UOB Malaysia has recently announced some new upgrades to its Infinity digital banking platform. These upgrades will offer UOB’s corporate clients new financial supply chain management (FSCM) capabilities.
Secure digital transmission and verification of documents
A wide range of FSCM will also now be available, all in one place. Some of these solutions include procurement, payment, ordering, production, sales, and collection. Apart from that, the new enhancements will allow UOB clients to connect digitally with buyers, suppliers, and distributors within the supply chain ecosystem across Malaysia, ASEAN and Greater China.
The upgrades to the Infinity platform are aimed at improving business efficiency. UOB clients will be able to digitally transmit and verify trade documents securely through the platform.
Request for financing digitally
In addition, clients will also be able to request for financing digitally at different stages of the supply chain. Some of these areas include: pre- and post-shipment supplier financing, distributor financing and accounts receivable purchasing. They will also have complete visibility and control of their cash, all in one convenient platform.
According to the UOB Business Outlook Study 2023, more than eight in 10 Malaysian companies have adopted digitalisation and consider supply chain management important as they look to expand across borders over the next three years.
“Our insights reveal that companies have been incorporating digitalisation in their operations to meet new trade demands and requirements due to the reshaping of the global supply chain. UOB Infinity’s new FSCM capabilities connect our customers with their ecosystem of suppliers and distributors, allowing them a holistic view of their business while improving business efficiency,” said Mr Lucas Chew, Executive Director and Country Head of Transaction Banking, UOB Malaysia.
“Additionally, we can also support their entire supply chain by providing the required cash flow or working capital, even across borders. In line with our ambition to be the number one cross border trade bank in ASEAN, we leverage our regional footprint to help businesses grow within ASEAN, and beyond,” he added.
UOB Infinity clients can now request for financing on UOB Infinity instantly and track their sellers’ invoices online. Other convenient features include allowing for invoices to be uploaded electronically and having full visibility of transaction status.
The upgrade to the Infinity platform was first rolled out in Singapore and Hong Kong, with Malaysia marking the third country to introduce the enhanced FSCM capabilities. This is part of UOB’s comprehensive regional rollout across the Bank’s key markets in South East Asia and Greater China.
