SINGAPORE – A new app from UOB provides owners of small and medium-sized enterprises (SMEs) with a one-stop solution for their banking and business needs.
The UOB SME app is accessible on desktops and mobile devices so transactions can be carried out on the go.
Mr Lawrence Loh, head of group business banking at UOB, expects 60 per cent to 70 per cent of the bank’s SME clients, or about 200,000 customers, to adopt the app.
It will initially be available in Singapore, Malaysia and Vietnam, with plans to roll it out in Indonesia and Thailand by the end of next year.
A key feature of the app is an interactive dashboard that allows SMEs to view all their cash flow over a three- or six-month period.
Mr Loh said SMEs will be informed when they are running short of cash, while the platform generates solutions on how UOB can help them with financing options.
Band World (Asia), a Singapore-based wholesaler and retailer for wind instruments such as the flute, clarinet and trumpet, tried the app before its official launch on Friday (Aug 26).
Band World buys instruments from across the world and distributes them around South-east Asia.
Director Brando Tan said the app’s cash flow feature lets the company track inflows and outflows so managers know when they would face a cash crunch and would then apply for a temporary bridging loan or a business-term loan to tide the firm over.
Decks, an apparel supplier for department stores, also tried the app in its pilot run and it, too, benefited from the cash flow feature.
Founder and chief executive Kelvyn Chee said he can view the past six months of his company’s performance on the interactive dashboard.
The data from the platform also prompts him to make payments to suppliers in a timely manner.
Besides the cash flow feature, the app also allows SME clients to set personalised foreign currency watchlists.
Band World’s Mr Tan uses these watchlists to alert him when his limits are reached, allowing him to secure the best foreign currency rates instantly, which is particularly helpful as he sources goods from around the world.