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  • UOB and Frasers Thailand Forge Partnership to Boost Investments Across Thailand, Vietnam, and Indonesia

    UOB and Frasers Thailand Forge Partnership to Boost Investments Across Thailand, Vietnam, and Indonesia

    UOB Thailand has taken a significant step towards enhancing investment in Southeast Asia by signing a memorandum of understanding (MOU) with Frasers Property Industrial Thailand. This partnership aims to facilitate foreign direct investments (FDIs) across Thailand, Vietnam, and Indonesia, a move that could redefine the industrial landscape in these rapidly developing economies.

    Driving Industrial Growth Across the Region

    The collaboration will focus on supporting industrial investments, promoting trade, and providing financial solutions tailored for businesses looking to expand in these three nations. UOB Thailand plans to deliver a range of financial services, including regulatory advisory, project financing, trade facilities, and treasury services, ensuring that companies have the resources needed to navigate this dynamic market.

    Unlocking Opportunities for Investors

    On the other hand, Frasers Property Industrial Thailand, a key player within Frasers Property (Thailand) Public Company Limited (FPT), will leverage its expertise to assist businesses in the industrial sector. This includes guidance on local policies, regulations, and identifying lucrative investment opportunities. With an impressive portfolio of over 3.48 million square meters of industrial facilities in Thailand, FPT is well-positioned to offer the kind of insights that new entrants desperately need.

    A Broader Vision for Southeast Asia

    Interestingly, FPT is not just anchored in Thailand; it also manages substantial industrial spaces in Vietnam and Indonesia, with 140,000 square meters and 150,000 square meters, respectively. This regional presence underscores a more extensive vision of interconnected growth, appealing to investors eager to capitalize on the booming economic landscape of Southeast Asia.

    A Surge in Foreign Investments

    The timing couldn’t be better, as FDIs into Southeast Asia reached a staggering $225 billion in 2024, marking a substantial $20 billion increase from 2023, according to the UNCTAD’s World Investment Report 2025. This upward trend highlights the region’s growing appeal as a hub for international business, reflecting investors’ confidence in remarkable growth potential.

    Questions & Answers

    What is the purpose of the MOU between UOB Thailand and Frasers Property Industrial Thailand?
    The MOU aims to facilitate foreign direct investments in Thailand, Vietnam, and Indonesia by supporting industrial investments, promoting trade, and offering financial solutions for businesses looking to expand in these markets.

    What types of financial services will UOB Thailand provide through this partnership?
    UOB Thailand will offer regulatory advisory, project financing, trade facilities, and treasury services to support businesses in their investment journey.

    How does Frasers Property Industrial Thailand support investors in the industrial space?
    Frasers Property Industrial Thailand provides guidance on local policies and regulations, alongside helping businesses identify investment opportunities in the industrial sector.

  • UOB celebrates 30th anniversary in Vietnam

    UOB celebrates 30th anniversary in Vietnam

    UOB Vietnam, a subsidiary of UOB, is proud to mark three decades of unrelenting support for Vietnam and its people.

    The bank held a gala dinner on Wednesday for clients and partners to thank them for their support and trust.

    To commemorate the 30th anniversary, it also announced a partnership with Saigon Children’s Charity to power a project to set up computer rooms at five schools in the Mekong Delta over the next five years.

    This is expected to help more than 2,000 young students gain access to digital learning and improve their computer skills. The bank has also been supporting the Saigon Children’s Charity this past year to support children in need.

    This project is part of the UOB Heartbeat corporate social responsibility (CSR) program, which aims to create sustainable products for caring and inclusive societies.

    To mark this momentous occasion, UOB Vietnam is also launching promotional campaigns for its customers.

    From now until July 17 the first 300 UOB cardholders who meet certain requirements when spending on their cards will get the chance to win a pair of Apple AirPods 3rd generation (MagSafe) with a limited-edition Paul Smith AirPods Case worth more than VND11.3 million

    UOB is the only Singapore bank to have had a subsidiary in Vietnam since 1993. Thirty years ago, it established a representative office with only three employees. In 1995 UOB became the first Singapore bank to set up a branch in HCMC.

    Throughout its 30-year journey, UOB Vietnam has achieved significant milestones, reflecting its dedication to Vietnam’s growth and development.

    The bank successfully transformed from a branch to a 100 percent foreign-owned subsidiary bank while maintaining steady growth even through the Covid-19 pandemic.

