UOB Malaysia and The FinLab1 today launched JomX, an initiative to help the Bank’s small- and medium-sized enterprise (SME) customers access a host of digital solutions to accelerate their digitalisation efforts amid COVID-19 challenges.
According to the ASEAN SME Transformation Study 2020 by UOB, Accenture and Dun & Bradstreet2, small businesses across ASEAN are counting on technology to help them overcome the impact of the COVID-19 pandemic on their operations.
Technology was ranked the top investment priority for 2020 by two in three (64 per cent) small businesses, including those who currently have cash flow concerns.
JomX has been built based on top digital pain points and priorities highlighted by SMEs from the first cohort of the Jom3 Transform Programme (JTP)4 2021. Under JomX, UOB Malaysia and The FinLab are partnering seven JTP digital solution providers that specialise in digital solutions ranging from business-to-business (B2B) and business-to-customer e-commerce platforms, cloud accounting systems, artificial intelligence and data analytics solutions to robotic process automation, creative technology and marketing technology solutions. These partners are Auto Count, Dattel, Designs.AI, Dropee, Exabytes, OrangeFIN Asia and Otomate Me.
Access to the digital solution partners will also be extended to the SME participants of the JTP 2021 on The FinLab Online platform5. The Bank will offer its SME customers and JTP participants 200 free monthly subscription packages of up to 13 months. The packages are available to a range of JomX digital solutions, aimed at helping SMEs allay the costs of their digital transformation journey.
Yap Kok Tee, Executive Director and Country Head of Channels and Digitalisation, UOB Malaysia, says, “The pandemic has highlighted the advantages of digital business models and that many SMEs need support on their digitalisation journey to ensure their business viability. SMEs that are equipped with the right digital strategy and tools will be better able to demonstrate their resilience and competitiveness.
“It is also essential for SMEs to have greater access to the right digital solutions in helping them adapt to the shift in consumer behaviours and to navigate the operational challenges brought about by the pandemic. The subsidies that we are offering on their solutions of choice will help SMEs save on their initial digital investment costs.”
