Asia-Pacific is seeing increased demand for alternative loan and paying agency and escrow service providers as traditional banks gradually reduce their involvement in the market, says GLAS, a finance administration services provider.

“The lack of independent agency services in Asia Pacific is impacting viable deals,” says industry veteran Paul Wilden, who has been appointed to spearhead GLAS’ Singapore operations. GLAS officially launched in Asia with the opening of the Singapore office recently.

“Regulation and compliance hurdles are reducing the appetite of banks to operate in this area and as a consequence, firms are turning to nimble, independent agencies,” adds Wilden. In APAC, the company plans to focus on Singapore, Hong Kong and Indonesian markets for growth.

GLAS offers administration services to lenders, borrowers, issuers and advisers across the loan and debt markets, specializing in complex deals including loan and bond restructurings.

Its Singapore head has worked in Asia for 11 years. Wilden moved with BNY Mellon to Asia from Europe in 2005 to head up the Corporate Trust office in the region. He joined Standard Chartered Bank (SCB) as head of its Corporate Agency and Trust business in 2011. He was responsible for both the incorporation and set up of three Trustee subsidiaries in Hong Kong, Malaysia and Singapore, together with the consolidation and creation of the Corporate Agency & Trust business.