SMRT, UOB team up to help retailers improve cash flow

SMRT Corporation and UOB signed an agreement on Nov 25 to help retailers boost cash flow and access digital and financial solutions, among other measures, as small and medium-sized enterprises (SMEs) in Singapore grapple with operational challenges.

- Sheila Chiang Business Correspondent

Eligible tenants of about 800 retail spaces in SMRT’s network will be able to replace traditional cash security deposits with banker’s guarantees issued by UOB - potentially freeing up to three months’ rent.

The initiative will apply to new and re-contracting tenants, SMRT and UOB said in a joint press statement on Nov 25.

Such tenants will also gain access to solutions for accounting, point-of-sale systems and marketing.

Mr Tony Heng, president of SMRT’s business arm Stellar Lifestyle, said in a statement: “Retail SMEs are the heartbeat of our communities, yet many are facing unprecedented challenges in recent times.”

Stellar Lifestyle manages the estimated 800 retail spaces across the rail network, which serves more than two million commuters daily.

“At Stellar Lifestyle, we are deeply committed to helping our SME tenants reduce their operational costs and equip them with innovative solutions for growth,” said Mr Heng.

“Our partnership with UOB marks a significant step forward in unlocking vital cash flow for our merchants, enabling them to thrive longer, even in tough times,” he added.