Author: Donald Klip

New Zealand's corporate lending market is effectively an extension of the Australian banking system. As the Australian parents have tightened, so have their New Zealand subsidiaries — creating an emerging opportunity for private credit in the mid-market. 

Published by 

Donald Klip | Co-Founder, Global Mortgage Group | Head, GMG Capital Advisory 

30 years of institutional finance. Former hedge fund founder. Senior roles at top global investment banks. GMG Capital Advisory arranges private credit and special situations finance of $10M–$100M for operating companies across Asia Pacific. 

[email protected] | +65 9773 0273 | Singapore · Hong Kong | Asia-Pacific 

For operating companies in New Zealand, private credit has become the most reliable source of corporate capital when banks cannot serve the full structure. 

The Banking Environment in New Zealand 

New Zealand's four major banks — ANZ NZ, BNZ, ASB, and Westpac NZ — are all subsidiaries of Australian parents. They apply substantially similar credit frameworks, sector restrictions, and risk appetite calibrations to their New Zealand operations. The tightening of Australian bank credit standards post-Royal Commission has therefore translated directly into tighter credit in New Zealand. For mid-market businesses outside the agricultural and residential property sectors, accessing corporate credit at meaningful scale is increasingly challenging. 

The Private Credit Opportunity 

New Zealand's private credit market is at an early stage of development. Most significant mid-market private credit transactions in New Zealand are arranged by Australian or international lenders rather than domestic providers. Collateral in New Zealand private credit typically includes real property, business cash flows, and personal guarantees from HNWI business owners. Agricultural land and production assets can also form part of the security package for appropriate transactions. 

GMG Capital Advisory in New Zealand 

GMG Capital Advisory can access private credit capital for New Zealand-operating businesses through our network of Australia-based and international private credit providers. If your New 

Zealand business requires corporate debt financing that your bank cannot provide, speak to us about what is available. 

New Zealand's under-developed private credit market creates opportunities for businesses that move early and work with arrangers with established international lender relationships. 

About GMG Capital Advisory 

Donald Klip | Co-Founder, Global Mortgage Group | Head, GMG Capital Advisory 

Donald Klip has 30 years of institutional finance experience spanning hedge fund management and senior roles at the world’s top global investment banks. GMG Capital Advisory specialises in arranging and structuring corporate debt financing of $10M–$100M for operating companies, asset owners, and project sponsors where conventional bank lending is unavailable, insufficient, or too slow. We operate across 23+ jurisdictions in Asia Pacific. 

www.gmg.asia | [email protected] | +65 9773 0273 | Singapore · Hong Kong 

The Debt Desk 

Corporate private credit intelligence for Asia Pacific’s $10M–$100M middle market. Published by GMG Capital Advisory. Part of the Private Credit Asia content series. 

www.gmg.asia | Read all 41 articles in the series

Hong Kong's role in Asia Pacific private credit is primarily as a financing hub rather than a destination market. Understanding how to use Hong Kong structures effectively is essential for any business seeking cross-border corporate capital. 

Published by 

Donald Klip | Co-Founder, Global Mortgage Group | Head, GMG Capital Advisory 

30 years of institutional finance. Former hedge fund founder. Senior roles at top global investment banks. GMG Capital Advisory arranges private credit and special situations finance of $10M–$100M for operating companies across Asia Pacific. 

[email protected] | +65 9773 0273 | Singapore · Hong Kong | Asia-Pacific 

For operating companies in Hong Kong, private credit has become the most reliable source of corporate capital when banks cannot serve the full structure. 

The Banking Environment in Hong Kong 

Hong Kong's banking system is one of the deepest in Asia Pacific but is overwhelmingly oriented toward real estate, trade finance, and large corporate lending. Mid-market operating company credit, particularly for businesses without significant Hong Kong property collateral, is difficult to access through the domestic banking system. 

The Private Credit Opportunity 

Hong Kong's most important role in Asia Pacific private credit is as a cross-border financing hub. Hong Kong-incorporated holding companies, with their established legal framework, reliable contract enforcement, and access to international capital, are among the most common booking structures for private credit transactions across the region. A Singapore manufacturer using a Hong Kong holding entity to borrow against regional operating assets. A Thai hospitality group using Hong Kong as the borrowing entity for a private credit facility. These structures are well-established and well-understood by private credit lenders. For businesses with genuine Hong Kong operations, private credit is available for bridge financing, acquisition finance, working capital, and recapitalisation. 

