Singapore-based DBS, the largest bank in Southeast Asia, has entered into a strategic partnership with Banque Saudi Fransi of Riyadh to boost trade finance and payment flows between Asia and Saudi Arabia. The collaboration aims to strengthen economic connectivity between the two regions as trade and investment ties continue to expand rapidly.
The Singapore-based bank said the agreement focuses on enhancing trade settlement, financing, and regional currency-clearing solutions, providing businesses in both regions with more efficient financial services.
The partnership is also designed to take advantage of the growing trade and economic activity within the Gulf Cooperation Council, or GCC, which includes Saudi Arabia, the United Arab Emirates, Qatar, Oman, Kuwait, and Bahrain.
The agreement was signed on the sidelines of the Sibos financial services conference held in Frankfurt. As part of the arrangement, the two banks will work together to jointly finance client transactions, creating new opportunities for businesses engaged in cross-border trade.
DBS noted that economic flows between the GCC and Asian nations have been expanding at a steady pace. Trade between Southeast Asia and the GCC reached around USD 130.7 billion in 2023 and is projected to grow by another USD 50 billion by 2027.
The bank also said that trade volumes between China and GCC countries are expected to double to $1.9 trillion by 2035, underlining the scale of opportunity in the region.
“Asia and the Middle East are growing increasingly interconnected as businesses, investors and talent pursue opportunities in these dynamic markets,” said Sriram Muthukrishnan, DBS’s group head of global transaction services product management.
The bank added that Saudi Arabia, as the largest economy in the GCC, is expected to play a key role in driving trade growth across this expanding corridor.
Under the agreement, Banque Saudi Fransi will also explore the use of DBS’s GlobeSend platform, which enables same-day cross-border payments across the bank’s global payout network covering more than 100 markets.
DBS said the new partnership reflects its continued focus on facilitating trade between Asia and the Middle East by leveraging digital infrastructure and deepening banking connectivity across regions.
