DBS and the Korea Ocean Business Corporation (KOBC) have signed a Memorandum of Understanding (MOU) to facilitate the expansion of Korea’s maritime and logistics sector throughout Asia. This collaboration, announced on 3 December, marks KOBC’s first partnership with a foreign bank, enabling Korean maritime companies to leverage DBS’ extensive regional network and financing solutions.
The agreement coincides with the opening of KOBC’s first overseas branch in Singapore, a strategic move to strengthen the Republic of Korea’s maritime links with the city-state, recognised as the world’s leading maritime hub. The partnership aims to support Korean firms in diversifying into new markets by providing access to DBS’ digital cross-border payment capabilities, trade financing, and sustainable financing solutions.
Korea, a global leader in shipbuilding and high-value vessels, stands to benefit significantly from this collaboration. The initiative aligns with broader efforts to promote green shipping and digitalisation between Singapore and Korea, enhancing supply chain resilience and expanding global investment opportunities for Korea’s maritime industry.
Under the MOU, DBS and KOBC will work together to facilitate KOBC’s access to Singapore’s financial market, develop sustainable finance solutions, and enhance competitiveness across the maritime value chain. Han Kwee Juan of DBS expressed the bank’s commitment to supporting Korean firms in their sustainable regionalisation efforts, whilst Byung-Gil Ahn of KOBC highlighted the partnership’s role in strengthening Korea’s maritime industry.
This collaboration builds on DBS’ longstanding relationship with Korea, furthering its commitment to driving sustainable innovation and growth in the region.
