The FinLab, the Singapore-based regional business innovation accelerator powered by United Overseas Bank Ltd, is entering its fifth year of driving business innovation in ASEAN with the launch of The FinLab Online. The FinLab Online is an ecosystem of innovation insights, educational resources and activities, and unique networks of experts and businesses. It is the first-in-the-region initiative connecting individuals, businesses and organisations across ASEAN.
The Content pillar will offer exclusive innovation and digitisation insights from domain experts and experienced mentors, and from technology projects and providers, along with content from the regional business transformation programme, run by The FinLab. The Activities pillar will include technology selection days, business transformation workshops, and digitalisation programmes. The Networks pillar will span countries, languages, industries, and companies of varying size and maturity, creating the right connections and powerful partnerships.
To address the immediate COVID-19 challenges, The FinLab Online includes a knowledge bank of public and private entity policies, support schemes and programmes. A series of webinars, videos and articles to help businesses navigate this difficult time is also in place.
Felix Tan, Co-Head, The FinLab noted the evolving impact of the programme “ASEAN’s business environment had already changed strikingly in just the past five years. Now the COVID-19 virus has brought unprecedented challenges and disruption to businesses and consumers.
The FinLab recognises the urgency to accelerate the digitalisation and transformation of ASEAN businesses. Through The FinLab Online and its programme line-up in the next few months,
The FinLab aims to equip as many businesses as possible with the knowledge and technology to digitally transform to combat the impact of the pandemic, and continue to be relevant, effective and competitive post crisis.
A primary focus of this offering, based on past-participant demand, is supporting business transformation through tailored workshops and mentorship, proactively matching the best technology solutions, and guided implementation of a pilot technology solution.
“The FinLab has always been dedicated to working with businesses to adopt the best technology solutions to manage their business better, to compete with the best national and international players, and to grow and succeed in this new economy. The 42 companies we have helped so far is just the start of our offering at The FinLab. The FinLab Online accelerates our organisational infrastructure of experts, entrepreneurs, government agencies and technology partners, to bring technology transformation to a much wider business community across the region,” Felix concluded.
In its five years, The FinLab has collaborated with over 1,000 technology partners, worked with XXX subject matter experts in XXX areas and supported 42 companies in their digital transformation journeys. Those companies come from a range of business sectors, including food manufacturing and distribution, food and beverage, retail, travel, healthcare, business consulting, logistics and manufacturing.
ASEAN’s Gross Domestic Product (GDP) grew from US$2.31 trillion in 2012 to US$3.0 trillion in 2018. As a regional bloc, ASEAN is the world’s fifth largest economy with a combined GDP of US$2.8 trillion as of 2018. The digital economy in the region is also predicted to hit US$300 billion by 2025, driven by high mobile penetration rates.
Technology partners have brought cutting edge solutions, including in enterprise resource planning, digital inventory and order management, e-commerce and online order fulfilment, next-generation website & video production, online sales & lead management tool, as well as social media influencer engagement platform. And the subject matter experts have lead workshops on digital marketing and social commerce, branding strategy, financial management, business processes and change management.
In the next five years, The FinLab Online will support many more businesses across the region to accelerate their business transformation journey.