DBS, Singapore Manufacturing Federation to Help 500 SMEs to Go Green

Under a new memorandum of understanding between DBS and the Singapore Manufacturing Federation (SMF), about 500 small to medium-sized firms would receive assistance in going green over the course of the next two years.

The initiative, which was started with the help of SkillsFuture Singapore (SSG), would offer financial solutions, resources, and training that is subsidized in relation to lowering emissions. Although specifics were unavailable, DBS receives financing support for this cooperation from SSG as a SkillsFuture Queen Bee partner.

At the launch, Lim Him Chuan, Singapore's country head of DBS, stated that although manufacturing accounts for almost a fifth of Singapore's GDP, it also produces almost half of the country's main greenhouse gas emissions.

According to a recent SMF poll, 91% of participants said that sustainability was essential to their ability to compete globally.

Manufacturing has a chance to spearhead the shift to a greener future as a major engine of Singapore's economy and a sector with substantial decarbonization potential, according to Koh Kar Siong, global head of corporate and SME banking at DBS.

“By providing structured guidance, hands-on training and financial resources, we are enabling manufacturers to future-proof their businesses and strengthen Singapore’s position as a leader in sustainable industrial practices.” Lennon Tan, president of SMF, said.