Due to the fresh partnership, businesses in Singapore will be able to leverage global HSBC network and solutions for international expansion and net-zero transition.
One of the largest global banks, HSBC and the Singapore Business Federation (SBF) signed a Memorandum of Understanding (MOU) to help local companies propel their international expansion to key trade corridors – Greater Bay Area, India, and the Middle East.
Upon the occasion, HSBC has launched the Business Guide to ASEAN and Beyond (HSBC Business Guide). The guide provides insights into six major markets within ASEAN and its key trade corridors. It leverages the Bank’s product capability, in-market expertise across the region, and global connectivity to help local businesses explore new growth opportunities overseas.
“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.”
Mr Wong Kee Joo, CEO, HSBC Singapore
The MoU aligns with Singapore’s key initiatives to support local businesses in expanding their regional and international connectivity as well as promote sustainability within the business segment.
In particular, the MoU aims to promote the internationalisation of Singapore-based businesses in emerging markets, provide business leaders with access to market knowledge on overseas business expansion and sustainable finance, and widen reach to local businesses through SBF’s community.
“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.”
Mr Kok Ping Soon, CEO, Singapore Business Federation
Within the initiative, HSBC and SBF plan to organise business seminars focused on key markets and mission trips to India and the Middle East. Those should provide Singapore business leaders with valuable insights and resources as well as first-hand experience.
HSBC’s expertise in sustainable finance will also come in handy. We have earlier reported that the Monetary Authority of Singapore (MAS) has set aside S$35 million ($25.7 million) in the Financial Sector Development Fund to prepare local financial professionals to address emerging and more pressing sustainable finance challenges and tasks. The Sustainable Finance Jobs Transformation Map (JTM) laid out by MAS aims to support upskilling and reskilling in the financial sector and develop a new range of specialists in sustainable finance over the next three years.
