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Banking & Finance

UOB launches Business Banking service for SMEs

Released at: 13:41, 03/10/2017

UOB launches Business Banking service for SMEs

Photo: UOB Vietnam

Bank introduces dedicated business banking service to support small Vietnamese enterprises.

by Hong Nhung

Singapore’s United Overseas Bank (UOB) has launched a Business Banking service dedicated to help small businesses in Vietnam grow. This follows the State Bank of Vietnam’s licensing of UOB as a foreign-owned subsidiary bank on September 26.

Mr. Lawrence Loh, UOB’s Head of Group Business Banking, said the bank is committed to supporting the growth of Vietnamese small and medium-sized enterprises (SMEs), which, in turn, have a major role to play in the country’s continued economic development.

“SMEs are the backbone of economies in Asia, and account for 97 per cent of Vietnamese companies,” Mr. Loh said. “They are essential to the health of the economy through the goods and services they provide and the jobs they create. Over the last 80 years, UOB has gained first-hand understanding of what it takes to help small businesses prosper and to grow. We have designed our business banking services specifically to meet the needs of small businesses, to enable them to seize business opportunities such as exporting their products and services overseas.”

“To make it easier for small businesses to apply for the services they need, we are also introducing the first in-market digital solutions,” he went on. “For example, companies can easily submit their account application through UOB Vietnam’s website or the bank’s mobile app for businesses, UOB Business, without needing to visit the UOB branch. UOB will then process the application and, if approved, the business can use their account or receive in-principle approval for their loan applications in just one business day.”

To help small business owners manage their business more effectively, UOB has put together a range of financial solutions to meet their unique needs. This includes transaction accounts to manage day-to-day expenses and operations, small business loans to finance the growth of the business and extend cash flows, and trade financing solutions to manage import and export supply chain payments.

One company that has used UOB’s Business Banking services is the Grown Tech Company, specializing in mobile and tablet trading. The company aimed to increase sales by introducing new products to its customers and needed additional capital to do so.

“We have been growing our business steadily through online sales channels and recognized that we needed new products to meet the increasing demand from our customers,” said Ms. Dang Thi Khanh Le, Managing Director of the Grown Tech Company. “We faced many difficulties in trying to secure the funding needed until we started working with UOB. We received prompt approval from the bank and the funds enabled us to expand our product range to grow our business.”

Mr. Harry Loh, Vietnam Country Manager, UOB Ho Chi Minh City Branch, said that UOB will organize knowledge-sharing seminars in the city, through which small business owners can learn from their peers and adapt the experience to finance the growth of their business more effectively. The seminars will also offer insight into the ways in which they can use digital solutions to take advantage of export opportunities.

“Running an SME is demanding and often leaves business owners with little time to identify new business opportunities,” he said. “Through the seminars, we hope that SMEs in Vietnam will be able to learn from the experiences of others and use the insights to optimize the output of their business strategy and leapfrog to the next stage of growth.”

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