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    DEPA, UOB (Thai) and The FinLab to help Thai SMEs with digital transformation

    Developing Thai SMEs’ capabilities to innovate and to transform in line with Thailand 4.0

    The Digital Economy Promotion Agency (DEPA), United Overseas Bank (Thai) (UOB (Thai)), and The FinLab[1] have signed a Memorandum of Understanding (MOU) to establish a Smart Business Transformation programme aimed at helping Thai SMEs with digital transformation.

    The Smart Business Transformation programme is the first of its kind in Thailand designed to help SMEs develop and deepen their digital capabilities. Through the programme, the SMEs will be able to tap the insights and practical guidance provided by DEPA, UOB (Thai) and The FinLab’s network of industry experts, mentors and technology leaders.

    DEPA recognises the increasing need and desire of Thai SMEs to plug into the opportunities that have opened up in the region by harnessing digital solutions. This is in line with the recent announcement of the Digital Government Plan 2017-2021 on 8 March 2018 where the Government aims to develop digital capabilities within all sectors, including agriculture, tourism, education, the medical profession, investment, disaster prevention and public administration, in order to drive economic and social progress.

    Dr Nuttapon Nimmanphatcharin, President and CEO of DEPA, said, “I believe that the digital transformation strategy for SMEs will be sustainable and will create benefit for everyone in the global digital market. Digital transformation will result in continued business growth despite economic challenges by helping to reduce the costs of business, stimulating investment, boosting employment, and increasing revenues. This will help make our SMEs stronger and more future-ready.”

    During the programme, selected SMEs will be guided by DEPA, UOB (Thai) and The FinLab as they identify problems in their business that can be resolved and processes that can be optimised with technology. As part of the programme, the selected SMEs will be equipped with the tools and knowledge required to innovate. The suitable solutions will be curated and shortlisted which participating SMEs will be helped with the pilot implementation of the solutions.

    Mr Tan Choon Hin, President and CEO of UOB (Thai), said, “At UOB, we have been helping SMEs seize opportunities, overcome business challenges and benefit from the use of digital solutions for many years. Most recently, we launched UOB BizSmart, a cloud-based integrated digital solution that provides Thai SMEs with a simple and cost-effective way to manage their administrative processes. We also understand that for SMEs to undertake digital transformation successfully, they must first ensure that the​y have a business model that enables them to compete in the new operating environment. Under this MOU, Thai SMEs will be able to connect with the right partners as they transform their business models and to acquire the technological know-how to improve their operational performance and to enhance their customer experience.”

    Mr Felix Tan, Managing Director of The FinLab, said, “I am very excited to work with DEPA and UOB (Thai). Both organisations bring very tangible value to the entire equation in helping identify the industries for which the programme will start. They will also make available their resources such as industry experts and business mentors, grants and relevant banking and financial services to the participating SMEs and solution providers. The digital economy is set to grow by US$1 trillion in gross domestic product by 2025 here in ASEAN [2]alone and I am very happy to have the support and commitment from DEPA and UOB (Thai) to help SMEs in Thailand start their transformation journey.”


    [1]     The FinLab is an innovation accelerator joint venture between United Overseas Bank (UOB) and SGInnovate, a private-limited company wholly-owned by the Singapore Government.

    [2] Source: ASEAN Digital Revolution, by global management consulting firm A.T. Kearney in conjunction with Axiata Group Berhad (Axiata), at the GSMA’s 2016 Mobile World Congress.

    3 May 2018
    For More information, please contact
    Strategic Communications and Customer Advocacy
    United Overseas Bank (Thai) Pcl.
    Yada Srisammasheep Tel. 0-2343-4965