StarHub and United Overseas Bank (UOB) have signed a memorandum of understanding (MoU) to explore, to develop and to provide digital solutions to help SMEs accelerate their digitalization efforts.
Under the MoU, UOB will be the first organization and the main one from the financial industry to join StarHub’s digital marketplace for SMEs. The digital marketplace aims to bring together different product and service providers across industries to create a vibrant ecosystem that will enable SMEs to transform their business models and go-to-market strategies.
Through StarHub’s digital marketplace, UOB will offer SMEs access to a comprehensive range of digital solutions that SMEs will need to automate and to streamline their business operations. The digital marketplace is expected to go live by October 2018.
Both companies will also explore the provision of real-time transaction insights for SMEs to understand better their customers’ needs and preferences. They will also work together to help in the SMEs’ digital transformation through the adoption of technologies such as artificial intelligence.
Other solutions to be available on StarHub’s digital marketplace will include a range of “as-a-service” solutions, such as footfall, digital location marketing, customer loyalty, training and employee engagement.
StarHub said the collaboration to help SMEs is in line with the Singapore government’s SMEs Go Digital program to encourage SMEs to be digital from the outset.