HSBC and the Singapore Business Federation (SBF) on Wednesday (Jul 24) inked a memorandum of understanding (MOU) to help local businesses capture new growth opportunities in key trade corridors.
The key trade routes include the Greater Bay Area, India and the Middle East.
In a joint media release, both parties said the partnership aims to help Singapore businesses venture into emerging markets through SBF’s local network and HSBC’s global connections.
Singapore-based business leaders can also tap HSBC’s knowledge on overseas business expansion and sustainable finance to support their expansion and net-zero transition needs. The partnership also aims to widen reach to local businesses through SBF’s community.
Wong Kee Joo, chief executive of HSBC Singapore, said local businesses form the bedrock of the Singapore economy.
“For these businesses to thrive, it is important that they are plugged in early to the global trade flows that we see emerging from under-tapped markets, especially in India and the Middle East,” he added. “Singapore is also an important gateway for global businesses to capture opportunities within Asean.”
SBF’s chief executive Kok Ping Soon highlighted that various sectors in India and the Middle East provide growth opportunities. These sectors range from components manufacturing and semiconductors to fintech.
HSBC is the first global bank here to sign an MOU with SBF. To mark the occasion, it launched a business guide that provides insights on the six major markets within Asean, as well as information on how to do business in key trade corridors.
