SINGAPORE: HSBC and the Singapore Business Federation (SBF) have formalized a strategic collaboration through a memorandum of understanding (MOU) aimed at boosting Singaporean businesses’ expansion into key international markets. The agreement was signed at the Singapore Apex Business Summit 2024, held at the Sands Expo and Convention Centre.
The MOU represents a significant milestone as HSBC becomes the first global bank in Singapore to partner with SBF in such a capacity. The agreement highlights a shared commitment to supporting Singaporean companies in their overseas ventures and their transition to net-zero carbon emissions.
Under the terms of the MOU, HSBC will provide a range of tailored solutions designed to assist Singaporean businesses with their net zero transition needs. Additionally, HSBC has introduced a comprehensive business guide that offers valuable insights into six major ASEAN markets, along with the Greater Bay Area (GBA), India, and the Middle East.
This guide is expected to be a critical resource for local enterprises looking to explore opportunities in these regions.
SBF CEO Kok Ping Soon expressed enthusiasm about the partnership, noting the growth potential in the targeted markets. “We are delighted to collaborate with HSBC to help more Singapore companies scale their businesses in India and the Middle East,” Mr Kok remarked.
He highlighted the diverse opportunities available, such as components manufacturing and electric vehicle solutions in India, and urban infrastructure, energy, renewables, and fintech in the Middle East.
Mr Kok emphasized that the combined resources and expertise of SBF and HSBC would provide Singaporean businesses with essential insights, data, and networks necessary for successful expansion into these burgeoning markets.
TISG/
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