DBS and Singapore Manufacturing Federation partner to decarbonise Singapore’s manufacturing sector
Singapore.27 Feb 2025
Collaboration to empower 500 SME and mid-sized manufacturers in their green transition over two years
MOU includes targeted workshops, an actionable playbook and tailored roadmaps to drive real-world decarbonisation efforts
DBS to offer competitive sustainable financing solutions to accelerate industry transformation
Singapore, 27 Feb 2025 - DBS and Singapore Manufacturing Federation (SMF) have signed a Memorandum of Understanding (MOU) to accelerate the adoption of sustainable practices within Singapore's manufacturing sector. This landmark partnership is SMF’s first with a financial institution and signals a major commitment to accelerating sustainability within the manufacturing sector. The collaboration aims to support 500 small and mid-sized manufacturers over the next two years, providing targeted expertise, resources and financial solutions to drive emissions reduction and enhance competitiveness in the green economy.
From left to right: Melvin Tan (Honorary Secretary and Chairman of the Sustainability Committee, Singapore Manufacturing Federation), Lennon Tan (President, Singapore Manufacturing Federation), Lim Him Chuan (Singapore Country Head), Chen Ze Ling (Head of Corporate Banking, DBS) and Xu Wenshan (Director, Enterprise Engagement Division, SkillsFuture Singapore) the launch of the DBS and SMF’s Sustainability Partnership to decarbonise Singapore’s manufacturing sector.
Manufacturing is a cornerstone of Singapore’s economy, contributing approximately 20% of the nation’s GDP. However, it is also one of the nation’s largest carbon emitters, responsible for nearly half of Singapore’s primary greenhouse gas emissions[1]. As international markets increasingly prioritise sustainability, manufacturers face mounting pressure to transition to lower-carbon operations.
A recent survey by SMF found that 91% of manufacturers identified sustainability as critical to their global competitiveness. To bridge existing gaps and accelerate the industry’s green transformation, the partnership will combine DBS’ world-class expertise in financial solutions and sustainability advisory with SMF’s deep industry knowledge, to provide manufacturers with practical support at every stage of their decarbonisation journey.
The partnership will focus on three key pillars, each designed to equip manufacturers with the awareness, tools and financial support needed to transition to a low-carbon economy:
As a SkillsFuture Queen Bee partner, DBS will collaborate with SMF to launch a customised industry playbook later this year. The playbook, supported by SkillsFuture Singapore (SSG), will serve as a practical reference tool, offering insights on integrating sustainability into business strategies.
Recognising that each manufacturer’s sustainability journey is unique, DBS and SMF will align their sustainability programmes to provide businesses with structured yet flexible approaches to decarbonisation.
DBS will tap its ESG Ready Programme to provide a clear, step-by-step framework to help businesses build sustainability capabilities, develop tailored sustainability roadmaps and access green financing solutions. SMF, through its Chief Sustainability Officer-as-a-Service (CSOaaS) Programme, will offer on-demand access to sustainability experts, enabling manufacturers to receive bespoke sustainability advisory to strengthen their daily operations.
To empower manufacturers to translate their decarbonisation plans into action, DBS will offer a suite of competitive sustainable financing options (e.g. electric vehicle financing, green property loan, eco renovate loan), enabling them to invest in the green technology and infrastructure critical for decarbonisation.
Lim Him Chuan, Singapore Country Head, DBS, said: “Since its inception, DBS has been deeply committed to supporting the manufacturing sector, a bedrock of Singapore’s economy. We are pleased to partner the Singapore Manufacturing Federation to help accelerate the sector’s transformation and ensure its future growth. This partnership builds on our ongoing efforts to create a robust ecosystem of support for SME and mid-sized enterprises, providing them with the tools, targeted skills development programme, expertise and financial solutions they need to thrive in an evolving landscape. Together, we are empowering the sector to embrace sustainability and drive meaningful change towards a greener, more resilient future.”
