See also: UOB's sustainability programme nudges customers towards net zero
UOB also offers a full suite of solutions to help SMEs digitalise their operations and remain relevant in the digital economy. UOB BizSmart is an integrated suite of cloud-based business solutions that boost productivity. SMEs that have taken up UOB BizSmart solutions recorded revenue growth of between 15% to 30% compared with those that have not taken up the solution between April 2020 and March 2021. As at March 2021, more than 10,000 SMEs in Singapore, Malaysia, Thailand and Indonesia have benefitted from UOB BizSmart since its launch in 2016.
UOB also leveraged its strong digital capabilities, such as its data analytics-powered credit underwriting engine, to assess and to respond quickly to SMEs’ financial needs, especially during the pandemic.
Louise Bowman, Editor of Euromoney, said, “UOB has radically changed its underwriting engine by applying new alternative data metrics to its risk management analytics. And UOB does not just provide innovative digital services to help these small companies financially; it has introduced an SME solution with bundled accounting, payroll and other HR functionalities to enable SMEs to manage the logistical side of operations.”
