Press Banner Image of Guocoland, OCBC and Doxa Holdings piloting digital workflow solution - Doxa Holdings
GuocoLand, OCBC and Doxa to pilot digital workflow solution for development projects

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.

Request a session with the Doxa team

Recent Coverage

Collaboration Among Stakeholders Can Simplify Decarbonisation in the Construction Sector

Collaboration Among Stakeholders Can Simplify Decarbonisation in the Construction Sector

First appeared on: Kimly Construction Pte Ltd  Related articles about Doxa & Kimly: UOB, Doxa sign MOU to digitalise Kimly Construction’s finance processes Collaboration Among Stakeholders Can Simplify Decarbonisation in the Construction Sector The Supply Chain Subcontractors Need to Understand the Advantages of Green Building Techniques and Materials The Singapore Institute of Technology’s...

Digitalise Your Procurement, Payment and Financing Workflow with 70% IMDA Grant!

Digitalise Your Procurement, Payment and Financing Workflow with 70% IMDA Grant!

Digitalise your Procurement, Payment and Financing workflows with 70% funding support in partnership with Infocomm Media Development Authority (IMDA) Doxa Connex is a pre-approved solution providing an Enhanced Procurement and Financing Ecosystem for the Construction Industry with SGTraDex Integration, under IMDA's Advanced Digital Solutions to support Singapore Small & Medium Enterprises in...

Maybank inked Memorandum of Understanding (MOU) with Fintech, Doxa

Maybank inked Memorandum of Understanding (MOU) with Fintech, Doxa

Sourced from: Maybank Singapore Singapore, 22 March 2024 – Maybank announces an MOU signed with Singapore-headquartered fintech, Doxa Holdings International (Doxa), to collaborate on providing and elevating supply chain financing (SCF) solutions for market players in the building and construction sector, and later expanding into other industries. Under Maybank’s Malaysia-Singapore trade corridor...