DBS, Banque Saudi Fransi join forces to boost payment flows across Asia, GCC
The partnership will boost GCC trade, finance and currency-clearing collaboration across the region
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
[SINGAPORE] DBS Group, the largest bank in South-east Asia, said on Thursday (Oct 16) that it has partnered with Riyadh-based Banque Saudi Fransi (BSF) to strengthen trade finance and payment flows between Asia and Saudi Arabia.
The partnership, aimed at capitalising on the economic ties within the Gulf Cooperation Council (GCC) region, will involve collaboration on trade settlement, financing and regional currency-clearing solutions, DBS said in a statement.
The agreement comes as economic flows between the GCC and Asian nations accelerate. Trade between South-east Asia and the GCC reached about US$130.7 billion in 2023 and is expected to grow by another US$50 billion by 2027, according to DBS.
The tie-up was formalised at the sidelines of Sibos financial services conference in Frankfurt, and will also facilitate joint financing of client transactions, the statement said, adding that the trade volumes between China and GCC countries are projected to double to US$1.9 trillion by 2035.
“Asia and the Middle East are growing increasingly interconnected as businesses, investors and talent pursue opportunities in these dynamic markets,” Sriram Muthukrishnan, DBS’s group head of global transaction services product management, said in the statement.
Saudi Arabia, the GCC’s largest economy, is expected to play a key role in driving growth across the corridor, DBS said.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
Under the agreement, BSF will also consider using DBS’s GlobeSend platform to enable same-day cross-border payments across the lender’s global payout network, which spans over 100 markets. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
Air India asks Tata, Singapore Airlines for funds after US$2.4 billion loss
Beijing’s calculated silence on the Iran war
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Richard Eu on how core values, customers keep Singapore’s TCM chain Eu Yan Sang relevant
