DBS has teamed up with Banque Saudi Fransi to deepen trade and payment connectivity across Asia and the Gulf Cooperation Council region.
The partnership, signed on the sidelines of Sibos 2025 in Singapore, aims to promote trade and capital flows across the Asia–GCC corridor through enhanced trade settlement, financing and regional currency clearing.
It supports businesses and consumers engaged in cross-border trade, investments and remittances.
Trade between Southeast Asia and GCC nations reached about US$130 billion in 2023 and is expected to rise by another US$50 billion by 2027.
Trade between China and GCC countries is projected to double to US$1.9 trillion by 2035, with Saudi Arabia driving much of the growth.
Under the memorandum of understanding, the banks will offer trade financing solutions such as letters of credit, guarantees and trade loans, and may jointly finance client transactions to expand capacity and manage risk.
They also plan to use each other’s clearing networks, including DBS’s access to seven major Asian currency corridors and BSF’s Saudi Riyal clearing services.
BSF is considering the use of DBS GlobeSend for same-day cross-border payments through DBS’s global payout network, which covers more than one billion accounts and digital wallets across 100 markets and supports 60 currencies.
The platform enables banks and non-bank financial institutions to make cost-effective, fast and transparent payments.
Sriram Muthukrishnan, Group Head of Global Transaction Services Product Management, DBS, said,
“Asia and the Middle East are growing increasingly interconnected as businesses, investors and talent pursue opportunities in these dynamic markets.
Our partnership with BSF builds upon DBS’ connectivity across Asia and our track record in providing secure and efficient access to trade financing and cross-border payments. This aims to facilitate the seamless flow of goods, services and capital across this corridor – ultimately benefitting businesses, end-consumers and communities.”
Faisal Darwish, Head of Institutional Banking, BSF, said,
“At Banque Saudi Fransi, we see this partnership with DBS as a significant step in strengthening financial connectivity between the GCC and Asia. By combining our networks and expertise, we aim to deliver innovative solutions in trade financing and cross-border payments.
This collaboration will open new opportunities for businesses and consumers alike, while reinforcing Saudi Arabia’s role in driving growth across this dynamic economic corridor.”
Featured image: (From left) Sriram Muthukrishnan, Group Head of Global Transaction Services Product Management, DBS; Simon Ong, Group Head of Financial Institutions and Government-Linked Corporates, DBS; Faisal Darwish, Head of Institutional Banking, BSF; Badr Alnowaisser, Head of Financial Institutions, BSF.
