Singapore’s DBS has partnered with a government-owned financial institution in Japan to strengthen business connectivity between the country and the rest of Asia.
DBS and Japan Financial Corporation (JFC), a wholly-owned financial institution by the Japanese government, have signed a memorandum of understanding (MOU) to support the regionalization of Japanese small and medium-sized enterprises (SMEs), according to a statement.
Under this partnership, DBS will provide financing support for Japanese SMEs expanding into mainland China, Hong Kong, India, Indonesia, Singapore and Taiwan. They will gain access to a suite of financial solutions including digital cross-border payment capabilities, trade financing and an ecosystem of professional services providers offering legal, accounting and human resource support.
In addition, JFC will extend standby letters of credit for long-term funding denominated in local currencies.
Since 1977
Japan is an important country to DBS as it marks the bank’s first international foray into an overseas market after establishing a Tokyo branch in 1977. In 2016, DBS Securities Japan was formed.
«This MOU represents our commitment to helping Japanese SMEs regionalize and diversify by providing them with the financial and strategic support they need to grow across Asia with confidence. Together, we are building bridges that foster trade, business connectivity and sustainable growth for businesses of all sizes,» commented DBS deputy CEO and group head of institutional banking Tan Su Shan.
