HCM City (VNA) - UOB FinLab, an innovation accelerator powered by the Singapore-based United Overseas Bank (UOB), announcedits official launch in Vietnam on June 13.

Accordingto UOB, this strategic expansion aims to enhance UOB’s regional connectivityand foster UOB FinLab’s network of more than 21,000 small- and medium-sized enterprises(SMEs) across ASEAN, granting them access to digitalisation and sustainability programme,matching of business solutions providers, mentorship and valuable resources.


The UOBBusiness Outlook Study 2023 (SME & Large Enterprises) shows that, nearly nine in every 10 businesses in Vietnam have adopted digitalisation in at least one department.However, a key challenge for businesses will be in scaling their digitalisationefforts, expanding it from one or a few departments to the entire business.

As many as 41% of the SMEs surveyed likely need support to connect with the righttechnology provider and 37% said they need access to knowledge andexpertise to address concerns in their digitalisation journey.

Recognising these challenges, UOB Vietnam is committed to providing tailoredprogrammes, solutions and expertise to Vietnamese SMEs through UOB FinLab.

UOB FinLab targets to engage 5,000 businesses in Vietnam over the next threeyears through its innovative digitalisation and sustainability initiatives. Itsinaugural programme, titled "Xin Chao SMEs: Grow Your Sales throughE-commerce and Digital Marketing", is designed to equip SMEs with thenecessary knowledge and strategies to effectively adopt digital technologies tofuel sales growth and expand their customer base regionally.


VictorNgo, CEO of UOB Vietnam, said by launching UOB FinLab in Vietnam, the bank aimsto provide comprehensive support to these SMEs, equipping them with the tools,knowledge and resources needed to succeed in the digital marketplace.

"We understand the challenges faced by Vietnamese SMEs in embracingdigital technologies and staying competitive in the digital era,” he said.

According to Nguyen Ngoc Dung, Chairman of the Vietnam E-commerce Association, VietnameseSMEs play a vital role in the country’s economy, and their success is crucialfor sustainable growth.

The launch of UOB FinLab in Vietnam will empower Vietnamese SMEs to embracedigital transformation and unlock new growth opportunities, he said, addingthat this will be instrumental in bridging the digital divide and enabling SMEsto compete effectively in the digital marketplace.

To better support Vietnamese SMEs, UOB FinLab will also collaborate with professorsfrom universities, industry practitioners, innovation experts, and tech solutionproviders in its programmes to deliver an enriching learning experience forparticipants./.