OCBC, Singapore’s oldest bank, has entered a five-year strategic partnership with the Australian High Commission in Singapore to enhance trade and investment between Southeast Asia and Australia. This collaboration is expected to more than double the trade and investment flows by 2030, aligning with Australia’s Southeast Asia Economic Strategy to 2040.
The partnership will focus on high-growth sectors such as energy transition, infrastructure, resources, green transportation, fintech, and digital innovation. It combines the Australian government’s policy expertise with OCBC’s market insights and financing capabilities. The collaboration involves three Australian government agencies: the Department of Foreign Affairs and Trade, Export Finance Australia, and the Australian Trade and Investment Commission. Together, they aim to connect Australian companies with Southeast Asian industry leaders, facilitate investor matching, and promote knowledge-sharing programmes.
OCBC, marking 40 years of operations in Australia, has significantly expanded its Sydney branch, with its loan book growing at a compound annual growth rate of around 13% over the past five years. The bank has supported Australian companies like Lendlease and Qantas in their regional ventures.
Elaine Lam, Head of Global Corporate Banking at OCBC, stated, “This strategic collaboration aims to create a powerful platform for Australian companies and investors to expand into Southeast Asia.” Emily Follett, Acting Australian High Commissioner to Singapore, highlighted the partnership’s potential to unlock new business opportunities and drive energy transition.
This initiative underscores OCBC’s commitment to facilitating international capital flows and enhancing regional economic ties.
