UOB, Alibaba.com to boost SMEs in B2B e-commerce expansion
UOB Thailand has partnered with Alibaba.com, one of the world’s largest wholesale marketplaces, to support Thai small and medium-sized enterprises (SMEs) in their e-commerce endeavours.
The collaboration between UOB Thailand and Alibaba.com aims to empower Thai SMEs with insights and financial solutions for success in the digital marketplace. By leveraging their combined resources and expertise, both organizations are dedicated to providing SMEs with the necessary guidance and tools to thrive online.
Sayumrat Maranate, Executive Director and Head of Business Banking at UOB Thailand, highlighted the significance of the global B2B e-commerce market, which is projected to reach approximately US$7.3 billion by 2027. Recognizing the importance of financial support and business services for Thai SMEs venturing into international trade through e-commerce, the partnership aims to facilitate access to such support and services. By merging financial expertise with Alibaba.com's industry insights, the collaboration aims to help Thai SMEs tap into new opportunities and expand globally on a digital platform.
Warren Wang, Head of Thailand Business at Alibaba.com, emphasized the platform's significance for sellers, with 42% using it as their main business source and 60% aiming to enter new markets. Alibaba.com is dedicated to being a one-stop sourcing platform, supporting Thai SMEs in accessing new markets and connecting prospective sellers and buyers.
A recent one-day seminar was conducted to equip trading companies, manufacturers, and exporters with insights into the B2B e-commerce market, online trade trends, and market demands. This aimed to identify high-selling potential products.
Alibaba.com highlighted the top three buyer countries for Thai products as the United States, Pakistan, and Middle Eastern countries. The top-selling product categories from Thai sellers included food and beverage, agriculture, beauty, apparel and accessories, and home and garden items.
UOB introduced financial solutions like UOB Biztrade+, UOB Trade Finance, UOB FX, and Trade Credit Insurance to help SMEs manage cash flow, improve operations, and mitigate cross-border trade risks in online trading. The UOB BizSmart platform offers business management solutions for end-to-end activities.