Koh Kar Siong, Group Head of Corporate and SME Banking, DBS, said: “Sustainability is no longer an option; it is a business imperative. As a key driver of Singapore’s economy and a sector with significant decarbonisation potential, manufacturing has a unique opportunity to lead the transition to a greener future. This partnership with SMF directly enables SME and mid-sized manufacturers to adopt sustainable practices while staying competitive in global markets. By providing the right knowledge, tools and financial support, we aim to accelerate the industry’s shift to sustainable, future-ready operations and contribute to Singapore’s decarbonisation goals.”
Lennon Tan, President, Singapore Manufacturing Federation, said: “This MOU marks a significant milestone for SMF as we partner with DBS to champion sustainability in manufacturing. By providing structured guidance, hands-on training and financial resources, we are enabling manufacturers to future-proof their businesses and strengthen Singapore’s position as a leader in sustainable industrial practices.”
This partnership directly supports Singapore's national decarbonisation agenda. By empowering manufacturers to take immediate and practical steps towards sustainability, DBS and SMF are positioning Singapore’s manufacturing sector as a global leader in sustainable industrial practices.
For more information on DBS’ ESG Ready Programme, please visit: https://www.dbs.com.sg/sme/sustainability/esg-ready-programme
For more information on SMF’s Chief Sustainability Officer-as-a-Service Programme, please visit: https://smf-csoaas.com/
For more information on DBS as a SkillsFuture Queen Bee partners, please visit: https://skillsfuture.gobusiness.gov.sg/support-and-programmes/skillsfuture-queen-bee-networks/sfqb-dbs-bank
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 16 consecutive years from 2009 to 2024.
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 supporting businesses for impact: enterprises with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping underserved communities with future-ready skills and helping them to build food resilience.
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 Singapore Manufacturing Federation
Founded in 1932, the Singapore Manufacturing Federation (SMF) champions the nation's manufacturing sector by driving innovation and sustainable growth. Organized into 10 Industry Groups and supported by Associated Services, SMF addresses distinct industry needs. Focusing on sustainability, human capital, internationalization, and productivity, SMF enhances sector resilience. As a collaboration catalyst, it fosters strategic alliances and market expansion locally and globally. With above 5,000 diverse members, including SMEs, MNCs, and Affiliates, SMF shapes Singapore's manufacturing ecosystem and drives industry advancement.
Visit www.smfederation.org.sg for more information.
From left to right: Melvin Tan (Honorary Secretary and Chairman of the Sustainability Committee, Singapore Manufacturing Federation), Lennon Tan (President, Singapore Manufacturing Federation), Lim Him Chuan (Singapore Country Head), Chen Ze Ling (Head of Corporate Banking, DBS) and Xu Wenshan (Director, Enterprise Engagement Division, SkillsFuture Singapore) the launch of the DBS and SMF’s Sustainability Partnership to decarbonise Singapore’s manufacturing sector.
Manufacturing is a cornerstone of Singapore’s economy, contributing approximately 20% of the nation’s GDP. However, it is also one of the nation’s largest carbon emitters, responsible for nearly half of Singapore’s primary greenhouse gas emissions[1]. As international markets increasingly prioritise sustainability, manufacturers face mounting pressure to transition to lower-carbon operations.
A recent survey by SMF found that 91% of manufacturers identified sustainability as critical to their global competitiveness. To bridge existing gaps and accelerate the industry’s green transformation, the partnership will combine DBS’ world-class expertise in financial solutions and sustainability advisory with SMF’s deep industry knowledge, to provide manufacturers with practical support at every stage of their decarbonisation journey.
The partnership will focus on three key pillars, each designed to equip manufacturers with the awareness, tools and financial support needed to transition to a low-carbon economy:
1. Training and upskilling for a future-ready workforce
To build awareness and understanding of sustainability across the manufacturing workforce, DBS and SMF will roll out targeted training webinars and in-person workshops to help manufacturers and their employees develop a strong foundation in sustainability. Participants will learn about key sustainability concepts, regulatory developments and industry best practices – from measuring carbon footprints and implementing energy-efficient manufacturing processes, to designing for circularity.
As a SkillsFuture Queen Bee partner, DBS will collaborate with SMF to launch a customised industry playbook later this year. The playbook, supported by SkillsFuture Singapore (SSG), will serve as a practical reference tool, offering insights on integrating sustainability into business strategies.
