Singapore’s ongoing urbanisation efforts will only increase the demand for new infrastructure, industrial facilities, and commercial and residential buildings. While rosy, this outlook is not without barriers.
According to an OCBC SME Business Outlook poll conducted in January 2023, the top concern of 1 in 3 business owners in the building and construction industry was labour shortage. Other challenges faced include capital shortfalls and payment delays, setting up Banker's Guarantees for projects and sourcing for new customers.
The good news: Businesses that tap into technology to build, design, supply, work smarter and faster and develop expertise in green solutions will inevitably gain a competitive edge over the others. Whether you are a main or sub-contractor, or a building material supplier, let us help you capitalise on the momentum for growth with our business solutions.
Struggling with high costs for labour and materials, or making large upfront payments for technology or machinery? We got you covered. Our toolbox of finance solutions can help your business thrive, regardless of the challenge or opportunity.
Expand your business with these solutions
Spark your business growth plans and fund working capital gaps with trade financing. This gives you the flexibility to navigate temporary or potential cash flow shortfalls.
Spark your business growth plans and fund working capital gaps with trade financing. This gives you the flexibility to navigate temporary or potential cash flow shortfalls.
Convert unpaid invoices into cash within 1 working day and get the funding you need to purchase software or equipment. Borrow and pay for only what you use for 30 days at only 0.6% per month.
Convert unpaid invoices into cash within 1 working day and get the funding you need to purchase software or equipment. Borrow and pay for only what you use for 30 days at only 0.6% per month.
Whether you need a bid bond for a tender, a guarantee to receive an advance payment, or a performance bond or warranty bond to fulfil your contractual obligations, apply for the Banker’s Guarantee easily via our award-winning digital business banking platform, OCBC Velocity.
Whether you need a bid bond for a tender, a guarantee to receive an advance payment, or a performance bond or warranty bond to fulfil your contractual obligations, apply for the Banker’s Guarantee easily via our award-winning digital business banking platform, OCBC Velocity.
Keep payment delays at bay and manage your cash flow more efficiently by automating the process and making cash flow easy to track.
Conduct business transactions with your suppliers across borders, and make overseas transfers in foreign currencies with ease.
Optimise cash flow with these solutions
Adopt a secure and easy way to pay your suppliers on time. Plus, send international payments at a preferential foreign exchange rate with FX Online.
Collect payments digitally through OneCollect and PayNow Corporate. If getting real-time notifications is a priority, OCBC OneCollect does just that and ensures that you receive payments in your business account almost instantly.
Take small steps to simplify your document-intensive processes by adopting these easy-to-use tools.
Help your business go digital with these solutions
Spending needless time on payroll and managing your finances? With the Start Digital pack, explore accounting and HR tools to save you time and boost overall productivity.
Spending needless time on payroll and managing your finances? With the Start Digital pack, explore accounting and HR tools to save you time and boost overall productivity.
Save time and cost by switching from manual paper invoices to our free e-Invoicing tool on OCBC Velocity. It allows you to create and send professional e-invoices to your clients, track their payment statuses and automatically reconcile them.
Save time and cost by switching from manual paper invoices to our free e-Invoicing tool on OCBC Velocity. It allows you to create and send professional e-invoices to your clients, track their payment statuses and automatically reconcile them.
With Doxa Connex, you can get quotes, order materials, accept deliveries, process invoices, as well as manage progress claim certifications and digital payments with ease. It’s a platform that connects developers, main contractors, sub-contractors, suppliers, banks and industry participants. Improve buyer-vendor collaboration, digitise workflows, and optimise productivity for everyone.
As an OCBC Business Banking customer, you can enjoy preferential benefits on Doxa Connex.
With Doxa Connex, you can get quotes, order materials, accept deliveries, process invoices, as well as manage progress claim certifications and digital payments with ease. It’s a platform that connects developers, main contractors, sub-contractors, suppliers, banks and industry participants. Improve buyer-vendor collaboration, digitise workflows, and optimise productivity for everyone.
As an OCBC Business Banking customer, you can enjoy preferential benefits on Doxa Connex.
Unforeseen events such as damage to a neighbouring building, workers sustaining injuries on site, equipment theft and project delays can occur at any stage and pose significant threats to your operational resilience. Get peace of mind with our comprehensive coverage.
Protect your business with these solutions
Whether you are the main contractor or a scaffolding works provider, minimise your damages or losses caused by unforeseen circumstances with our General Commercial Insurance. This insurance covers fire damages, public liability, burglary, loss of money and work injury compensation for your employees.
Losing key person(s) can severely disrupt operations and impact your bottom line. Our Corporate Life Insurance will insure against losing your core talent by providing a lump sum payout with adequate liquidity to keep your business running smoothly.
With our expertise in working with construction companies, we can help your business thrive in the building and construction industry.
As you explore new construction opportunities or regional expansion in a post-pandemic world, we also offer customised advisory services for mergers and acquisitions.
Take advantage of our network to get the right financing and advice for your business needs, either now or in the future.
Given the Government’s mandate to green 80% of buildings (by gross floor area) by 2030, investing in green infrastructure such as energy-efficient air-conditioning and lifts, as well as using on-site or off-site renewable energy sources, will be critical.
Regardless of which construction sector your business operates in, our innovative sustainable solutions will ensure a bright and green future for your business.
We support construction businesses like yours at every step of the way. Watch how they start and grow their businesses or get recognised though our Emerging Enterprise Award.
Tat Hong – Towering ambitions
Tat Hong has played a huge role in building Singapore’s distinctive landscape, but its journey has extended overseas as well. Hear from their Group CEO and MD Mr Roland Ng.
G8 Subsea
Building and connecting offshore renewable energy projects, G8 Subsea specialises in the construction and engineering of subsea power infrastructure that connects power from offshore wind and solar farms back to land.
No matter the size or stage of your business, we can support you from the ground up, every step of the way.
If you are a first-time business owner, join us as an OCBC Business Banking customer by opening a business account. Or contact our digital specialist to help you get started on the right foot and digitalise your business.
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Contact digital specialist
Whether you are expanding your range of services or your footprint, we offer industry insights and solutions to help you grow and scale. Contact us and our Relationship Manager will be in touch.
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The OCBC SME Index* is a high-frequency index measuring the business health and performance of SMEs across industry value chains, including building and construction.
Building & Construction edged higher this quarter, expanding at a healthy pace of 52.0. On a year-on-year basis, collections and payments increased by 7.1% and 7.0% respectively.
Building & Construction edged higher this quarter, expanding at a healthy pace of 52.0. On a year-on-year basis, collections and payments increased by 7.1% and 7.0% respectively.
Building & Construction edged higher this quarter, expanding at a healthy pace of 52.0. On a year-on-year basis, collections and payments increased by 7.1% and 7.0% respectively.
Building & Construction edged higher this quarter, expanding at a healthy pace of 52.0. On a year-on-year basis, collections and payments increased by 7.1% and 7.0% respectively.
Building & Construction edged higher this quarter, expanding at a healthy pace of 52.0. On a year-on-year basis, collections and payments increased by 7.1% and 7.0% respectively.
*OCBC SME Index is centred on a score of 50, which represents zero change in the inputs from a year ago. A reading above 50 indicates improved activity, while a reading below 50 indicates a deterioration relative to the same period a year ago.
