Targeting corporate clients, UOB Indonesia will expand the presence of the FSCM Infinity feature in other ASEAN and Greater China regional markets.
Heaptalk, Jakarta — UOB Indonesia has released its new feature of the UOB Infinity application, the Financial Supply Chain Management (FSCM) Infinity tool. This feature will enable its corporate customer to digitalize supply chain financing for their trade counterparties across their ecosystem.
Through the FSCM technology, UOB’s corporate customers will experience financial supply chain management capabilities. They will obtain comprehensive solutions from procurement to payment, from production to payment, ordering to production, and sales to collection in one platform.
Perceiving the global uncertainty and market volatility, the Head of Transaction Banking of UOB Indonesia, Kartyono, affirmed that Indonesia’s businesses must navigate various complexities to ensure more effective and efficient supply chain operations.
Refers to the UOB Business Outlook 2023, the data showed that over 7 in 10 businesses in the archipelago consider supply chain management critical, including multiple sectors, spanning consumer goods, manufacturing and engineering, and business service.
From this output, the company claimed that rising supply chain costs and difficulties procuring suppliers are a primary concern in the country. To overcome this obstacle, digital technology integrations can boost business processes domestically and overseas to gain better supply chain management.
“Our enhanced feature facilitates connectivity across their ecosystem by linking suppliers and distributors digitally and enabling them to have real-time insights and holistic view of their financials in managing working capital and receivables to help reduce cost and increase efficiency,” added Kartyono.
By utilizing this feature, customers can also enhance their business efficiency by allowing their digital trade document transmissions and verifications and requesting financing through a similar platform. Customers can also improve existing cash management to simplify businesses to review, plan, and manage working capital throughout the trading cycle.
According to the company’s internal data, customer potential for supply chain financing has increased by 34% every year for three years in terms of limits. Besides, the ecosystem’s growth in UOB Indonesia’s supply chain increased 54% this year.
Through the FSCM Infinity feature launch, UOB targets all existing and prospective customers, especially those who open accounts, to be integrated into the UOB Infinity platform. In addition, this banking company also aims to achieve four-fold growth in the next three years. This FSCM feature is only available in four markets: Indonesia, Singapore, Hong Kong, and Malaysia. As part of the company’s plans, UOB will expand the presence of this feature in other regional markets, including ASEAN and Greater China.
