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UOB MY, The FinLab concludes program that aimed to aid SMEs’ digitization

Teddy Cambosa - April 5, 2021

Kuala Lumpur, Malaysia – UOB Malaysia and its innovation accelerator arm The FinLab have recently concluded their ‘Jom Transform Programme’, in which 116 local small and medium-sized enterprises (SMEs) received advisory and assistance in digital transformation. 

The program aimed to help improve productivity and grow their revenue to overcome the challenges brought about by the impact of COVID-19 pandemic.

Now in its second year, the program was conducted virtually on UOB’s virtual platform The FinLab Online amid physical distancing restrictions during the pandemic. The regional digital platform enabled SMEs to access online workshops, video tutorials, and webinars in digital marketing, business operations, and e-commerce.

“Through our engagement sessions last year, we found that SMEs have long considered digitalization essential to reinventing their business models. The COVID-19 pandemic prompted these businesses to accelerate their digital transformation efforts as they had to operate with strict standard operating procedures within physical restrictions,” said Wong Kim Choong, chief executive officer at UOB Malaysia.

He added, “By hosting the ‘Jom Transform Programme’ on The FinLab Online, SMEs could access our resources online easily and conveniently, progressing on their digitalization journey from the safety of their own homes and offices.”

During the implementation of the program, it found out that 60% of the participating SMEs expressed the intent to adopt digital marketing to expand their online brand presence. The remaining participants were focused on incorporating digital solutions to improve their operations and integrating e-commerce to boost their sales. 

Since its launch in 2020, The FinLab Online has enabled businesses across Malaysia, Singapore, and Thailand to access and to receive guidance on their digitalization journey. In Malaysia, the Jom Transform Programme reached more SMEs outside the Klang Valley last year, including companies in Kedah, Penang, Terengganu, Perak, Johor, Sabah and Sarawak.

The Jom Transform Programme will have another run in 2021, where the first cohort will undergo a business transformation curriculum through The FinLab Online starting 18 May 2021. Interested participants may register at The FinLab website.