Maybank and Dagang NeXchange (DNeX), an e-commerce services provider for trade facilitation, have teamed up to provide a centralised online trade financing service.
Maybank will use DNeX’s online trade financing to extend credit to exporters at more competitive rates.
“The pending introduction of this online trade financing service augurs well with plans to expand our business by providing end-to-end, comprehensive e-commerce services for trade facilitation,” DNeX executive deputy chairman Datuk Samsul Husin says.
The service which is expected to be available by year-end is aimed at providing timely and efficient electronic trade finance service for exporters, particularly those in the small and medium enterprises (SME) category, a statement issued by DNeX says.
“SMEs often face challenges in trade financing, specifically in obtaining adequate financing from banks due to low level of disclosure of financial data. These make it difficult for banks to conduct comprehensive credit rating and risk assessment to provide them appropriate trade financing,” the statement continues.
The service is expected to help exporter SMEs address these challenges for an easier and timely access to trade financing.