Maybank has signed a memorandum of understanding (MOU) with Singapore-headquartered fintech company Doxa Holdings International to collaborate on providing and elevating supply chain financing (SCF) solutions for market players in the building and construction sector.
The collaboration, called Doxa Connex, will later expand into other industries. 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 enterprises (SMEs) in Singapore and Malaysia.
The SCF solutions come with key features comprising documents digitisation, 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.
Edmund Ng, CEO and co-founder of Doxa, says: “We collaborate with the right partners like Maybank to deliver optimal solutions to our 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.”
Alvin Lee, country CEO of Maybank Singapore, says: “Clients are moving towards digitised, 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.”
“By driving green trade finance, the collaboration is also aligned with Maybank’s continuous efforts to support clients’ decarbonisation plans,” he adds, noting that sustainability is a key pillar of Maybank’s M25+ strategic priorities.
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Thus far, Maybank has mobilised RM68 billion ($19 billion) in sustainable finance across the group from 2021 to 2023, and is on track to meeting its target of RM80 billion by 2025.
