Construction companies can complete work long before they see the cash. In Singapore, OCBC, Visa and Doxa are targeting that financing gap with a new digital solution that lets eligible subcontractors access approved payments before invoices reach their due dates. The partners say the deployment is the country’s first deep-tier financing solution for construction, connecting project approvals, working capital and digital payments through Doxa Connex.

For a construction subcontractor, completing a project milestone does not necessarily mean getting paid quickly. Multiple layers of contractors and suppliers can separate the business performing the work from the organization ultimately funding the project, creating cash-flow gaps that can stretch to 100 days.

OCBC, Visa and Doxa are targeting that problem with a new digital financing solution deployed through Doxa Connex, giving eligible subcontractors earlier access to funds tied to approved project transactions.

The partners describe the deployment as Singapore’s first deep-tier financing solution for the construction sector enabled through virtual purchasing cards. The solution went live in August, with the first subcontractor already using the service. Early adopter Kimly Construction is deploying it across two existing projects, with selected subcontractors being onboarded.

The significance extends beyond a faster payment mechanism. The initiative embeds working-capital financing into procurement and project-payment workflows, potentially reducing the administrative friction that often makes supply-chain finance difficult for smaller businesses.

Turning an approved claim into earlier working capital

The process begins with a digital work claim.

When a main contractor or developer approves a subcontractor’s claim through Doxa Connex, the eligible subcontractor can access financing before the invoice’s scheduled payment date.

Funds are disbursed through OCBC virtual purchasing cards. Subcontractors can transfer the proceeds to their bank accounts or use the funds to pay their own suppliers.

That creates a financing chain that follows the actual flow of construction work rather than requiring smaller suppliers to wait for every upstream payment cycle to complete.

The distinction is important because construction supply chains are unusually layered. A developer may engage a main contractor, which works with multiple subcontractors, who in turn rely on specialized suppliers. Each layer can introduce another payment interval and administrative process.

For a large organization, waiting several weeks for payment can be manageable. For a smaller subcontractor with payroll, materials and equipment expenses due immediately, the same delay can become a working-capital problem.

Deep-tier financing attempts to move liquidity further down that chain.

Banking, payments and procurement come together

The collaboration combines three different pieces of financial infrastructure.

OCBC provides the financing capability and virtual purchasing card infrastructure. Visa contributes its digital-payments network and ecosystem expertise. Doxa provides the procurement and payment workflow through which project claims are approved and financing can be triggered.

The architecture reflects a wider trend in fintech: financial services are increasingly being embedded directly into business software rather than accessed through separate banking processes.

Instead of a subcontractor completing a project claim in one system, waiting for approval, then separately approaching a bank for working capital, the financing opportunity can appear within the existing project workflow.

That can potentially shorten processing times while giving lenders more context around the underlying commercial transaction.

For financial institutions, embedded finance also offers a way to reach small and midsize businesses at the point where financing needs emerge.

Construction’s digital transition creates an opening

Visa says its research shows nearly three-quarters of construction SMBs remain in the earlier stages of digitalization. At the same time, more than two-thirds of those businesses report positive effects from digital tools across key business functions.

Those figures point to an adoption paradox.

Construction companies may recognize the value of digitization without having modernized every part of their operational infrastructure. Procurement, invoicing, payments and financing can remain fragmented even as project-management software becomes more common.

Connecting those workflows could be particularly valuable for smaller businesses.

A subcontractor does not necessarily need another standalone financial application. It needs access to capital when materials, wages and suppliers have to be paid—and ideally without adding another administrative process.

The OCBC-Visa-Doxa model is designed around that principle.

Why the virtual card matters

The use of virtual purchasing cards is more than a payment detail.

Virtual cards can provide a controlled digital mechanism for disbursing and using funds while generating transaction records. In a supply-chain environment, that creates a clearer connection between financing, payment and the underlying commercial activity.

For banks and enterprise finance teams, that traceability can help with reconciliation and oversight. For subcontractors, it can provide another route to working capital without waiting for traditional invoice-payment cycles.

The model could also create opportunities for supplier payments. A subcontractor that receives funds earlier can use them to settle obligations with its own vendors, potentially preventing a payment delay from cascading further down the supply chain.

That is where deep-tier financing differs from a conventional buyer-supplier financing arrangement: the objective is to extend liquidity beyond the immediate supplier relationship and deeper into the ecosystem.

The enterprise-fintech opportunity

The partnership also illustrates how embedded finance infrastructure is evolving.

Banks have traditionally provided financing through separate products. Software companies have historically managed procurement and project workflows. Payment networks have facilitated transactions between businesses.

The emerging model brings those functions together.

Companies such as Visa, Mastercard, Stripe and major banks are increasingly competing or collaborating around infrastructure that allows financial services to be delivered inside business applications.

For enterprise technology teams, the value proposition is operational as much as financial. An integrated workflow can reduce manual reconciliation, provide more immediate visibility into payment status and connect financing decisions to verified commercial events.

But adoption will depend on more than technology. Financial institutions need reliable transaction data, clear eligibility criteria, risk controls and a sustainable funding model. Construction companies must also be willing to digitize claims and payment workflows across multiple tiers of suppliers.

From pilot to broader construction infrastructure

The current deployment remains an early-stage rollout. Participating subcontractors are being onboarded, and the partners plan to use feedback from the initial projects to refine the financing workflow before expanding adoption across Singapore’s built-environment sector.

Kimly Construction’s involvement provides an initial real-world environment for testing how the system works across active projects.

If the model scales, its impact could extend beyond shortening individual payment cycles. Earlier access to working capital can help smaller contractors manage payroll and material costs, potentially improving the financial resilience of the broader construction supply chain.

The larger fintech lesson is that financing does not always need to begin with a bank application.

By embedding credit and payments into verified commercial workflows, financial institutions can potentially make working capital more accessible at the moment a business actually needs it.

For Singapore’s construction industry, that could turn a traditionally fragmented payment process into a more connected piece of digital financial infrastructure.

Market Landscape

The initiative sits at the intersection of embedded finance, B2B payments, supply-chain finance and construction technology.

Traditional supply-chain financing often depends on invoices, buyer creditworthiness and established banking relationships. Deep-tier financing extends that concept by using digital procurement and project-approval workflows to reach businesses further down the supply chain.

The competitive landscape includes banks, payment networks, fintech platforms and B2B payment providers. Visa brings payment-network infrastructure, OCBC contributes banking and financing capabilities, while Doxa supplies the procurement and project-payment layer.

For enterprise finance teams, the appeal is integration. Instead of operating separate procurement, payment and financing processes, businesses can potentially connect them around a shared transaction record.

The larger opportunity is not limited to construction. Similar models could eventually apply to manufacturing, logistics, infrastructure projects and other industries where small suppliers face long payment cycles.

Top Insights

• OCBC, Visa and Doxa have launched Singapore’s first construction-focused deep-tier financing solution, giving eligible subcontractors earlier access to working capital.
• Doxa Connex connects approved project claims with financing, reducing the gap between completing work and receiving funds for subcontractors and suppliers.
• OCBC virtual purchasing cards enable fund disbursement, allowing subcontractors to transfer proceeds or pay suppliers directly through digital payment infrastructure.
• The model brings banking into procurement workflows, illustrating how embedded finance can reduce administrative friction while improving cash-flow visibility for smaller businesses.
• The initial rollout could become a blueprint for wider supply-chain finance, with participating companies providing feedback before expansion across Singapore’s construction ecosystem.

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