Maybank, Doxa ink MoU for suplly chain financing solutions in building & construction sector

SINGAPORE: Maybank has entered into a memorandum of understanding (MOU) with fintech firm Doxa Holdings International (Doxa) to jointly provide and enhance supply chain financing (SCF) solutions for players in the building and construction sector, extending to other industries in the future.

Maybank said Doxa’s procurement-to-payment platform, Doxa Connex, will enable the bank to broaden its SCF solutions, catering to large corporates and SMEs in Singapore and Malaysia.

“The SCF solutions come with key features comprising document 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,” the bank said in a statement.

Maybank Singapore country chief executive officer (CEO) Alvin Lee said the group aims to accelerate its transaction banking business, integrating it seamlessly with beyond-banking capabilities outlined in its future roadmap.

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

“As sustainability is a key pillar of our M25+ strategic priorities, Maybank has mobilised RM68 billion (S$19 billion) in sustainable finance across the group from 2021 to 2023, on track to meet its target of RM80 billion (S$23 billion) by 2025,” he said. Meanwhile, Doxa CEO and co-founder Edmund Ng said the company collaborates with partners like Maybank to deliver optimal solutions to 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 highvalue, low-cost investments, as well as sustainability solutions,” he added.