Singapore bank UOB launches FinLab in Vietnam to aid SMEs

UOB FinLab, an innovation accelerator powered by Singaporean bank UOB, was rolled out in Vietnam on Tuesday to help empower domestic small- and medium-sized enterprises to harness digital technologies for business growth.

"We understand the challenges faced by Vietnamese SMEs in embracing digital technologies and staying competitive in the digital era. By launching UOB FinLab in Vietnam, we aim to provide comprehensive support to these SMEs, equipping them with the tools, knowledge and resources needed to succeed in the digital marketplace,” Victor Ngo, CEO of UOB Vietnam, said.

“Leveraging the bank’s extensive network and expertise, we are confident that we can help Vietnamese SMEs overcome these challenges and thrive in the digital economy," he added.

The expansion aims to enhance the bank’s regional connectivity and foster its FinLab network of more than 21,000 SMEs across ASEAN.

UOB FinLab has set a target of engaging with 5,000 businesses in Vietnam over the next three years through its innovative digitalization and sustainability initiatives, the lender said.

UOB FinLab’s Tuesday launch in Ho Chi Minh City was an event titled "Hello SMEs: Grow Your Sales through E-commerce and Digital Marketing".

“The launch will empower Vietnamese SMEs to embrace digital transformation and unlock new growth opportunities,” Vietnam E-commerce Association chairman Nguyen Ngoc Dung said at the event.

In addition, UOB FinLab in Vietnam will also collaborate with university professors, industry practitioners, innovation experts, and tech solution providers to deliver an enriching learning experience for participants, the bank said.

According to the UOB Business Outlook Study 2023 (for SMEs and larger enterprises), nearly nine in 10 businesses in Vietnam have adopted digitalization in at least one department. However, a key challenge for businesses will be scaling up their digitalization efforts, expanding from one or a few departments to the entire business.

Up to 41% of SMEs surveyed likely need support to connect with the right technology provider, and 37% of SMEs need access to knowledge and expertise to address concerns on their digitalization journey.

“UOB Vietnam is committed to providing tailored programs, solutions and expertise to Vietnamese SMEs through UOB FinLab,” the lender said.

Prior to the Vietnam launch, UOB FinLab had set up a regional presence in Singapore, Malaysia, and Thailand. It was founded in 2015 and has so far supported and connected with more than 21,000 businesses across the world, according to the bank