Running a startup is a time and resource-intensive challenge, especially if you’re running one that aims to expand regionally. That’s why United Overseas Bank (UOB), a leading bank across ASEAN, aims to make banking simpler, safer, and smarter for startups.
A strong ASEAN network and one-stop expansion support
One of the most time-consuming aspects of running a startup (or any business, actually) is managing the company’s accounting and finance operations. To address this challenge, UOB has created a suite of solutions for startups to maximise cost-savings and increase their business efficiency, with options like full rebates on bulk payroll transaction charges.
Apart from banking and support for business expansion, UOB also partners with local co-working spaces in Indonesia, Malaysia, Singapore, Thailand and Vietnam, to give startups access to physical space and community to connect with the local tech startup ecosystem as they expand across Southeast Asia.
UOB also has a Foreign Direct Investment (FDI) Advisory Unit that helps more mature startups expand into, across and beyond ASEAN. The FDI Advisory Unit provides a one-stop service for foreign companies looking to set up regional operations, including support in complex areas such as legal and accounting matters. UOB partners with government agencies, business associations and professional service providers across the region to deliver a seamless and integrated business solution.
More than just banking services
UOB works with different groups and organisations to provide startups with the resources that they need. The FinLab, for example, is a FinTech and innovation accelerator that is powered by UOB, providing business acceleration for selected FinTech startups and small medium enterprises.
They also partner and collaborate with different funding organisations like global equity crowdfunding platform OurCrowd, venture lending platform InnoVen Capital, and their direct equity investment arm, UOB Venture Management.
Singapore Fintech Festival 2018
At the recently concluded Singapore FinTech Festival, UOB showed us how they were powering innovation across ASEAN – featuring three days of talks, panel discussions and fireside chats with topics ranging from Artificial Intelligence and Machine Learning to E-commerce, and an exhibition booth showcase of several FinTech solutions resulting from collaborations with different FinTech startups.
Also read: How collaboration is going to propel the ASEAN FinTech industry forward
To help FinTechs grow and scale across ASEAN markets, UOB also launched a brand new report on growth opportunities for FinTechs, titled FinTech in ASEAN – the next wave of growth. Read the report to understand the FinTech landscape in ASEAN and gain insight into the demand from SMEs in Singapore and their willingness to pay for various FinTech solutions and digital services.
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