UOB (United Overseas Bank) reportedly works with Thai enterprises in supporting its digital transformation by facilitating an accelerator. The accelerator will get at least US$313,800 (THB10 million) to spend on Thai SMEs digitisation, Tech Wire Asia reported.

The accelerator program will be conducted in collaboration with Thai UOB, the Digital Economy Promotion Agency (DEPA), National Science and Technology Development Agency (NSTDA), and the Office of SMEs Promotion (OSMEP).

As an SME-driven country, Thailand has an economic dependency on its SME business. However, to keep up with technology, the country has now slowly transformed itself into a more digital country, especially under its new 20-year economic model.

The accelerator will focus on three-month digital transformation program and will facilitate only 10 to 15 SMEs out of over 400 applicants, with businesses varying from food and beverage, fast-moving consumer goods, construction, logistics, retail, wholesale, and travel industries.

The agenda will cover digital marketing and change management workshops, and SMEs will be matched to their relevant digital solutions.

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MD of the UOB Accelerator, Felix Tan said: “The idea behind this is if we can help SMEs start to use digital technologies and improve their work processes, revenues, and margins, they become bigger and stronger.”

With SMEs under the spotlight, it is expected for the businesses to have regional growth plans that would ideally bring an annual turnover of THB 25 million (US$788,650) to THB1 billion (US$31,506,000).

“SMEs’ books will also look a lot better and that will encourage banks to extend more financial services to help them grow,” added Tan.