International Enterprise (IE) Singapore and United Overseas Bank (UOB) have signed a memorandum of understanding (MoU) to jointly help more Singapore companies in cross-border trade and internationalisation.
partnership with a Singapore bank.
provide Singapore companies with
customised trade and financing solutions,
access to in-market connections, business partners and professional service providers
across Asia, including
business tieups with UOB’s global clients.
The MOU was signed by Chua Taik Him, Deputy Chief
IE Singapore and Frederick Chin, Managing Director and Head of Group Wholesale
, UOB, witnessed by
Ms Sim Ann, Senior Minister of State, Ministry of Trade
and Industry & the Ministry of Culture, Community and Youth, Lee Ark
IE Singapore and Mr Wee Ee Cheong,
Deputy Chairman and
the rising potential of
In the past five years, intra-ASEAN trade almost doubled from
US$332 billion to US$600
billion in 2015, and
is expected to
trillion in 2020, UOB said in a published report in 2015.
The region’s growing middle income class, increasing
e-commerce will create
which will in turn
the increase in
cross-border and B2B transactions.
In line with IE Singapore’s strategy to build and
strengthen wholesale trade in
Singapore, UOB will provide advisory and solutions on trade financing
companies expanding overseas.
will also develop innovative initiatives and
financial tools to ease the internationalisation process.
new fintech solutions to raise cross-border trade efficiency.
In addition, UOB will offer a wide range of customised financial solutions, such as
supply chain financing, cross-border financing, venture debt, cash management and
settlement, as well as professional services including public listings, bond issuances
and corporate finance advisory.
These will help Singapore companies
financing challenges that they
may face when
Companies that will benefit from the IE Singapore-UOB
consumer-related sectors, business services, digital solutions, infrastructure, real
tourism, hospitality, logistics and trade. IE Singapore and UOB aim to assist
200 Singapore companies in their overseas expansion
over the next three years,
especially to Southeast Asia, China, Japan and Europe.
Said Chua Taik Him, Deputy
CEO, IE Singapore,
“This connectivity collaboration
and UOB to
out to more Singapore companies, offering them better
market insights, business intelligence and a more comprehensive choice of financial
solutions. Through strengthening such cross-border business infrastructure, we hope to
drive the growth of wholesale trade and overseas expansion of Singapore companies.”
Frederick Chin, MD and Head of Group Wholesale Banking, UOB, said, “At
UOB, we channel the same commitment that transformed
us into a leading
bank into helping companies fulfil their
both domestically and
We do this by providing our
unique combination of local
and expertise, astute market insights, regional network connectivity and seamless
our collaboration with IE Singapore, we will be able to
our support of Singapore
as they spread their wings