8 November 2024

Maybank Singapore and PracBiz collaborate on supply chain finance - supporting clients in achieving seamless transactions in a dynamic environment

Singapore – Maybank Singapore and 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.

PBX is a 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.

Alvin Lee, Country CEO of Maybank Singapore said, “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. This partnership reflects Maybank’s commitment to meet clients’ needs for ease of transactions in a highly dynamic environment.”

Neo Teck Hoe, CEO of PracBiz said, “We are pleased to collaborate with Maybank as we continue to expand our platform’s capabilities to support the growth of SMEs. By combining our expertise with Maybank’s, we can offer comprehensive solutions, and better anticipate our clients’ demands in a transaction lifecycle.”

PracBiz owns and operates PBX, processing more than S$5 billion transactions annually for large retail chains in the food and beverage, fast-moving consumer goods and pharmaceutical space.

For media queries, please contact sg.corpcomms@maybank.com