SME Featured Southeast Asia

UOB launches new app for SMEs

Singapore – UOB has recently launched its UOB SME app, an all-in-one digital banking platform that aims to meet the financial needs and business requirements of small and medium-sized enterprises (SMEs).

The UOB SME app offers SMEs a suite of solutions that address financing and other business needs, both on desktop and via the mobile app. Through the platform, SME customers will also be able to view their cash flow data with an interactive dashboard, apply for loans, and set personalised foreign currency watchlists with instant alerts. Furthermore, users will be able to access customised insights as well as find events relevant to their industries.

UOB SME’s features have been developed based on the insights from the ‘ASEAN SME Transformation Study 2022’ by UOB, Accenture, and Dun & Bradstreet. The study showed that 66 per cent of SMEs are keen to invest more in technology, especially in the areas of digital marketing, customer management, sales, network management and operational processes. With the app, SMEs will be able to access digital solutions, such as accounting and invoicing, human resources and e-commerce, seamlessly. They will be able to automate and streamline their processes to increase productivity and efficiency.

Lawrence Loh, head of group business banking at UOB, said, “The launch of the UOB SME app marks a new self-service digital banking experience for SMEs. Building off customer insights, it is designed to combine banking solutions, analytics, and business insights in a single platform. It will provide SMEs greater convenience, a real-time view, and better financial control. SMEs can now stay on top of their business, and focus on their strategies for growth.”

UOB said the launch of UOB SME is part of its continual efforts to help businesses transform digitally. The Bank launched UOB Infinity in 2020 to help larger corporate clients with their digital banking needs. The UOB SME app shares the same banking and transactional capabilities as UOB Infinity, but also provides features that are tailored to SMEs’ different needs such as the business management solutions and interactive dashboard.