DBS has teamed up with Banque Saudi Fransi to deepen commerce and cost connectivity throughout Asia and the Gulf Cooperation Council area.
The partnership, signed on the sidelines of Sibos 2025 in Singapore, goals to advertise commerce and capital flows throughout the Asia–GCC hall by way of enhanced commerce settlement, financing and regional forex clearing.
It helps companies and customers engaged in cross-border commerce, investments and remittances.
Commerce between Southeast Asia and GCC nations reached about US$130 billion in 2023 and is anticipated to rise by one other US$50 billion by 2027.
Commerce between China and GCC international locations is projected to double to US$1.9 trillion by 2035, with Saudi Arabia driving a lot of the expansion.
Underneath the memorandum of understanding, the banks will provide commerce financing options similar to letters of credit score, ensures and commerce loans, and will collectively finance consumer transactions to broaden capability and handle threat.
Additionally they plan to make use of one another’s clearing networks, together with DBS’s entry to seven main Asian forex corridors and BSF’s Saudi Riyal clearing companies.
BSF is contemplating using DBS GlobeSend for same-day cross-border funds by way of DBS’s world payout community, which covers a couple of billion accounts and digital wallets throughout 100 markets and helps 60 currencies.
The platform allows banks and non-bank monetary establishments to make cost-effective, quick and clear funds.
Sriram Muthukrishnan, Group Head of International Transaction Providers Product Administration, DBS, stated,
“Asia and the Center East are rising more and more interconnected as companies, buyers and expertise pursue alternatives in these dynamic markets.
Our partnership with BSF builds upon DBS’ connectivity throughout Asia and our observe document in offering safe and environment friendly entry to commerce financing and cross-border funds. This goals to facilitate the seamless movement of products, companies and capital throughout this hall – in the end benefitting companies, end-consumers and communities.”
Faisal Darwish, Head of Institutional Banking, BSF, stated,
“At Banque Saudi Fransi, we see this partnership with DBS as a major step in strengthening monetary connectivity between the GCC and Asia. By combining our networks and experience, we goal to ship revolutionary options in commerce financing and cross-border funds.
This collaboration will open new alternatives for companies and customers alike, whereas reinforcing Saudi Arabia’s function in driving development throughout this dynamic financial hall.”
Featured picture: (From left) Sriram Muthukrishnan, Group Head of International Transaction Providers Product Administration, DBS; Simon Ong, Group Head of Monetary Establishments and Authorities-Linked Corporates, DBS; Faisal Darwish, Head of Institutional Banking, BSF; Badr Alnowaisser, Head of Monetary Establishments, BSF.
