UOB Malaysia powers the supply chain ecosystem for PETRONAS Dagangan Berhad
UOB Dealer and Distributor Financing Programme aims to benefit more than 1,000 local retailers
Kuala Lumpur, Malaysia, 8 August 2023 – UOB Malaysia today announced a strategic partnership with PETRONAS Dagangan Berhad and its subsidiary, PETRONAS Lubricants Marketing (Malaysia) Sdn Bhd. Through the UOB Dealer and Distributor Financing Programme, the collaboration aims to power the supply chain ecosystem for dealers and distributors under PETRONAS Dagangan and PETRONAS Lubricants Marketing (Malaysia) by providing end-to-end financing to more than 1,000 local retailers.
The Programme is designed to provide access to greater funding for dealers and distributors within the ecosystem. It offers working capital and capital expenditure financing, as well as bank guarantees and cash management solutions to expand their dealership and retail outlet operations nationwide.
Mr Andy Cheah, Managing Director and Country Head of Wholesale Banking, UOB Malaysia, said, “As part of our longstanding commitment to PETRONAS, we are pleased to support its subsidiaries in strengthening the robustness of their supply chain management. Through UOB’s innovative and comprehensive solutions, we have the capabilities to support the financial needs of PETRONAS Dagangan and PETRONAS Lubricants Marketing (Malaysia)’s entire value chain. We are steadfast in opening new opportunities and connecting companies to grow within and across the region.”
Mr Khalil Jaffri Muhammad Muri, Chief Operating Officer, PETRONAS Dagangan Berhad, added, “We are excited to partner with UOB Malaysia, leveraging their financial expertise to provide financial stability and security to our network of dealers and distributors. We believe that this collaboration will not only strengthen our partners' businesses but also enhance the overall customer experience, ensuring simpler and better access to our suite of offerings.”
In addition, PETRONAS Dagangan and PETRONAS Lubricants Marketing (Malaysia)’s dealers and distributors under this Programme will benefit from UOB Malaysia’s financial supply chain management (FSCM) and suite of ecosystem-based solutions. Through UOB Malaysia’s cash management capabilities and its digital banking platform - UOB Infinity1, PETRONAS Dagangan and PETRONAS Lubricants Marketing (Malaysia)’s dealers and distributors will also be equipped with end-to-end visibility and automation of their entire financial supply chain.
Mr Lucas Chew, Executive Director and Country Head of Transaction Banking, UOB Malaysia said, “Our solutions are targeted to address the pain points of businesses and its ecosystem whom by themselves, may face challenges to obtain the much-needed financial support and cash management to expand their operations. We established the UOB Vendor Financing Programme in 2019 by collaborating with PETRONAS to provide financing for their upstream value chain. We are now pleased to extend the same support to their downstream value chain by establishing the UOB Dealer and Distributor Financing Programme to further benefit the PETRONAS ecosystem in the country.”
1 On 10 August 2022, UOB Malaysia launched UOB Infinity to transform the digital banking experience for its corporate clients.