    Since signing an MoU with Vietnam’s Foreign Investment Agency in 2015, UOB has helped over 250 companies invest more than S$5.8 billion in Vietnam, enabling the creation of more than 30,000 jobs.

    This year marked another milestone for UOB Vietnam as the bank welcomed 575 colleagues from Citibank as part of its acquisition of Citigroup’s consumer banking business in Indonesia, Malaysia, Thailand, and Vietnam.

    With an expanded network, more ecosystem partners, and an enhanced suite of products and capabilities, UOB Vietnam is in a good position to serve the needs of its enlarged customer base.

    The addition of new colleagues will help drive its ambition to be a truly regional bank that helps its customers achieve their financial aspirations.

    As UOB celebrates its 30th anniversary in Vietnam, it is reaffirming its long-term commitment to Vietnam and its people.

    Victor Ngo, CEO of UOB Vietnam, said Vietnam is an important pillar in UOB’s vision of becoming the number one bank in Southeast Asia.

    Therefore, it would continue to encourage international investment and local businesses to facilitate the expansion of trade and investment flows into Vietnam, he said.

    Besides, UOB would also strengthen its capabilities by investing in digitalization and collaborating with ecosystem partners, which would help meet the evolving needs of customers in Vietnam, he said.

    “Our vision is to be among the top foreign and consumer banks in Vietnam, as well as an inclusive and forward-thinking organization that cares about its people and puts customers first.”

    UOB Vietnam is dedicated to doing the right thing for its clients for 30 years and beyond. The bank is also committed to continuing support for the sustainable growth of enterprises in the digital economy through a wide range of activities.

    It offers innovative financial solutions to SMEs and large enterprises through digital platforms such as Infinity, UOB BizMerchant, the UOB SME app, and UOB BizSmart.

    UOB Vietnam also strives to enhance the customer experience by providing personalized products and services through multiple channels.

    For its exceptional performance, it has been conferred a number of prestigious awards in Vietnam and elsewhere in the region.

    UOB BizMerchant was named the Best Financial Inclusion Project by Asian Banking & Finance in 2019 and received the Best Financial Inclusion Project award from The Asian Banker in 2020 and the Best SME Bank in Asia Pacific Award for seven straight years from The Asian Banker.

    Recently UOB Vietnam was named the Most Innovative Bank for SMEs by The Global Business.

    These accolades point to UOB Vietnam’s dedication to delivering superior banking services, innovative solutions and outstanding customer experiences.

    Besides, as a responsible corporate citizen, UOB Vietnam actively engages in CSR initiatives to keep the good going. These include the UOB Global Heartbeat Run/Walk and the UOB Painting of the Year.

    Driven by a passion to encourage talented artists in their creative pursuits, a flagship regional art competition, UOB Painting of the Year, was launched in Vietnam this year.

    Through this competition, the bank aims to uncover and nurture the region’s next generation of great artists.

    In October UOB Vietnam will welcome the first eight winners in Vietnam who will go on to compete in the ASEAN competition.

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  • UOB maintains Vietnam’s GDP growth forecast at 6.6%

    UOB maintains Vietnam’s GDP growth forecast at 6.6%

    The Singapore-based United Overseas Bank (UOB) has kept its forecast for Vietnam’s GDP growth in 2023 unchanged at 6.6% in line with the official forecast of 6.5%, although growth momentum is likely to be weaker.

    In its report on Vietnam’s economic growth in the last quarter of 2022 and prospects for 2023, the bank said Vietnam’s real GDP growth in the fourth quarter of 2022 returned to normal at 5.92% year on year, due to signs of a decline in external demand. There was a sharp increase of 13.67% in the third quarter.

    The General Statistics Office (GSO) reported that the country’s GDP expanded by 8.02% in 2022 from the growth of just 2.58% in 2021. This is the fastest pace annually since 1997.

    UOB experts said that the strong growth thanks to its manufacturing and service industries in 2022 shows Vietnam’s resilience after the impact of the Covid-19 pandemic.

    The bank said the inflation rate is likely to remain stable, especially in the first half of 2023 thanks to the flexible management of monetary policy by the State Bank of Vietnam.

    At the end of December 2022, the State Bank of Vietnam said that it will operate monetary policy “flexibly” to keep the inflation rate at 4.5% in 2023, aiming to stabilize the currency and foreign exchange markets.

