UOB MY offers financing solutions to PETRONAS in new MoU

UOB Malaysia will reportedly be partnering PETRONAS and its subsidiary unit PETRONAS Lubricants Marketing Malaysia (PLMM) to provide end-end financing to more than 1,000 dealers and distributors.

Both companies signed a Memorandum of Understanding (MoU) to offer working capital and capital expenditure financing to PETRONAS dealers through the UOB Dealer and Distributor Financing Programme, according to The Star.

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The programme also offers PETRONAS dealers bank guarantees and cash management solutions to allow the expansion of dealership and retail outlet operations across the country.

UOB Malaysia managing director and country head of wholesale banking, Andy Cheah, said that UOB’s solutions provide the bank with the capabilities to financially support the needs of PETRONAS and PLMM’s entire value chain.

The partnership will allow PETRONAS and PLMM dealers and distributors to benefit from UOB Malaysia’s financial supply chain management and suite of ecosystem-based solutions.

Through these tools, the dealers will be better able to equip themselves with end-to-end visibility and automation for their financial supply chain.

Cheah also added that UOB is steadfast when it comes to connecting companies with new opportunities and ways to expand within and beyond the region.

As financial institutions help support local companies, RHB Bank and Star Media Group are showcasing its continued support for small and medium-sized enterprises with a second instalment of the #JomSapot BeliLokal initiative (Come Support and Buy Local) that features Malaysian actress, fashion icon, TV host and entrepreneur Sazzy Falak.

Together with RHB’s creative agency, FCB SHOUT, the new campaign utilises Falak’s face and voice to promote the brands or local merchants by creating ads that appear to star the Malaysian entertainer with artificial intelligence and machine learning.

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