HSBC and Singapore Business Federation (SBF) today (24 July) signed a Memorandum of Understanding (MOU) at the Singapore Apex Business Summit 2024 to help Singapore businesses seize new growth opportunities in key trade corridors – Greater Bay Area (GBA), India and the Middle East.
In addition, HSBC will leverage its global expertise and range of solutions to help Singapore businesses deepen their knowledge in sustainability and support their net-zero transition needs.
HSBC said it is the first global bank in Singapore to sign a MOU with SBF, focusing on support for local businesses’ overseas expansion and transition needs.
To mark the occasion, HSBC has launched the Business Guide to ASEAN and Beyond which provides insights on six major markets within ASEAN as well as its key trade corridors – GBA, India and the Middle East.
WONG Kee Joo, CEO, HSBC Singapore, said: “Local businesses form the bedrock of the Singapore economy. For these businesses to thrive, it’s 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. Singapore is also an important gateway for global businesses to capture opportunities within ASEAN. The HSBC Business Guide to ASEAN and Beyond was developed with both local and global businesses in mind. Specifically, to help them seize growing trade corridor opportunities by sharing market insights and key data to expand successfully. SBF’s long history in promoting and supporting businesses here makes them an ideal partner for us to be immersed within the ecosystem and deepen our support for businesses taking the first step in growing beyond Singapore.”
KOK Ping Soon, CEO, Singapore Business Federation, said: “We are delighted to collaborate with HSBC to help more Singapore companies scale their business into India and the Middle East. Both markets present growth opportunities – such as components manufacturing, semiconductor, automobile manufacturing in particular electric vehicle solutions, and clean energy for India, and urban infrastructure solutions, energy and renewables, and FinTech for Middle East. By leveraging our combined resources and expertise in organising market-specific seminars and mission trips, we will be able to arm our businesses with necessary insights, data and networks needed to tap these growth markets.”
Both HSBC and SBF CEOs were at the signing ceremony at the Singapore Apex Business Summit 2024 today.
