UOB FinLab’s Journey: A Decade of Innovation

One thing has remained clear as we navigated the evolution of the business world: businesses that embrace change are the ones that grow. At UOB FinLab, we’ve spent the last 10 years enabling small and medium-sized enterprises (SMEs) across the region to adapt, transform, and thrive, no matter how the market moves. UOB FinLab’s 10th year commemoration serves as a testament to what’s possible when purpose, partnership, and progress come together.

It is important to reflect on how far we have come and where we are going next as we approach this milestone.

Chapter One – Sharp Focus on FinTech

UOB FinLab was established in 2015 (then The FinLab), through a joint venture between UOB and SGInnovate (then Infocomm Investments Pte Ltd). Its mission was to accelerate FinTech startups and strengthen collaboration between financial institutions and emerging tech players.

The first acceleration programme was launched within the first year, offering FinTech startups access to mentorship, business validation, and UOB’s regional network. These efforts contributed to the early development of Singapore’s Smart Financial Centre ambition and laid the groundwork for broader innovation across the region.

Chapter Two – Empowering SMEs across industries

It became clear that innovation had to extend beyond FinTech in 2018 as SMEs across sectors demanded greater support. In response, UOB FinLab expanded its mandate to help businesses across all sectors digitalise and remain competitive in an increasingly digital economy.

When the pandemic accelerated the need for digital solutions in 2020, UOB FinLab introduced The FinLab Online — an always-on platform giving SMEs access to tools, assessments, and solution providers on demand.

Chapter Three – Regional Expansion

UOB FinLab’s efforts scaled rapidly beyond Singapore, bringing tailored digitalisation support to key ASEAN markets. Each programme is adapted to the local context, reflecting the unique cultural and business needs of SMEs in different countries:

Thailand (2019): The Smart Business Transformation Programme launched in partnership with DEPA, NSTDA, and OSMEP to drive SME tech adoption.
Malaysia (2019): Jom Transform Programme launched to accelerate local SME digitalisation.
Vietnam (2023): The Xin Chào SMEs initiative kicked off in Ho Chi Minh City, with a goal to support 5,000 SMEs over three years in digital transformation.
Indonesia (2023): This official launch completed UOB FinLab’s presence across all five key UOB ASEAN markets and introduced UKM SUKSES Sistem Usaha Kreatif dan Solusi Ekonomi Sejahtera to support the digitalisation of 5,000 businesses over three years.

Chapter Four – Championing Sustainability: A New Dimension of Growth

As SMEs embraced digitalisation, sustainability emerged as a new global priority. In 2021, Singapore reflected this shift with the Singapore Green Plan 2030, setting ambitious targets from net-zero emissions by 2050 and cleaner energy adoption to greening buildings and fostering green jobs. These goals are driving real changes in how industries operate, innovate, and grow.

Recognising that digitalisation alone was no longer enough, UOB FinLab launched the Sustainability Innovation Programme (SIP) the same year. SIP helps SMEs turn sustainability intent into action through workshops, industry partnerships, and access to ESG-focused solutions. UOB’s SME Outlook Study 2022 revealed that 60% of local SMEs see sustainability as important to their business. SIP provides the knowledge, tools, and support they need to integrate sustainable practices into their operations.

Chapter Five – Results to Date

To date, UOB FinLab has supported more than 33,000 businesses globally, including SMEs, startups, greentechs, corporates, and ecosystem partners.

What began as a FinTech-focused incubator has expanded into a regional platform that empowers traditional businesses to digitalise, adopt sustainable practices, and seize new growth opportunities. Over the years, UOB FinLab has continuously evolved to meet the changing needs of businesses across ASEAN:

FinTech Acceleration in 2015
Digital Transformation for all SMEs in 2018
Focus on Sustainability in 2021

Most recently, SkillsFuture Singapore (SSG) appointed UOB as its latest SkillsFuture Queen Bee (SFQB), and as part of this appointment, UOB is supporting SMEs through its strategic community enabler, UOB FinLab, with the launch of the SME Elevate Programme. This appointment reflects the bank’s deepening commitment not only to provide solutions, but to build a robust ecosystem of learning, collaboration, and transformation.

The SME Elevate Programme focuses on Artificial Intelligence (AI), digitalisation, and sustainability, recognising their critical role in driving productivity, innovation, and competitiveness for SMEs. Its first initiative, the AI Ready Programme, offers a practical, hands-on experience for business and technical leaders, equipping them with the knowledge and tools to explore, adopt, and scale AI solutions that deliver real business impact.

UOB FinLab’s strong foundation in community-building and mentorship is its key differentiator as a SkillsFuture Queen Bee. It connects businesses to tailored innovation pathways, hands-on guidance, and peer learning opportunities, which empowers SMEs to confidently navigate transformation challenges and unlock new growth.

These tools and programmes are continually evolving to meet the changing needs of SMEs, which reinforces UOB FinLab and UOB’s mission to provide the clarity, control, and community businesses need to scale sustainably in an increasingly complex marketplace.

For SMEs, this means staying competitive in a world where technology is advancing faster than ever.

Looking Ahead: A Future-Ready Innovation Partner

UOB FinLab’s story is one of constant evolution. We have adapted over the years to meet the changing landscape and this commitment to evolve is vital. It ensures that we stay ahead of the curve and empower SMEs to anticipate challenges, seize new opportunities, and build a future-ready business.

A decade ago, we set out with a clear purpose – to nurture businesses to reach their fullest potential. Ten years on, that mission remains steadfast: by innovating with intent, we create value that endures.

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