DBS and Singapore Manufacturing Federation (SMF) have signed a Memorandum of Understanding (MOU) to accelerate the adoption of sustainable practices within Singapore’s manufacturing sector. This landmark partnership is SMF’s first with a financial institution and signals a major commitment to accelerating sustainability within the manufacturing sector. The collaboration aims to support 500 small and mid-sized manufacturers over the next two years, providing targeted expertise, resources and financial solutions to drive emissions reduction and enhance competitiveness in the green economy.
Manufacturing is a cornerstone of Singapore’s economy, contributing approximately 20% of the nation’s GDP. However, it is also one of the nation’s largest carbon emitters, responsible for nearly half of Singapore’s primary greenhouse gas emissions[1]. As international markets increasingly prioritise sustainability, manufacturers face mounting pressure to transition to lower-carbon operations.
A recent survey by SMF found that 91% of manufacturers identified sustainability as critical to their global competitiveness. To bridge existing gaps and accelerate the industry’s green transformation, the partnership will combine DBS’ world-class expertise in financial solutions and sustainability advisory with SMF’s deep industry knowledge, to provide manufacturers with practical support at every stage of their decarbonisation journey.
The partnership will focus on three key pillars, each designed to equip manufacturers with the awareness, tools and financial support needed to transition to a low-carbon economy:
- Training and upskilling for a future-ready workforce
To build awareness and understanding of sustainability across the manufacturing workforce, DBS and SMF will roll out targeted training webinars and in-person workshops to help manufacturers and their employees develop a strong foundation in sustainability. Participants will learn about key sustainability concepts, regulatory developments and industry best practices – from measuring carbon footprints and implementing energy-efficient manufacturing processes, to designing for circularity.
As a SkillsFuture Queen Bee partner, DBS will collaborate with SMF to launch a customised industry playbook later this year. The playbook, supported by SkillsFuture Singapore (SSG), will serve as a practical reference tool, offering insights on integrating sustainability into business strategies.
- Complementary sustainability programmes for a tailored transition
Recognising that each manufacturer’s sustainability journey is unique, DBS and SMF will align their sustainability programmes to provide businesses with structured yet flexible approaches to decarbonisation.
DBS will tap its ESG Ready Programme to provide a clear, step-by-step framework to help businesses build sustainability capabilities, develop tailored sustainability roadmaps and access green financing solutions. SMF, through its Chief Sustainability Officer-as-a-Service (CSOaaS) Programme, will offer on-demand access to sustainability experts, enabling manufacturers to receive bespoke sustainability advisory to strengthen their daily operations.
- Competitive sustainable financing
To empower manufacturers to translate their decarbonisation plans into action, DBS will offer a suite of competitive sustainable financing options (e.g. electric vehicle financing, green property loan, eco renovate loan), enabling them to invest in the green technology and infrastructure critical for decarbonisation.
Lim Him Chuan, Singapore Country Head, DBS, said: “Since its inception, DBS has been deeply committed to supporting the manufacturing sector, a bedrock of Singapore’s economy. We are pleased to partner the Singapore Manufacturing Federation to help accelerate the sector’s transformation and ensure its future growth. This partnership builds on our ongoing efforts to create a robust ecosystem of support for SME and mid-sized enterprises, providing them with the tools, targeted skills development programme, expertise and financial solutions they need to thrive in an evolving landscape. Together, we are empowering the sector to embrace sustainability and drive meaningful change towards a greener, more resilient future.”
Koh Kar Siong, Group Head of Corporate and SME Banking, DBS, said: “Sustainability is no longer an option; it is a business imperative. As a key driver of Singapore’s economy and a sector with significant decarbonisation potential, manufacturing has a unique opportunity to lead the transition to a greener future. This partnership with SMF directly enables SME and mid-sized manufacturers to adopt sustainable practices while staying competitive in global markets. By providing the right knowledge, tools and financial support, we aim to accelerate the industry’s shift to sustainable, future-ready operations and contribute to Singapore’s decarbonisation goals.”
Lennon Tan, President, Singapore Manufacturing Federation, said: “This MOU marks a significant milestone for SMF as we partner with DBS to champion sustainability in manufacturing. 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.”
This partnership directly supports Singapore’s national decarbonisation agenda. By empowering manufacturers to take immediate and practical steps towards sustainability, DBS and SMF are positioning Singapore’s manufacturing sector as a global leader in sustainable industrial practices.