This article first appeared in The Edge Financial Daily on June 8, 2018

KUALA LUMPUR: United Overseas Bank (Malaysia) Bhd (UOB Malaysia) and leading business software provider SAP have joined forces to offer UOB SmartBusiness to the bank’s small and medium enterprise (SME) customers.

UOB SmartBusiness is a cloud-based integrated digital business solution designed to help SMEs make cost-savings and improve their operating efficiency. It enables SMEs to streamline and digitise their back office processes, such as accounting, payroll and business management, through a secure and integrated digital solution.

UOB Malaysia executive director and country head of business banking Raymond Chui said the bank targets to sign up 4,000 customers for the new service by the end of next year.

“We have actually done a pilot phase, where we have gotten a good [response],” he said during the launch yesterday. The tie-up marks the first time SAP is offering its enterprise software, SAP Business One, to Malaysian SMEs through a bank. SMEs can also link their UOB SmartBusiness account to their UOB current account, thereby enabling an automated bank reconciliation process through the matching of transactions to sales invoices or bill payments.

SMEs can choose three options, depending on the functionalities they require and the number of employees. Pricing of the packages offered goes up to RM240 per month. The most basic package will be complimentary for UOB Malaysia’s Business Banking customers.

“As SMEs progress through different growth stages, managing a larger and more complex business poses new challenges.

“To help our SME customers improve their operational efficiency as they grow, UOB Malaysia is working with SAP to provide SMEs a scalable and affordable digital solution that will save time and money,” said Chui.

SAP head of general business for Southeast Asia Brad Gray said that with SMEs making up more than 98% of business establishments in Malaysia, this community is indeed the cornerstone of the Malaysian economy.

“SMEs can up their game by further digitising their core business processes to help them achieve success with instant access to information and streamline everything from finance to talent management.

“UOB SmartBusiness can help SME business owners make the transition to digital and take away the hassle of managing complicated operational tasks manually, empowering them to focus on their core business models and drive business outcomes,” said Gray.