KUALA LUMPUR (Oct 20): UOB Malaysia (UOB) has launched its UOB SME app, an all-in-one banking platform aimed at small- and medium-sized enterprises (SMEs) that provides banking solutions on both desktops and mobile apps. 

The app shares similar capabilities with UOB Infinity which caters for larger corporations, but also has distinct features for SMEs such as business management solutions, it said in a statement on Thursday (Oct 20).

“Through the platform, SMEs will be able to view their cashflow data with an interactive dashboard, perform banking transactions, apply for loans, set personalised foreign currency watchlists with instant alerts, access customised insights, as well as find events relevant to their industries. Based on the customers’ cash-flow data, the platform will also generate curated solutions such as loan financing options and tips on how SMEs can improve their business or make strategic business decisions more efficiently based on their banking patterns,” said UOB.

The app was built based on insights derived from the Asean SME Transformation Study 2022 by UOB, Accenture and Dun & Bradstreet, which revealed that 63% of local SMEs surveyed plan to continue digitalisation and tapping on the digital economy.

The study also found that 42% of businesses feel the need to transform their businesses in areas of digitalisation and sustainability, while more than half expect to spend more on technology, in areas such as digital marketing, operational processes and digital services.

Additionally, 73% of SMEs surveyed showed interest in expanding overseas into Asean member countries, primarily Thailand, the Philippines and Indonesia.

The study surveyed 1,555 SME responses across Malaysia, Indonesia, Thailand, Vietnam and Singapore.

Its CEO Ng Wei Wei stated UOB’s continued support for local SMEs’ digital transformation, sustainable practices and cross border expansions into Asean.

“The app provides SMEs with a real-time view and the convenience of managing their finances on-the-go. SMEs can now stay on top of their businesses and have better financial control, while driving their growth strategies,” said Ng. 

Meanwhile, Managing Director and Country Head of Wholesale Banking Andy Cheah noted that the app also assisted SMEs’ regional expansions. “The personalised currency watch list and alerts are useful tools to help SMEs manage their foreign currency risks, especially given the volatile currency environment.”

“SMEs looking to connect their business to opportunities in Asean can also tap on the Bank’s 10 foreign direct investment (FDI) centres located across Asia including Malaysia, for advisory services.”

The Asean SME Transformation Study 2022 was conducted in partnership with UOB, Accenture and Dun & Bradstreet, and the bi-annual study was carried out to help SMEs gain insight into strategies across the region.