GMG Capital Advisory in Hong Kong 

GMG Capital Advisory is based in Hong Kong as well as Singapore and has deep familiarity with Hong Kong corporate structures, security arrangements, and the local legal framework. We regularly use Hong Kong holding structures in our Asia Pacific private credit transactions and can advise on the optimal structure for your specific situation. 

Hong Kong's sophisticated legal framework and well-established offshore holding company structures make it the natural hub for multi-jurisdiction Asia Pacific private credit transactions. 

About GMG Capital Advisory 

Donald Klip | Co-Founder, Global Mortgage Group | Head, GMG Capital Advisory 

Donald Klip has 30 years of institutional finance experience spanning hedge fund management and senior roles at the world’s top global investment banks. GMG Capital Advisory specialises in arranging and structuring corporate debt financing of $10M–$100M for operating companies, asset owners, and project sponsors where conventional bank lending is unavailable, insufficient, or too slow. We operate across 23+ jurisdictions in Asia Pacific. 

www.gmg.asia | [email protected] | +65 9773 0273 | Singapore · Hong Kong 

The Debt Desk 

Corporate private credit intelligence for Asia Pacific’s $10M–$100M middle market. Published by GMG Capital Advisory. Part of the Private Credit Asia content series. 

www.gmg.asia | Read all 41 articles in the series

Taiwan's large and internationally active manufacturing and technology base is chronically underfunded by the domestic banking system. For cross-border capital requirements in particular, private credit is the most effective solution. 

Published by 

Donald Klip | Co-Founder, Global Mortgage Group | Head, GMG Capital Advisory 

30 years of institutional finance. Former hedge fund founder. Senior roles at top global investment banks. GMG Capital Advisory arranges private credit and special situations finance of $10M–$100M for operating companies across Asia Pacific. 

[email protected] | +65 9773 0273 | Singapore · Hong Kong | Asia-Pacific 

For operating companies in Taiwan, private credit has become the most reliable source of corporate capital when banks cannot serve the full structure. 

The Banking Environment in Taiwan 

Taiwan has a fragmented domestic banking system with many banks but few with genuine large corporate lending scale. The export-oriented manufacturing and technology base that forms the backbone of the Taiwanese economy is chronically underfunded relative to its capital needs, particularly for cross-border expansion and international acquisition financing. The Financial Supervisory Commission's implementation of Basel III has further constrained domestic bank appetite for mid-market corporate credit. 

The Private Credit Opportunity 

Private credit for Taiwanese businesses is typically structured through offshore entities, Singapore, Hong Kong, or Cayman holding companies, with security over Taiwanese operating assets and cross-border cash flows. Taiwanese manufacturers and exporters with confirmed international purchase orders present strong collateral profiles. Active sectors include electronics and semiconductor supply chain, precision manufacturing, food processing and export, healthcare and medical devices, and logistics. 

GMG Capital Advisory in Taiwan 

GMG Capital Advisory arranges private credit for Taiwanese-operating businesses through appropriate offshore structures. We understand the specific legal requirements for security over Taiwanese assets and maintain active relationships with capital providers seeking Taiwanese mid-market exposure. 

Taiwan's export-oriented manufacturing base generates some of the strongest collateral profiles in the region. Confirmed international purchase orders from investment-grade buyers are among the most bankable collateral in Asia Pacific private credit. 

About GMG Capital Advisory 

Donald Klip | Co-Founder, Global Mortgage Group | Head, GMG Capital Advisory 

Donald Klip has 30 years of institutional finance experience spanning hedge fund management and senior roles at the world’s top global investment banks. GMG Capital Advisory specialises in arranging and structuring corporate debt financing of $10M–$100M for operating companies, asset owners, and project sponsors where conventional bank lending is unavailable, insufficient, or too slow. We operate across 23+ jurisdictions in Asia Pacific. 

www.gmg.asia | [email protected] | +65 9773 0273 | Singapore · Hong Kong 

The Debt Desk 

Corporate private credit intelligence for Asia Pacific’s $10M–$100M middle market. Published by GMG Capital Advisory. Part of the Private Credit Asia content series. 

www.gmg.asia | Read all 41 articles in the series

South Korea's banking system allocates the majority of corporate credit to the chaebol conglomerates that dominate the economy. For mid-market independents, private credit is the most reliable source of meaningful corporate debt financing. 

