SOUTHEAST ASIA CONSTRUCTION15 May 2019
LiuGong and UOB renew MoU for machinery financing in Southeast Asia
The signing ceremony of the new MoU.
Ronny Chng of UOB (on the left) and Zeng Guang’an of LiuGong sign the new MoU.
LiuGong and United Overseas Bank Limited (UOB) have renewed their Memorandum of Understanding (MoU) to facilitate machinery financing for LiuGong’s customers in Southeast Asia, as the company expands its business across the region.
LiuGong and UOB have been collaborating since July 2018 to extend machinery financing solutions for LiuGong’s vendors and customers in the region. Under the terms of the new MoU, UOB will develop an end buyer financing credit framework and offer asset financing and hire purchase or lease financing to LiuGong’s customers in Indonesia and Thailand.
UOB will also provide LiuGong’s supply chain with other financial solutions such as cash management, trade finance, working capital loans and hedging facilities. The financing support for LiuGong’s customers will help the company drive the export of its construction equipment to the region, thereby growing its revenue.
Zeng Guang’an, chairman of LiuGong Group said, “As LiuGong continues to expand our overseas business, one of our key goals is to provide customers with complete solutions beyond our machinery and financing is a large part of these offerings. UOB gives us this opportunity in Southeast Asia.”
“The consumption rate for LiuGong’s machinery in Southeast Asia has been strong,” said Chen Hao, president of LiuGong Machinery Asia Pacific Pte Ltd. “Our customers told us that they require machinery financing assistance, so we are happy to work with UOB to tailor made financing plans to them, thus providing a total solution.”
Ronny Chng, head of Corporate Banking Overseas at UOB commented, “UOB is committed to providing integrated financial solutions that help companies optimise their business operations and expand across borders. Our unrivalled regional network connectivity, deep market insights, industry knowledge and strong expertise in supply chain financing enable us to support LiuGong as it expands its distribution network and increases its market share in Southeast Asia. We hope to work with more manufacturers from China to facilitate their growth plans in the region.”
The MoU was signed at the New International Land-Sea Trade Corridor Introduction and Marketing Conference organised by the People’s Government of Guangxi Zhuang Autonomous Region.