Singapore’s DBS has signed a memorandum of understanding with one of China’s largest trade bodies.
DBS has signed a memorandum of understanding (MOU) with the China Council for the Promotion of International Trade (CCPIT), according to a statement. The MOU aims to boost foreign investment and trade between China, Singapore and the ASEAN region.
«As global supply chains evolve, Southeast Asia has emerged as a vital market for Chinese businesses. Singapore’s strategic location makes it a pivotal hub for regionalization,» said Fu Xiaohui, chief representative, CCPIT representative office in Singapore., said:
Tie-Up Plans
DBS and CCPIT will initially focus on collaboration in logistics and e-commerce with other key growth sectors to be added in the future. The tie-up will leverage DBS’ industry expertise and financial solutions, such as digital cross-border payment capabilities and trade financing. In addition, companies seeking to set up operations in new locations can access the bank’s ecosystem of partners that offer professional services.
On the other hand, DBS’ regional clients will also one able to tap CCPIT’s network to expand into China.
«The strong ties between China and Southeast Asia have fuelled investment flows, technological innovation and economic growth across the region,» added Adrian Chai, managing director and group head of global industries, institutional banking group, DBS. «As Southeast Asia’s largest bank, DBS is well positioned to help Chinese enterprises make inroads into the region.»
