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.
This
marks
IE
Singapore’s first
strategic
partnership with a Singapore bank.
The partnership
will
provide Singapore companies with
customised trade and financing solutions,
deeper
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
Execut
ive
Officer (CEO),
IE Singapore and Frederick Chin, Managing Director and Head of Group Wholesale
Banking
, UOB, witnessed by
Ms Sim Ann, Senior Minister of State, Ministry of Trade
and Industry & the Ministry of Culture, Community and Youth, Lee Ark
Boon, CEO,
IE Singapore and Mr Wee Ee Cheong,
Deputy Chairman and
CEO, UOB.
This collaboration
taps
the rising potential of
ASEAN, especially
in
intra-regional
trade.
In the past five years, intra-ASEAN trade almost doubled from
US$332 billion to US$600
billion in 2015, and
total
intra-ASEAN trade
is expected to
hit
US$1
trillion in 2020, UOB said in a published report in 2015.
The region’s growing middle income class, increasing
connectivity
and
expansion
of
e-commerce will create
greater
demand for
goods and
services,
which will in turn
drive
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
for
Singapore
companies expanding overseas.
Both parties
will also develop innovative initiatives and
financial tools to ease the internationalisation process.
This includes
piloting
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
to overcome
financing challenges that they
may face when
they
internationalise.
Companies that will benefit from the IE Singapore-UOB
collaboration
include
consumer-related sectors, business services, digital solutions, infrastructure, real
estate,
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
helps
IE
Singapore
and UOB to
reach
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
regional
bank into helping companies fulfil their
growth
ambitions
both domestically and
in
overseas markets.
We do this by providing our
unique combination of local
presence
and expertise, astute market insights, regional network connectivity and seamless
cross-border solutions.
Through
our collaboration with IE Singapore, we will be able to
deepen
further
our support of Singapore
companies
as they spread their wings
overseas.”
