Sterling has an established presence with a 139-year legacy. It is one of the world’s leading international law firms known for its expertise in virtually every area of law relating to commercial and financial activity, from advice on investment funds, capital markets, corporate/mergers and acquisitions, project development and finance transactions through to representation in international arbitration and litigation. With a long-standing commitment to Asia for more than 30 years, we offer a sophisticated approach to deliver innovative and integrated strategic, tactical and technical advice to our clients. Our core practice areas include: ▪ Acquisition Finance ▪ Intellectual
    [Show full text]
  • Pb Ar 2018.Pdf
    ANNUAL REPORT 2018 The Securities and Exchange Commission, Thailand CAPITAL MARKET FOR ALL 03 04 05 The Beginning 06 Message from the Chairman “The SEC operates on the basis of integrity, transparency and good governance. We are open to stakeholders’ sharing of information and opinions and take into account the ecosystem analysis and relevant factors to build insight on everything that we do. We also welcome stakeholders’ contributions in various areas, from policy to practice.” In 2018, the SEC continued to implement the strategic plan in line with the National Strategy, which aims to drive Thailand towards “Stability, Prosperity, Sustainability”. In so doing, the SEC adheres to the principles of integrity, transparency and good governance to achieve the Vision that “the SEC strives to enhance the benefits and well-being of people through being a trustworthy and proactive organisation and collaborating with all stakeholders to build a sustainable capital market.” We are committed to building a capital market that serves the national needs amid the backdrop of rapid changes in the form of financial technology and other challenging factors such as an aging society, inequality, and the middle-income trap. Throughout the year, we cooperated with stakeholders at our fullest capacity to achieve five key strategic objectives, namely (1) to democratize access to quality wealth advice for the public to build long-term financial stability, (2) to create funding opportunities for economic growth and sustainability by diversifying fund mobilization
    [Show full text]
  • Credibility at Risk Southeast Asia’S Future Politico-Economic Roadmap in Abeyance Following the Myanmar Coup in February
    Southeast Asia – Analysis Southeast Asia – Analysis ASEAN Credibility at Risk Southeast Asia’s future politico-economic roadmap in abeyance following the Myanmar coup in February Reprint of article published in the 10th Mar, 2021 Subscribers’ Weekly April 2021 ASIA PRIVATE EQUITY REVIEW 49 Southeast Asia – Analysis Key Points ● The sudden change of the political regime in ◦ robust public market: investors are displaying appetite Myanmar on 1st Feb is reshaping the politico- for listed assets backed by private equity investors – economic landscape of SE Asia. The implication is so ▪ in Oct 2020, 3 private equity-backed companies were vast and grim that – listed – ◦ Singapore’s foreign minister commented that “ASEAN’s » Nanofilm, backed by Heliconia, UOB Ventures and credibility is at risk” EDBI, was listed on the Singapore Exchange Ltd ◦ a spokesman from the United Nations warned that SE » MR D.I.Y., backed by Creador, listed on Bursa Asia’s “stability hangs on Myanmar” Malaysia KLCI » Converge Information and Communications ● Myanmar’s military coup came when the SE Asia private Technology, backed by Warburg Pincus, listed on equity/venture capital ecosystem has just reached a the Philippines Stock Exchange level of maturity – At the close of 5th Mar, both Nanofilm and MR D.I.Y. ◦ funds: since beginning of the year, 4 funds, each with have their respective benchmark notable sizes have achieved either first or final closings outperformed indices that represent US$1.1 bn in aggregate fresh capital ◦ in the making: the ◦ investments: the
    [Show full text]