Keppel Corporation BN4 and DBS Bank D05 have signed a memorandum of understanding (MOU) to jointly scale up sustainable urbanisation and digitalisation solutions in Asia with a focus on India.
The focus in the country is due to DBS’s increasing presence in the country, which is one of the world’s fastest-growing economies. India is among DBS’s six core markets and is one of its top three markets for sustainable finance; India contributes some $1.1 billion to DBS’s $61 billion in cumulative sustainable financing transactions across Asia, spanning 19 markets.
The country’s rapid rate of urbanisation is expected to have a key impact on its energy usage and global energy trends, say both parties in a Sept 4 statement.
According to Keppel and DBS, the collaboration seeks to boost the adoption of energy optimisation and sustainable solutions across energy-intensive segments including healthcare, hospitality, as well as commercial and industrial real estate. The commitment is also in line with the Business 20 (B20) dialogue in New Delhi.
Under the MOU, businesses can access Keppel’s suite of energy-as-a-service solutions including high-efficiency cooling, sustainable energy and storage, and distributed solar photovoltaic systems. At the same time, DBS will offer financing solutions to help clients overcome potential cost barriers associated with the implementation of such technologies.
The MOU will also offer digitalisation solutions to DBS’s corporate customers. In addition, it will explore ways to enhance and support the digitalisation journey of businesses in Singapore through M1, Keppel’s subsidiary.
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The partnership also includes an e-waste recycling initiative through AsiaPac, a subsidiary of M1, where DBS customers can trade in laptops.
Loh Chin Hua, CEO of Keppel Corporation, says the MOU provides a platform for Keppel and DBS to help companies be more sustainable, digitalised and ultimately, more competitive in an increasingly complex operating environment. “As a global asset manager with deep operating capabilities across infrastructure, real estate and connectivity, Keppel is pleased to partner DBS to address some of the most pressing needs faced by companies in Asia.”
Piyush Gupta, CEO of DBS Bank, says businesses need access to sustainable solutions and financing in order to decarbonise at scale. “DBS is committed to helping our clients transition to a low-carbon future. By building strong partnerships with leaders like Keppel, we can simplify the journey for clients by providing a suite of solutions, coupled with the appropriate financing, to drive collective action for sustainability.”
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In July, Keppel announced that its infrastructure division had secured over US$70 million in “energy-as-a-service” contracts in Vietnam. Its customers include Republic Holiday Inn, Republic Suite Plaza and Estella Place in Ho Chi Minh City, as well as Grand Mercure Hotel & Resort in Quang Binh Province.
A month earlier, Keppel announced it will be providing “energy-as-a-service” to the China-Singapore Guangzhou Knowledge City (CSGKC), following an MOU signed on June 26 between Keppel and developer China-Singapore Guangzhou Knowledge City Investment & Development Co (GKC JV Co).
As at 9.31am, shares in Keppel and DBS are trading at $6.98 and $33.47 respectively.
