Maybank Islamic Partners Fintech Enabler for Customers' End-To-End Digital Supply Chain Experience

KUALA LUMPUR, 17 AUGUST 2023: Maybank Islamic Berhad is collaborating with TFX Islamic Sendirian Berhad, a fintech enabler in Islamic Finance for digital supply chain finance platform, which will see the offering of an end-to-end digital experience for the bank’s customers, cutting the total turnaround time for release of funding to just one day from the average of 3 days.

The solution called “Islamic Digital Supplier Financing Programme (DSFP-i)” aims to simplify the current lengthy process which involves physical documentations and movement of physical documents between buyer and supplier, for funding into a digital end-to-end process – all at the buyers’ and their suppliers’ fingertips.

Both parties will be working together on market solutions that would help the buyer and its list of suppliers in the physical supply chain to digitalize their commercial transactions using the TFX platform, while leveraging on Maybank Islamic’s ability to provide liquidity to the whole supply chain.

“In today's fast-paced world, customers expect convenience, simplicity and personalized solutions. This collaboration aims to deliver on these expectations by providing an end-to-end digital experience, simplifying the journey for businesses to obtain financing by leveraging on their supply chain,” said Maybank Islamic CEO Dato’ Mohamed Rafique Merican.

He added that DSFP-i will not be just another trade product as it represents Maybank Group’s efforts in evolving along with today’s market requirements of being digital and fast-paced.

“We are confident that our clients would find this solution to be essential in improving their business cash flow and supply chain management as we head into an era of technological enablement. Our collaboration with TFX Islamic further reinforces Maybank’s commitment to the M25+ Strategy with customer experience being another key pillar of this strategy,” said Dato’ Mohamed Rafique, adding that Maybank Islamic is hopeful that these efforts to digitise trade can support risk management processes through transparency and reduce exposure risks arising from Islamic trade finance.

He pointed out that Maybank Islamic has leveraged digital solutions to streamline processes, improve accessibility, and provide real-time visibility into trade transactions.

“Our digital platforms enable businesses to manage their trade finance needs with ease, ensuring a seamless and efficient trade ecosystem.”

memorandum of understanding between Maybank Islamic and TFX Islamic was recently signed by Dato’ Mohamed Rafique and TFX Islamic CEO Halmi Halim on the sideline of Maybank Islamic’s Trade Finance talk for its customers.

At the signing ceremony, TFX Islamic CEO Halmi Halim said:

“It is a tremendous honour for us to have been selected by Maybank Islamic as a technology partner in the domain of Islamic supply chain financing, with the central goal of facilitating SMEs' access to working capital. Our unwavering commitment is directed towards supporting Maybank Islamic in delivering exceptional supply chain products to its expanding customer base. Together, we will pave the way for enhanced financial services with technology and contribute to the growth and prosperity of our Malaysian SMEs.”