OCBC Bank collaborates with Marriott to strengthen financing support for 12,000 suppliers in Singapore, Malaysia, and Indonesia | Lianhe Zaobao
OCBC Bank has reached a strategic cooperation with Marriott Intl New to provide greater financing support for 12,000 small and medium-sized enterprise suppliers in Singapore, Malaysia, and Indonesia. Suppliers can obtain same-day financing of up to 80% of the invoice amount without the need to submit bank statements or financial reports. OCBC Bank will assess credit quality based on invoice transaction data on the Marriott procurement platform, and the loan issuance and settlement process will be automated. In addition, suppliers can also apply for sustainability-linked loans, where the loan cost is tied to the company's sustainability performance
Global hotel group Marriott International will provide greater financing support from OCBC Bank for its 12,000 small and medium-sized enterprise suppliers in Singapore, Malaysia, and Indonesia.
OCBC Bank and Marriott International announced a strategic partnership on Thursday (December 4). Under this collaboration, Marriott suppliers can obtain same-day financing from OCBC Bank for up to 80% of the invoice amount without the need to submit bank statements or financial reports.
OCBC Bank will assess credit quality based on invoice transaction data from Marriott's procurement platform, and the loan issuance and settlement processes will also be automated.
Since launching digital invoice financing in 2023, OCBC Bank has issued approximately SGD 250 million in loans to hundreds of small and medium-sized enterprises in Singapore and Malaysia.
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In addition, Marriott's small and medium-sized enterprise suppliers can apply for sustainability-linked loans through OCBC Bank, where the loan cost will be tied to the company's ability to improve sustainability performance. This aims to provide financing while also incentivizing companies to enhance sustainability metrics.
As of December 2024, OCBC Bank has provided sustainable financing to over 4,000 small and medium-sized enterprises in the region, with a total commitment exceeding USD 9 billion (approximately SGD 11.7 billion), representing a year-on-year increase of over 40%.
The collaboration plan between OCBC Bank and Marriott is set to launch in Singapore in the first half of 2025, expand to Malaysia in the fourth quarter, and further extend to Indonesia in the first half of 2026 OCBC Bank's stock price remained flat at HKD 18.95 on Thursday
