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RETAIL BANKING | Staff Reporter, Singapore

UOB unveils inventory management solution for F&B businesses

The new scheme cuts the time it takes to make purchases and payments.

United Overseas Bank (UOB) upgraded their BizSmart solution to make work easier for F&B operators who are doing inventory management work of F&B operators.

Also read: UOB unveils digital business solutions for SMEs

Through its integration with the digital procurement EzyProcure, the new scheme reduces the time it takes small businesses to make purchases and payments. The service will also enable payments with interest-free credits and allow buyers to extend their credit cycle to 90 days.

“As businesses become more aware of the need to harness technology, we felt that it was timely to offer a solution that goes beyond automating back office processes to one that provides an holistic view of their operations,” Lawrence Loh, head of group business banking for UOB, said in a statement. 

The solution also lets F&B companies to have a detailed view of their financial operations by having purchase records in line with their accounting and inventory management system. Moreover, the upgraded solution will let UOB monitor the financial details of the companies and extend their credit more securely.

“With so many small businesses in the F&B sector feeding the nation’s love for food, we want to help them improve their digital capabilities to overcome operational challenges,” Loh said. “The upsized UOB BizSmart solution will help business owners increase their productivity, gain greater visibility of their day-to-day operations and financial position, and make business decisions with more certainty.”

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