Press Release 2016
UOB Malaysia helps SMEs manage currency risk with new mobile app
Kuala Lumpur, Malaysia, 28 November 2016 - United Overseas Bank (Malaysia) Bhd (UOB Malaysia) has launched UOB Business, a mobile application (app) for small- and medium-sized enterprises (SMEs), to help them manage their currency exposure and risk more effectively.
The UOB Business app offers live updates on foreign exchange (FX) rates so SMEs can keep abreast of currency fluctuations. This feature helps businesses, especially those expanding overseas, to manage currency volatility and other FX risks even when they are not in the office. Users can set alerts for when the price of a currency reaches a specified level. Once the alert is triggered, they can use the app to connect with UOB Malaysia's FX specialists who will be able to provide advice on FX solutions and to execute a trade.
Mr Raymond Chui, Head of Business Banking, UOB Malaysia, said that the mobile app was introduced in response to the rising number of Malaysian SMEs seeking real-time FX information. This is as they tap opportunities arising from cross-border initiatives such as the ASEAN Economic Community and The Belt and Road. According to the UOB Asian Enterprise Survey 20161, more than one in three SMEs in Malaysia see overseas expansion as a way to drive business growth in the next three to five years. More than seven in 10 of Malaysian SMEs already have overseas operations.
Mr Chui said, "As Malaysian SMEs expand their business footprint to multiple overseas markets, they are likely to deal with different currencies on a daily basis. Recognising their needs and to help SMEs manage their business more efficiently, UOB Malaysia launched the UOB Business app to enable users to take advantage of favourable foreign exchange rates promptly. The UOB Business app is one of the ways in which UOB is supporting SMEs with innovative solutions to manage their business anytime, anywhere."
Through the app, users would also be able to access the latest economic reports from UOB's Global Economics and Markets research team and receive live news while on the go. This enables them to keep track of market and industry developments that could affect their businesses or investments. The app also provides information on UOB Malaysia's products and services such as loans, deposits, trade finance and cash management. In addition, SMEs can enjoy cost savings on business essentials through the app's exclusive offers.
UOB Business is available as a free download in the Apple App Store and the Google Play Store or via uob.my/bbapp.
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1 This survey was conducted by United Overseas Bank (Singapore) Ltd in May and June 2016 among 2,500 enterprises across China, Hong Kong, Indonesia, Malaysia, Singapore and Thailand. The objective was to explore how Asian enterprises are capitalising on business opportunities amid global and regional economic trends and trade flows.