UOB Finlab’s Jom Transform Goes Digital This Yearby Fintech News Malaysia July 17, 2020
UOB Malaysia’s innovation accelerator The FinLab has launched a regional digital platform to where local SMEs and start-ups can start their digital transformation journey.
The FinLab Online digital platform will incorporate the Jom Transform Programme, a business transformation programme in Malaysia to help local SMEs digitalise their operations for productivity and revenue growth. The programme which will commence in August 2020 is supported by The Malaysia Digital Economy Corporation (MDEC) as a strategic partner to provide advisory in digitalisation.
SMEs in the programme will go through a one-month curriculum on the digital platform where they will have access to industry mentors from UOB and its regional ecosystem partners through online workshops, video tutorials and webinars.
They 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, The FinLab Online’s community network will enable SMEs and start ups 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,
“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.”
SMEs who completed the programme last year had expected to raise their productivity by up to 30% through digitalisation. This year, the programme includes support from MDEC through its Smart Automation Grant, which will be offered to participating businesses that successfully pitch their digitalisation plans and demonstrate tangible outcomes.
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.