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JP Morgan targets non-US expansion with eye on unicorns in Singapore
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JP Morgan started moving into the Singapore start-up space earlier in 2023, after the collapse of several smaller US banks.
PHOTO: REUTERS
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SINGAPORE – JP Morgan is expanding its commercial banking office in Singapore with an aim of identifying and doing business with unicorn companies here, as it looks beyond the US for new opportunities to grow, a senior executive at the bank said.
Unicorns are privately held start-ups that have achieved a valuation of US$1 billion (S$1.37 billion) or more. Half the world’s unicorns are outside the United States, and many are in Asia, with around 20 in Singapore, Mr Doug Petno, chief executive officer of JP Morgan’s commercial banking business, told The Straits Times in a recent interview.
