Background

DBS, Yang Kee Logistics and Sinosure have agreed to collaborate on helping Yang Kee Logistics’ clients access export credit insurance for trade activity with Shenzhen. The initiative is especially timely in the post COVID-19 period as Shenzhen starts to ramp up its exports to bolster its economy, while Singapore companies look to restart their business and trade activities.

To support these economic trends, Yang Kee Logistics’ global clientele will be encouraged to tap on export credit insurance policies provided by Sinosure wherever relevant. Accordingly, DBS will provide trade financing support to facilitate such trade collaborations where applicable, subject to usual bank risk evaluation. In the longer term, all parties will explore the introduction of a closed-loop digital platform to facilitate more efficient trade financing processes.

Details

In the first instance, Sinosure will facilitate trade credit insurance for Yang Kee Logistics’ clients. At the same time, DBS will actively assess trade financing support for Yang Kee Logistics’ clients under the credit insurance of Sinosure. With the collective support of all three parties, customers could stand to benefit from better transaction terms as they engage their suppliers. These could potentially encourage trade growth between Singapore and Shenzhen.

All parties shall provide supply chain services, warehouse design services as well as integrate existing clients’ portfolio wherever needed. In its initial phase, the collaboration aims to benefit Singapore SMEs looking to trade with Shenzhen, with the potential to progressively include more companies at a later stage.

For media clarifications, please contact:

Tim Mou Hui Assistant Vice President, Group Strategic Marketing & Communications, DBS

DID: (65) 9336 4550

Email: mouhuitim@dbs.com

Chan Hsien Hung General Manager, Management Office, Yang Kee Logistics

DID: (65) 6430 4303

Email: hh.chan@yangkee.com