The online trade financing service is expected to help exporter SMEs address these challenges and have easier and timely access to trade financing.
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. In addition, there is an abundance of documents involved in international trade that require multiple entries of duplicated data while at the same time SMEs, typically lack IT investments to streamline the international trade process.
Kuala Lumpur, 22 July 2014 – Dagang NeXchange Berhad (DNeX), a leading provider of e-commerce services for Trade Facilitation, has formalised a collaboration agreement with Maybank to provide a centralised online trade financing service.
Under the collaboration, Maybank will use DNeX’s online trade financing to extend credit to exporters, at competitive rates.
Expected to be available by year-end, the service will provide export financing for exporters by optimising open account trading and integrating the trade value chain to increase financing opportunities.
The online trade financing service is aimed at providing timely and efficient electronic trade finance service for exporters, particularly those in the small and medium enterprise (SME) category.
The online trade financing service is expected to help exporter SMEs address these challenges and have easier and timely access to trade financing.
At the signing ceremony held in Kuala Lumpur today, DNeX’s Executive Director Patrick Wong signed on behalf of the company while Maybank was represented by its Group President and CEO Datuk Abdul Farid Alias. The signing was witnessed by DNeX’s Executive Deputy Chairman Datuk Samsul Husin.
Datuk Samsul Husin said, “We are indeed honoured to form a collaboration agreement with Maybank and have the bank as our partner in offering this exciting service. 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.”
“SMEs in the country are increasingly becoming key players in the economy, having been identified as one of the key pillars of growth in attaining a high income nation status by 2020. They have specific business requirements and this where we hope to market our e-commerce solutions and business applications,” Samsul added.
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