UOB & OctoRocket Team Up to Make Business Loans A Quick Pizza‑Slice-Style Crunch
In a move that feels like a fast‑food combo but for finances, United Overseas Bank (UOB) and OctoRocket.asia – the B2B e‑commerce platform owned by Singapore Press Holdings and Y3 Technologies – inked a Memorandum of Understanding (MOU) on February 28. The goal? To let small SMEs in ASEAN apply for loans in a snap, without drowning in paperwork.
What’s OctoRocket All About?
- Launched in January, the joint venture links Singapore, Indonesia, Malaysia, Thailand, and Vietnam.
- It already helps 30 suppliers in the packaged‑food sector sell over 600 items – from snacks and instant noodles to sauces and beverages.
- Imagine a marketplace that’s also an international freight train – that’s OctoRocket in a nutshell.
How the MOU Works (And Why It’s Brilliant)
Under the agreement, UOB will offer loan options to any business that’s been active on OctoRocket for at least six months. Instead of demanding two years of financial statements and half a year of bank records, the bank will lean on OctoRocket’s transaction data plus a clever AI engine from Avatec.ai.
Key perks:
- Speed. Loan decisions cut from 2.5 days to a blistering 15 minutes.
- Small shops can shift their focus from compiling spreadsheets to actually growing the business.
- No waiting for two years to qualify – once you’ve been active, you’re ready.
The AI Engine: Your Business’s New Best Friend
Powered by machine learning, the engine scans everyday sales, cash flow, and more. It creates a snapshot of credit health in seconds, far faster and more accurate than traditional credit checks.
Quotes From The Leaders
Lawrence Loh, UOB Group Business Banking Head:
“Small businesses make up nearly 99% of enterprises in the region. We’re here to help them tread the path to growth efficiently. With OctoRocket, applying for finance is almost effortless. The AI engine brings speed and precision, letting sellers seize opportunities quickly.”
Julian Tan, OctoRocket Chairman & SPH Digital Business Chief:
“SMEs are eyeing overseas markets for higher returns. OctoRocket serves them by connecting suppliers to buyers across ASEAN. The partnership with UOB amplifies this by making financing seamless, letting businesses trade confidently and build durable cross‑border relationships.”
Bottom Line
When UOB and OctoRocket join forces, the result is a quick, tech‑savvy, and less stressful way for small businesses to secure the cash they need. No more drowning in paperwork – just digital speed, data‑driven decisions, and a win‑win for sellers and buyers alike. Good news for entrepreneurs and a sign that finance is finally keeping pace with the hustle of e‑commerce.
