United Overseas Bank (Malaysia) and The FinLab has launched The FinLab Online, a regional digital platform to help local small- and medium-sized enterprises (SMEs) and start-ups implement digital solutions to transform their businesses.
The digital platform will incorporate the Jom Transform Programme, of which MDEC is a strategic partner, to help at least 100 Malaysian SMEs embrace digitalisation to achieve increase in revenue, reduction in business cost, improvement of process time cycle, reduction in man hours or creation of new sources of growth.
SMEs participating in the Jom Transform Programme this year will go through a one-month curriculum on The FinLab Online and will be able to tap the expertise of industry mentors from UOB and its regional ecosystem partners through online workshops, video tutorials and webinars.
Participants will also be able to conduct a self-assessment of their technology needs based on The FinLab’s proprietary business analysis tools. After which they will then be guided on digitalisation strategies and solutions to address immediate business challenges and be matched with relevant technology solution providers.
In addition, participants will be able to tap The FinLab Online’s community network to address issues specific to their business and operational needs such as e-commerce, marketing, human resources, administrative operations and customer relationship management.
According to Wong Kim Choong, Chief Executive Officer, UOB Malaysia, incorporating the Jom Transform Programme on The FinLab Online digital platform is one of the ways the Bank is making it easier for Malaysian SMEs to drive their digitalisation plans.
“Given that the current operating environment has been impacted greatly by the Covid-19 pandemic, it is now even more critical for businesses to use technology effectively to upskill their employees and to manage their operations more efficiently,” Wong said.
Wong also commented that this will help ensure that they remain viable and relevant as consumption increasingly shifts online and against the backdrop of social distancing standard operating procedures and guidelines set up by the government.
“With the Jom Transform Programme conducted digitally on The FinLab Online, SME business owners can learn how to tap technology for their digital transformation and do so from the safety of their own homes,” he added.
On the same note, Pauline Sim, Co-Head, The FinLab, said, “Digital adoption is not a one size-fits-all approach, and there is a clear demand for tailored, actionable support for SMEs and start-ups to take charge of their business growth journey.
The FinLab Online leverages UOB’s extensive network and close to 85 years of experience operating in ASEAN to provide The FinLab Online’s community with the necessary expertise, knowledge and connections.
“We will also share insights from UOB’s own experience in growing a successful regional business with our community members to help them navigate their own expansion in ASEAN in an increasingly digital world.”
Surina Shukri, Chief Executive Officer, MDEC, said it is MDEC’s ongoing effort to lead and to accelerate the development and growth of Malaysia’s digital economy. We aim to empower businesses to take the digital leap forward and to help ensure that they stay relevant and competitive during these highly disruptive times and in the Fourth Industrial Revolution era.
The funding incentives set aside for SMEs under the PENJANA initiative underscores the Malaysian government’s emphasis in encouraging more local businesses to adopt digitalisation, which has become more critical as a result of the Covid-19 pandemic.
“Local businesses must be ready to pivot and to embrace digital transformation. UOB Malaysia and The FinLab’s Jom Transform Programme is important to MDEC’s mission to ensure the nation’s economy is able to weather any uncertainties in the face of ongoing global disruption,” Surina said.