Visa (NYSE:) has partnered with the United Overseas Bank (OTC:) (UOB) and Doxa to introduce a deep-tier financing solution targeting the construction sector’s working capital challenges in the Asia Pacific region. This collaboration is set to revolutionize cash flow management and accelerate payment processes for contractors.
The newly launched initiative leverages embedded financing within Doxa’s Connex platform, significantly cutting down payment cycles. This ensures subcontractors receive payments more swiftly after a more streamlined certification process. The system aims to address the traditionally complex and time-consuming claims submissions and approval procedures that have long plagued the industry.
JTC Corporation and Kimly Construction are currently testing this system in real-world scenarios using data from past projects. These trials are focused on achieving quicker payment cycles for contractors, which is a critical pain point in the construction sector.
With the use of Visa’s virtual cards integrated into Doxa’s platform upgrade, certified subcontractors can now gain access to immediate payments. This strategic move by UOB, Visa, and Doxa is anticipated to provide a much-needed boost to operational management across the board, ensuring all stakeholders involved can benefit from smoother financial transactions.
Adeline Kim, Country Manager for Singapore and Brunei at Visa, and Doxa CEO Edmund Ng have expressed optimism about the transformative potential of this solution for financial transactions within the construction industry. The partnership reflects a significant step toward modernizing payment systems and enhancing liquidity for contractors throughout the Asia Pacific region.
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