Published by 

Donald Klip | Co-Founder, Global Mortgage Group | Head, GMG Capital Advisory 

30 years of institutional finance. Former hedge fund founder. Senior roles at top global investment banks. GMG Capital Advisory arranges private credit and special situations finance of $10M–$100M for operating companies across Asia Pacific. 

[email protected] | +65 9773 0273 | Singapore · Hong Kong | Asia-Pacific 

For operating companies in South Korea, private credit has become the most reliable source of corporate capital when banks cannot serve the full structure. 

The Banking Environment in South Korea 

Korea's big four banks — KB Kookmin, Shinhan, Hana, and Woori, are among the most concentrated in their corporate lending, with the bulk of business lending directed toward chaebol-affiliated companies and large domestic corporates. Mid-market independents, particularly those without chaebol or government affiliations, face chronic underservice from the domestic banking system. The FSC's implementation of Basel III with Korean-specific calibrations has further constrained mid-market corporate lending capacity. 

The Private Credit Opportunity 

Private credit for Korean mid-market businesses is typically accessed through offshore structures, Singapore or Hong Kong holding entities lending against Korean operating assets. The Korean legal system provides reliable contract enforcement and security registration. Active sectors include technology and manufacturing, healthcare and biotechnology, consumer and retail, logistics, and renewable energy. 

GMG Capital Advisory in South Korea 

GMG Capital Advisory arranges private credit for businesses operating in South Korea through appropriate offshore structures. We maintain relationships with capital providers seeking Korean 

mid-market exposure and understand the specific requirements of Korean security and corporate structures. Korea's technology and manufacturing sectors present particularly attractive private credit opportunities for lenders with the expertise to underwrite cross-border structures correctly. 

About GMG Capital Advisory 

Donald Klip | Co-Founder, Global Mortgage Group | Head, GMG Capital Advisory 

Donald Klip has 30 years of institutional finance experience spanning hedge fund management and senior roles at the world’s top global investment banks. GMG Capital Advisory specialises in arranging and structuring corporate debt financing of $10M–$100M for operating companies, asset owners, and project sponsors where conventional bank lending is unavailable, insufficient, or too slow. We operate across 23+ jurisdictions in Asia Pacific. 

www.gmg.asia | [email protected] | +65 9773 0273 | Singapore · Hong Kong 

The Debt Desk 

Corporate private credit intelligence for Asia Pacific’s $10M–$100M middle market. Published by GMG Capital Advisory. Part of the Private Credit Asia content series. 

www.gmg.asia | Read all 41 articles in the series

Japan's corporate lending market is among the most closed in Asia Pacific for businesses outside the keiretsu system. For foreign-owned and cross-border businesses, private credit is often the only viable option. 

Published by 

Donald Klip | Co-Founder, Global Mortgage Group | Head, GMG Capital Advisory 

30 years of institutional finance. Former hedge fund founder. Senior roles at top global investment banks. GMG Capital Advisory arranges private credit and special situations finance of $10M–$100M for operating companies across Asia Pacific. 

[email protected] | +65 9773 0273 | Singapore · Hong Kong | Asia-Pacific 

For operating companies in Japan, private credit has become the most reliable source of corporate capital when banks cannot serve the full structure. 

The Banking Environment in Japan 

Japan's banking system is characterised by the keiretsu, the long-standing networks of affiliated companies and their main banks. MUFG, Sumitomo Mitsui, and Mizuho are the three megabanks at the centre of the three major keiretsu groupings. For businesses that are not part of a keiretsu, which includes virtually all foreign-owned or foreign-managed businesses operating in Japan, the domestic banking system is effectively closed for meaningful corporate credit. 

The Private Credit Opportunity 

Private credit for Japan-operating businesses is typically arranged through offshore holding structures: Singapore, Hong Kong, or Cayman entities, lending against Japanese operating assets. The legal framework for security enforcement in Japan is well-developed and reliable. Active sectors in Japan private credit for foreign-owned businesses include technology and services, manufacturing and industrial, hospitality and tourism, healthcare and life sciences, and real estate. 

