First appeared on: Business Times
GUOCOLAND, OCBC and local fintech Doxa have formed a strategic partnership to develop and pilot the built environment industry's first end-to-end digital workflow solution, Doxa Connex for Developers.
The platform aims to streamline the procurement-and-payments workflow processes for development projects by digitally connecting property developers with banks, contractors, suppliers and consultants in the built-environment value chain.
This will enable the parties involved in development projects to digitise their data entry, invoicing and updating cash flow projection processes, all of which remain "paper-based and thus labour intensive", said the trio in a joint press statement on Tuesday.
Doxa Connex for Developers will also be able to convert quotations into purchase orders and generate cost analysis reports.
This solution is expected to be ready in October 2021 and will be first used in supporting GuocoLand's freehold condominium project, Meyer Mansion, by end-2021.
OCBC is the sole lender for the Meyer Mansion project and one of GuocoLand's principal banks.
"Using the platform, contractors can create and send e-invoices to developers; architects and external consultants can carry out the required certification via an e-certification process; and developers can send both the e-invoices and e-certifications to their banks to trigger payment," said GuocoLand, OCBC and Doxa in their statement.
According to the three entities, workflow automation will allow the platform to keep track of large amounts of data to provide "clearer project visibility as well as full transparency" in the procurement-and-payments workflow processes, while contractors can expect easier and faster submission of claims for payment.
Time is saved as there is no need to courier hard-copy documents, and the chances of documents getting lost are eliminated, they added.
GuocoLand chief financial officer Andrew Chew said he is expecting the platform to be a "game changer" which will also "future-proof the parties in the value chain from disruptive events such as the Covid-19 pandemic".
Elaine Lam, OCBC's head of global corporate banking, said: "Such collaborations, which leverage technology to bring the entire value chain together, are necessary for industry transformation and support Singapore's Smart Nation plan. We will continue to work with like-minded partners on many more opportunities that leverage digital technologies to improve productivity and reduce reliance on manual processes."
Last year in August, DBS announced the launch of Doxa Connex, which the bank highlighted as Singapore's first automated supplier procure-to-pay solution for the construction sector. Main contractor Tiong Seng Group signed up as the pioneer adopter of the solution, which automates payments from main contractors to suppliers.