UOB Malaysia has officially launched a new one-stop digital banking platform that specially caters to the financial and business needs of small- and medium-sized enterprises (SMEs), dubbed the UOB SME app. It is also said to be the first platform in the industry to provide a suite of solutions that addresses financing and other business needs on both desktop and mobile devices.

In a statement, UOB explained that its UOB SME app shares the same capabilities as its UOB Infinity – an app that was launched back in August 2022 for the banking needs of larger corporates – but has been tailored to match the preferences of SME business owners instead.

SME business owners will be able to tap into an interactive dashboard on the UOB SME app, where they can view their cashflow data and perform various banking transactions conveniently via shortcuts. They can even seamlessly link business data from their accounting solutions to the platform, allowing them quickly see details such as their projected cash position, top customers and suppliers, as well as account receivables and payables.

Additionally, the platform can generate curated solutions for SME business owners based on their cash flow data, such as loan financing options and tips on how they can improve their businesses based on their banking patterns. For those who are looking to expand their businesses overseas – or already have – there is also the function to set personalised foreign currency watchlists and alerts.

Moreover, UOB highlighted that the UOB SME app can access customised insights and trends that are relevant the accountholder’s industries, as well as curate events that are important. Ultimately, it seeks to not only make things more convenient for an SME business owner, but also help them make better business decisions.

The bank further highlighted that the app’s features were not arbitrarily determined; it was, instead, developed based on insights drawn from the recent ASEAN SME Transformation Study 2022, which was jointly conducted by UOB, Accenture, and Dun & Bradstreet. The findings of the biannual study is based on the responses of 1,500 SMEs across Malaysia, Indonesia, Singapore, Thailand, and Vietnam – with 300 respondents from Malaysia. Among some interesting data from the study include the fact that 73% of SMEs surveyed expressed keen interest to expand overseas and tap into new opportunities across the region.

Chief executive officer of UOB Malaysia, Ng Wei Wei, stated that the bank looks forward to supporting the Malaysian SME community in their next phase of growth with the UOB SME app. This is as more SMEs embark on a journey of digital transformation and expansion beyond Malaysia, along with the adoption of sustainable business practices.

“Leveraging on 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,” said Ng.

Meanwhile, the managing director and country head of wholesale banking for UOB Malaysia, Andy Cheah emphasised the UOB SME app’s ability to assist SMEs in their ambition to expand regionally. “SMEs looking to connect their business to opportunities in ASEAN can also tap on the bank’s (UOB) foreign direct investment (FDI) centres located across Asia including Malaysia, for advisory services,” he added.

The UOB SME app can be downloaded from Google Play and the App Store. You can also visit the UOB SME app landing page for further details.

(Source: UOB [1, 2])

• TAGS:
• Accenture
• Andy Cheah
• ASEAN SME Transformation Study 2022
• Dun & Bradstreet
• Ng Wei Wei
• SMEs
• UOB
• UOB Bank
• UOB Infinity
• UOB SME App