GMG Capital Advisory in Japan 

GMG Capital Advisory arranges private credit for foreign-owned businesses operating in Japan through appropriate offshore structures. We understand the specific legal and structural 

requirements of Japanese security arrangements and maintain relationships with capital providers with Japanese exposure appetite. 

Japan's reliable legal framework and strong asset values make Japanese operating assets attractive collateral for international private credit lenders. The key challenge is structuring the offshore borrowing entity and security arrangements correctly. 

About GMG Capital Advisory 

Donald Klip | Co-Founder, Global Mortgage Group | Head, GMG Capital Advisory 

Donald Klip has 30 years of institutional finance experience spanning hedge fund management and senior roles at the world’s top global investment banks. GMG Capital Advisory specialises in arranging and structuring corporate debt financing of $10M–$100M for operating companies, asset owners, and project sponsors where conventional bank lending is unavailable, insufficient, or too slow. We operate across 23+ jurisdictions in Asia Pacific. 

www.gmg.asia | [email protected] | +65 9773 0273 | Singapore · Hong Kong 

The Debt Desk 

Corporate private credit intelligence for Asia Pacific’s $10M–$100M middle market. Published by GMG Capital Advisory. Part of the Private Credit Asia content series. 

www.gmg.asia | Read all 41 articles in the series

India's banking system has spent a decade working through a significant non-performing asset crisis. The consequence for mid-market corporate borrowers has been a prolonged period of extremely conservative lending standards — and a significant opportunity for private credit. 

Published by 

Donald Klip | Co-Founder, Global Mortgage Group | Head, GMG Capital Advisory 

30 years of institutional finance. Former hedge fund founder. Senior roles at top global investment banks. GMG Capital Advisory arranges private credit and special situations finance of $10M–$100M for operating companies across Asia Pacific. 

[email protected] | +65 9773 0273 | Singapore · Hong Kong | Asia-Pacific 

For operating companies in India, private credit has become the most reliable source of corporate capital when banks cannot serve the full structure. 

The Banking Environment in India 

India's public sector banks accumulated enormous non-performing asset books that peaked around 2018–2020. The RBI-mandated resolution process required substantial bank recapitalisation and a fundamental reassessment of corporate lending standards, resulting in a prolonged period of very conservative corporate credit across the PSU banking sector. Foreign-owned businesses and internationally structured entities face additional barriers: FEMA compliance requirements, RBI approval for certain cross-border debt structures, and domestic bank unfamiliarity with international corporate structures. 

The Private Credit Opportunity 

India's private credit market is one of the fastest-growing in Asia Pacific. Both domestic and international private credit funds have increased their India allocations significantly. Sectors particularly active include real estate development, healthcare and pharmaceuticals, manufacturing, logistics, consumer businesses, and renewable energy and digital infrastructure. Cross-border private credit for Indian businesses, structured through Mauritius, Singapore, or other international holding structures, is well-established and provides access to a broader range of international capital. 

GMG Capital Advisory in India 

GMG Capital Advisory arranges private credit for Indian-operating businesses through appropriate offshore structures. We understand the specific requirements of India's cross-border debt regulatory framework and maintain relationships with private credit capital providers actively seeking Indian mid-market exposure. 

India's private credit market has matured significantly. Experienced international arrangers with established India relationships can structure and close transactions efficiently despite the regulatory complexity. 

About GMG Capital Advisory 

Donald Klip | Co-Founder, Global Mortgage Group | Head, GMG Capital Advisory 

Donald Klip has 30 years of institutional finance experience spanning hedge fund management and senior roles at the world’s top global investment banks. GMG Capital Advisory specialises in arranging and structuring corporate debt financing of $10M–$100M for operating companies, asset owners, and project sponsors where conventional bank lending is unavailable, insufficient, or too slow. We operate across 23+ jurisdictions in Asia Pacific. 

www.gmg.asia | [email protected] | +65 9773 0273 | Singapore · Hong Kong 

The Debt Desk 

Corporate private credit intelligence for Asia Pacific’s $10M–$100M middle market. Published by GMG Capital Advisory. Part of the Private Credit Asia content series. 

www.gmg.asia | Read all 41 articles in the series

Thailand's corporate lending environment presents specific and well-documented challenges for foreign-owned businesses and cross-border operators. Private credit has become the dominant solution for this segment. 