2. Complementary sustainability programmes for a tailored transition
Recognising that each manufacturer’s sustainability journey is unique, DBS and SMF will align their sustainability programmes to provide businesses with structured yet flexible approaches to decarbonisation.
DBS will tap its ESG Ready Programme to provide a clear, step-by-step framework to help businesses build sustainability capabilities, develop tailored sustainability roadmaps and access green financing solutions. SMF, through its Chief Sustainability Officer-as-a-Service (CSOaaS) Programme, will offer on-demand access to sustainability experts, enabling manufacturers to receive bespoke sustainability advisory to strengthen their daily operations.
3. Competitive sustainable financing
To empower manufacturers to translate their decarbonisation plans into action, DBS will offer a suite of competitive sustainable financing options (e.g. electric vehicle financing, green property loan, eco renovate loan), enabling them to invest in the green technology and infrastructure critical for decarbonisation.
Lim Him Chuan, Singapore Country Head, DBS, said: “Since its inception, DBS has been deeply committed to supporting the manufacturing sector, a bedrock of Singapore’s economy. We are pleased to partner the Singapore Manufacturing Federation to help accelerate the sector’s transformation and ensure its future growth. This partnership builds on our ongoing efforts to create a robust ecosystem of support for SME and mid-sized enterprises, providing them with the tools, targeted skills development programme, expertise and financial solutions they need to thrive in an evolving landscape. Together, we are empowering the sector to embrace sustainability and drive meaningful change towards a greener, more resilient future.”
Koh Kar Siong, Group Head of Corporate and SME Banking, DBS, said: “Sustainability is no longer an option; it is a business imperative. As a key driver of Singapore’s economy and a sector with significant decarbonisation potential, manufacturing has a unique opportunity to lead the transition to a greener future. This partnership with SMF directly enables SME and mid-sized manufacturers to adopt sustainable practices while staying competitive in global markets. By providing the right knowledge, tools and financial support, we aim to accelerate the industry’s shift to sustainable, future-ready operations and contribute to Singapore’s decarbonisation goals.”
Lennon Tan, President, Singapore Manufacturing Federation, said: “This MOU marks a significant milestone for SMF as we partner with DBS to champion sustainability in manufacturing. By providing structured guidance, hands-on training and financial resources, we are enabling manufacturers to future-proof their businesses and strengthen Singapore’s position as a leader in sustainable industrial practices.”
This partnership directly supports Singapore's national decarbonisation agenda. By empowering manufacturers to take immediate and practical steps towards sustainability, DBS and SMF are positioning Singapore’s manufacturing sector as a global leader in sustainable industrial practices.
For more information on DBS’ ESG Ready Programme, please visit: https://www.dbs.com.sg/sme/sustainability/esg-ready-programme
For more information on SMF’s Chief Sustainability Officer-as-a-Service Programme, please visit: https://smf-csoaas.com/
For more information on DBS as a SkillsFuture Queen Bee partners, please visit: https://skillsfuture.gobusiness.gov.sg/support-and-programmes/skillsfuture-queen-bee-networks/sfqb-dbs-bank
[1] Based on NCCS data, the Industry sector (manufacturing) accounted for 49% of Singapore’s primary greenhouse gas emissions in 2022.
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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 16 consecutive years from 2009 to 2024.
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 supporting businesses for impact: enterprises with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping underserved communities with future-ready skills and helping them to build food resilience.
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 Singapore Manufacturing Federation
Founded in 1932, the Singapore Manufacturing Federation (SMF) champions the nation's manufacturing sector by driving innovation and sustainable growth. Organized into 10 Industry Groups and supported by Associated Services, SMF addresses distinct industry needs. Focusing on sustainability, human capital, internationalization, and productivity, SMF enhances sector resilience. As a collaboration catalyst, it fosters strategic alliances and market expansion locally and globally. With above 5,000 diverse members, including SMEs, MNCs, and Affiliates, SMF shapes Singapore's manufacturing ecosystem and drives industry advancement.
Visit www.smfederation.org.sg for more information.
