UOB Malaysia launches digital banking platform for SMEs

• To provide solutions for financing needs via desktop, mobile
• Developed based on Asean SME Transformation Study 2022 

UOB Malaysia has 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).

In a statement, the bank claimed its 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.

It said the launch of the UOB SME app is part of its continual efforts to help businesses transform digitally. 

The bank said it launched UOB Infinity earlier this year in Malaysia to help larger corporate clients with their digital banking needs, adding that the UOB SME app shares the same banking and transactional capabilities as UOB Infinity. 

However, it also provides features that are tailored to SMEs’ different needs such as the business management solutions and interactive dashboard, it added.

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, the bank said.

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, it added.

UOB said its app’s features have been developed based on the insights from the ASEAN SME Transformation Study 2022 by the bank, Accenture and Dun & Bradstreet. 

It said the study revealed that 63% of local SMEs surveyed plan to continue digitalisation and tapping on the digital economy.  

Ng Wei Wei, chief executive officer, UOB Malaysia said, “This will be done 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,” said Ng

The Asean SME Transformation Study 2022 also found that local businesses have increased business investments, with 73% 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, it said. 

The survey highlighted 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 at UOB Malaysia said, “The personalised currency watchlist and the alerts are useful tools 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,” Cheah said.

Click here for more information about UOB SME. The full report on the Asean SME Transformation Study 2022 can be downloaded here.