UOB Malaysia Helps Small Businesses Digitise With UOB SmartBusiness

Wire

UOB Malaysia Helps Small Businesses Digitise With UOB SmartBusiness

United Overseas Bank (Malaysia) Bhd (UOB Malaysia) and leading software provider SAP announce a partnership. The companies tie-up to offer UOB SmartBusiness to the Bank’s small-and-medium-sized enterprise (SME) customers.

UOB SmartBusiness uses a cloud-based digital solution to help SMEs save costs and improve operating efficiency. With the platform, SMEs can streamline and digitise processes such as accounting, payroll, and business management functions seamlessly. In addition, customers can match transactions to sales invoices or bill payments by linking their UOB SmartBusiness account with an existing current account.

UOB offers three options for SMEs. The lowest package is complimentary, requiring no payment. On the other hand, the next two options go for RM49/month and RM 240/month respectively.

Raymond Chui, Executive Director and Country Head of Business Banking of UOB Malaysia says, “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 them time and money.”

Brad Gray, Head of General Business for Southeast Asia at SAP points out that SMEs comprise 98 per cent of businesses in Malaysia. This makes SMEs a crucial market in the economy.

“UOB SmartBusiness can help SME business owners make the transition to digital and take away the hassle of managing complicated operational tasks manually, letting them focus on business models and outcomes,” he says.

Other collaborators on UOB SmartBusiness also include human resources software provider, HReasily and mobile business software provider, Enterpryze.

UOB shares details from its recent survey conducted with EY and Dun & Bradstreet titled ‘ASEAN SME Transformation Survey. The data reveals almost seven out of 10 Malaysian SMEs associate business digitising with improved productivity and operating costs.

Furthermore, 69 per cent suggest technology and simplification of business processes as some of the most important drivers for productivity.

Due to the potential cost in implementing such technologies, UOB Malaysia hopes to help small businesses hit the ground running.

Also, to further encourage small businesses to digitise, UOB launches the Tech My Biz competition on 11th June. Three small businesses from Malaysia, Singapore, and Thailand can win a two-year subscription of UOB SmartBusiness. This also includes on-site implementation support and employee training. To join, small businesses can complete an online entry form and share why they need a digital business transformation.