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.
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"Korea’s maritime sector is a critical pillar in global trade, and its leading players are increasingly looking outward for growth and greener operations. With Singapore as a global maritime hub and DBS’s extensive network across Asia, we are well positioned to connect Korean firms to new markets and help them capture emerging opportunities," says Han Kwee Juan, DBS's group head of institutional banking.
Shares in DBS closed 29 cents higher or 0.536% up at $54.43 on Dec 3.
