OCBC Bank and Singapore’s Land Transport Authority (LTA) have been piloting a blockchain-based payment system to improve efficiency in construction project financing. This system automates disbursement of mobilisation payments to contractors, enabling LTA to monitor funds in real time and ensuring transparency. By utilising smart contracts, payments are triggered automatically once predefined conditions are met, expediting the process and reducing reliance on manual tracking.
This pilot, which supports the Cross Island Line project, has already processed over SDG22 million, marking a step towards digitising payment governance in Singapore’s construction sector.