Published by 

Donald Klip | Co-Founder, Global Mortgage Group | Head, GMG Capital Advisory 

30 years of institutional finance. Former hedge fund founder. Senior roles at top global investment banks. GMG Capital Advisory arranges private credit and special situations finance of $10M–$100M for operating companies across Asia Pacific. 

[email protected] | +65 9773 0273 | Singapore · Hong Kong | Asia-Pacific 

For operating companies in Thailand, private credit has become the most reliable source of corporate capital when banks cannot serve the full structure. 

The Banking Environment in Thailand 

Thailand's banking system is centralised and conservative. The major banks make corporate credit decisions through centralised committees with limited regional mandate. For foreign-owned businesses, the challenges are structural: the Land Code restricts foreign ownership of land, and the Business of Foreigners Act limits foreign ownership in many business categories. These restrictions, combined with domestic banks' unfamiliarity with cross-border structures, make meaningful bank credit inaccessible for most foreign-operated businesses in Thailand. 

The Private Credit Opportunity 

Private credit for Thai operating companies is primarily structured through offshore holding entities. Singapore-incorporated holding companies with Thai operating subsidiaries are the most common structure, enabling cleaner security registration and access to international private credit capital. Thailand is one of GMG Capital Advisory's most active markets. We have arranged private credit for hospitality and hotel businesses, real estate developers, manufacturing operations, and service businesses across Thailand. 

GMG Capital Advisory in Thailand 

GMG Capital Advisory has deep experience in Thai private credit transactions and maintains established legal relationships across the country. We are one of the few private credit arrangers with genuine in-market expertise in Thailand's specific legal and regulatory environment for cross-border corporate finance. 

Collateral in Thai private credit transactions commonly includes Thai real property held through appropriate structures, equity in Thai operating companies, contracted revenues from international customers, and personal guarantees from foreign business owners. 

About GMG Capital Advisory 

Donald Klip | Co-Founder, Global Mortgage Group | Head, GMG Capital Advisory 

Donald Klip has 30 years of institutional finance experience spanning hedge fund management and senior roles at the world’s top global investment banks. GMG Capital Advisory specialises in arranging and structuring corporate debt financing of $10M–$100M for operating companies, asset owners, and project sponsors where conventional bank lending is unavailable, insufficient, or too slow. We operate across 23+ jurisdictions in Asia Pacific. 

www.gmg.asia | [email protected] | +65 9773 0273 | Singapore · Hong Kong 

The Debt Desk 

Corporate private credit intelligence for Asia Pacific’s $10M–$100M middle market. Published by GMG Capital Advisory. Part of the Private Credit Asia content series. 

www.gmg.asia | Read all 41 articles in the series

The Philippines has one of the most concentrated banking systems in Asia Pacific. For businesses outside the major conglomerate ecosystems, private credit has become an increasingly important source of corporate capital. 

Published by 

Donald Klip | Co-Founder, Global Mortgage Group | Head, GMG Capital Advisory 

30 years of institutional finance. Former hedge fund founder. Senior roles at top global investment banks. GMG Capital Advisory arranges private credit and special situations finance of $10M–$100M for operating companies across Asia Pacific. 

[email protected] | +65 9773 0273 | Singapore · Hong Kong | Asia-Pacific 

For operating companies in Philippines, private credit has become the most reliable source of corporate capital when banks cannot serve the full structure. 

The Banking Environment in Philippines 

Philippine banking is dominated by a small number of large family-controlled conglomerates whose affiliated banks: BDO Unibank, Metropolitan Bank, Bank of the Philippine Islands, and Security Bank, prioritise lending within their own corporate ecosystems. For businesses outside these ecosystems, independent mid-market companies, foreign-owned businesses, and operators in sectors not affiliated with the major conglomerates, access to meaningful corporate credit is limited, slow, and typically conditional on collateral that most mid-market businesses cannot easily provide. 

The Private Credit Opportunity 

Private credit for Philippine operating companies is typically arranged through offshore holding structures, Singapore or Hong Kong entities that lend against Philippine operating assets. Active sectors include business process outsourcing, manufacturing, real estate development, healthcare, hospitality, and agricultural processing. Personal guarantees from HNWI Filipino business owners are frequently significant, the Philippines has a large population of high-net-worth families whose personal guarantees provide meaningful credit enhancement for mid-market transactions. 

