A photo with VISA, UOB and Doxa Holdings logo with two people - Doxa Holdings
Visa, UOB, and Doxa Partner to Accelerate Contractor Payments in APAC

First appeared on: Fintech News Singapore

 

Visa has teamed up with United Overseas Bank Limited (UOB) and the Singapore-based fintech company Doxa to offer a payment solution for contractors in the Asia Pacific region.

This collaboration is aimed at providing faster and more efficient access to working capital for contractors through deep-tier financing.

Contractors, especially those lower in the supply chain, often experience extended payment cycles. This delay, typically ranging from 35 to 100 days, is due to cumbersome procedures involving claims submission, approvals, and payment processes, causing significant working capital challenges.

The Doxa Connex platform addresses this issue by streamlining the work certification process, thereby speeding up the payment timeline for contractors.

With Visa’s partnership, the Doxa platform has been enhanced to include embedded financing features. This allows subcontractors to receive payments for their services via UOB virtual cards, ahead of the invoice due dates, once their work claims are certified by developers or main contractors.

JTC Corporation (JTC) and Kimly Construction (Kimly) are the first to participate in this programme. They plan to conduct trials using their past project data to simulate the payment process on the Doxa Connex platform.

Adeline Kim, Country Manager for Singapore and Brunei, Visa said,

“Our collaboration with Doxa to develop this new solution as part of Visa Accelerator program has resulted in an exciting step forward for the construction industry.

UOB is the first issuer that we are working with to enable their clients to make payments to suppliers more efficiently using this embedded finance solution, powered by virtual cards.”

Edmund Ng, Chief Executive Officer for Doxa said,

“Designed to connect buyers, suppliers, and financiers, Doxa Connex offers a seamless, swift and secure trading experience. Our goal has always been to address these challenges head-on, and with this partnership, we are taking our solution to the next level.

This automated process is designed to facilitate more timely payments, ensuring that everyone in this industry manages their operations more smoothly.”

The original press release can be found here.

Also seen on:

The Straits Times

The Asian Banker

The Digital Banker

Asian Banking & Finance

The Asset

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...