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”.
Read more: https://www.emeriobanque.com/news/uob-and-doxa-joined-to-digitize-trade-financing
