UOB Malaysia and The FinLab to help 16 Malaysian businesses with digital transformation
First business transformation programme for Malaysian firms to drive productivity and growth
Kuala Lumpur, 24 September 2019 – United Overseas Bank (Malaysia) Bhd (UOB Malaysia) today announced the 16 businesses selected to participate in The FinLab’s Jom1 Transform Programme. This is the first business transformation programme in Malaysia to help local enterprises digitalise their operations to drive growth.
The businesses selected to participate in the Jom Transform Programme are from a wide range of sectors including food manufacturing and distribution, food and beverage, healthcare, business consulting, automotive, logistics, and manufacturing. Each expressed a willingness to explore new ways of doing business and to adopt technology for increased productivity. By implementing digital solutions, they hope to improve their workflow processes, to drive sales and customer loyalty and to create greater brand awareness. The small-and medium-sized enterprises (SMEs) also plan to harness technology to optimise their inventory, distribution and human resource management systems.
The SMEs participating in the Jom Transform Programme will be subsidised by UOB Malaysia. The businesses will also be mentored by the programme’s partners, which include the Chinese Chamber of Commerce & Industry of Kuala Lumpur & Selangor, the Malaysian Association of Tour and Travel Agents, Maxis, the Malaysia Digital Economy Corporation and SME Corporation Malaysia.
During the three-month Jom Transform Programme, the owners and key decision makers of the 16 businesses will be matched with technology partners to pilot and to assess the effectiveness of their digital solutions. Upon completing the Jom Transform Programme, the businesses will share their outcomes and learnings with the public at a ‘Showcase Day’.
Mr Wong Kim Choong, Chief Executive Officer, UOB Malaysia, said the Jom Transform Programme is part of the Bank’s commitment to help businesses overcome their business transformation challenges for better productivity and sustainable growth.
“At UOB, we are committed to supporting small- and medium-sized enterprises progress through their different stages of growth. Having served the SME community in Malaysia for more than six decades, we have a deep understanding of the opportunities and challenges they face. In particular, as family-owned businesses transition from the first- to second-generation leadership, we see an accelerated use of technology in their business. Yet many business leaders lack the skills to implement digital solutions successfully and effectively. Through the Jom Transform Programme, we aim to help Malaysian businesses better harness technology to drive business growth and to prepare for the future,” Mr Wong said.
The FinLab first ran its business transformation programme in Singapore in 2015 and then in Thailand in early 2019. In Malaysia, the Jom Transform Programme was launched in June 2019 and received interest from more than 900 businesses across the country.
Ms Pauline Sim, Co-Head, The FinLab, said, “The FinLab is excited to offer this programme to Malaysian businesses. Over the past few months, we had the privilege of meeting many business owners and we see a common desire to develop a long-term strategic roadmap for business transformation, with digital adoption central to their plans. Bringing our track record in helping businesses across ASEAN grow, we will work closely with the Malaysian businesses to run pilot projects with our tech solution providers and to help them accelerate the innovation process.”
Asahi Suspension Group turns to technology to drive production capacity
One of the businesses selected to participate in the Jom Transform Programme is Asahi Suspension Group, an automotive parts manufacturer and supplier.
Mr Darren Wong, Head, Engineering Department, Asahi Suspension Parts, said, “Having operated for more than 25 years, we are keen to upgrade some of our systems to support larger production capacity for our expansion plans. We are excited to participate in the Jom Transform Programme, to equip ourselves with the business methodology and digital skills required to come up with plans that will enhance our business processes and drive efficiency in our production line.”
1 “Jom” is a colloquial term for ‘Let’s go’ in Bahasa Malaysia.