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In a world that is becoming ever more disruptive amid rising geopolitical tensions, the need for a steady and back-up of supply chain management has become a paramount thing that most entrepreneurs must take into consideration.
Under the new world order in which US President Donald Trump is putting ‘America First’ is likely to see a lot of disruption in ways businesses are undertaken and thus reliance on supply chain within the 10-member ASEAN grouping coupled with the rising economic giants such as China and India in Asia are likely to be crucial for businesses.
Supply chain management has therefore been a key focus on the minds of almost 90% of the businesses who were surveyed by regional banking giant – UOB.
As many as 9 in 10 businesses said that supply chain management was ‘important’ and half of those surveyed said it was ‘very important’.
The Business Outlook Study 2024 conducted by UOB covers with more than 500 business owners and key executives from small and medium-sized enterprises and larger companies in Thailand. This survey provides a comprehensive understanding of the current business sentiment, inflation impact and outlook among businesses across various sectors. To read the complete study, please visit https://www.uobgroup.com/asean-insights/articles/uob-business-outlook-study-2024-thailand.page
Regional procurement also requires regional expertise and in-depth local knowledge, which can be provided by the organizations that have presence in most of these countries in ASEAN and Greater China.
Supply chain management does not have to always be in procurement of raw material but also can be in terms of financial tools for pre and post shipments.
In a recent interview, Richard Maloney, CEO of UOB (Thailand), discussed how Southeast Asia’s growth presents valuable opportunities not just for large multinational corporations, but also for Thai SMEs. These businesses can capitalize on cross-border trade and investment to expand.[GD1]
Maloney emphasized that local SMEs could benefit from UOB’s cross-border supply chain solutions platform, which aids business growth across the region. He also highlighted the crucial role of digitalization in helping Thai SMEs expand globally and enhance their competitiveness in regional markets.
For instance, UOB’s financial supply chain management solutions via digital platforms enable wholesale and SME clients to optimize working capital, strengthen supply chains, boost business efficiency, and reduce operating costs.
Additionally, UOB offers UOB Infinity, a digital banking platform designed to streamline operations across ASEAN markets for businesses, including SMEs. Currently available in Singapore, it supports cash management, financial supply chain management, and trade requirements across 10 markets, with plans to launch in Thailand towards the end of this year. The platform also enhances financial transaction convenience by offering real-time interactive cash flow management for SMEs.
According to Maloney, Thailand’s strong economic foundation and substantial middle-class population—comprising up to 40% of the total—are key advantages that support domestic consumption and contribute to the growth of the country’s consumer banking sector.
