DBS and BSF partner to strengthen trade finance and payment flows between Asia and Saudi Arabia
Partnership aims to support businesses and end-consumers conducting trade, investments and remittances across the fast-growing Asia-GCC corridor
Singapore, Regional, 16 Oct 2025 - DBS and Banque Saudi Fransi (BSF) – Southeast Asia’s largest bank and a leading financial institution in Saudi Arabia respectively – have announced a strategic partnership to expand their trade settlement, financing and regional currency clearing solutions. This partnership aims to promote trade and capital flows across the growing Asia-Gulf Cooperation Council[1] (GCC) economic corridor – by providing greater support for businesses and end-consumers seeking to conduct trade, investments and remittances.
Economic flows between Asia and GCC nations have been increasing over the years. For instance, in 2023, trade between Southeast Asia and GCC nations amounted to around USD 130.7 billion (SGD 169.4 billion)[2]. An additional USD 50 billion (SGD 64.8 billion) in new trade flows between both regions is expected to be generated by 2027[3]. In addition, trade volumes between China and GCC nations are projected to double to USD 1.9 trillion (SGD 2.46 trillion) by 2035[4]. Saudi Arabia is expected to play a pivotal role in the growth of the Asia-GCC corridor as the largest economy in the GCC.
This partnership was formalised with a memorandum of understanding signed at the sidelines of Sibos, a global financial services conference organised by Swift – the world’s leading provider of secure financial messaging services.
DBS and BSF announced a strategic partnership at Sibos to expand their trade settlement, financing and regional currency clearing solutions.
(Left to Right) Sriram Muthukrishnan, Group Head of Global Transaction Services Product Management, DBS; Simon Ong, Group Head of Financial Institutions and Government-Linked Corporates, DBS; Faisal Darwish, Head of Institutional Banking, BSF; Badr Alnowaisser, Head of Financial Institutions, BSF.
Meeting growing demand for Asia-GCC trade and payments
To help businesses capture trade opportunities more effectively across both regions, DBS and BSF will explore leveraging each other’s unique strengths and networks by providing trade financing solutions to each other’s clients. These solutions include letters of credit, bankers’ guarantees and trade loans. In addition, both banks will explore jointly financing client transactions to better manage risk and expand their respective financing capacities.
To meet the growing demand for seamless cross-border payments, both banks will explore utilising each other’s clearing networks for local and regional currency clearing. This includes DBS' access to seven of Asia's largest currency clearing corridors[5] and BSF's access to Saudi Riyal clearing services.
In addition, BSF will explore using DBS GlobeSend to enable its customers to make same-day cross-border payments across DBS’ global payout network of over 1 billion accounts and digital wallets. DBS GlobeSend is a cross-border payment solution that enables banks and non-bank financial institutions to make cost-effective, fast and transparent payments, covering 60 currencies across over 100 markets.
Sriram Muthukrishnan, Group Head of Global Transaction Services Product Management, DBS, said: "Asia and the Middle East are growing increasingly interconnected as businesses, investors and talent pursue opportunities in these dynamic markets. Our partnership with BSF builds upon DBS’ connectivity across Asia and our track record in providing secure and efficient access to trade financing and cross-border payments. This aims to facilitate the seamless flow of goods, services and capital across this corridor – ultimately benefitting businesses, end-consumers and communities.”
Faisal Darwish, Head of Institutional Banking, BSF, said: “At Banque Saudi Fransi, we see this partnership with DBS as a significant step in strengthening financial connectivity between the GCC and Asia. By combining our networks and expertise, we aim to deliver innovative solutions in trade financing and cross-border payments. This collaboration will open new opportunities for businesses and consumers alike, while reinforcing Saudi Arabia’s role in driving growth across this dynamic economic corridor.”
All exchange rates as of 15 October 2025
[1] Consisting of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates
[2] ‘1+1+1 greater than 3’: At historic first summit, ASEAN, China and Gulf bloc pledge new global cooperation model (Channel News Asia)
[3] Why ASEAN must transform global tensions into regional opportunities (World Economic Forum)
[4] Saudi Arabia and China deepen trade ties as non-oil sectors thrive (The Banker)
[5] Covering the following markets: Singapore, China, Hong Kong, Taiwan, India, Indonesia, Vietnam
About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 17 consecutive years from 2009 to 2025.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by uplifting lives and livelihoods of those in need. It provides essential needs to the underprivileged, and fosters inclusion by equipping the underserved with financial and digital literacy skills. It also nurtures innovative social enterprises that create positive impact.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
About BSF
Banque Saudi Fransi (BSF), a Joint Stock Company established by Royal Decree No. M/23 dated June 1977, is one of the leading banks in Saudi Arabia. It has its head office in Riyadh and regional offices in Jeddah, Al-Riyadh and Al-Khobar. Through its 85 branches/self-service centers, 520 ATMs and over 28,000 points of sale, BSF is committed to providing innovative and excellent services to its clients. BSF offers a wide range of financial services in Corporate Banking and Retail Banking. The Bank also provides investment banking, asset management and investment funds services, in addition to brokerage services through BSF Capital. BSF’s main focus is to provide a new standard in customer experience that stands out for its simplicity and transparency further empowering its customers while offering them personalized advice. BSF's business model is customer-oriented, with the goal of being a leader in customer satisfaction on a national and regional level.
