UOB launches Thailands first cloud-based integrated digital business solution to help SMEs transform business processes

Stocks and Financial Services Press Releases Wednesday April 18, 2018 15:38
Bangkok--18 Apr--ChomPR
UOB's SME customers in Thailand will have access to a suite of business applications including SAP Business One

United Overseas Bank (Thai) (UOB (Thai)) is helping small- and medium-sized enterprises (SMEs) save time and money with the launch of Thailand's first cloud-based integrated digital business solution, UOB BizSmart.

UOB BizSmart consists of a suite of cloud-based integrated business applications that help to improve the performance of Thai SMEs when managing administrative tasks such as payroll, accounting, inventory and resourcing. A direct data feed to the SME's operating accounts with UOB enables the reconciliation of their transactions, such as supplier payments and daily sales, in one click.

SMEs can select from three UOB BizSmart bundled options, depending on the functionalities and the number of users they require. The most basic option is complimentary.

According to the 2018 ASEAN SME Transformation Study by United Overseas Bank (UOB), EY and Dun & Bradstreet, 73 per cent of Thai SMEs are looking to increase their productivity by harnessing digital technology. This was also their most preferred cost management method over sourcing for cheaper suppliers or reducing overheads.

Ms Sayumrat Maranate, Executive Director and Head of Business Banking, UOB (Thai), said, "UOB has been supporting SMEs for more than 80 years and we know that ensuring efficient operations is their priority. We recognise that SMEs can benefit from the use of digital technology to drive business performance. As such we launched UOB BizSmart to provide Thai SMEs with a simple and cost-effective way to manage their business processes which in turn helps them to free up more resources to focus on other parts of their business."

With UOB BizSmart, Thai SMEs can benefit from cost savings of up to 60 per cent as compared with using multiple software programmes purchased individually. They can access to UOB BizSmart anywhere and anytime on mobile and desktop.

As part of UOB BizSmart, Thai SMEs can automate their HR processes such as payroll, staff and leave management through HReasily, a cloud-based HR solution developed by an Asia-based financial technology company of the same name. SMEs will also have access to SAP Business One, an integrated enterprise resource planning, as part of a tie up between UOB and SAP. This is the first time SAP is offering SAP Business One to Thai SMEs through an Asian bank.

Mr Claus Andresen, President and Managing Director, SAP Southeast Asia, said, "Across the region, ASEAN governments have acknowledged the integral role that technology plays in helping SMEs achieve efficiency and productivity. By providing SMEs with solutions that enable their digital transformation, it will open up new opportunities for these SMEs to scale beyond where they are today. As a leading enterprise technology company, SAP is pleased to collaborate with UOB in this journey to drive growth for SMEs in Thailand and across ASEAN."

To find out more about UOB's BizSmart solution, please visit www.uob.co.th/bizsmart. UOB BizSmart is available to both new and existing UOB customers.
About United Overseas Bank

United Overseas Bank Limited (UOB) is a leading bank in Asia with a global network of more than 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. UOB is rated among the world's top banks: Aa1 by Moody's and AA- by Standard & Poor's and Fitch Ratings respectively.

Over more than eight decades, generations of UOB employees have carried through the entrepreneurial spirit, the focus on long-term value creation and an unwavering commitment to do what is right for our customers and our colleagues.

We believe in being a responsible financial services provider and we are committed to making a difference in the lives of our stakeholders and in the communities in which we operate. Just as we are dedicated to helping our customers manage their finances wisely and to grow their businesses, UOB is steadfast in our support of social development, particularly in the areas of art, children and education.

About United Overseas Bank (Thai)

United Overseas Bank (Thai) Public Company Limited (UOB (Thai)) is a fully-licensed commercial bank. With its network of 153 branches, 349 ATMs, 9 foreign exchange kiosk nationwide (as of 31 December 2016). UOB (Thai) is 99.66 per cent owned by Singapore-based United Overseas Bank Limited (UOB), which has a global network of more than 500 offices in Asia Pacific, Europe, and North America. A regional bank rooted in Thailand, UOB (Thai) provides customers with financial expertise and connectivity across Asia. It offers innovative financial solution, quality products and excellent service through understanding and identifying the needs of its customers.

UOB (Thai) is rated among the top banks in Thailand: AAA by Fitch Ratings.

UOB plays an active role in the community, focusing on art, children and education. It has, over more than three decades, held the longest-running art competition in Singapore, the UOB Painting of the Year, which has since been extended across Southeast Asia. In recognition of its contributions to the arts, UOB was conferred the Singapore National Arts Council's Distinguished Patron of the Arts Award for the twelfth consecutive year in 2016. UOB also encourages its employees across the region to be involved in its regular volunteer activities. This includes the annual UOB Heartbeat Run which is held in China, Indonesia, Malaysia, Singapore and Thailand.

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