DBS and the China Council for the Promotion of International Trade (CCPIT), one of China’s trade associations, have agreed on a memorandum of understanding to increase foreign investment and trade between China, Singapore, and the ASEAN area.
Together, the partners hope to assist Chinese businesses in expanding their operations internationally, strengthening regional supply chains, creating jobs, and accelerating sustainable development. DBS’ regional clients will be able to leverage the trade body’s network to grow into China.
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The relationship brings together DBS, Southeast Asia’s largest bank, and CCPIT, which has a huge network of China’s commercial and trade communities.
Chinese businesses can access DBS’ presence in Greater China, Southeast Asia, and South Asia—the three main growth axes in Asia, through the bank’s Foreign Direct Investment unit.
In addition, the bank’s modern financial solutions, such as trade finance and digital cross-border payment capabilities, along with its extensive industry knowledge, may assist companies in seizing local growth prospects and putting market expansion plans into action.
Furthermore, organisations looking to manage the hurdles of establishing operations in new areas can benefit from the bank’s network of partners that provide professional services such as legal, accounting, and human resources.
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By GlobalDataThe MOU will first focus on areas such as logistics and e-commerce, with plans to expand to other major development fields in the future.
Adrian Chai, managing director and group head of Global Industries, Institutional Banking Group, DBS, stated: “The strong ties between China and Southeast Asia have fuelled investment flows, technological innovation, and economic growth across the region. As Southeast Asia’s largest bank, DBS is well positioned to help Chinese enterprises make inroads into the region. By partnering with CCPIT, DBS aims to empower Chinese companies to expand their supply chains in the region. Our deep understanding of the market and financial expertise enable us to be a trusted partner for Chinese businesses seeking to capitalise on Southeast Asia’s opportunities.”
Fu Xiaohui, chief representative, CCPIT representative office in Singapore, added: “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 regionalisation. Our partnership with DBS will enable Chinese companies to seamlessly expand into the region by providing comprehensive cross-border financial solutions. Together, we can support Chinese businesses to build resilient supply chains and establish a strong presence in the region.”
The CCPIT was formed in 1952 by China’s Ministry of Commerce. It develops and executes policies to promote trade, investment, economic, and technological cooperation between China and the area.
