SINGAPORE, Oct 16 (Reuters) - DBS Group, Southeast Asia's largest bank, said on Thursday it has partnered with Riyadh-based Banque Saudi Fransi to boost trade finance and payments flows between Asia and Saudi Arabia.

The Singapore-based group added in a statement that the partnership, which aims to leverage economic ties within the Gulf Cooperation Council (GCC) region, will include cooperation in trade settlement, financing, and regional currency clearing solutions.

This agreement comes amid accelerating economic flows between the GCC and other Asian countries. DBS reported that trade between Southeast Asian countries and the GCC reached approximately $130.7 billion in 2023 and is expected to grow by $50 billion by 2027.

The statement said the partnership was formalized on the sidelines of the Sibos Financial Services Conference in Frankfurt and will facilitate joint financing of client transactions. It noted that trade volume between China and the GCC is expected to double to $1.9 trillion by 2035.

DBS said that Saudi Arabia, the largest economy among the Gulf Cooperation Council countries, is expected to play a major role in driving growth in this regard.

(Prepared by Salma Najm for the Arabic Bulletin - Edited by Marwa Salam)