(9 May 2019 – Singapore) UOB is integrating the digital solutions of e-commerce firm Shopmatic into its suite of cloud-based business solutions, UOB BizSmart, to help small businesses build e-commerce websites quickly and expand their sales channels.
The partnership will reduce the time taken for SMEs to set up e-commerce websites and create new online revenue streams without the technical know-how in coding, online and user experience design.
Sales data generated on Shopmatic will also help small businesses without a track record required for bank financing to apply for UOB business loans. UOB will use insights generated from the sales data alongside traditional data – such as financial statements – to determine the business' credit-worthiness.
“As Asean's e-commerce market continues to grow, it is essential for small businesses to tap the revenue opportunities within the digital economy by expanding their sales channels and attracting new customers,” said Mr Lawrence Loh, UOB's head of group business banking.