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SBF signs MOUs with UOB, Y3 Technologies to help local companies expand into Asean

Jovi Ho
·2-min read

The Singapore Business Federation has signed two memoranda of understanding to support Singapore businesses expanding into Asean.

The Singapore Business Federation (SBF) has signed two memoranda of understanding (MOUs) to support Singapore businesses expanding overseas, particularly within Asean.

On Aug 31, SBF renewed an MOU with United Overseas Bank (UOB) U11, first signed in 2021, to collaborate on joint initiatives promoting trade and investment between Singapore and other countries.

Local businesses can tap GlobalConnect@SBF and UOB’s foreign direct investment advisory unit for market insights and talent solutions. SBF launched the GlobalConnect@SBF programme with Enterprise Singapore in 2019.

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UOB says it will continue to support Singapore businesses looking to expand and deepen their presence in Malaysia, Thailand, Indonesia and Vietnam. UOB and SBF will jointly support Singapore companies on market insights, business missions and business-matching. Both parties will also cross-refer requests for assistance and provide investment advice and local contacts.

SBF also signed an MOU with Y3 Technologies, part of local supply chain solutions company YCH Group, to support cross-border e-commerce activities of Singapore businesses into Asean and beyond.

The two parties will offer complimentary workshops, diagnostic and consultation sessions, as well as networking for local businesses.

Lim Ming Yan, chairman of SBF, says: “Asean’s projected economic growth of over 4% this year, coupled with its growing middle class, rapid digitalisation, abundant natural resources and push for greater regional integration makes it extremely attractive for Singapore businesses looking for expansion and growth.”

The MOUs were signed at the 7th Asean Conference, organised by SBF and founding partners UOB, Rajah & Tann and RSM Singapore.

A ministerial dialogue with Minister for Trade and Industry Gan Kim Yong covered topics on Asean’s emerging economic development and trends, plurilateral Free Trade Agreements and its impact on Asean, Singapore’s role in digitalisation and sustainability initiatives, as well as how Asean can work together amid global uncertainty.

Close to 4,000 companies have tapped UOB’s FDI advisory services over the past decade, says Wee Ee Cheong, deputy chairman and chief executive officer of UOB, in his opening address. “Since 2014, the companies that we have supported have committed to create 180,000 job opportunities.”

The conference brought together 15 leaders from the private sector as moderators and panellists over three plenary sessions, including Frank Koo, head of Asia, talent and learning solutions at LinkedIn; Ian Wong, managing director of group international management at UOB; Michelle Shi, chief of supply chain at Dyson; Gavin Chua. head of stakeholder engagement, APAC at Meta; and Quek Siu Rui, CEO and co-founder of Carousell; among others.

Photo: Singapore Business Federation (SBF)

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