UOB launches new digital biz hub for SME clients

UOB SmartBusiness solution will enable SMEs to streamline and digitise their back-office processes

By KEVIN WONG / Pic By MUHD AMIN NAHARUL

UNITED Overseas Bank Bhd (UOB) expects a take-up rate of 4,000 from small and medium enterprise (SME) customers for its newly launched UOB SmartBusiness cloud-based integrated digital business solution.

UOB SmartBusiness, available to UOB current account holders, aims to help SMEs make cost saving and improve their operational efficiency.

UOB ED and business banking country head Raymond Chui said the SmartBusiness solution will enable SMEs to streamline and digitise their back-office processes such as accounting, payroll and business management through a secure and integrated digital solution.

“They can also link their UOB SmartBusiness account to their UOB current account to enable an automated bank reconciliation process through the matching of transactions to sales invoices or till payments,” he told reporters after the launch of UOB SmartBusiness yesterday in Petaling Jaya, Selangor.

Chui added that the cloudbased integrated digital business solution was designed in collaboration with SAP SE, a multinational business software provider.

“With the adoption of UOB’s business solution, it will reduce the administrative time to a couple of minutes for the reconciliation processes, so that SMEs can take on more tasks and increase productivity,” Chui said.

SAP general business for South-East Asia head Brad Gray said with SMEs making up more than 98% of business establishments in Malaysia, the community (SMEs) is indeed the cornerstone of the country’s economy.

“SMEs can up their game further by digitising their core business processes to help them achieve success with instant information and streamline everything from finance to talent management.

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

In regard to security, Chui said UOB SmartBusiness is using Google Cloud, one of the top three cloud service providers in the world which complies with various countries’ security and privacy laws.

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

UOB Malaysia has 45 branches across Malaysia. The Singapore-based bank posted a net profit of RM1.14 billion for the financial year ended Dec 31, 2017, up 4% year-on-year (YoY) on improved interest and non-interest income (NII).

NII for the year rose 5.4% YoY to RM2.02 billion on the back of steady loan growth and higher interest income from available-for-sale securities.

NII climbed 5.2% YoY to RM900 million, underpinned by higher fee income, trading and investment income. Total operating income was 6% YoY stronger at RM3 billion.