All-in-one platform aims to support the growth and financing needs of small and medium-sized businesses
UOB launched its new all-in-one digital banking platform on August 26, tailored to the needs of small and medium-sized enterprises (SMEs). The UOB SME app provides businesses with a suite of digital tools to manage various aspects of their operations, including human resources, payroll, logistics, and digital marketing.
This versatile app is available on both desktop and mobile, offering users the flexibility to manage their business on the go. Unlike competitors, whose digital banking solutions are often limited to desktops, UOB’s platform can be accessed across multiple devices, enhancing convenience for SMEs.
The app’s key features include an interactive dashboard for monitoring cash flow, loan applications, and personalised foreign currency watchlists with instant alerts. Additionally, users can access customised insights and discover events relevant to their industries.
Lawrence Loh, UOB’s head of group business banking, highlighted that the app provides SMEs with “greater convenience, a real-time view, and better financial control,” empowering them to focus on their growth strategies. UOB aims to onboard around 200,000 SME users across Singapore, Malaysia, and Vietnam, with plans for a gradual rollout in Indonesia and Thailand by the end of 2023.
The platform’s development was guided by the Asean SME Transformation Study 2022, which surveyed 1,500 SMEs in Singapore, Indonesia, Malaysia, Thailand, and Vietnam. The study revealed that 66% of SMEs are eager to invest more in technology, particularly in areas like digital marketing, customer management, and sales.
The app enables seamless access to digital solutions such as accounting, invoicing, human resources, and e-commerce, helping SMEs streamline processes and improve efficiency. Additionally, the app addresses the common SME concern of cash flow management, providing a consolidated view of all UOB business accounts and offering curated solutions such as loan financing and business performance tips.
Band World (Asia), a Singapore-based retailer and wholesaler of musical instruments, has already benefitted from using the app. Its director, Brando Tan, mentioned that the app has helped manage transactions with suppliers in Europe and Japan, as well as retail markets in ASEAN. He also uses the foreign currency watchlist feature to manage risks, which has been particularly useful given the volatile currency environment.
