StarHub and United Overseas Bank Limited (UOB) have signed a Memorandum of Understanding (MOU) to explore, to develop and to provide digital solutions to help small- and medium-sized enterprises (SMEs) accelerate their digitalisation efforts.
The collaboration to help SMEs, including new set-ups, thrive in the digital economy is in line with the Government’s SMEs Go Digital programme and initiative to encourage SMEs to be digital from the outset.
Under the MOU, UOB will be the first organisation and the main one from the financial industry to join StarHub’s digital marketplace for SMEs. The digital marketplace aims to bring together different product and service providers across industries to create a vibrant ecosystem that will enable SMEs to transform their business models and go-to-market strategies. Through StarHub’s digital marketplace, UOB will offer SMEs access to a comprehensive range of digital solutions that SMEs will need to automate and to streamline their business operations. The digital marketplace will go live by October 2018.
Both companies will also explore the provision of real-time transaction insights for SMEs to understand better their customers’ needs and preferences. They will also work together to help in the SMEs’ digital transformation through the adoption of technologies such as artificial intelligence.
Dr Chong Yoke Sin, Chief of Enterprise Business Group, StarHub, said, “StarHub and UOB believe our joint capabilities and efforts can help our SME customers better navigate in the data-driven global economy. Combining our established network of clients and partners, we will be able to create a digital economy of buyers and suppliers of solutions and services to spur a thriving SME sector. Such an intimate level of connection and collaboration enables all of us to break industry silos and to create new value through better connectivity and insights.”
Frederick Chin, Head of Group Wholesale Banking, UOB, said, “SMEs, as a key contributor to a country’s economic growth, help spur the enterprise spirit and support industry development. StarHub and UOB share the same goal of helping SMEs grow and this is why we want to assist them in tapping the benefits of digitalisation to drive their business performance and to meet their business goals. By partnering StarHub and participating in its digital ecosystem, we will be able to help more of our SME customers connect with a broader set specialised solutions and expertise they need to seize opportunities and overcome business challenges. This is one way how UOB works with industry leaders and innovators to support enterprises at different growth stages.”
Other solutions to be available on StarHub’s digital marketplace will include a range of “as-a-service” solutions, such as footfall-as-a-service, digital location marketing-as-a-sevice, customer loyalty-as-a-service, training-as-a-service and employee engagement-as-a-service.
StarHub gave a preview of its digital marketplace at Singapore Chinese Chamber of Commerce & Industry’s SME Infocomm Commerce Conference 2018 attended by 6,000 visitors.