Malayan Banking Berhad (Maybank) has inked a deal with Singapore-headquartered fintech firm Doxa Holdings International (Doxa), to collaborate on providing and elevating supply chain financing (SCF) solutions for market players in the building and construction sector, and later expanding into other industries.

Maybank said in a statement on last Friday that the duo have signed a memorandum of understanding (MOU) for the partnership.

Under Maybank’s Malaysia-Singapore trade corridor strategic play, Doxa Connex will enable Maybank to expand its SCF solutions serving large corporates and small and medium-sized enterprises (SMEs) in Singapore and Malaysia.

It is noted that the SCF solutions come with key features comprising documents digitization, integrated payments solutions, and embedded financing options alongside green trade financing modules as a holistic offering for clients to navigate their supply chain challenges and requirements.

“Clients are moving towards digitized, sustainable, and resilient supply chain ecosystems and financing practices, amid a shift driven by technology and green transition,

“Through this partnership with Doxa, Maybank is able to accelerate its transaction banking business to be more integrated and seamless including beyond-banking capabilities in our future roadmap,” said Alvin Lee, Country Chief Executive Officer of Maybank Singapore.

“By driving green trade finance, the collaboration is also aligned with Maybank’s continuous efforts to support clients’ decarbonization plans,

“As sustainability is a key pillar of our M25+ strategic priorities, Maybank has mobilized MYR 68 billion ($14.39m) in sustainable finance across the group from 2021 to 2023, on track in meeting its target of RM80 billion (S$23 billion) by 2025,” he added.

Edmund Ng, Chief Executive Officer and Co-founder of Doxa, said that they collaborate with the right partners like Maybank to deliver optimal solutions to their clients, addressing today’s high costs associated with trade financing and technology.

“Being a platform provider, we pride ourselves in connecting the best-in- class partners to our ecosystem, bringing value to the marketplace with high-value, low-cost investments, as well as sustainability solutions,” he added.

It is noted that Maybank is the fourth largest financial institution group in ASEAN by assets.

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