HSBC and SBF to Aid Singapore Businesses in Expanding to GBA, India, and Middle East
HSBC and the Singapore Business Federation (SBF) have signed a memorandum of understanding (MOU) to assist Singapore businesses in expanding their activities in the Greater Bay Area (GBA), India, and the Middle East. The MOU was signed at the Singapore Apex Business Summit 2024 on 24 July at the Sands Expo and Convention Centre.
As part of this collaboration, HSBC will offer solutions to support Singapore businesses in their net zero transition needs. Additionally, HSBC has launched a business guide that provides insights into six major markets within ASEAN, as well as the GBA, India, and the Middle East.
This MOU makes HSBC the first global bank in Singapore to partner with SBF with a focus on supporting local businesses’ overseas expansion and transition needs. The bank highlighted this milestone in a press release.
SBF CEO Kok Ping Soon expressed enthusiasm about the collaboration, stating, “We are delighted to work with HSBC to help more Singapore companies scale their business in India and the Middle East”. He emphasized the growth opportunities in these markets, including components manufacturing, semiconductor and automobile manufacturing particularly electric vehicle solutions and clean energy in India, as well as urban infrastructure solutions, energy and renewables, and fintech in the Middle East.
Kok further believes that leveraging the combined resources and expertise of SBF and HSBC will better equip Singapore businesses with the necessary insights, data, and networks needed to grow in these markets.
This initiative is part of a broader strategy to enhance Singapore’s business footprint in key global markets, providing local companies with the tools and support required to thrive internationally.
