LiuGong & UOB to Forge a Strategic Partnership in South-East Asia
In a recent development, LiuGong has signed a Memorandum of Understanding (MoU) with the United Overseas Bank Limited for partnership in Machinery Financing in South-East Asia. The MoU between Guangxi LiuGong Machinery Co. Ltd and UOB was signed between the President of LiuGong Machinery Asia Pacific, Chen Hao, and Karunia W. Tjuradi, the Managing Director and Head of Sector Solutions Group at UOB, on July 12th 2018 at LiuGong’s Asia Pacific subsidiary office in Singapore.
According to Chen Hao, President of LiuGong Machinery Asia Pacific Pte Ltd., this historic MoU establishes a partnership between LiuGong and UOB to provide financing solutions for LiuGong’s dealers and customers and will bring several benefits to both. These include easy access to financing solutions specifically for them which they previously did not have. They will enjoy interest rate loans at a more competitive rate due to the joint risks bore by the two organizations. Indonesia and Thailand will be the first two countries to have this scheme rolled out. This new understanding between the two organizations will enable LiuGong’s key customers to enjoy better rebates and services from LiuGong when they obtain larger procurement. The medium and smaller size company customers will be able to afford to buy up to date technology machines which they could not afford previously.
“We wanted to work with the top OEMs from China, and LiuGong is our top choice and was the first we approached for this program.” Said Karunia W. Tjuradi, Managing Director and Head of Sector Solutions Group at UOB.