DBS and the Korea Ocean Business Corporation (KOBC), a financial institution under the Republic of Korea’s Ministry of Oceans and Fisheries, today announced a memorandum of understanding (MOU) to strengthen business connectivity and support the regional expansion of Korea’s maritime and logistics sector across Asia.

The partnership is KOBC’s first with a foreign bank and will enable Korean maritime companies to tap DBS’ extensive regional network and suite of financing solutions – including digital cross-border payment capabilities, trade financing and sustainable financing solutions – as they diversify into new markets. Korea is one of the world’s top three shipbuilding nations and a global leader in high-value vessels, with its shipping and logistics firms operating across major global routes. With Singapore consistently ranked the world’s top maritime centre, DBS is well placed to support Korean firms as they extend their global footprint.

The collaboration aligns with broader efforts[1] to expand cooperation in green shipping and digitalisation between Singapore and the Republic of Korea. The initiative will support the advancement of more sustainable shipping and strengthen supply chain resilience. In addition, it will help broaden global investment opportunities for Korea’s maritime and logistics industry.

Under the MOU, DBS and KOBC will collaborate to:

• Facilitate KOBC’s access to Singapore’s world-class financial market, including trade financing, treasury support and capital-raising opportunities;
• Develop sustainable finance solutions, such as transition financing for eco-friendly vessels and alternative maritime fuels;
• Enhance competitiveness across the maritime and logistics value chain, supporting Korean players as they expand into the rest of Asia.

The MOU was announced alongside the opening of KOBC’s first overseas branch in Singapore, reinforcing the city-state’s role as a global entrepôt and strategic gateway to Asia. The branch will serve as KOBC’s regional base for financing operations, enabling the organisation to work more closely with Korean maritime and logistics firms as they grow their regional footprint.

Han Kwee Juan, group head of institutional banking, DBS, said: “DBS is honoured to be Korea Ocean Business Corporation’s first foreign bank partner. Korea’s maritime sector is a critical pillar in global trade, and its leading players are increasingly looking outward for growth and greener operations. With Singapore as a global maritime hub and DBS’ extensive network across Asia, we are well positioned to connect Korean firms to new markets and help them capture emerging opportunities. As companies redesign their operations around more intentional supply chains – positioning closer to demand and growth – Asia continues to serve as a key engine of the global economy. We remain committed to supporting Korean firms as they transform, regionalise sustainably and build long-term resilience.”

Byung-Gil Ahn, president, Korea Ocean Business Corporation, said: “Opening the Korea Ocean Business Corporation’s first overseas branch in Singapore and signing this MOU with DBS are important milestones in strengthening the Republic of Korea’s maritime industry. This partnership enhances KOBC’s global financial foundation, and supports the long-term, stable growth of Korea’s shipping and logistics sectors as our firms diversify and build resilience.”

This partnership builds on DBS’ longstanding commitment to the Republic of Korea as an important market for driving sustainable innovation and growth. In 1981, DBS opened its Seoul branch to provide integrated financial solutions and greater market connectivity for Korean corporate and institutional clients.

Re-disseminated by The Asian Banker