GMG Capital Advisory in Philippines 

GMG Capital Advisory has structured corporate private credit transactions for Philippine-operating businesses and understands the specific legal and structural requirements for security arrangements involving Philippine assets and entities. 

The Philippine private credit market is growing. Well-structured transactions with strong security packages can access capital from Singapore-based lenders with genuine Asia Pacific regional coverage. 

About GMG Capital Advisory 

Donald Klip | Co-Founder, Global Mortgage Group | Head, GMG Capital Advisory 

Donald Klip has 30 years of institutional finance experience spanning hedge fund management and senior roles at the world’s top global investment banks. GMG Capital Advisory specialises in arranging and structuring corporate debt financing of $10M–$100M for operating companies, asset owners, and project sponsors where conventional bank lending is unavailable, insufficient, or too slow. We operate across 23+ jurisdictions in Asia Pacific. 

www.gmg.asia | [email protected] | +65 9773 0273 | Singapore · Hong Kong 

The Debt Desk 

Corporate private credit intelligence for Asia Pacific’s $10M–$100M middle market. Published by GMG Capital Advisory. Part of the Private Credit Asia content series. 

www.gmg.asia | Read all 41 articles in the series

Indonesia presents both significant opportunity and significant structural complexity for corporate borrowers. Understanding the specific challenges, and how private credit navigates them, is essential for any operating company seeking capital in the world's fourth-largest economy. 

Published by 

Donald Klip | Co-Founder, Global Mortgage Group | Head, GMG Capital Advisory 

30 years of institutional finance. Former hedge fund founder. Senior roles at top global investment banks. GMG Capital Advisory arranges private credit and special situations finance of $10M–$100M for operating companies across Asia Pacific. 

[email protected] | +65 9773 0273 | Singapore · Hong Kong | Asia-Pacific 

For operating companies in Indonesia, private credit has become the most reliable source of corporate capital when banks cannot serve the full structure. 

The Banking Environment in Indonesia 

Indonesia's banking system is dominated by state-owned banks: Bank Mandiri, BNI, BRI, and BTN, that prioritise lending to state-linked enterprises and large conglomerates. Foreign-owned businesses face structural barriers that go beyond credit quality: foreign ownership restrictions create collateral registration complications that domestic banks treat as a risk multiplier. The practical consequence is that foreign-owned or foreign-structured businesses operating in Indonesia, regardless of their creditworthiness or asset quality, have very limited access to domestic bank corporate credit at meaningful scale. 

The Private Credit Opportunity 

Private credit for Indonesian operating companies is primarily arranged through offshore structures, typically Singapore or Hong Kong holding entities that borrow against Indonesian operating assets. This structure allows cleaner security registration, more reliable enforcement, and access to a broader range of international private credit capital. Collateral typically includes offshore-held assets, contracted cash flows from the Indonesian operating entity, real property where structures permit, and personal guarantees from HNWI founders or shareholders. 

GMG Capital Advisory in Indonesia 

GMG Capital Advisory has structured and arranged private credit transactions for businesses operating in Indonesia across multiple industries. We understand the specific legal requirements of Indonesian collateral, the implications of the Omnibus Law for foreign ownership structures, and the cross-border structuring required to make Indonesian mid-market transactions work. 

Industries active in Indonesian private credit include manufacturing, agriculture, hospitality and tourism, logistics, and data centre and digital infrastructure. 

About GMG Capital Advisory 

Donald Klip | Co-Founder, Global Mortgage Group | Head, GMG Capital Advisory 

Donald Klip has 30 years of institutional finance experience spanning hedge fund management and senior roles at the world’s top global investment banks. GMG Capital Advisory specialises in arranging and structuring corporate debt financing of $10M–$100M for operating companies, asset owners, and project sponsors where conventional bank lending is unavailable, insufficient, or too slow. We operate across 23+ jurisdictions in Asia Pacific. 

www.gmg.asia | [email protected] | +65 9773 0273 | Singapore · Hong Kong 

The Debt Desk 

Corporate private credit intelligence for Asia Pacific’s $10M–$100M middle market. Published by GMG Capital Advisory. Part of the Private Credit Asia content series. 

www.gmg.asia | Read all 41 articles in the series