The world’s best bank for SMEs 2021: UOB
The Singapore-based lender has established a new benchmark for SME banking
Most international banks have traditionally regarded the small and medium-sized enterprise (SME) space as a feeder pipeline for future large corporate business. But creating credible SME banking services has become easier in recent years, as digital offerings created to win large corporate and multinational business can be leveraged relatively easily and cheaply to serve smaller clients.
Singapore’s UOB is different. The SME segment has long been a large driver of the bank’s revenues and profits, accounting for around 20% today. Those SMEs – an outsized driver of the entire Singaporean economy – have also been atypically focused on international growth. A relatively small domestic market forces them to look elsewhere for expansion.
The results are impressive.