DBS Group Holdings is partnering China Export and Credit Insurance Corporation (Sinosure) on projects under the Belt and Road Initiative, especially those from Asean.
Sinosure is the only state-funded export credit agency conducting export credit insurance business in China. Through the partnership, both parties will leverage each other's strengths in trade and investments, and in-market experience.
Sinosure will provide credit insurance for DBS' mid-and long-term financing activities. This will be for projects in fields such as marine engineering, infrastructure and construction, energy, chemicals and textiles, and aerospace, as well as services and technology.
DBS Singapore country head Shee Tse Koon said that through the partnership, the bank will facilitate project finance, as well as investment and trade opportunities with Asean partners. This is with the aim of strengthening its partnership and increasing the depth of its business with mainland China. Sinosure vice-president Huang Zhiqiang said: "Sinosure is excited that this cooperation will increase support for Chinese companies' projects in the Belt and Road countries and promote the vast investment opportunities in China."
UNITED Overseas Bank (UOB) and Singapore-based e-commerce platform Qoo10 have struck an alliance to drive e-commerce growth in South-east Asia.
It is part of UOB's efforts to build ecosystem partnerships and to bring banking services closer to consumers and small businesses in the region. Both organisations will also promote each other's products and services.
Small businesses will be able to apply for business loans directly on Qoo10's website, instead of having to submit physical documents such as their financial statements to UOB. The bank is also exploring the use of artificial intelligence to cut down the credit assessment process so that business owners can receive an outcome on their loan application within the same day.
Meanwhile, Qoo10, which has more than three million buyers, will tap the bank's financial solutions to help consumers and merchants buy and sell products more easily on the Qoo10 website as well as on QuuBe, its new blockchain-based e-commerce platform.
UOB card members can enjoy privileges such as additional 10 per cent in Q*coins, a private blockchain-based token, when they shop on QuuBe. The lender will also provide Qoo10 with banking services as the e-commerce platform deepens its presence in the region.