UOB Malaysia announced that it has partnered Dropee, a leading business-to-business e-commerce solution provider, to help retailers and wholesalers digitalise and optimise their businesses while saving operational costs. As part of the collaboration, the Bank has launched UOBxDropee, an exclusive package offering one-stop access to a range of financial solutions that cover cash management and trade finance as well as complimentary access to UOB Business Internet Banking Plus (UOB BIBPlus).
The Bank’s customisable cash management solutions will enable Dropee customers to manage their receivables and payables in a more efficient manner, thereby managing their financial accounting with greater certainty.
In addition, UOBxDropee offers fee waivers for real-time gross settlement systems via UOB BIBPlus that include Interbank GIRO, Real-Time Electronic Transfer of Funds and Securities (RENTAS) and foreign telegraphic transfers. Businesses will also enjoy preferred rates for fees and charges for UOB Malaysia’s trade finance solutions. These benefits will enable them to achieve greater cost-efficiencies.
Under the collaboration with Dropee, UOB Malaysia’s wholesale banking clients will also get a 20 percent discount on the monthly subscription fee when they sign up for Dropee’s online trading solution. The solution will enable them to buy supplies and to sell their products online more conveniently.
Ng Wei Wei, Managing Director and Head of Wholesale Banking, UOB Malaysia, said the collaboration with Dropee underscores the Bank’s commitment to help companies accelerate their digitalisation journey amid the current business environment.
“The COVID-19 containment measures have prompted more consumers to shop online and this in turn has compelled businesses to go digital sooner rather than later. We are excited to work with Dropee to fast-track companies’ transition from the traditional brick-and-mortar to online channels. The collaboration demonstrates our focus on providing the right financial solutions and connecting our clients to the relevant products and services our ecosystem partners have to offer. It also reflects our transaction banking capabilities in delivering real value to our clients, especially amid a challenging business environment.”
During the year, UOB Malaysia was recognised for its transaction banking capabilities, receiving a total of 11 awards. Among the awards are The Best Transaction Bank in Malaysia from The Asset, Asia’s Best Treasury and Finance Strategies from Corporate Treasurer, and Malaysia’s International Trade Finance Bank of the Year from Asian Banking and Finance.
Founded in 2017, Dropee has processed more than 100,000 purchase orders and is continuing to grow its presence in the small and medium-sized enterprise (SME) sector. Through Dropee’s software-as-a-solution (SaaS) service, Dropee Direct, businesses can set up their own business-to-business e-commerce portals that come with features such as wholesale order management and inventory tracking on a single platform. Dropee Direct connects with Dropee Marketplace, which currently hosts more than 60,000 trading and wholesale members who go on the platform to source products from new and existing suppliers. With a few clicks, registered users can monitor orders and payments on the platform anytime, anywhere.
Lennise Ng, Chief Executive Officer and Co-founder of Dropee, said the company strives to help businesses go digital as seamlessly as possible.
“The COVID-19 pandemic has brought significant disruption to many Malaysian businesses, especially the retail SMEs. With this partnership, Dropee aims to help businesses navigate these difficult times by extending their cash flow to keep them afloat. We continue to support our local businesses for they are the backbone of our nation’s economy.”