Maybank Singapore and Singapore-based digital supply chain platform PracBiz are collaborating for the bank to offer financing to qualified users of PracBiz Exchange (PBX).

By combining supply chain financing with PBX’s digital ecosystem, the users of PBX will benefit from a seamless financing journey, the duo said in a statement on Friday.

PBX is a business to business (B2B) digital transaction management platform that enables procurement and invoicing activities to be automated, moving both buyers and suppliers away from paper-based processes.

The users of PBX are some of the largest buyers in the fast-moving consumer goods (FMCG) retail industry and their suppliers.

“The collaboration with PracBiz aligns with Maybank’s M25+ strategic goals,

“By providing our services in partnership with platforms that are integral to business operations, we aim to provide accessible financial solutions that support industries and our clients’ growth,” said Alvin Lee, Country Chief Executive Officer of Maybank Singapore.

According to him, this partnership reflects Maybank’s commitment to meet clients’ needs for ease of transactions in a highly dynamic environment.

Neo Teck Hoe, Chief Executive Officer of PracBiz, said they are pleased to collaborate with Maybank as they continue to expand their platform’s capabilities to support the growth of small and medium-sized enterprises (SMEs).

“By combining our expertise with Maybank’s, we can offer comprehensive solutions, and better anticipate our clients’ demands in a transaction lifecycle,” he added.

PracBiz owns and operates owns and operates a B2B digital transaction management platform that serves large retail chains in Singapore and Malaysia.

This platform – the PracBiz Exchange (PBX) – processes more than 40,000 invoices every day, 24/7.

Through continually offering innovative digital, payments and financing solutions, PracBiz has been helping its partners in the food and beverage (F&B), fast-moving consumer goods (FMCG) and pharmaceutical space reduce operating costs and increase business capacity.

Its platform processes more than S$5 billion ($3.78 billion) transactions annually.

Maybank is among Asia’s leading banking groups and South East Asia’s fourth largest bank by assets.

Maybank Group has an international network of over 2,600 branches in 18 countries including all ten ASEAN countries, with more than 42,000 employees serving customers worldwide.

Maybank Singapore is one of the Group’s largest overseas operations and a Qualifying Full Bank in Singapore.

As at December 31, 2023, Maybank’s total assets in Singapore were approximately S$80.25 billion ($60.73 billion).

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