Maybank inks MOU with fintech Doxa for supply chain financing

Services include digitisation of documents and other payment solutions.

Malaysian banking giant Maybank has signed a memorandum of understanding (MOU) with Singapore-headquartered fintech Doxa Holdings International to provide and elevate supply chain financing in the building and construction sector.

The two would eventually expand the MOU to other industries, Maybank said in a press release.

Doxa Connect will enable Maybank to expand its SCF solutions to serve large corporates and small and medium enterprises (SMEs) in Singapore and Malaysia.

Amongst services offered include digitisation of documents, integrated payments solutions, and embedded financing options.

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There will also be green trade financing modules to help clients navigate their supply chain challenges, Maybank said.

“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 CEO, Maybank Singapore.

Between 2021 to 2023, Maybank said that it has allotted S$19b (MYR68b) in sustainable finance, putting it on track to meet its S$23b (MYR80b) target by 2025.