Economic flows between Asia and GCC nations have been increasing over the years. For instance, in 2023, trade between Southeast Asia and GCC nations amounted to around USD 130.7 billion (SGD 169.4 billion)[2]. An additional USD 50 billion (SGD 64.8 billion) in new trade flows between both regions is expected to be generated by 2027[3]. In addition, trade volumes between China and GCC nations are projected to double to USD 1.9 trillion (SGD 2.46 trillion) by 2035[4]. Saudi Arabia is expected to play a pivotal role in the growth of the Asia-GCC corridor as the largest economy in the GCC.
This partnership was formalised with a memorandum of understanding signed at the sidelines of Sibos, a global financial services conference organised by Swift – the world’s leading provider of secure financial messaging services.
DBS and BSF announced a strategic partnership at Sibos to expand their trade settlement, financing and regional currency clearing solutions.(Left to Right) Sriram Muthukrishnan, Group Head of Global Transaction Services Product Management, DBS; Simon Ong, Group Head of Financial Institutions and Government-Linked Corporates, DBS; Faisal Darwish, Head of Institutional Banking, BSF; Badr Alnowaisser, Head of Financial Institutions, BSF.
Meeting growing demand for Asia-GCC trade and payments
To help businesses capture trade opportunities more effectively across both regions, DBS and BSF will explore leveraging each other’s unique strengths and networks by providing trade financing solutions to each other’s clients. These solutions include letters of credit, bankers’ guarantees and trade loans. In addition, both banks will explore jointly financing client transactions to better manage risk and expand their respective financing capacities.
To meet the growing demand for seamless cross-border payments, both banks will explore utilising each other’s clearing networks for local and regional currency clearing. This includes DBS' access to seven of Asia's largest currency clearing corridors[5] and BSF's access to Saudi Riyal clearing services.
In addition, BSF will explore using DBS GlobeSend to enable its customers to make same-day cross-border payments across DBS’ global payout network of over 1 billion accounts and digital wallets. DBS GlobeSend is a cross-border payment solution that enables banks and non-bank financial institutions to make cost-effective, fast and transparent payments, covering 60 currencies across over 100 markets.
Sriram Muthukrishnan, Group Head of Global Transaction Services Product Management, DBS, said: "Asia and the Middle East are growing increasingly interconnected as businesses, investors and talent pursue opportunities in these dynamic markets. Our partnership with BSF builds upon DBS’ connectivity across Asia and our track record in providing secure and efficient access to trade financing and cross-border payments. This aims to facilitate the seamless flow of goods, services and capital across this corridor – ultimately benefitting businesses, end-consumers and communities.”
Faisal Darwish, Head of Institutional Banking, BSF, said: “At Banque Saudi Fransi, we see this partnership with DBS as a significant step in strengthening financial connectivity between the GCC and Asia. By combining our networks and expertise, we aim to deliver innovative solutions in trade financing and cross-border payments. This collaboration will open new opportunities for businesses and consumers alike, while reinforcing Saudi Arabia’s role in driving growth across this dynamic economic corridor.”
All exchange rates as of 15 October 2025
[1] Consisting of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates
[2] ‘1+1+1 greater than 3’: At historic first summit, ASEAN, China and Gulf bloc pledge new global cooperation model (Channel News Asia)
[3] Why ASEAN must transform global tensions into regional opportunities (World Economic Forum)
[4] Saudi Arabia and China deepen trade ties as non-oil sectors thrive (The Banker)
[5] Covering the following markets: Singapore, China, Hong Kong, Taiwan, India, Indonesia, Vietnam
[END]
About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 17 consecutive years from 2009 to 2025.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by uplifting lives and livelihoods of those in need. It provides essential needs to the underprivileged, and fosters inclusion by equipping the underserved with financial and digital literacy skills. It also nurtures innovative social enterprises that create positive impact.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
About BSF
Banque Saudi Fransi (BSF), a Joint Stock Company established by Royal Decree No. M/23 dated June 1977, is one of the leading banks in Saudi Arabia. It has its head office in Riyadh and regional offices in Jeddah, Al-Riyadh and Al-Khobar. Through its 85 branches/self-service centers, 520 ATMs and over 28,000 points of sale, BSF is committed to providing innovative and excellent services to its clients. BSF offers a wide range of financial services in Corporate Banking and Retail Banking. The Bank also provides investment banking, asset management and investment funds services, in addition to brokerage services through BSF Capital. BSF’s main focus is to provide a new standard in customer experience that stands out for its simplicity and transparency further empowering its customers while offering them personalized advice. BSF's business model is customer-oriented, with the goal of being a leader in customer satisfaction on a national and regional level.