UOB launches new digital banking app for SMEs
Paige Lim
UOB on Friday (Aug 26) launched an all-in-one digital banking platform to help meet the financing and business needs of small and medium-sized enterprises (SMEs).
With the new UOB SME app, SMEs can get access to a suite of digital solutions that will help them to manage their human resources, payroll, logistics and digital marketing needs.
Customers also have the flexibility to transact on the go, with the app available on both desktop and mobile. This is unlike other products from competitors in the market, which are generally contained to desktops only, UOB said.
Through the platform, SMEs will also be able to view their cash flow data with an interactive dashboard, apply for loans, and set personalised foreign currency watch lists with instant alerts. They can access customised insights as well as find events relevant to their industries.
Lawrence Loh, head of group business banking at UOB, said the app would provide SMEs “greater convenience, a real-time view, and better financial control”. This will allow them to stay on top of their business and focus on their strategies for growth, he added.
The bank is targeting to have about 200,000 SME users onboard the app, Loh said. It is currently available to customers in Singapore, Malaysia and Vietnam, and will be progressively launched in Indonesia and Thailand by end-2023.
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The new app’s features have been developed based on the findings of the Asean SME Transformation Study 2022, which surveyed 1,500 SMEs in Singapore, Indonesia, Malaysia, Thailand and Vietnam. The study, which is in its third edition, was conducted in Q1 2022 by UOB, Accenture and Dun & Bradstreet.
According to the study, 66 per cent of SMEs are “keen to invest more in technology, especially in the areas of digital marketing, customer management, sales, network management and operational processes”.
The app will allow SMEs to “seamlessly” access digital solutions, such as accounting and invoicing, human resources and e-commerce, UOB said. They will be able to automate and streamline their processes to increase productivity and efficiency, it added.
The Asean SME Transformation Study also found that cash flow remained a key concern for SMEs. Through the app’s interactive dashboard, SMEs can now obtain a consolidated view of all their UOB business accounts. Based on the cash flow data, the platform is able to generate curated solutions such as loan financing options and tips on how SMEs can improve their business performance.
One company that has tried out the UOB SME app is Band World (Asia), a Singapore-based wholesaler and retailer of musical instruments. Its director Brando Tan said the app has helped him to manage wholesale and supplier transactions from Europe and Japan, as well as retail distribution markets in Asean.
He has also been able to manage foreign currency risks by setting up a personalised foreign currency watch list and receiving alerts when his limits are reached. This has been “key” given the changing currency environment, Tan added.
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