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  • UOB appoints new Vietnam CEO

    UOB appoints new Vietnam CEO

    Singaporean bank UOB has named Victor Ngo its CEO in Vietnam.

    The 30-year banking veteran replaces Harry Loh, who returns to Singapore to lead group non-financial risk management, according to a statement.

    He started working for UOB in 2004 and has occupied several key positions, including head of group internal audit and head of group compliance.

    Since 2015 he has been active in Vietnam, including helping establish the bank’s first foreign subsidiary in 2017.

    “With Ngo’s extensive experience in the banking industry and within UOB Group, he is well placed to drive our Vietnam franchise to new heights,” UOB deputy chairman and CEO Wee Ee Cheong said.

    UOB, which opened a representative office in Vietnam in 1993 and a branch in HCMC two years later, is the sixth largest foreign-owned bank in the country by charter capital (VND5 trillion, US$215.5 million).

  • Fintech Funding in Asean Reaches Record High

    Fintech Funding in Asean Reaches Record High

    The region’s fintech firms brought in $3.5 billion in funding in the first nine months of 2021 – up more than three times compared to the whole of 2020.

    The rebound in fintech funding was driven by 167 deals including 13 mega-rounds, which accounted for $2 billion of the total funding, said in the FinTech in ASEAN 2021 report, published by UOB, PwC Singapore, and the Singapore FinTech Association (SFA) this week.

    The largest share of funds was channeled into late-stage fintech firms from the payments sector. Predictably, the pandemic was the main catalyst for the resurgence in fintech funding, as accelerating digital adoption across the region prompted a rise in digital payments and a shift towards digital channels within the financial services sector.

    According to the report, the strong interest in late-stage fintech firms signals a shift in the strategy of investors as they take a more cautious and risk-averse approach of backing mature firms that are seen as standing a higher chance of emerging stronger from the pandemic.

    Singapore-based fintech firms continued to attract the strongest funding in Asean, securing 49 percent of the total 167 deals, amounting to $1.6 billion in funding. This includes six mega-rounds worth $972 million in total. Indonesia retained its second position, with $904 million in funding (26 percent), followed by Vietnam at $375 million (11 percent) as a result of two mega-rounds.

    Singapore, in particular, has seen the most robust funding, supported by a growing number of fintech looking to set up their headquarters here due to the strong regulatory support, opportunities for regional collaboration, and a flourishing startup-focused investor ecosystem, Shadab Taiyabi, president at SFA, said in a statement.

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  • UOB Posts Quarterly Profit Growth

    UOB Posts Quarterly Profit Growth

    The bank rode on loan growth and fee income, as well as lower credit allowance, to post modest growth amid slower-than-expected economic recovery across the region.

    UOB’s net profit after tax for the third quarter of 2021 was 4 percent higher quarter-on-quarter to reach S$1.05 billion ($780 million), according to financial results published on Wednesday.

    During the quarter, cross-border revenue remained stable while loan-related, wealth and fund management, as well as credit card fees, saw strong growth, UOB said. Its credit outlook remains stable, with its CET1 ratio remaining at 13.5 percent.

    Compared to last year, the quarter’s profit was 57 percent higher and year-to-date, the bank’s performance grew 37 percent to S$3.06 billion, amid improved business sentiment and rising income.

    In a statement on Wednesday, the bank highlighted its connectivity, digital and sustainability capabilities, as well as its initiatives in areas such as decentralized finance and digital assets, as well as its unified digital platform TMRW, as areas that would help it build on its growth momentum.

    Amid near-term uncertainties, the gradual reopening of borders bodes well for business flows and we remain positive of strong activities along the Greater China-Asean trade corridors. Our strong fundamentals enable us to continue investing to deepen our capabilities in connectivity, digital innovation and sustainability – areas that are set to drive Asia’s growth for the decades to come,» Wee Ee Cheong, deputy chairman and CEO, said.

  • UOB Launches Platform for Energy Efficiency Projects

    UOB Launches Platform for Energy Efficiency Projects

    The platform will be launched first in Singapore, with subsequent roll-outs in Malaysia, Thailand, and Indonesia.

    UOB is launching an integrated financing platform U-Energy to drive the development and adoption of energy efficiency projects for buildings and homes, as part of its Smart City Sustainable Finance Framework.

    The bank highlighted that buildings and construction projects globally account for 38 percent of carbon emissions and that this is a key area to address to meet Singapore’s target of reducing carbon emissions by 36 percent from the 2005 levels by 2030.

