OCBC, Visa, and Doxa have introduced Singapore’s first deep-tier financing solution, designed to improve cash flow for subcontractors and suppliers in the construction sector. Launched through the Doxa Connex platform, this initiative addresses the common issue of delayed payments, which can take up to 100 days to process through the supply chain.
The solution enables subcontractors to access funds faster by linking digital financing workflows to approved project transactions. Once a main contractor or developer approves a work claim, subcontractors can receive payment before the invoice due date. Payments are facilitated via OCBC virtual purchasing cards, allowing funds to be transferred to bank accounts or used to pay suppliers directly.
Kimly Construction is among the early adopters, implementing the solution across two projects. The initiative is expected to help smaller firms manage cash flows more effectively, supporting smoother project delivery. Carmen Chan, Deputy Head of Global Transaction Banking at OCBC, highlighted the solution’s role in building a “more connected, resilient, and efficient construction ecosystem.”
The collaboration combines OCBC’s financing capabilities, Visa’s digital payments expertise, and Doxa’s procurement infrastructure. Adeline Kim, Visa’s Group Country Manager for Regional Southeast Asia, noted the potential for digital payments to enhance efficiency and growth in the construction ecosystem.
The initial rollout aims to refine the financing workflow based on subcontractor feedback, with plans to expand the solution across Singapore’s built environment sector. Edmund Ng, CEO of Doxa Holdings, emphasised the importance of addressing cash flow challenges in the construction supply chain.
