UOB becomes bank of choice for aspiring ASEAN consumers

At a UOB corporate day, themed "Building the Future of ASEAN" on August 14, UOB published a report on its business in terms of income, geographical presence, and asset mix. UOB has strengthened its position as a top regional bank and card issuer, gaining over 10 million consumers across Southeast Asia, a 20 per cent increase over the past year, while leading in retail banking and digital payments.

Wee Ee Cheong, deputy chairman and CEO of UOB

“Megatrends are creating new growth avenues across ASEAN countries, including the digital revolution, the transition to net zero, and the rise of the middle class. With these megatrends, the region will be a dynamic playing field for the next big wave of development. UOB is fully committed to our key markets in ASEAN, to grow together with the region,” said Wee Ee Cheong, deputy chairman and CEO of UOB.

A larger franchise has fuelled more strategic partnerships, enabling UOB to offer customers unique lifestyle experiences, ranging from shopping, dining, travel, and entertainment, with more than 1,000 deals across the region.

UOB is successfully capitalising on the growing trends of consumer spending and cross-border payments within ASEAN. The bank’s card fee income grew by 66 per cent over the past year, particularly in areas like online shopping, dining, and travel.

A UOB representative stated that the bank is a pioneer in developing emerging payment services such as scan-to-pay, which grew by 45 per cent, and peer-to-peer transfers, which increased by 90 per cent, contributing to the push towards cashless payments in the region.

UOB’s engines of growth lie in wealth management, cards, current account savings, and ASEAN-4, with its omnichannel strategy as a key strength, differentiated by a strong focus on customer centricity. Customers using the omnichannel possess 16 per cent more products and perform 18 times more transactions than traditional customers.

Revenue from each omnichannel customer is twice that of traditional customers, contributing more than half of the bank’s total revenue.

The UOB representative also shared a clear roadmap for the coming years regarding continuously innovating its digital banking platform with UOB TMRW. As part of its strategic reshape, the bank is developing the next generation of UOB TMRW to expand across the region, focusing on balancing enhanced security with improved consumer experience.

The goal is to upgrade engagement and digital service capabilities across Southeast Asia, ensuring consumers enjoy seamless interactions with the bank. UOB is also optimising the omnichannel experience, integrating physical and digital touchpoints to create a more cohesive and efficient banking experience.

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