UOB Thailand has launched new financial supply chain management (FSCM) capabilities on its digital banking platform for businesses.
With these new capabilities, FSCM solutions covering the entire supply chain cycle, from procurement to payment, production to sales, and invoicing to collections, are now delivered digitally through a single platform. This allows sellers and buyers to connect, submit documents, and initiate financing requests seamlessly. It also provides businesses with the opportunity to build an efficient, inclusive, and robust supply chain ecosystem to support their growth.
According to the UOB Business Outlook Study 2023 in Thailand, nearly 48 percent of companies consider supply chain management very important to their business. Four in ten of these companies are seeking connections with the right technology and solution providers and faster turnaround times for loan applications to improve working capital efficiency and ensure supply chain stability.
Mrs. Patchanee Vongsilpawattana, Executive Director and Head of Transaction Banking at UOB Thailand, said, “As our clients grapple with current supply chain challenges, we understand that digital access can play a significant role in meeting their evolving needs. Therefore, our ability to provide end-to-end digital solutions will help them optimise working capital management, improve cash flow, and manage risk within their supply chain ecosystems.”
By integrating FSCM capabilities into the bank’s digital banking platform, corporate customers can now track and process cash, trade, and FSCM transactions with a single login. The FSCM feature will also help them experience better operational efficiencies and more convenient financial management, including:
Access to real-time updates on transaction status, from submission to disbursement.Reduction in the need for manual submission of trade documents.Enhancement of reconciliation to streamline payables and receivables processes.Automation of the processing of invoices and requests for financing.Setting up parameters such as financing advance ratio, tenors, and limits for better risk mitigation.
Ms. So Lay Hua, Head of Group Transaction Banking at UOB, said, “The new FSCM capabilities enable our clients across ASEAN to connect digitally and form a critical part of the supply chain ecosystem, both upstream and downstream. Given that Thailand and ASEAN trade corridors offer robust growth opportunities, businesses are leveraging proximity and strengthened economic partnerships to explore new procurement, production, and sales opportunities across the region. With these capabilities available across our core markets and as the One Bank for ASEAN, we will provide our clients with fast access to manage their finances, gain greater oversight of their supplier and distributor interactions, and control both their domestic and regional FSCM programs. This will simplify the management of trade document exchange, unlock trapped cash to ease working capital, and manage collection risks, all under one platform.”
The launch of our new FSCM capabilities in Thailand marks the completion of UOB’s regional rollout in key markets, including Singapore, Indonesia, Malaysia, Thailand, China, and Hong Kong, allowing our clients to effectively connect with the supply chain ecosystem across ASEAN and support their business growth.
For more information, please visit https://www.uob.co.th/corporate-en/correspondent-banking/financial-supply-chain.page.