In conjunction with the 12th Singapore-Jiangsu Cooperation Council, DBS today signed a Memorandum of Understanding (MOU) with Suzhou Industrial Park Administration Committee (SIPAC) to support the growth and innovation of financial services in the Suzhou Industrial Park (SIP).
Under the MOU, DBS will work with SIPAC to leverage on each other’s industry capabilities and networks to broaden and deepen the financial infrastructure within SIP to cater to the needs of technology startups and companies. Notably, financial areas earmarked for development include capital markets, cash management, settlement, and trade finance, among others.
Lim Chu Chong, Head of Institutional Banking, DBS Bank (China), said, “With China continuing to open up, we view our collaboration with SIPAC as a way to forge stronger Sino-Singapore relations, and as an avenue to deepen the bank’s services and offerings to better serve our clients. The collaboration also underscores our continued commitment to further the development of financial services within SIP and the wider Jiangsu province. Notably, by harnessing our expertise in capital markets and transaction banking, we hope to leverage on our knowledge and networks to help corporates achieve their financing needs and embark on their next phase of growth.”
DBS – A long-time supporter of SIP
DBS is the first Singapore bank to set up operations in the SIP in 2007 and has been supporting the growth and development of Suzhou and SIP for the past 11 years. Located in the Jiangsu Province, the Suzhou Industrial Park is an important cooperation project between the governments of China and Singapore. It was approved by the State Council in February 1994, and Suzhou Industrial Park Management Committee is an institute of Suzhou Industrial Park governance administration.