Strategy
DBS, Sumitomo Mitsui TB Sign Pact To Tap Big Potential Of Indonesia Market
DBS Indonesia has entered into an agreement with Sumitomo Mitsui Trust Bank, the main entity within Sumitomo Mitsui Trust Group, to provide end-to-end financial and banking services to Japanese companies in Indonesia.
The agreement, which is a continuation of the regional partnership between DBS Group and SMTB, signed in May 2011, will provide Japanese companies with insights on doing business in Indonesia.
The pact will also make use of DBS Indonesia’s capabilities to provide Japanese companies with wider and more sophisticated banking products and services such as trade finance, cash management and foreign exchange services. Additionally, DBS said in a statement, it will help boost business opportunities for Indonesian companies in Japan.
“Many of our clients are commodities companies that can benefit from expanded market access in Japan. This MoU is an ideal partnership as it will provide an end-to-end supply chain for Indonesia-Japan trade activities,” Melvin Teo, president director of DBS Indonesia, said.
Fast growth
Hidehiko Asai, managing executive officer of SMTB said: “As one of the fastest growing markets in the world, Indonesia offers huge business potential for many Japanese companies. We would like to seize this opportunity by leveraging DBS Indonesia’s insights and products for our client base.”
DBS Indonesia will assign Japanese experts and specialists to serve SMTB’s client base and Japanese accounts, as well as provide Indonesian businessmen with insights and information about the Japanese market. Services offered under the DBSI and SMTB partnership will be known as “DBSI – SuMi TRUST Japanese Business Services”, DBS said.
This memorandum of understanding also paves the way for other joint efforts in the future, such as a collaboration between DBS Singapore and SMTB to form a Japan Advisory Council, with members comprising industry experts and leaders from Indonesia, Singapore and Japan. The objective of this Council is to promote business activities between Indonesia and Japan, as well as to support Indonesia’s economic growth, DBS said.
The MoU between the two parties was signed by Teo and Asai to officiate the partnership yesterday.
