UOB Malaysia’s Latest App Aims To Address Financing Needs Of SMEs

UOB Malaysia today announced the launch of the UOB SME app, an all-in-one digital banking platform to meet the financial needs and other business requirements of small- and medium-sized enterprises (SMEs).

The UOB SME app is the first in the industry to provide a suite of solutions that addresses financing and other business needs, both on desktops and mobile devices.

The launch of UOB SME app is part of UOB’s continual efforts to help businesses transform digitally. The Bank launched UOB Infinity[1] earlier this year in Malaysia to help larger corporate clients with their digital banking needs.

The UOB SME app shares the same banking and transactional capabilities as UOB Infinity, but also provides features that are tailored to SMEs’ different needs such as the business management solutions and interactive dashboard.

Through the platform, SMEs will be able to view their cashflow data with an interactive dashboard, perform banking transactions, apply for loans, set personalised foreign currency watchlists with instant alerts, access customised insights, as well as find events relevant to their industries. Based on the customers’ cash-flow data, the platform will also generate curated solutions such as loan financing options and tips on how SMEs can improve their business or make strategic business decisions more efficiently based on their banking patterns.

The app’s features have been developed based on the insights from the ASEAN SME Transformation Study 2022[2] by UOB, Accenture and Dun & Bradstreet. The study revealed that 63 per cent of local SMEs surveyed plan to continue digitalisation and tapping on the digital economy.

More than half expect to spend more on technology across the areas of digital marketing and social media, technology and network management, operational processes, and digital sales and servicing. With the app, SMEs will be able to access digital solutions beyond banking, such as accounting and invoicing, human resources and e-commerce to help automate and streamline their processes to increase productivity and efficiency.

Ms Ng Wei Wei, Chief Executive Officer, UOB Malaysia said, “UOB Malaysia has been growing alongside the Malaysian SME community for over 70 years, and we look forward to supporting them in their next phase of growth through digital transformation, sustainable business practices as well as cross border expansion by connecting them to growth opportunities within ASEAN.

“Leveraging customer insights, we are proud to launch the UOB SME app which is designed to enhance the digital banking experience for our SME customers by combining banking solutions, analytics, and business insights into a single platform.  It provides SMEs with a real-time view and the convenience of managing their financials on-the-go. SMEs can now stay on top of their businesses and have better financial control, while driving their growth strategies.”

The ASEAN SME Transformation Study 2022 also found that local businesses have increased business investments, with 73 per cent of SMEs surveyed expressing keen interest to expand overseas and tap into new opportunities across the region. This is despite prevailing global challenges such as elevated inflation and ongoing supply chain and workforce disruptions. The top three countries Malaysian SMEs are looking to venture into are Thailand, Indonesia, and the Philippines.

Andy Cheah, Managing Director and Country Head of Wholesale Banking, UOB Malaysia said, “Noting Malaysian SMEs’ appetite for regional expansion, we have developed a foreign exchange feature in the app to support their cross-border ambitions. The personalised currency watchlist and the alerts are useful tool to help SMEs manage their foreign currency risks, especially given the volatile currency environment. SMEs looking to connect their business to opportunities in ASEAN can also tap on the Bank’s 10 Foreign Direct Investment (FDI) centres located across Asia including Malaysia, for advisory services.”

For more information about UOB SME, please visit: uob.com.my/uobsme. The full report on the ASEAN SME Transformation Study 2022 can be downloaded at uob.my/aseansme.

[1] Please see UOB Malaysia news release, ‘UOB Malaysia transforms the digital banking experience for corporate clients with UOB Infinity’, 10 August 2022.

[2] The ASEAN SME Transformation Study 2022 is a bi-annual study to help SMEs gain insight into the strategies across the region. The findings are based on the responses from 1,500 SMEs across Malaysia, Indonesia Singapore, Thailand and Vietnam. 300 SMEs from Malaysia participated in the survey.

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