Singapore, UOB sign MOU to boost trade, internationalization for Singapore companies
SINGAPORE, Nov. 24 (Xinhua) — The International Enterprise (IE) Singapore and the United Overseas Bank (UOB) signed a Memorandum of Understanding on Thursday to help more Singapore companies in cross-border trade and internationalization.
This collaboration taps the rising potential of ASEAN, especially in intra-regional trade, the two parties said in a joint statement. The region’s growing middle income class, increasing connectivity and expansion of e-commerce are expected to create greater demand for goods and services, driving 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 internationalization process, including piloting new FinTech solutions to raise cross-border trade efficiency.
Chua Taik Him, deputy CEO of IE Singapore, said 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.
UOB’s Managing Director and head of group wholesale banking Frederick Chin noted the collaboration with IE Singapore helps to deepen UOB’s support of Singapore companies as they spread their wings overseas.