Reuben Ong, a senior banker with more than 13 years of experience at JP Morgan Chase, is set to head the bank’s private credit financing business in Southeast Asia, according to an announcement reported by Reuters. Ong’s long-standing tenure has coincided with JP Morgan’s ascent to becoming a “top three player in Southeast Asia” debt capital markets (DCM), as confirmed by a spokesperson.
Currently leading the firm’s Southeast Asia DCM, Ong’s role will transition to Puja Shah, an executive director with over eight years at JP Morgan. Private credit, a form of financing provided by non-bank lenders, particularly into securities of unrated or lower-rated companies, is gaining traction as borrowers seek alternative funding sources in the face of rising interest rates, presenting potentially higher returns for lenders.
JP Morgan sees Ong’s move as an extension of the success of their private credit financing offerings in India, responding to the increasing demand from clients in Southeast Asia. The private credit asset class is projected to reach $2.8 trillion by 2028, nearly doubling from $1.5 trillion in 2022, with an expected annual growth rate of 11%, according to data from Preqin. This strategic move aligns with the bank’s efforts to capitalise on the growing private credit market and diversify its financing options in the region.