UOB Malaysia and The FinLab assist SMEs on digital transformation

  • Banking
  • Thursday, 01 Apr 2021

Wong Kim Choong

KUALA LUMPUR: United Overseas Bank (M) Bhd (UOB Malaysia) and The FinLab have recently concluded the 2020 run of the Jom 2 Transform Programme, during which 116 local small and medium enterprises (SMEs) received advisory and assistance in digital transformation.

In a statement Thursday, the bank said through the programme, the SMEs improved their productivity and grew their revenue, helping them to overcome the challenges brought about by the impact of the Covid-19 pandemic.

Chief executive officer Wong Kim Choong said SMEs have long considered digitalisation essential to reinventing their business models.

“The Covid-19 pandemic prompted these businesses to accelerate their digital transformation efforts as they had to operate with strict standard operating procedures within physical restrictions.

“By hosting the Jom Transform Programme on The FinLab Online, SMEs could access our resources online easily and conveniently, progressing on their digitalisation journey from the safety of their own homes and offices,” he said.

At the start of the business transformation programme, 60% of the participating SMEs expressed the intent to adopt digital marketing to expand their online brand presence.

The remaining participants were focused on incorporating digital solutions to improve their operations and integrating e-commerce to boost their sales.

UOB Malaysia said upon completion of the programme, the SMEs were able to achieve the following outcomes – increase in revenue, reduction in business cost, improved process time, reduction in man hours or creation of new sources of growth.

The first cohort of the Jom Transform Programme 2021 will undergo a business transformation curriculum through The FinLab Online starting May 18. Local businesses interested to participate can register at https://thefinlab.com/malaysiajomtransform.

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