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RIO DE JANEIRO, Brazil’s Development Bank (BNDES) and the Export-Import Bank of China (Cexim) have formalized an agreement to establish a landmark US$1 billion (RM4.21 billion) joint investment fund aimed at financing strategic sectors that support economic development and innovation. The fund, set to begin operations in 2026, will target investments across energy transition, infrastructure, mining, agriculture, and artificial intelligence (AI), reflecting both nations’ shared priorities in advancing sustainable growth and technological competitiveness. Chinese President Xi Jinping (left), with Brazilian President Luiz Inácio Lula da Silva (right). Under the arrangement, BNDES will contribute US$400 million, while Cexim will provide US$600 million. Together, the two institutions will deploy capital through a combination of debt securities and equity investments in Brazil, with a focus on projects that can accelerate industrial modernization, boost productivity, and support the low-carbon transition. BNDES and Cexim have already signed a commitment term and a declaration of intent to cooperate in structuring the fund. According to BNDES planning director Nelson Barbosa, the initiative represents the first bilateral investment fund jointly developed by a Brazilian and a Chinese financial institution, marking a significant milestone in the countries’ economic partnership. Notably, the fund will operate primarily in Brazilian reais, underlining its commitment to supporting domestic market financing while reducing reliance on external currency volatility. Speaking at the signing ceremony in Rio de Janeiro, Barbosa emphasized the broader importance of the initiative. “This new partnership between the two institutions will strengthen the commercial and economic relationship between Brazil and China. It will also create new channels of financing for projects that are crucial to Brazil’s long-term development and competitiveness, while deepening integration between our two economies,” he said. The announcement comes at a time when Brazil is actively seeking to diversify its sources of foreign investment and build stronger ties with strategic partners such as China, which remains its largest trading partner and a growing source of capital inflows. The collaboration also complements China’s broader engagement in Latin America, where it has steadily increased investments in energy, infrastructure, and technology projects over the past decade. Analysts say the fund could serve as a template for future bilateral investment platforms, especially those seeking to balance traditional sectors like mining and agriculture with forward-looking industries such as renewable energy and AI. For Brazil, the initiative offers a powerful financing mechanism to accelerate industrial transformation, while for China, it opens an avenue to strengthen its economic footprint in one of Latin America’s largest markets. The new fund is expected to announce its first wave of investments soon after its official launch in 2026, with further details on governance and project selection criteria to be revealed in the coming months.

The Monetary Authority of Singapore (MAS) has named Abigail Ng as its new Chief Sustainability Officer (CSO), effective 6 October 2025, underscoring the city-state’s next phase in embedding climate and sustainability goals into financial regulation. Ng succeeds Gillian Tan, who had carried the dual portfolio of Assistant Managing Director (Development & International) and CSO since 2022. Monetary Authority of Singapore (MAS) has named Abigail Ng as its new Chief Sustainability Officer (CSO). This appointment marks a structural shift for MAS, which has chosen to carve out the CSO role as a dedicated leadership position, distinct from its broader developmental and international mandates. Officials said the move comes as Singapore transitions from designing sustainability frameworks to scaling and executing them across financial markets. Building Asia’s sustainable finance architecture Over the last three years, MAS’ Sustainability Group has spearheaded multiple high-impact initiatives. Under Tan’s leadership, MAS launched the Finance for Net Zero Action Plan to mobilise capital for Asia’s decarbonisation. Other landmark programs included: The Singapore-Asia Taxonomy, setting consistent standards for green finance. The Transition Credits Coalition (TRACTION), to support credible transition credits. The Financing Asia’s Transition Partnership (FAST-P), a blended finance platform to crowd in private capital. A Sustainable Finance Jobs Transformation Map, aligning workforce skills with the sector’s growing demand. Tan will continue with MAS as Group Head of the Development & International Group, focusing on global engagement and policy development. Ng’s regulatory focus Ng, currently Head of the Markets Policy & Consumer Department, has played a key role in shaping sustainability disclosure requirements and coordinating with global regulators on financial standards. Her promotion signals MAS’ intention to reinforce policy clarity, regulatory credibility, and international alignment in sustainable finance. In her new role, Ng is expected to prioritise: Strengthening disclosure frameworks and taxonomy-based standards. Guiding financial institutions in transition financing. Enhancing Singapore’s credibility as a hub for green and sustainable capital flows. Broader implications for global finance For international banks, investors, and corporates operating through Singapore, the change reflects three clear messages: Sustainability is now institutionalised at the highest level of MAS’ governance. The regulator is shifting from framework design to practical enforcement and execution. Singapore aims to maintain leadership in the global dialogue on transition finance, particularly in Asia’s distinct energy and industrial pathways. Market participants should expect closer scrutiny of ESG claims, stricter alignment with disclosure rules, and deeper integration of taxonomy-based financing into market practices. A structural pivot for Singapore MAS’ decision to establish a dedicated CSO role highlights Singapore’s long-term calculation: sustainable finance is no longer a temporary agenda but a core pillar of financial regulation and competitiveness. Ng’s leadership will be closely watched as Singapore continues to position itself as a bridge between Asia and global capital markets. Her role is expected to shape not only domestic frameworks but also influence regional and international standards, particularly in areas like blended finance, transition pathways, and credible ESG reporting. For investors and corporates, the message is clear: sustainability is now fully embedded in the DNA of Singapore’s financial system, setting a precedent for regulators across Asia.

