Construction subcontractors and suppliers in Singapore can now access funds earlier through a financing solution from OCBC, Visa and Doxa.
The solution is available through the Doxa Connex platform and targets businesses further down the construction supply chain, where payment cycles can last up to 100 days.
Once a main contractor or developer approves a work claim digitally, eligible businesses can receive funds before the invoice due date. Linking financing to approved claims also maintains traceability and accountability throughout the process.
Funds are disbursed via OCBC virtual purchasing cards. Recipients can transfer the proceeds to their bank accounts or pay their suppliers directly.
The solution went live in August. Kimly Construction is deploying it across two existing projects, while selected subcontractors are being onboarded.
Carmen Chan, Deputy Head of Global Transaction Banking at OCBC, said,
“Businesses further down the supply chain play a critical role in delivering construction projects, yet they are often the most affected by payment delays and cash flow constraints.
Through this collaboration with Visa and Doxa, we have deployed Singapore’s first deep-tier financing solution for the construction sector enabled by virtual purchasing cards.”
Adeline Kim, Group Country Manager for Regional Southeast Asia and SVP of Global Clients for Asia Pacific at Visa, said,
“Through our collaboration with OCBC and Doxa, we are embedding financing directly into trusted project workflows, helping businesses address working capital challenges by gaining faster and more transparent access to funds.
This demonstrates how digital payments can go beyond facilitating transactions to unlock greater efficiency, resilience and growth across Singapore’s construction ecosystem.”
The partners plan to refine the process using feedback from participating subcontractors to support wider adoption across Singapore’s built environment sector.
Featured image: Edited by Fintech News Singapore, based on image by Frolopiaton Palm via Magnific
