KUALA LUMPUR: United Overseas Bank (Malaysia) Bhd (UOB Malaysia) has launched the UOB SME app, an all-in-one digital banking platform to meet the financial needs and other business requirements of small and medium-scale enterprises (SMEs).
Through the platform, SMEs can view their cash flow data with an interactive dashboard, perform banking transactions, apply for loans, set personalised foreign currency watchlists with instant alerts, access customised insights, and find relevant events for their industries.
Based on the customers' cash-flow data, the platform will 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.
UOB Malaysia chief executive officer Ng Wei Wei said the company has been growing alongside the Malaysian SME community for over 70 years.
"We look forward to supporting them in their next growth phase through digital transformation, sustainable business practices, and cross-border expansion by connecting them to growth opportunities within ASEAN.
"Leveraging customer insights, we are proud to launch the UOB SME app, designed to enhance the digital banking experience for our SME customers by combining banking solutions, analytics, and business insights into a single platform.
"It provides SMEs with a real-time view and the convenience of managing their finances on the go," she said.
The launch of the UOB SME app is part of UOB's continual efforts to help businesses transform digitally.
The bank launched UOB Infinity 1 earlier this year in Malaysia 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 provides features tailored to SMEs' different needs.
UOB Malaysia managing director and country head of wholesale banking Andy Cheah said the company had developed a foreign exchange feature in the app to support their cross-border ambitions.
"The personalised currency watchlist and the alerts are helpful 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 tap on the Bank's 10 Foreign Direct Investment (FDI) centres located across Asia, including Malaysia, for advisory services," he said.