Singaporean lender DBS and Korean financial services firm Samsung Securities have signed a memorandum of understanding ( MOU ) establishing a strategic partnership in wealth management with the aim of better serving clients across the region and broadening the choices available to clients of each institution in their respective markets.

As Asia cements its place as a global wealth management hub, clients, the companies argue, increasingly seek professional advice to grow their wealth and businesses.

The partnership brings together two complementary franchises – DBS, one of Asia’s foremost wealth managers, and Samsung Securities, a leader in Korea’s capital markets and wealth management – enabling their clients to diversify across markets. The MOU paves the way for a strategic partnership agreement.

Under the MOU, DBS and Samsung Securities will explore four areas of collaboration, with detailed terms to follow in the strategic partnership agreement:

• Korean market access for DBS clients: Enable DBS clients to invest in solutions offered by Samsung Securities
• Broader global solutions for Samsung Securities’ clients: Offer Samsung Securities clients access to DBS’ multi-asset global wealth solutions
• Client connectivity: Provide advisory services to serve clients’ global wealth management needs
• Knowledge and capability sharing: Facilitate joint learning and innovation development in areas like artificial intelligence and thought leadership in wealth management.

“Asia is fast becoming the world’s wealth engine, and clients increasingly want to manage their wealth seamlessly across markets,” says DBS CEO Tan Su Shan. “By bringing together Samsung Securities’ leadership in Korea’s capital markets and our global platform, we can offer clients in both market investment opportunities of a calibre few can match across Asia and beyond. We see wealth management as just the start. Over time, we hope to bring the full strength of DBS as One Bank to serve clients across their wealth and business alike.”