UOB Ties Up With Sales Aggregator
UOB is tying up with a sales channel aggregator to help their small- and medium-sized business manage their online as well as offline sales.
As more small-medium-enterprises (SMEs) turn to e-commerce to increase their product sales, UOB has partnered with Synagie Corporation. The tie-up is a bid by the Singaporean bank to help SME clients streamline the managing of their inventory levels and customer order deliveries across multiple platforms and geographic regions.
«We believe the most effective way for SMEs to scale up their online sales is by accessing the e-marketplaces with the widest reach. By using Synagie’s solutions, our SME clients can list, market and sell their products on major online marketplaces in Singapore and Malaysia effortlessly,» Choo Kee Siong, head of enterprise banking at UOB, said in a press statement.
One Dashboard
Under the tie-up, UOB’s SME clients in Singapore will have preferential access to Synagie’s range of end-to-end e-commerce solutions. These solutions include Synagie.com, a one-stop cloud-based platform that can link up sales and distribution for businesses in Singapore and Malaysia across multiple e-marketplaces such as Lazada, Qoo10 and Shopee, as well as offline channels, on one dashboard.
«The consolidated management of their sales and distribution on a single dashboard will also provide them with a better understanding of their own cash flow needs, enabling them to seek financing promptly,» Choo said.
The solution also provides real-time big data analytics tools to help businesses understand their customers’ buying preferences, thereby better identifying sales and marketing opportunities.
Tapping Asia's E-Commerce
Southeast Asia’s e-commerce market is seeing phenomenal growth and it is an opportunity that SMEs should seize, said Clement Lee, chief executive of Synagie.
«Our plug-and-play solution not only takes away the heavy lifting, it also does not require upfront deposits or investments. Through relevant marketing insights, we will also help them engage better with their target customers online,» said Lee.
Privacy Settings Available
Under the arrangement, UOB will not have access to the retailers or distributors’ Synagie accounts. However, UOB's clients will be given incentives to provide cashflow visibility to the bank.
When the retailers or distributors arrange to channel their sales revenue to their UOB bank accounts, it enables the bank to help reconcile their financial accounts, thereby allowing a comprehensive overview of cash flow. Based on these cash flows, UOB will be able to lend timely support to them in extending the working capital financing they need.
