The bank has announced a partnership with Getz, an end-to-end food and beverage (F&B) digital solution provider to help F&B businesses set up online storefronts and bring down delivery costs.
F&B businesses will be able to set up their online storefronts, along with digital payment capabilities, within a week. Transaction fees will also be capped at 4 percent, the bank said in an announcement on Thursday.
To boost sales, the bank will support F&B merchants that use the platform with marketing efforts on its online dining portal and mobile banking app, and offer promotions to cardmembers, it said. .
The UOB-Getz partnership will also help cash flow relief by facilitating payments within two business days, as cash flow issues were the top concern for 55 percent of small businesses in Singapore, according to a survey conducted by the bank.
Changing Preferences
The collaboration follows rival bank DBS' collaboration with homegrown tech startups Oddle and FirstCom to help F&B businesses set up online ordering operations and support digital marketing, which was launched end-March, to cater to changing consumer preferences as a result coronavirus pandemic.
UOB said that seven in 10 consumers said they will continue to order food online, even after Covid-19 restrictions are eased. It also said that while many food businesses went online during the nationwide «circuit breaker,» many smaller companies found setting up their online storefront and managing the cost of using food delivery services an added stress.
Ensuring Profitability
«Through the collaboration, we not only help F&B businesses overcome their immediate cost challenges but also support them in enhancing their business models for the long term by having multiple revenue streams and a wider customer base,» Mervyn Koh, UOB's country head of business banking Singapore, said.
