News Release - 14 September 2023

UOB Malaysia enhances UOB Infinity, its business digital banking platform with new financial supply chain management capabilities

Financial supply chain management capabilities enable clients to connect with buyers, suppliers, and distributors within their supply chain ecosystem in Malaysia, ASEAN and Greater China

Kuala Lumpur, Malaysia, 14 September 2023 – UOB Malaysia’s corporate clients can now experience new financial supply chain management (FSCM) capabilities on UOB Infinity¹ business digital banking platform. The enhancements feature a broad range of FSCM solutions on a single platform, including procurement, payment, ordering, production, sales, and collection.

With these new capabilities, UOB clients will be able to digitally connect with buyers, suppliers and distributors within their supply chain ecosystem in Malaysia, across ASEAN and Greater China.

Designed to improve business efficiency, UOB clients will be able to digitally transmit and verify trade documents securely through the platform. Additionally, they can also request for financing digitally at different stages of the supply chain, including pre- and post-shipment supplier financing, distributor financing and accounts receivable purchasing. Most importantly, they will have complete visibility and control of their cash, trade and FSCM transactions in one platform with a single login.

According to the UOB Business Outlook Study 2023², more than eight in 10 Malaysian companies have adopted digitalisation and consider supply chain management important as they look to expand across borders over the next three years.

Mr Lucas Chew, Executive Director and Country Head of Transaction Banking, UOB Malaysia, said, “Our insights reveal that companies have been incorporating digitalisation in their operations to meet new trade demands and requirements due to the reshaping of global supply chain. UOB Infinity’s new FSCM capabilities connect our customers with their ecosystem of suppliers and distributors, allowing them a holistic view of their business while improving business efficiency. Additionally, we can also support their entire supply chain by providing the required cash flow or working capital, even across borders. In line with our ambition to be the number one cross border trade bank in ASEAN, we leverage our regional footprint to help businesses grow within ASEAN, and beyond.”

Some businesses currently on the UOB Infinity platform have piloted the new FSCM capabilities for improved productivity and business performance. They are key distributors for a prominent food and beverage company, an anchor in UOB Malaysia’s FSCM programme. Under this programme, these distributors are supported by their anchors to obtain working capital financing from the Bank.

Mr Lim Chee Jin, Managing Director, Hoe Seng (Klang) Sdn Bhd, said, “Having been in the marketing and beverage distribution business for 65 years, we are delighted to be utilising UOB Infinity’s FSCM capabilities. The features have improved our operational efficiency as we are able to request for financing on UOB Infinity instantly and track our sellers’ invoices online. We have also benefitted significantly from the real-time transaction status, especially for financing applications, disbursement, and we can also monitor our financing transactions through UOB eAlerts! This has allowed us to focus on our business growth better instead of administrative duties.”

Ms Lee Huey Min, Director, Fook Kee Sdn Bhd, said, “The FSCM capabilities on UOB Infinity have brought much convenience to our business, as it allows invoices to be uploaded electronically. Being in a fast-moving business landscape, we appreciate the quick access to our transaction advice digitally, which helps to accelerate our reconciliation process. More importantly, we feel the platform has enabled us to better manage our working capital requirements as we have full visibility of our transaction status and fund utilisation through UOB Infinity.”

Following Singapore and Hong Kong, Malaysia is the third country to introduce the enhanced FSCM capabilities via UOB Infinity as part of a comprehensive regional rollout across the Bank’s key markets in South East Asia and Greater China.

Ms So Lay Hua, Head of Group Transaction Banking, UOB said, “UOB Infinity’s FSCM enables our clients to connect digitally with their ecosystem trade partners, upstream and downstream, as well as to simplify management of trade document exchange, unlock trapped cash to ease working capital, and manage the risk of collection under one platform. With the progressive launch of these regionally consistent capabilities across our core markets, we will be able to grant our regional clients greater oversight of their suppliers and distributors interactions, FSCM financing requirements and control of both their domestic and regional FSCM programmes with us across these locations through a single view.”

For more information, please visit UOB.my/infinity.

¹ Please refer to news release, ’UOB Malaysia transforms the digital banking experience for corporate clients with UOB Infinity’, on 10 August 2022.

² UOB conducted a Business Outlook Study in January 2023, covering 528 business owners and key executives from SMEs and Large Enterprises in Malaysia.