Monday, 28 October 2024
DBS supports Chinese enterprises expanding into ASEAN through CCPIT partnership
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.
The collaboration brings together DBS – with its strong financial capabilities and extensive Asian presence as Southeast Asia’s largest bank – and CCPIT, which has a 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.
Re-disseminated by The Asian Banker
