DBS Bank has inked a memorandum of understanding with the Australian Trade and Investment Commission (Austrade) to facilitate the expansion of Australian companies and investors into Southeast Asia.
The bank says that the MOU is the first-of-its kind between Austrade and a Singapore bank, and done in conjunction with the bank’s 10th anniversary of its Sydney branch.
The agreement will provide a way to increase market awareness and support to facilitate investments between Australia and Southeast Asia, including Singapore, Indonesia, Malaysia and Vietnam.
Partners within the agreement will make available a suite of essential resources including market insights and regulatory guidance, and facilitate connections with regional partners and industry leaders to unlock commercial opportunities.
Meanwhile, DBS will provide advisory services such as support on market entry strategies, financial planning and risk management.
DBS set up its branch in Australia in 2015. Over the decade, it has facilitated inbound investments by Asian companies in the Australian real estate sector, and supported Australia’s energy transition and the growth of its digital infrastructure.
Tan Su Shan, CEO of DBS says: “DBS established our presence in Australia 10 years ago, in recognition of its strategic location and increasing economic cooperation with Asian partners. We are pleased that over the past decade, we have been able to facilitate investment and trade flows for our customers in Australia and to structure and support business initiatives of Australian corporations in the region. Looking ahead, the bank will continue to dial up support for customers in key growth sectors such as technology, renewables, energy and infrastructure. We will also continue to support the growth of financial institutions including superannuation funds. The MOU with Austrade reaffirms our belief in the potential of Australia-Southeast Asia connectivity and enables us to deliver on our shared ambition to drive meaningful impact across the region.”
Shares in DBS Bank closed 23 cents lower or 0.517% down at $44.23 on June 18.
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