UOB Malaysia and The FinLab launch online platform to help more local SMEs transform digitally
The online platform will incorporate the Jom Transform Programme, of which MDEC is a strategic partner, to accelerate local businesses’ digitalisation plans
Kuala Lumpur, Malaysia, 17 July 2020 – United Overseas Bank (Malaysia) Bhd (UOB Malaysia) and The FinLab1 have 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.
Since its launch in 2015, The FinLab has received interest from more than 2,000 businesses in Malaysia, Singapore and Thailand on their digitalisation journey. In bringing its innovation programmes online, The FinLab is creating the opportunity for more business owners and entrepreneurs to access its tried and tested business transformation programmes.
The digital platform will incorporate the Jom2 Transform Programme, the first business transformation programme in Malaysia to help local SMEs digitalise their operations for productivity and revenue growth. Participating SMEs in the Jom Transform programme this year will go through a one-month curriculum on The FinLab Online. They will be able to tap the expertise of industry mentors from UOB and its regional ecosystem partners through online workshops, video tutorials and webinars. The Malaysia Digital Economy Corporation (MDEC) will continue as a strategic partner for the programme to provide advisory in digitalisation.
Participants will also be able to conduct a self-assessment of their technology needs based on The FinLab’s proprietary business analysis tools. 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.
Mr Wong Kim Choong, Chief Executive Officer, UOB Malaysia, said 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. 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.”
Ms 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.”
UOB Malaysia and The FinLab partners MDEC to help accelerate SME digitalisation
The Jom Transform Programme aims to help at least 100 Malaysian SMEs embrace digitalisation to achieve one of the following outcomes: increase in revenue, reduction in business cost, improvement of process time cycle, reduction in man hours or creation of new sources of growth. SMEs who completed the programme last year had expected to raise their productivity by up to 30 per cent through digitalisation.
This year, the programme includes support from MDEC through its Smart Automation Grant3, which will be offered to participating businesses that successfully pitch their digitalisation plans and demonstrate tangible outcomes
MDEC, in its ongoing effort to lead and to accelerate the development and growth of Malaysia’s digital economy, aims to empower businesses take the digital leap forward. This is to help ensure that they stay relevant and competitive during these highly disruptive times and in the Fourth Industrial Revolution era.
Ms Surina Shukri, Chief Executive Officer, MDEC, said the funding incentives set aside for SMEs under the PENJANA4 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’s Jom Transform Programme and The FinLab Online are important to MDEC’s mission to ensure the nation’s economy is able to weather any uncertainties in the face of ongoing global disruption.
“The impact of the COVID-19 pandemic gave many organisations, especially SMEs, the imperative to rethink and to reorganise their respective business models. It is now more important than ever for SMEs, who are the backbone of the Malaysian economy, to take that digital leap – not only to survive, but to thrive,” Ms Surina said.
The one-month Jom Transform Programme with The FinLab Online will commence in August 2020. Local businesses interested in participating in the Jom Transform Programme are encouraged to register their interest now at https://thefinlab.com/malaysia/jomtransform.
1 The FinLab is United Overseas Bank’s (UOB) innovation accelerator.
2 “Jom” is a colloquial term for ‘Let’s go’ in Bahasa Malaysia.
3 The Smart Automation Grant is a matching grant allocated by the Malaysian government for local businesses in the services industry to automate their business processes.
4 Malaysia announced its fourth economic stimulus package on June 9, 2020, called the Pelan Jana Semula Ekonomi Negara (PENJANA), which is primarily aimed at helping businesses recover from the impact of the COVID-19 pandemic.