KUALA LUMPUR (July 21): United Overseas Bank (Malaysia) Bhd (UOB Malaysia) and innovation accelerator The FinLab have launched The FinLab Online, a regional digital platform to help local small and medium enterprises (SMEs) and start-ups implement digital solutions to transform their businesses.

In a statement today, UOB Malaysia said the online platform launched last week will incorporate the Jom Transform Programme, of which Malaysia Digital Economy Corp (MDEC) is a strategic partner, to accelerate local businesses’ digitalisation plans.

Participating SMEs in the Jom Transform Programme this year will go through a one-month curriculum on The FinLab Online. They will be able to tap the expertise of industry mentors from UOB and its regional ecosystem partners through online workshops, video tutorials and webinars with advisory from MDEC as well, it said.

Participants can conduct self-assessments of their technology needs based on The FinLab’s proprietary business analysis tools. UOB Malaysia said they will then be guided on digitalisation strategies and solutions to address immediate business challenges and be matched with relevant technology solution providers.

Participants will also be able to tap The FinLab Online’s community network to address issues specific to their business and operational needs, such as e-commerce, marketing, human resources, administrative operations and customer relationship management, it added.

“Given that the current operating environment has been impacted greatly by the Covid-19 pandemic, it is now even more critical for businesses to use technology effectively to upskill their employees and to manage their operations more efficiently,” said UOB Malaysia chief executive officer (CEO) Wong Kim Choong.

“This will help ensure that they remain viable and relevant as consumption increasingly shifts online and against a backdrop of social distancing standard operating procedures (SOPs) and guidelines set up by the government. With the Jom Transform Programme conducted digitally on The FinLab Online, SME business owners can learn how to tap technology for their digital transformation and do so under the safety of their own homes.”

Meanwhile, The FinLab co-head Pauline Sim added: “Digital adoption is not a one-size-fits-all approach, and there is clear demand for tailored, actionable support for SMEs and start-ups to take charge of their business growth journey.

“The FinLab Online leverages UOB’s extensive network and close to 85 years of experience operating in Asean to provide TheFinLab Online’s community with the necessary expertise, knowledge and connections.”

UOB Malaysia said the Jom Transform Programme aims to help at least 100 Malaysian SMEs embrace digitalisation to achieve one of the following outcomes: An increase in revenue, reduction in business cost, improvement in the process time cycle, reduction in man-hours or creation of new sources of growth.

This year, the programme includes support from MDEC through its Smart Automation Grant, which will be offered to participating businesses that successfully pitch their digitalisation plans and demonstrate tangible outcomes.

MDEC chief executive officer (CEO) Surina Shukri said: “The impact of the Covid-19 pandemic gave many organisations, especially SMEs, the imperative to rethink and to reorganise their respective business models.

“It is now more important than ever for SMEs, who are the backbone of the Malaysian economy, to take that digital leap — not only to survive, but to thrive.”

The one-month Jom Transform Programme with The FinLab will commence in August 2020.