Indian Economy News

DBS Bank and Keppel signed a Memorandum of Understanding to boost sustainable digitalisation

  • IBEF
  • September 5, 2023

Across an announcement, DBS Bank (DBS) and Keppel said they had inked an agreement to work together to scale up sustainable urbanization and digitalization solutions across Asia, with an emphasis on India.

India is receiving attention as a result of DBS's growing presence there. In energy-intensive industries including healthcare, hotels, and commercial and industrial real estate, the collaboration aims to hasten the adoption of energy optimization and sustainable solutions.

The move follows the recently concluded “Business 20” (B20) debate in New Delhi, which had as its main objective empowering Responsible, Accelerated, Innovative, Sustainable, and Equitable (RAISE) firms to promote sustainable economic growth and development.

India is among DBS’s six core markets and one of the bank’s top three markets for sustainable finance. The country’s rapid rate of urbanization is expected to have a key impact on its energy usage and global energy trends.

According to Mr. Piyush Gupta, Chief Executive Officer (CEO) of DBS Bank, businesses understand very well how important a role they play in attaining a net-zero future. Companies require the know-how, access to sustainable solutions, and capital to decarbonize at scale. DBS is dedicated to assisting its clients in making the switch to a low-carbon future. By forming solid alliances with industry titans like Keppel, it can ease clients' journeys by offering a variety of solutions and the proper finance to encourage group action for sustainability.

According to one of the statements by the company, the MoU involves offering digital solutions to DBS Bank’s corporate customers. Through the subsidiary of Keppel, the collaboration will explore ways to enhance and support the digitalisation journey of businesses in Singapore. This partnership also includes an e-waste recycling initiative through AsiaPac, a subsidiary of M1, where DBS customers can trade in laptops.

Keppel is thrilled to join with DBS to solve some of the most urgent demands faced by businesses in Asia. Keppel is a global asset manager with strong operational capabilities across infrastructure, real estate, and connectivity. According to Mr. Loh Chin Hua, Chief Executive Officer (CEO) of Keppel Corporation, the MOU gives Keppel and DBS a platform to deepen their collaboration and develop solutions to assist enterprises in becoming more sustainable, digitalized, and ultimately more competitive in an increasingly complicated operating environment.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.