HSBC and Singapore Business Federation (SBF) have signed a Memorandum of Understanding (MOU) at the Singapore Apex Business Summit 2024 to help Singapore businesses seize new growth opportunities in key trade corridors – Greater Bay Area (GBA), India and the Middle East.
In addition, HSBC will leverage its global expertise and range of solutions to help Singapore businesses deepen their knowledge in sustainability and support their net-zero transition needs.
To mark the occasion, HSBC has launched the Business Guide to ASEAN and Beyond (HSBC Business Guide) which provides insights on six major markets within ASEAN as well as its key trade corridors – GBA, India and the Middle East. The HSBC Business 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.
Mr Wong Kee Joo, CEO, HSBC Singapore, said: “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.”
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.”
Aligns with Singapore’s ambition for local businesses to grow beyond borders
The MOU further complements Singapore’s key initiatives and support measures to help businesses enhance their capabilities and seize new growth opportunities, as well as expand their regional and international connectivity.
The MOU aims to promote:
- Internationalism: Encourage and 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.
- Knowledge Sharing: Provide Singapore-based business leaders with access to HSBC in-market knowledge on overseas business expansion and knowledge on sustainable finance, to support their expansion and net-zero transition needs.
- Local-Global Connectivity: Widen reach to local businesses through SBF’s community to better support their international growth and transition ambitions.
