UOB FinLab concludes 2020 Jom Transform Programme

  • Helped 116 local SMEs receive advisory and assistance in digital transformation
  • Programme held virtually via The FinLab Online, allowing it to reach more SMEs

UOB FinLab concludes 2020 Jom Transform ProgrammeUOB Malaysia and The FinLab, the bank’s own innovation accelerator, have recently concluded its 2020 run of the Jom Transform Programme, which UOB said saw 116 local small and medium enterprises (SMEs) receiving advisory and assistance in digital transformation.

Now in its second year, the Jom Transform Programme was conducted virtually on The Finlab Online, due to physical distancing restrictions needing to be in place because of the Covid-19 pandemic, the bank said in a statement. 

UOB noted that the regional digital platform enabled SMEs to access online workshops, video tutorials and webinars in digital marketing, business operations and e-commerce.

Through the programme, SMEs in Malaysia were able to improve their productivity and grow their revenue, it added.

UOB FinLab concludes 2020 Jom Transform Programme“Through our engagement sessions last year, we found that SMEs have long considered digitalisation essential to reinventing their business models.

The Covid-19 pandemic prompted these businesses to accelerate their digital transformation efforts as they had to operate with strict standard operating procedures within physical restrictions,” Wong Kim Choong, chief executive officer of UOB Malaysia (pic).

“By hosting the Jom Transform Programme on The FinLab Online, SMEs could access our resources online easily and conveniently, progressing on their digitalisation journey from the safety of their own homes and offices.”

According to UOB Malaysia, 60% of the participating SMEs expressed intent to adopt digital marketing to expand their online brand presence at the start of the programme.

The remaining participants were focused on incorporating digital solutions to improve their operations and integrate e-commerce to boost their sales, the bank said.

Upon completion of the programme, the SMEs were able to achieve the various outcomes including an in revenue, reduction in business cost, improved process time, reduction in man hours or creation of new sources of growth, UOB claimed.

One of the programme participants, The Makeover Guys Sdn Bhd, managed to implement a tenancy management platform that helped the interior design company to streamline their costly and resource-intensive back-end processes.

“The solution enabled us to eliminate errors from manual data entry and tracking. We have also noticed a significant 70% reduction in the number of steps required to perform different tasks as job requests, updates and data recording are now automated, which translated into a faster turnaround and increased resource efficiency,” said Gavin Liew, founder of The Makeover Guys.

The Jom Transform Programme has managed to reach more SMEs outside the Klang Valley last year via The Finlab Online, including companies in Kedah, Penang, Terengganu, Perak, Johor, Sabah and Sarawak, UOB said.

“In 2020, we took the initiative to conduct the Jom Transform Programme virtually to widen our reach and to engage with more SMEs and our ecosystem partners,” said Yap Kok Tee, executive director and country head of channels and digitalisation, UOB Malaysia. 

“Last year, one out of four SMEs that participated in this programme was a business located outside the Klang Valley area.”

Yap said UOB Malaysia and The FinLab will continue to offer the Jom Transform Programme 2021 on The FinLab Online to support more SMEs in their digitalisation efforts and to help them embrace the new normal of doing business.

The first cohort of the Jom Transform Programme 2021 will undergo a business transformation curriculum through The FinLab Online starting 18 May 2021. Those interested can register their interest here.

 

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