Global bank HSBC and the Singapore Business Federation (SBF) are joining forces to help Singapore-based businesses take advantage of new growth opportunities in key trade corridors: the Greater Bay Area (GBA) in China, India and the Middle East.
HSBC and SBF signed a Memorandum of Understanding (MOU) to seal the deal at the Singapore Apex Business Summit 2024 last week. HSBC revealed it plans to leverage its global expertise and range of solutions to help Singapore businesses deepen their knowledge of sustainable practices and support their net-zero transition needs.
Marking the partnership, HSBC has launched its Business Guide to ASEAN and Beyond, which provides insights on six major markets within ASEAN as well as its key trade corridors. The guide draws on the Bank’s product capability, in-market expertise across the region, and global connectivity to help local businesses make the first step in exploring new opportunities overseas.
Wong Kee Joo, CEO at HSBC Singapore
Wong Kee Joo, CEO at HSBC Singapore, commented: “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.”
Helping firms expand and scale
The MOU aims to facilitate the internationalisation of Singapore-based businesses in the emerging markets of GBA, India, and the Middle East, by bringing together SBF’s local network and HSBC’s global connections, with a focus on tapping into trade and business opportunities.
HSBC also plans to offer its in-market knowledge on overseas business expansion and sustainable finance to Singapore-based business leaders. By doing so, it hopes to support their expansion and net-zero transition needs.
Kok Ping Soon, CEO of the Singapore Business Federation
Kok Ping Soon, CEO of the Singapore Business Federation, also commented: “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, automobile manufacturing in particular electric vehicle solutions, and clean energy for India, and urban infrastructure solutions, energy and renewables, and fintech for the 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 the necessary insights, data and networks needed to tap these growth markets.”
HSBC and SBF will organise a series of seminars on business in key trade corridor markets and mission trips to India and the Middle East.
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