UOB co-launched a one-stop commercial property solution that includes instant valuation capabilities that can improve speeds by over 10,000 times compared to traditional means.
The digital solution «RealCommerical», co-launched with property tech firm SoReal Prop, allows users to acquire a bank-backed valuation in less than one minute. This is a more than 10,000 times improvement compared to conventional processes which can take up to seven days.
In addition, the new solution also allows SME users to see the immediate loan amount their firm qualifies for based on average monthly cash flow or affordability.
«From our experience in helping SMEs purchase their ideal commercial property, we know they want certainty and speed in the process,» said Mervyn Koh, Singapore country head of business banking at UOB.
«This means not having mismatched expectations in the property’s valuation or the loan quantum, both of which could lead to the SME not being able to secure their desired property.»
Fintech + Property
According to the bank, one in two SMEs plan to invest in fixed assets including buildings and factory premises. But momentum has been building as of late with regards to fintech developments in property-related areas.
In addition to commercial property, UOB launched a digital loan solution for homebuyers in August 2018 that reduced application duration from two and a half days to just 15 minutes. Singaporean rival DBS also recently launched a tech-enabled solution linked with payments for property management fees in Hong Kong with a subsidiary of real estate giant Sun Hung Kai.
