DBS and the Korea Ocean Business Corporation (KOBC) have signed a memorandum of understanding (MOU) to strengthen business connectivity and support the regional expansion of Korea’s maritime and logistics sector across Asia.
KOBC is a financial institution under the Republic of Korea’s Ministry of Oceans and Fisheries. It is its first partnership with a foreign bank, which will enable Korean maritime companies to tap into DBS’ regional network and suite of financing solutions.
The MOU was announced alongside the opening of KOBC’s first overseas branch in Singapore.
The release by DBS notes that Korea is one of the world’s top three shipbuilding nations and a global leader in high-value vessels, with its shipping and logistics firm operating across major global routes.
With Singapore consistently ranked the world’s top maritime centre, DBS is well placed to support Korean firms as they extend their global footprint, it notes.
Under the MOU, DBS and KOBC will also develop sustainable financing solutions such as transition financing for eco-friendly vessels and alternative maritime fuels; and enhance competitiveness across the maritime and logistics value chain, supporting Korean players as they expand into the rest of Asia.
Shares in DBS closed 29 cents higher or 0.536% up at $54.43 on Dec 3.
