Amid Singapore’s digitalisation journey, UOB aims to meet the business and financial needs of small and medium-sized enterprises (SMEs) through a brand-new app.

Launched in August, the UOB SME app is available to customers in Singapore, Malaysia and Vietnam. According to the bank, it takes digital banking a step further by offering SMEs an all-in-one, self-service digital banking platform available on desktop and mobile channels.

The platform provides a suite of products, solutions and insights that helps SMEs achieve their growth ambitions.

Developed based on insights that the bank has gained from proactive engagement with their customers over the years, the platform is designed for SMEs to stay on top of their business.

The launch of the UOB SME app follows UOB Infinity, which was launched in 2020 to help larger corporate clients with their digital banking needs. Both apps share the same banking and transactional capabilities, and provide features that are tailored specifically for SMEs, such as the business management solutions and an interactive dashboard.

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Through the UOB SME app, SMEs can view their cash flow data in real-time, showing cash positions and information on their business operations at a glance.

Based on the cash flow data, the platform then generates curated solutions like loan financing options and tips on how SMEs can improve their business performance.

Businesses can also apply for loans, set personalised foreign currency watchlists with instant alerts, and access customised insights and industry-specific events to participate in.

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The UOB SME app also provides SMEs access to a suite of business management solutions that help drive efficiency, says the bank. For instance, it offers digital solutions that help SMEs manage their human resources, payroll, logistics and digital marketing needs.

The app has been adopted by several companies, including Band World (Asia), a Singapore-based wholesaler and retailer of musical instruments. The company purchases woodwind and brass instruments from across the world and distributes them across Southeast Asia.

Brando Tan, director of Band World (Asia), says: “The UOB SME app helps me manage wholesale and supplier transactions from Europe and Japan, as well as retail distribution markets in Asean. I can now make trade finance transactions conveniently with submission and approval through this all-in-one app.

“Managing foreign currency risks is also key, given the changing currency environment, and the app allows me to set up a personalised foreign currency watchlist plus receive alerts when my limits are reached. I can now secure the best foreign currency rates instantly without having to check the rates repeatedly. With a real-time view of business transactions, I can make strategic business decisions much more efficiently.”

UOB, among the local banks, is known for its leading position in serving the SME market. Lawrence Loh, head of group business banking at UOB, believes the bank has a good grasp on how to maintain this edge. “Conducting business around the world is becoming increasingly complex, and it is important for SMEs to have access to insights and solutions needed to grow their business. Further, Asean is an exciting yet diverse region where the opportunities to do business are rich, but the right partner is needed.

 

“This is where UOB comes in to connect our clients to opportunities in Asean, supported by a strong franchise in the region, industry expertise, innovative products and services that evolve to serve SMEs. The UOB SME app is one way in which we support our clients on their transformation journey, as digitalisation levels the playing field for SMEs and allows them to expand their reach across markets.”

Addressing Asean SMEs’ needs and growth strategies

The app’s features were developed based on the insights from the Asean SME Transformation Study 2022 by UOB, Accenture and business analytics firm Dun & Bradstreet.

Titled Be Resilient, Your Strategy for Business Growth, the study gauges business sentiment among SMEs in five key Asean markets: Singapore, Indonesia, Malaysia, Thailand and Vietnam. The study is conducted every two years and the two previous editions were published in 2020 and 2018.

Of the 1,500 Asean SMEs surveyed, 66% said they are keen to invest more in technology, especially in the areas of digital marketing, customer management, sales, network management and operational processes. This is built on strong business sentiment, as 55% of respondents said they are optimistic about business growth.

Nearly half of the SMEs surveyed also mentioned the need to transform their business model through increased focus on digitalisation and sustainability, due to continued volatility in the business landscape.

With renewed ambitions towards business recovery, 74% of SMEs surveyed indicated a healthy appetite for expanding within Asean. Thailand, Indonesia and the Philippines stand out as the top three target markets for SMEs within the next three years.

The survey’s findings show that SMEs are keen to invest for growth, especially to improve their marketing, customer engagement, network management and operations, says Loh to The Edge Singapore. “Building on these insights, we will develop products and solutions that will help our clients achieve their growth ambitions. This is how we support our customers beyond financing, supporting them to scale up and improve efficiency, in the face of unpredictable business conditions ahead.”

Indeed, some 80% of SMEs surveyed look forward to greater support from financial institutions to cope with the prolonged effects of the pandemic.

Notably, about 54% indicated that their existing cash flow can only sustain operations for less than six months. In addition, 74% of respondents stated that they want to be connected to a strong partner ecosystem.

To that end, Loh points to another solution: the UOB BizSmart, the bank’s suite of business management solutions that was launched in 2016. “UOB BizSmart connects our clients with partners across solution categories such as accounting, HR, payroll, logistics and digital marketing, in order for SMEs to focus on growth instead of administrative tasks.” 

Photos: UOB