The two parties have agreed on the principal terms subject to contract for the delivery of the V2 platform.
The Memorandum of Understanding demonstrates a joint understanding between the two parties as they work towards a contractual relationship, which is subject to the appropriate consents and regulatory approval.
Should this occur, it will extend 9 Spokes' reach into the Asian market.
It will also build on the success of the company's existing contract with OCBC Bank in Singapore, which launched the white-label platform earlier this year.
Further opportunity exists to expand the relationship into additional Asian jurisdictions.
9 Spokes co-founder and CEO Adrian Grant said: “Signing the MoU reinforces the relationship we’ve established with OCBC Bank and continues the momentum we enjoy as we continue to expand globally.
“We look forward to taking the next steps alongside OCBC Bank and extending our platform reach further into the Asian market – to SMEs in Malaysia, and in other jurisdictions down the line.”
Shares up 12%
The company’s shares were up almost 12% today to an intra-day high of 1.9 cents.
9 Spokes is a business tracking and insights tool that enables SMEs to harness the power of their data to improve performance.
SMEs can connect their cloud software to the 9 Spokes platform and use the Tracker tool to get a comprehensive, near real-time picture of how they are performing across the metrics that matter most so that they can make quick, sharp decisions that impact growth.