UOB and Doxa Joined to digitize trade financing and procurement
According to the latest news, UOB and Doxa are teaming up to empower organizations to shift their procurement and trade financing processes online. A Memorandum of Understanding (MOU) has been marked by both the organizations along with their client Kimly Construction Private Limited (Kimly Construction) to execute the trio’s green trade finance transaction together.
It implies the fact that the procurement and trade finance processes for Kimly Construction’s latest green project, and the construction of the Singapore Institute of Technology’s (SIT) campus at Punggol North (Plot 2)2, will be shifted online. This will be a favorable initiative for Kimly Construction and its subcontractors and suppliers engaged in the SIT project. The process includes the generation of invoices, transferring and approval of supporting archives, and transmission of data and utilization of funds will be performed through UOB Infinity3 and Doxa Connex.
Ms. So Lay Hua, Head of Group Transaction Banking, UOB explained, “The association with Kimly Construction and Doxa will help us gear up the digitization of an industry that has been traditionally manual and paper-based. Through Doxa Connex, Kimly Construction and its suppliers will be able to tackle their business procedures with more noteworthy productivity. Using the available current digital data on Doxa Connex, UOB can efficiently provide Kimly Construction with Green and sustainable trade financing without additional paper-based documents. This is essential for UOB's work to fill the digital gap, to further empower our customers to associate with their suppliers digitally, and to create resiliency for their organization”.
The association with Doxa and Kimly Construction is the first of these Green trade and feasible transactions utilizing the digital platform, Doxa Connex. This will help smooth procurement and trade finance processes, to create effectively and apply feasibility in the ecosystem for the long run.
Doxa Connex is capable of tracking and handling the documents transferred between buyers and suppliers digitally. It targets easing the difficult workflows for organizations in the construction industry. The association to digitize cash management and trade finance creates a base for other similar easing processes. Doxa Connex has also teamed up with SGTraDex4. Together, UOB and Doxa will be able to handle more green and sustainable trade finance transactions, empowering SMEs to further ease their trade finance processes.
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Mr. Edmund Ng, CEO, and Co-founder, of Doxa, stated, “With financial services embedded in Doxa Connex, we work as the information strength to provide financial institutions with a single source of information reliability and greater transparency. Thus, SMEs get improved access to capital and a lower cost of funds. Together with UOB and Kimly Construction, we are initiating towards getting green trade finance, as well as the SGTraDex initiative. This will bind together the financial ecosystem and we are glad to be a part of this journey.”
Kimly Construction will be capable of approving its suppliers’ or subcontractors’ invoices on Doxa Connex, and its trade financing applications will be automatically forwarded to UOB. This eliminates the requirement for the organization to send the printed versions of the related documents to UOB branches for submission. UOB will likewise be working with Doxa in the upcoming months to support more firms to digitize their procurement, payment, and financing processes.
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Mr. Louis Khoo, Director, Kimly Construction, explained, “We have always wanted to automate and digitize our procurement and trade financing processes. By associating with UOB and Doxa, we have improved our growth of the end-to-end automation and digitalization of our processes. We think that Doxa’s trade financing system will help us in decreasing labor cost and improve productivity and efficient processes in the long term.”