DBS and the Japan Finance Corporation (JFC), a government-affiliated financial institution, have signed a memorandum of understanding to support Japanese small and medium-sized enterprises’ expansion into Asia.
This first-of-its-kind partnership will give SMEs access to six major markets through a single banking partner: China, Hong Kong, India, Indonesia, Singapore and Taiwan.
Leverage collaboration DBSLocal expertise and services, including connections with specialist service providers offering digital cross-border payments, trade finance, legal, accounting and human resources support.
JFC issues standby letters of credit to help small and medium-sized enterprises secure long-term financing in local currency through DBS, facilitating access to finance for subsidiaries in these markets.
This initiative dates back to 1977, when DBS opened its Tokyo branch, and has built DBS’s relationship with Japan.
In 2016, DBS Securities Japan was established, further expanding its domestic service offerings to include securities services.
Tan Hsu Xiang, Deputy Chief Executive Officer and Group Head of Institutional Banking at DBS, said:
“A recent survey by the Japan External Trade Organization (JETRO) found that eight Asian markets – China, India, Indonesia, Malaysia, Singapore, Taiwan, Thailand and Vietnam – are the top destinations for Japanese companies looking to grow in the future. It became clear.
This MoU represents our commitment to helping Japanese SMEs regionalize and diversify by providing them with the financial and strategic support they need to grow confidently across Asia. . ”
Kenzo Yoneda, Managing Director and Head of the Small and Medium Enterprise Division of the Japan Finance Corporation, said:
“By partnering with DBS, we have established a strong foundation to support client financing in DBS’s six core markets.
This will enable customers to smoothly raise funds overseas and take advantage of DBS’s financial services and extensive overseas network. We are very much looking forward to this business partnership leading to further growth and development for our customers. ”
Featured image: Mr. Tan Su Shan, Deputy CEO and Head of Institutional Investors Group, DBS, and Mr. Kenzo Yoneda, Managing Director and Head of the Japan Finance Corporation’s Small and Medium Enterprise Division, sign a memorandum of understanding
