BSF partners with Singapore’s DBS Bank to enhance payment flows

12:14 PM (Mecca time) Argaam
Logo ofSaudi Fransi Bank (BSF)

Logo of Saudi Fransi Bank (BSF)

Banque Saudi Fransi (BSF) entered into a partnership with Singapore-based DBS Bank to boost trade financing and payment flows between Asia and Saudi Arabia.

 

The partnership aims to leverage economic ties within the Gulf Cooperation Council (GCC) region and will include cooperation in trade settlement, financing, and regional currency clearing solutions, Reuters reported, citing DBS Bank.

 

DBS Bank noted that trade between Southeast Asian countries and the GCC nations reached around $130.7 billion in 2023 and is expected to grow by $50 billion by 2027.

 

The bank added that the partnership will facilitate joint financing of client transactions, noting that trade between China and the GCC is projected to double to $1.9 trillion by 2035, with Saudi Arabia expected to play a key role in driving this growth.

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