UOB, Doxa, move Kimly Construction trade financing processes online
Processes affected include the creation of invoices, uploading and validation of supporting documents.
UOB is collaborating with Doxa to help move companies’ procurement and trade financing processes online.
The two signed a memorandum of understanding with Kimly Construction, a construction management and Design & Build services provider. This marks the trio’s first green finance transaction together, according to a press release.
Under the MOU, procurement and trade financing processes for the construction of the Singapore Institute of Technology’s (SIT) campus at Punggol North will be moved entirely online.
Processes affected include the creation of invoices, uploading and validation of supporting documents. Transmission of data and disbursement of funds will be done through UOB Infinity and Doxa Connex, the latter which can reportedly track and manage documents sent between buyers and suppliers digitally, thus simplifying complex workflows for companies in the construction industry.
With the new online platform, Kimly Construction will be able to validate its suppliers’ or subcontractors’ invoices on Doxa Connex, and its trade financing requests will be automatically forwarded to UOB, the press release added.
In the coming months, UOB said that it will also be working with Doxa in the coming months to encourage more companies to digitalise their procurement, payment and financing processes.