Oversea-Chinese Banking Corporation (OCBC) has signed a five-year strategic framework with the Australian High Commission Singapore to grow trade and investment flows between Southeast Asia and Australia. The partnership, signed in April, will see collaboration between the bank and three agencies from the Australian government: the Department of Foreign Affairs and Trade, Export Finance Australia (EFA) and the Australian Trade and Investment Commission.
The partnership comes as the bank marks 40 years of operations in the country; OCBC was the first Singapore bank to establish a presence in Sydney in 1986 and currently operates one branch there.
It also sets out to meet the ambition set out in Invested: Australia’s Southeast Asia Economic Strategy to 2040, a report published by the Australian government in September 2023. Under the strategy, Australia stated its intention to deepen its trade and investment in Southeast Asia, which is tipped to become the world’s fourth largest economy by 2040.
The collaboration will focus on high-growth sectors, energy transition and infrastructure, resources, green transportation, fintech and digital innovation — sectors that are aligned with OCBC’s strategic priorities and those highlighted under the report.
According to OCBC, two-way trade between both regions increased by A$3.2 billion ($2.94 billion) to a record high of A$195.7 billion as at FY2024/FY2025; total Australian investment in the region grew by A$2 billion to A$105.9 billion since the launch of Invested series by the Australian government in 2023.
In its May 13 statement, OCBC also said it expects to double trade and investment flows between both regions by 2030.
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As at the 1QFY2026, OCBC’s Australian loan book had grown at a compound annual growth rate (CAGR) of around 13% over the past five years. The group says its expansion in Sydney has been underpinned mainly due to strong momentum in real estate, energy and utilities, as well as digital infrastructure and core physical infrastructure activites. The bank’s clients in the country include Lendlease and Qantas.
“This strategic collaboration aims to create a powerful platform for Australian companies and investors to expand into Southeast Asia, where there are growing opportunities for energy transition, infrastructure development and green transportation,” says Elaine Lam, head of global corporate banking at OCBC.
Emily Follett, acting Australian High Commissioner to Singapore hailed the “strong and trusted partnership” both countries. She adds that the collaboration is a “great example of how we can work together to unlock new opportunities for business, investment and innovation. It is especially encouraging to see support for sectors that will drive the energy transition and strengthen regional resilience.”
