UOB FinLab to help Vietnamese SMEs speed up digital transformation
UOB FinLab, an innovation accelerator powered by the Singapore-based United Overseas Bank (UOB), announced its official launch in Vietnam on June 13.
According to UOB, this strategic expansion aims to enhance UOB’s regional connectivity and foster UOB FinLab’s network of more than 21,000 small- and medium-sized enterprises (SMEs) across ASEAN, granting them access to digitalisation and sustainability programme, matching of business solutions providers, mentorship and valuable resources.
The UOB Business Outlook Study 2023 (SME & Large Enterprises) shows that, nearly nine in every 10 businesses in Vietnam have adopted digitalisation in at least one department. However, a key challenge for businesses will be in scaling their digitalisation efforts, expanding it from one or a few departments to the entire business.
As many as 41% of the SMEs surveyed likely need support to connect with the right technology provider and 37% said they need access to knowledge and expertise to address concerns in their digitalisation journey.
Recognising these challenges, UOB Vietnam is committed to providing tailored programmes, solutions and expertise to Vietnamese SMEs through UOB FinLab.
UOB FinLab targets to engage 5,000 businesses in Vietnam over the next three years through its innovative digitalisation and sustainability initiatives. Its inaugural programme, titled "Xin Chao SMEs: Grow Your Sales through E-commerce and Digital Marketing", is designed to equip SMEs with the necessary knowledge and strategies to effectively adopt digital technologies to fuel sales growth and expand their customer base regionally.
Victor Ngo, CEO of UOB Vietnam, said by launching UOB FinLab in Vietnam, the bank aims to provide comprehensive support to these SMEs, equipping them with the tools, knowledge and resources needed to succeed in the digital marketplace.
"We understand the challenges faced by Vietnamese SMEs in embracing digital technologies and staying competitive in the digital era,” he said.
According to Nguyen Ngoc Dung, Chairman of the Vietnam E-commerce Association, Vietnamese SMEs play a vital role in the country’s economy, and their success is crucial for sustainable growth.
The launch of UOB FinLab in Vietnam will empower Vietnamese SMEs to embrace digital transformation and unlock new growth opportunities, he said, adding that this will be instrumental in bridging the digital divide and enabling SMEs to compete effectively in the digital marketplace.
To better support Vietnamese SMEs, UOB FinLab will also collaborate with professors from universities, industry practitioners, innovation experts, and tech solution providers in its programmes to deliver an enriching learning experience for participants.