ANNOUNCEMENT 31 May 2010In May 2010, the government of Japan announced a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
"JBIC signs Letter of Intent for Operational Cooperation with Maybank Group." 1 June 2010. Press release found at http://www.jbic.go.jp
On 31 May 2010 the Japan Bank for International Cooperation (JBIC) signed a letter of intent with three commercial banks in the ASEAN region (Maybank in Malaysia, PT Bank International in Indonesia, and Maybank Philippines.) Of the three banks Maybank is perhaps the most important as it has branch offices in Singapore, Cambodia, Vietnam and Brunei, in addition to a substantial network in Malaysia. According to the relevant press release "The untied loan aims to provide financing for Japanese affiliates operating in the ASEAN region and their local supporting industries by collaborating with Maybank group...."
Such funding arrangements put non-Japanese firms operating supply chains in the ASEAN region at a disadvantage.