DBS deepens support for Chinese enterprises expanding into ASEAN through partnership with China Council for the Promotion of International Trade
Singapore, 07 Oct 2024 - DBS and the China Council for the Promotion of International Trade (CCPIT), one of China’s largest trade bodies, have signed a memorandum of understanding to boost foreign investment and trade between China, Singapore and the ASEAN region. Together, the partners aim to help Chinese enterprises internationalise their businesses, strengthen supply chains in the region, enable job creation and accelerate sustainable development. DBS’ regional clients will also be able to tap the trade body’s network to expand into China.
Eric Xu, Executive Director and Head of FDI Desk, Institutional Banking Group at DBS /
星展银行外商直接投资部执行董事许喆轶
(third from left) and Fu Xiaohui, Chief Representative, CCPIT Representative Office in Singapore /
贸促会驻新加坡代表处总代表付晓辉
(second from right) at the signing of the memorandum of understanding to strengthen foreign investment and trade between China and Singapore.
The signing ceremony was held on the sidelines of the 2024 China-Singapore Business Corporation Exchange Forum, a one-day conference to foster stronger cross-border collaboration between the two markets.
The collaboration brings together DBS – with its strong financial capabilities and extensive Asian presence as Southeast Asia’s largest bank – and CCPIT, which has an large network comprising China’s business and trade communities.
Through DBS’ Foreign Direct Investment unit, Chinese companies will be able to tap the bank’s footprint across Asia’s three key axes of growth in Greater China, Southeast Asia and South Asia. This, coupled with the bank’s deep industry expertise and innovative financial solutions – including digital cross-border payment capabilities and trade financing – can help businesses capitalise on regional growth opportunities and implement strategies for market expansion.
In addition, companies seeking to navigate the complexities of setting up operations in new locations can access the bank’s ecosystem of partners that offer professional services including legal, accounting and human resources.
The MOU will focus on industries including logistics and e-commerce at the outset, with other key growth sectors to be added in the future.
Adrian Chai, Managing Director and Group Head of Global Industries, Institutional Banking Group, DBS, said: “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, said: “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 founded in 1952 under China’s Ministry of Commerce. It plans and implements strategies to foster trade, investment, economic and technology cooperation between China and the region.
[END]
About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “
World’s Best Bank
” by Global Finance, “
World’s Best Bank
” by Euromoney and “
Global Bank of the Year
” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “
World’s Best Digital Bank
” by Euromoney and the world’s “
Most Innovative in Digital Banking
” by The Banker. In addition, DBS has been accorded the “
Safest Bank in Asia
“ award by Global Finance for 15 consecutive years from 2009 to 2023.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting businesses for impact: enterprises with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping underserved communities with future-ready skills and helping them to build food resilience.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit
www.dbs.com
.
DBS Bank Ltd | 12 Marina Boulevard, DBS Asia Central @ Marina Bay Financial Centre Tower 3,
Singapore 018982 | Co. Reg. No. 196800306E
Tel: 65.6878 8888 | www.dbs.com
