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DBS, Sumitomo Mitsui TB Sign Pact To Tap Big Potential Of Indonesia Market
Chrissy Coleman
19 December 2012
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.