HSBC and the Singapore Business Federation (SBF) have signed a Memorandum of Understanding (MOU) on 24 July at the Singapore Apex Business Summit 2024. This collaboration aims to help Singapore businesses capitalize on growth opportunities in key trade corridors, including the Greater Bay Area (GBA), India, and the Middle East. HSBC will leverage its global expertise and comprehensive range of solutions to assist Singapore businesses in enhancing their sustainability knowledge and supporting their transition to net-zero.
Aligning with Singapore’s ambition for local businesses to grow beyond borders, the MOU further complements the nation’s key initiatives and support measures to help businesses enhance their capabilities, seize new growth opportunities, and expand their regional and international connectivity.
The MOU aims to promote:
- Knowledge Sharing: Offer Singapore-based business leaders access to HSBC’s in-market expertise on overseas business expansion and sustainable finance, aiding their growth and net-zero transition efforts.
- Internationalism: Encourage and facilitate the internationalization of Singapore-based businesses in the emerging markets of GBA, India, and the Middle East. This will be achieved by leveraging SBF’s local network and HSBC’s global connections, with a focus on tapping into trade and business opportunities.
- Local-Global Connectivity: Expand the reach to local businesses through SBF’s community, enhancing support for their international growth and transition ambitions.
Mr Wong Kee Joo, CEO, HSBC Singapore, said: “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.”
Mr 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.”
Following this MOU, HSBC and SBF will organize a series of seminars on doing business in key trade corridor markets and mission trips to India and the Middle East.
HSBC is the first global bank in Singapore to sign an MOU with SBF, emphasizing support for local businesses’ overseas expansion and transition needs. To commemorate this partnership, HSBC has launched the “Business Guide to ASEAN and Beyond” (HSBC Business Guide). This guide provides insights into six major markets within ASEAN and key trade corridors such as the GBA, India, and the Middle East. It draws on HSBC’s product capabilities, regional expertise, and global network to help local businesses explore new opportunities abroad.
