United Overseas Bank (UOB) has unveiled a new mobile application aimed at providing small businesses with better information to manage their operations and finances.
The application, called UOB Business, is designed to help small businesses in South-east Asia manage their currency exposure and risk more effectively.
It will offer news, foreign exchange, deals and coupons and other resources for small business owners. Users of the application will also enjoy direct access to reports from the UOB Economic-Treasury Research team to keep updated on the latest economic and currency trends.
UOB's group managing director and head of group business banking, Mr Victor Lee, said the application addresses the changing needs of the bank's customers as they conduct more business abroad.
"For instance, a Singapore-based company could be procuring raw materials from China and then selling to consumers in Singapore and Indonesia," he said.
"Our dedicated service will help such customers by providing foreign exchange solutions to hedge against the volatility of various currencies, thereby protecting the business from higher costs."
The application was specifically tailored for small businesses with annual turnover of less than $20 million, following a UOB survey that found that 70 per cent of small business owners work outside of their office.
The survey also found that nine in 10 respondents own a smart phone and a large majority use it to source for business information and market news.