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SINGAPORE (Nov 17): United Overseas Bank and SAP are jointly offering the SAP Business One software to the bank’s small and medium-sized enterprise customers, as part of the bank’s UOB BizSmart offering.
The software package by SAP includes key functions that can help SMEs digitise their back office processes such as accounting and sales. There are three tiers to choose from and the most basic option will be free.
“While SMEs are keen to reap the benefits of digital technology, it can be costly to implement such technology,” says Lawrence Loh, UOB’s head of group business banking. “A survey we conducted among SMEs earlier this year showed that two in five respondents indicated that cost was a barrier to using digital solutions,” he adds.
The SAP can provide the SME users with a direct link to their operating accounts with UOB, which can presumably help them manage their company’s finances more effectively, says Loh.
“As more SMEs become digitally-savvy, we recognise the need to help them digitise the way they run and manage their business,” says Scott Russell, President, SAP Asia Pacific and Japan.
The FinTech Festival special pullout comes with Issue 805 of The Edge Singapore