SINGAPORE, Malaysia’s sovereign wealth fund, Khazanah Nasional Bhd, is looking to strengthen its partnerships with both the United States and China, recognising their pivotal roles in shaping global capital flows, supply chains, and technological advancement, according to its Chief Investment Officer, Datuk Hisham Hamdan. Speaking on the sidelines of the Milken Institute Asia Summit 2025 in Singapore, Hisham said Khazanah’s mandate extends beyond investing in foreign companies. A key focus, he noted, is to identify businesses in the US and China that can collaborate with Malaysian entrepreneurs and contribute expertise in research and development (R&D). “You have to pay attention to these countries,” Hisham told Reuters in an interview, highlighting China’s R&D expenditure of 2.7% of GDP as a benchmark that underscores the importance of knowledge partnerships. Malaysia has in recent years attracted growing inflows of investment from both the US and China, particularly in data centre infrastructure, with major commitments from global technology giants including Microsoft, Alphabet, and Amazon, as well as Chinese leaders such as Tencent, Alibaba, and Huawei. The nation is also positioning itself as a regional hub for semiconductors, automotive manufacturing, and critical minerals such as rare earths. On macroeconomic conditions, Hisham said he was encouraged by the potential convergence of US interest rate cuts and China’s supply chain realignments. “That reminds me of the roaring 90s,” he said, recalling the period when Malaysia’s economy surged on the back of US monetary easing and Japan’s supply chain relocations to Southeast Asia. “We want to take advantage of this shift — China’s supply chain diversification into ASEAN and Malaysia,” he added. Khazanah currently holds investments across more than 8,000 companies worldwide. Hisham stressed that the fund’s strategy is not just about targeting individual firms, but rather ensuring the right balance between geographic exposure and sectoral positioning. Founded in 1994 and wholly owned by the Malaysian government, Khazanah has in recent years pivoted toward a more diversified and global portfolio, with rising allocations to technology, renewable energy, and private equity. When asked about Reuters’ exclusive report on Khazanah’s potential partnership with a Chinese state-owned enterprise to develop a rare earth refinery in Malaysia, Hisham declined to confirm the discussions, saying it was “way too early.” However, he acknowledged that rare earths remain one of the industries under review by the fund.

KUALA LUMPUR, The mandatory general offer (MGO) for Eurospan Holdings Bhd has officially closed, with the company’s new controlling shareholder, Samuel Ng Heng Hong, now holding a commanding 84.11% stake in the Malaysian furniture manufacturer. According to a statement by AmInvestment Bank Bhd, which acted on behalf of Ng’s private investment vehicle, EC Synergy (M) Sdn Bhd, the MGO concluded yesterday with valid acceptances totaling 4.43 million shares. This represents approximately 9.97% of Eurospan’s issued share capital. Prior to the MGO, Ng had already acquired a 74.14% block of shares from Eurospan’s chairman Tan Han Chuan and non-executive director Tan Ching Ching. With the additional shares obtained through the MGO, Ng now controls a total of 37.36 million shares. The initial acquisition of the Tan siblings’ majority stake was valued at RM75.75 million, or RM2.30 per share, and triggered the mandatory offer under Malaysian takeover rules. Independent adviser MainStreet Adviser had recommended that shareholders reject the MGO, citing the offer price. Although the RM2.30 per share price represented a 132% premium over Eurospan’s net asset value, it was still priced at discounts ranging from 4.1% to 21.4% compared with recent market trading levels. This MGO is Eurospan’s second in just over a year, following a previous takeover bid by the Tan siblings at RM1.70 per share in May 2024. In reaction to the news, Eurospan’s shares jumped 21.25% yesterday to close at RM2.91, giving the group a market capitalisation of RM129.3 million. The stock has seen substantial gains over the past year, rising more than 71%, while year-to-date, the share price has increased by over 27%. The latest developments cement Samuel Ng’s control over Eurospan, giving him the ability to influence strategic decisions and future growth plans for the company, while also highlighting the active movements in Malaysia’s small-cap furniture manufacturing sector.