KUALA LUMPUR: United Overseas Bank (M) Bhd (UOB Malaysia) has partnered with Plenitude Solutions and Visa to develop the country’s first end-to-end procurement solution to help local businesses manage cost efficiently and raise productivity.

       “The UOB Visa Payables Automation (VPA) suite enables companies to procure goods with Plenitude Solution’s e-procurement solution and to pay their vendors through UOB’s virtual Visa commercial credit card account, even if these vendors do not accept card payments,” UOB Malaysia said in a statement Friday.

       It added that the UOB VPA suite automates the purchasing process, from requesting quotations and issuing purchase orders to invoicing and payments, offering the convenience of a fully-integrated supply chain solution.

       In addition, businesses can also enjoy interest-free credit on their purchases and extend their cash flow for up to 60 days, subject to UOB Malaysia’s terms and conditions.

       UOB Malaysia deputy chief executive officer Ng Wei Wei said that companies are looking for ways to use technology to streamline their operational processes and to sustain their businesses post the Covid-19 pandemic.

       “The movement restrictions and lockdowns enforced during the pandemic have led to more businesses sourcing for their stocks and raw materials online, and in turn re-evaluating their financial supply chain strategy to save time and cost.

       “As the country restarts its economic activities, it is imperative for businesses to step up their adoption of technology to manage their cash flow better and to increase productivity for continued growth.

       “At UOB Malaysia, we are constantly thinking of how we can help businesses to innovate and to grow sustainably for the long term. That is why we are pleased to partner Plenitude Solutions and Visa to launch the UOB VPA suite to support businesses in achieving greater efficiencies in their procurement and financial management,” Ng said.