UOB Malaysia has taken a strategic step forward by entering into a pivotal partnership with PETRONAS Dagangan Berhad and its subsidiary, PETRONAS Lubricants Marketing (Malaysia) Sdn Bhd. This collaboration, powered by the UOB Dealer and Distributor Financing Programme, is set to energize the supply chain landscape for dealers and distributors associated with PETRONAS Dagangan and PETRONAS Lubricants Marketing (Malaysia), extending vital end-to-end financing to over 1,000 local retailers.
The core objective of the programme is to enhance financial access for dealers and distributors within this dynamic ecosystem. It encompasses diverse offerings such as working capital and capital expenditure financing, alongside the provision of bank guarantees and solutions for efficient cash management, crucially supporting the expansion of their dealership and retail operations across the nation.
Andy Cheah, managing director and country head of wholesale banking at UOB Malaysia, commented, “UOB’s enduring commitment to PETRONAS is manifest in our enthusiasm to bolster the resilience of their supply chain management through this collaboration. Our innovative and comprehensive solutions empower us to fulfill the financial requisites of the entire value chain associated with PETRONAS Dagangan and PETRONAS Lubricants Marketing (Malaysia). We remain resolute in generating fresh opportunities and fostering connections that catalyze growth within the region.”
Khalil Jaffri Muhammad Muri, chief operating officer of PETRONAS Dagangan Berhad, expressed his enthusiasm about the partnership, stating, “We eagerly embrace this collaboration with UOB Malaysia, leveraging their financial acumen to infuse financial stability and assurance into our network of dealers and distributors. We are confident that this partnership will not only bolster our partners’ enterprises but will also elevate the overall customer experience, simplifying access to our comprehensive suite of offerings.”
Additionally, the dealers and distributors associated with PETRONAS Dagangan and PETRONAS Lubricants Marketing (Malaysia) under this Programme will benefit from UOB Malaysia’s financial supply chain management (FSCM) capabilities, along with a suite of ecosystem-driven solutions. Leveraging UOB Malaysia’s advanced cash management prowess and its digital banking platform – UOB Infinity, the dealers and distributors will gain access to seamless end-to-end visibility and automated management of their entire financial supply chain.
Lucas Chew, executive director and country head of transaction banking at UOB Malaysia, highlighted, “Our solutions are meticulously crafted to address the pain points faced by businesses and their interconnected ecosystems. Often, these entities grapple with challenges in securing essential financial support and efficient cash management to fuel their expansion.
“In 2019, we pioneered the UOB Vendor Financing Programme in collaboration with PETRONAS, focusing on financing for their upstream value chain. Today, we are delighted to extend the same impactful support to their downstream value chain through the establishment of the UOB Dealer and Distributor Financing Programme, which stands to further elevate the PETRONAS ecosystem within the country.”
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