UOB (Thai) and BOL team up to offer Thailand’s first online

SME loan via MatchLink

Bangkok, 28 May 2019 – United Overseas Bank (Thai) (UOB (Thai)) has partnered Business Online Public Company Limited (BOL) to provide online lending solutions for small- and medium-sized enterprises (SMEs) in Thailand. BOL is Thailand’s leading data service provider and the developer of MatchLink, an online business networking platform. The collaboration has made available online the country’s first loan to a juristic entity via the MatchLink website and mobile application.

UOB (Thai) and BOL share the same commitment to supporting SMEs as they grow their business. The Bank is the first to provide unsecured SME loans to MatchLink users in the country.

Through the collaboration, UOB (Thai) will use the SME applicant’s information and records, such as registered capital, financial statements and directors’ profiles, on the MatchLink platform to evaluate its creditworthiness. Using data analytics, UOB (Thai) can better mitigate its lending risks, thereby offering SMEs competitive interest rates for unsecured loans of up to five million baht.

Speed and Convenience

MatchLink, debuted in 2018, is a business networking platform that holds comprehensive information including financial records of more than 1,600,000 companies registered with the Ministry of Commerce of Thailand. Through MatchLink, the SME loan applicant can reduce the paperwork required for loan application by five times and only needs five working days to complete the approval process, compared with 20 days typically required.

Ms Sayumrat Maranate, Country Head of Business Banking, UOB (Thai), said, “With the use of data growing exponentially and as technology advances, it is important for banks to make technology serve businesses so as to drive performance and to enhance the customer experience. At UOB (Thai), we also do this by forging ecosystems of partnerships with industry specialists. With BOL, we can offer our SME customers faster and easier access to unsecured loans, making banking simpler and smarter for them. We aim to provide 300 million baht in loan value within the first year.”

Mr Chaiyaporn Kiatnuntavimon, Chief Operating Officer, Business Online Public Company Limited, said that “We have envisioned MatchLink to be an end-to-end solution where our SME customers can close the loop of doing business online, starting from sourcing the product, finding partners, selling and applying for a business loan. Today is our milestone as we are able to launch the loan feature to the platform thanks to the partnership with UOB (Thai).

In the near future, MatchLink is expected to be a business ecosystem connecting all stakeholders including government and private sectors, financial institutions, associations and companies”.

Registered SMEs on the MatchLink platform can apply for a loan online if they meet the following criteria:

• Registered business with annual revenue of less than 400 million baht and in operation for more than three years;
• Both the borrower and guarantor receive credit bureau consent and do not have an existing non-performing loan; and
• No negative tangible net worth over the past three years.

SMEs can apply for the loan from UOB on MatchLink’s website at www.matchlink.asia or its mobile application in just five steps:

1. Register the business on MatchLink platform;
2. Verify personal and business information;
3. Fill in a questionnaire;
4. Fill in information on authorised representatives and the guarantor; and
5. Upload the required documents.

The approval process will take a maximum of five business days.

About United Overseas Bank (Thai)

United Overseas Bank (Thai) Public Company Limited (UOB (Thai)) is a fully-licensed commercial bank with its network of 154 branches, 341 ATMs nationwide (as of 31 December 2018). UOB (Thai) is 99.66 per cent owned by Singapore-headquartered United Overseas Bank Limited (UOB), which has a global network of more than 500 offices in 19 countries and territories in Asia Pacific, Europe and North America.

UOB (Thai) is rated among the top banks in Thailand: AAA by Fitch Ratings. We offer innovative financial solutions, quality products and excellent services through understanding and identifying the needs of its customers. Generations of UOB (Thai) employees have carried through the entrepreneurial spirit, the focus on long-term value creation and an unwavering commitment to do what is right for our customers and our colleagues.

We believe in being a responsible financial services provider and we are committed to making a difference in the lives of our stakeholders and in the communities in which we operate. Just as we are dedicated to helping our customers manage their finances wisely and to grow their businesses, UOB (Thai) is steadfast in our support of social development, particularly in the areas of art, children and education.