SINGAPORE – United Overseas Bank (UOB) is giving its small and medium-sized enterprise (SME) clients preferential access to the e-commerce solutions of newly listed Synagie Corp in a partnership between the two companies.
The new agreement will allow UOB’s SME customers to manage their online sales channels more effectively for business growth, the two companies said in a press statement on Wednesday (Aug 29).
The solutions under the deal include Synagie’s Synagie.com, a cloud-based platform that enables businesses to integrate their sales and distribution in Singapore and Malaysia across multiple e-marketplaces such as Lazada, Qoo10 and Shopee, as well as offline channels, using a single dashboard.
Synagie will also offer on-demand warehousing and fulfilment services on a pay-per-use basis. With Synagie’s solutions, SMEs can manage their e-commerce processes centrally and more cost efficiently, the companies said.
They added that SMEs will be able to get an overview of their customer demand and cash flow, and a more “effective reconciliation of their financial accounts”, that will in turn enhance their ability to obtain financing more quickly.
Said Choo Kee Siong, head of enterprise banking at UOB: “SMEs are a key force in propelling the growth of the industry and economy. As more SMEs turn to e-commerce to increase their product sales, we want to help them untangle the complexities of managing their inventory levels, and customer order deliveries across multiple sales channels and across borders.”
“This is because we believe the most effective way for SMEs to scale up their online sales is by accessing the e-marketplaces with the widest reach. In connecting our clients to the right digital solutions, we want to help them open new sales channels, and drive overall business performance.”
In addition, Synagie.com will provide real-time big data analytics tools to help businesses better understand their customers’ preferences, and identify marketing opportunities.
Said Synagie’s chief executive, Clement Lee: “South-east Asia’s e-commerce market is seeing phenomenal growth and it is an opportunity that SMEs should seize. Our plug-and-play solution not only takes away the heavy lifting, enabling businesses to focus on increasing their sales, it also does not require upfront deposits or investments.”
“By tapping the infrastructure that we have built, SMEs can get their businesses online quickly and at a lower cost. Through relevant marketing insights, we will also help them engage better with their target customers online.”
To encourage SMEs’ adoption of Synagie’s solutions, UOB’s clients can enjoy up to $2,500 worth of benefits including a three-month complimentary subscription to Synagie.com with free warehouse storage, the companies said.
There are also plans to extend this collaboration regionally, with the launch in Malaysia expected by the year-end, followed by Thailand, Vietnam and Indonesia.
Synagie Corp provides e-commerce solutions for businesses in the body, beauty and baby sector. The company made its debut on the Singapore Exchange’s Catalist board on Aug 8, opening at $0.265 apiece, before closing at $0.275, slightly above its initial public offering price of $0.27. The company has a market cap of about $69.35 million as of Aug 29.
As at 1.02pm on Wednesday, shares in UOB were trading at $27.46, up 12 Singapore cents, while shares in Synagie were trading at flat at $0.26 a piece.