UOB Partners to Help Singapore Firms Expand
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The bank has signed a strategic partnership agreement with Singapore Business Federation to connect Singapore businesses to opportunities across Asean, especially in Indonesia, Thailand and Vietnam.
UOB will help more Singapore companies seize cross-border business opportunities as the financial partner of GlobalConnect@SBF strategic partnerships initiative, the bank announced in a statement on Friday.
Under the agreement, both organizations will share information and resources with Singapore companies, including SBF’s 27,000 members, and provide on-ground assistance. UOB will also provide financial support and help the businesses in their digitalization journey.
The bank noted that its extensive network and strong presence in Asean will complement the initiative to facilitate Singapore businesses making in-roads into the region, and emphasized the region’s $3 trillion economy and growth prospects.
Having weathered the worst of the COVID-19 pandemic, companies are now looking for growth and expansion opportunities. One of the most compelling opportunities is where UOB has strongest presence – ASEAN, with its fast-growing economy and vast potential, Wee Ee Cheong, UOB deputy chairman and CEO, said.
Questions & Answers
Q.What is the primary objective of the partnership between UOB and Singapore Business Federation?
What is the primary objective of the partnership between UOB and Singapore Business Federation?
The main goal is to connect Singapore businesses with opportunities across Asean, particularly in Indonesia, Thailand, and Vietnam. UOB aims to help these companies capitalise on cross-border business opportunities as the financial partner of the GlobalConnect@SBF initiative.
Q.What specific support will UOB provide to Singapore companies under this agreement?
What specific support will UOB provide to Singapore companies under this agreement?
UOB will offer financial support and help businesses with their digitalisation journey. It will also share information and resources with Singapore companies, including SBF's 27,000 members, and provide on-ground assistance to facilitate their regional expansion.
Q.Which specific Asean countries are highlighted as key markets for expansion in this initiative?
Which specific Asean countries are highlighted as key markets for expansion in this initiative?
The partnership specifically highlights Indonesia, Thailand, and Vietnam as key countries within Asean for Singapore firms to expand into. UOB aims to use its strong presence in these fast-growing markets to support the businesses.
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