DBS and Austrade ink deal to help Australian companies expand in South-east Asia
This is the first such MOU between the trade agency and a Singapore bank
[SINGAPORE] DBS and the Australian Trade and Investment Commission (Austrade) on Wednesday (Jun 18) inked an agreement to deepen investment links between Australia and South-east Asia.
In a joint statement, DBS and Austrade said they will collaborate through a “comprehensive framework” to help Australian companies expand into markets in the region, including Singapore, Indonesia, Malaysia and Vietnam.
Under the memorandum of understanding (MOU), the partners will offer a suite of “essential resources”, including market insights and regulatory guidance, as well as connections with regional partners and industry leaders.
DBS said it will provide advisory services such as support on market entry strategies, financial planning and risk management.
This is the first such MOU between the Australian trade agency and a Singapore bank, and the announcement coincides with the 10th anniversary of DBS’ Sydney branch.
Speaking at an event to commemorate the occasion, DBS CEO Tan Su Shan said the lender started out in Sydney by banking seven clients in the real estate industry with traditional banking solutions, including basic loans, trade, cash and treasury products.
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“Today, we’ve grown our staff strength to over 85 people, banking more than 300 clients in over 10 industries,” she said, adding that the bank has more than doubled its assets to A$12 billion (S$10 billion) in that time.
“I’m especially proud of how our journey has evolved – from supporting Asian companies entering the Australian market, to earning the trust of local businesses through our onshore capabilities, and ultimately helping Australian firms expand into Asia.”
Austrade chief executive officer Paul Grimes said South-east Asia’s expanding middle class, rapid urbanisation, and growing demand for digital and sustainable development are reshaping the region’s economic landscape.
At the same time, supply chains are being remapped and trade routes rewritten, he noted.
“These trends present compelling opportunities for Australian businesses,” he added.
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