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Maybank Singapore has struck a partnership with PracBiz, the Singapore-based digital supply chain platform, to offer financing solutions to qualified users of its PracBiz Exchange (PBX) platform.
The collaboration aims to marry supply chain financing with PBX’s digital ecosystem. PBX, a business-to-business digital transaction management platform, serves some of the largest buyers in the fast-moving consumer goods (FMCG) retail sector, digitising procurement and invoicing activities traditionally mired in paper-based processes.
Alvin Lee, Country Chief Executive of Maybank Singapore, highlighted that this collaboration intends to make transactions smoother and more available for small- and medium-sized enterprises (SMEs).
“By integrating our services with platforms central to business operations, we’re working to deliver accessible financial solutions that bolster both industries and our clients’ growth prospects,” he said.
Neo Teck Hoe, PracBiz’s Chief Executive, expressed enthusiasm about the collaboration. “Working alongside Maybank allows us to expand our platform’s capabilities while supporting SME growth. By combining our expertise, we can deliver comprehensive solutions and better anticipate our clients’ needs throughout the transaction lifecycle.”
PracBiz’s digital platform currently processes $3.7 billion worth of transactions annually, handling over 40,000 invoices daily.
Maybank is South East Asia’s fourth-largest bank by assets, with an international network spanning 18 countries, including all ten ASEAN nations. The Singapore operation, one of Maybank’s largest overseas ventures, reported total assets of approximately $60 billion as of 31 December 2023.
