OCBC Bank and a state-funded Chinese insurer will work together on sustainable projects under the Belt and Road Initiative (BRI).
The agreement announced yesterday involves OCBC and China Export & Credit Insurance Corp (Sinosure) assessing BRI projects and investment opportunities, and collaborating to boost trade and investment cooperation between both countries.
Sinosure will provide insurance coverage for OCBC's financing activities of sustainable projects or other BRI developments.
The agreement is focused on projects in areas such as renewable energy, pollution prevention, clean transport, sustainable water management and green buildings.
OCBC said the partnership will allow it to better serve the increasing number of Chinese customers venturing into Asean, while building on its ability to capture the accompanying boost to business in the region.
Ms Elaine Lam, its head of global corporate banking, said: "With the implementation of the BRI resulting in significant Chinese investments into the region, there will be many transactions for us to undertake together in a responsible and sustainable manner."
Mr Zha Weimin, executive vice-president of Sinosure, said: "We have seen strong growth in the number of Chinese companies which have chosen Asean as a core market. Sinosure and OCBC play an important role in supporting Chinese investments in the BRI countries."