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UOB Indonesia, ITB team up to ease SMEs expansion
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Strength in numbers: Winners of the Trade Ministry's UKM Pangan Awards gather on stage during a recent ceremony to recognize small and medium enterprises. Indonesia is home to around 55 million SMEs, 90 percent of which are micro businesses. (JP/Winny Tang)
T
he local unit of Singaporean banking giant United Overseas Bank (UOB) opened on Tuesday a small and medium enterprises (SMEs) center in Jakarta aimed at providing business advice for SMEs seeking local and international expansion.
The center, a collaboration with the Bandung Institute of Technology (ITB), is the third of its kind after the opening of similar services in Bandung, West Java, and Semarang, Central Java.
UOB Indonesia business banking head and executive director Denny Setiawan said as SMEs grew, they often faced more complex challenges, such as international trade risks and difficulties in complying with fast-changing business regulations.
“As such, these SMEs need advice from bankers with special skills who understand the needs of SMEs and also what it takes to do business across borders, whether it is managing foreign exchange risk or complying with regulatory landscape in different markets,” he said in a statement.
Indonesia is home to around 55 million SMEs. Approximately 90 percent are micro businesses, according to the Indonesian Employers Association (Apindo).
The bank added that its partnership with ITB would allow clients to access the institute’s wide range of research on SME-related topics, such as insights into talent retention and strategies to improve business productivity. (adt/hwa)
