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UOB offers working capital funding for Thai SMEs’ digitisation

Asia’s United Overseas Bank (UOB) has launched a smart business transformation programme in Thailand to support the country’s small and medium enterprises (SMEs) in their digitisation efforts.

The Singapore-based multinational banking group said that experts from its accelerator program, The FinLab, will help Thai SMEs with digital tools and knowledge and provide them with working capital funding to implement technology transformation projects.

SMEs will be matched with specially-chosen technology solution providers to implement digital solutions. Firms can also request assistance in expanding to new markets and using digital marketing to grow sales which they identify as their top business growth strategies.

UOB is targeting SMEs in several of Thailand’s key industries, including food and beverage, fast-moving consumer goods (FMCGs), construction, logistics, retail, wholesale and travel.

Strong prospects

The initiative follows UOB’s launch of an app-only bank in Thailand last month. The bank is bullish on prospects for the Thai economy, projecting annual growth of 3.5% to 4% for the next five years on the back of mega project investments.

Thai voters will head to the polls on March 24 and UOB economist Manop Udomkerdmongkol says the formation of a democratic government promises to restore foreign investors’ confidence, with policy continuity boosted by a 20-year national strategy.

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