UOB, Visa, SG fintech Doxa to facilitate quicker payments for contractors

JTC and Kimly have joined the trials in the Doxa Connex platform to simulate payments.

JTC and Kimly have joined the trials in the Doxa Connex platform to simulate payments.

UOB, Visa, and Singapore-based fintech Doxa have teamed up to facilitate quicker and more seamless payments for contractors through deep-tier financing.

Using the Doxa Connex platform, contractors will enjoy reduced payment cycles due to a more streamlined work certification process.

Traditionally, contractors face up to 100 days before they can get their payments due to complex claims submissions, lengthy approvals, and payment processes.

In partnership with Visa, the Doxa platform has further been enhanced to provide embedded financing capabilities. Once developers or main contractors certify the work claim, subcontractors will be given the option to be paid for their services through UOB virtual cards, ahead of the invoice due date.

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

JTC Corporation and Kimly Construction have joined the program as the first two participating companies. They will be conducting trials using their past projects to simulate on the Doxa Connex platform for their payment process.

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