    Building owners, energy service companies, and homeowners can reduce an average of 20 percent in energy consumption by tapping on its green financing for energy efficiency projects under U-Energy, UOB said.

    UOB noted that building owners and homeowners often lack financing support and the expertise to find the right energy service companies.

    At launch, the platform will have nine energy service companies that customers can tap for energy efficiency projects, such as chiller and air conditioning efficiency, installing solar panels on rooftops, switching to LED lights, optimizing energy and power management systems, and changing the building façade to reflect direct sunlight to reduce heat absorption, as well as replacing elevators with energy-regeneration technology.

    UOB previously launched integrated financing platforms for solar energy and electric vehicles under the bank’s Smart City Sustainable Finance Framework

  • UOB and ADDX Partner on Sustainability-Linked Bond

    UOB and ADDX Partner on Sustainability-Linked Bond

    This initiative comes amid a rise in the use of digital securities to enhance the efficiency of bonds and other fixed-income instruments.

    UOB and ADDX have completed the digitization and digital custody of a S$50-million portion of the $675 million sustainability-linked bonds recently launched by Sembcorp Industries, according to an announcement on Thursday.

    The ten-and-a-half-year bond is due in 2032 and has been priced at a coupon rate of 2.66 percent per annum if Sembcorp meets a sustainability performance target of reducing its greenhouse gas emissions intensity.

    UOB highlighted the benefits digital bond issuance brings to corporate clients, including faster processing and lower cost in the custody and administration of the bond.

    In the past year, digital securities have achieved a high level of acceptance among blue-chip issuers of bonds and other securities globally, noted ADDX.

    As digital bonds enter a phase of widespread adoption, the cost of fundraising through bonds and other fixed-income instruments will continue to fall, and companies that embrace the new technology will be able to raise capital more efficiently, Oi Yee Choo, ADDX chief commercial officer, said.

    Founded in 2017, ADDX, previously known as iSTOX, is a full-service capital markets platform with MAS lice

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  • UOB Targets Doubling of Digital Retail Customers by 2026

    UOB Targets Doubling of Digital Retail Customers by 2026

    The bank said it would invest up to $500 million in digital innovation initiatives to reach its goal of serving more than 7 million customers in Asean.

    With digital banking now the preferred choice among UOB customers, the bank is «doubling down» on its data-driven model to create hyper-personalized digital experiences for its customers.

    The bank will be combining TMRW, its digital bank that launched in 2019 and is available in Thailand and Indonesia, with its mobile app «Mighty» on to one platform: UOB TMRW, the bank said in an announcement on Wednesday.

    By harnessing the best of TMRW and UOB Mighty in one platform, we can tap economies of scale to accelerate innovation especially in the area of hyper-personalised digital banking experiences and speed to market, Wee Ee Cheong, UOB deputy chairman and CEO, said.

    Upon the successful completion of its beta pilot currently underway among UOB employees, the platform will be launched for all UOB customers in Singapore later this year, the announcement said.

    UOB TMRW will be progressively rolled out across its key Asean markets, with the next markets expected to launch in the next 18 months.

    In this next phase, we are making it our goal to explore how technology can enable us to make the digital banking of tomorrow smarter and even more intuitive for our customers, Kevin Lam, head of TMRW and group digital banking, said.

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  • UOB Shuffles Board

    UOB Shuffles Board

    UOB has announced changes to its board, including the addition of a 40-year banking veteran as its new independent director.

    Tracey Woon joins UOB as an independent director as well as a member of its audit committee and board risk management committee, according to a statement, effective September 1.

    Woon, 65, is currently a director at Singapore Press Holdings, a member of the Securities Industry Council and the Listings Advisory Committee of the Singapore Exchange amongst other roles.

    Woon is a 40-year banking veteran in the region and was previously UBS’ APAC global wealth management vice-chair from 2016 until her retirement in 2020 and Citibank’s ASEAN corporate and investment banking vice-chair and UBS’ APAC global wealth management vice-chair.

    Other changes to UOB’s board include the addition of Dinh Ba Thanh and the exit of James Koh, 75, who will step down effective August 31 after nine years as an independent director since 2012.

    Thanh, 64, is the founder and chief executive of Vietnam’s largest integrated media tech group DatVietVAC Group Holdings, which was established in 1993 as the country’s first privately-owned advertising and media company. Thanh currently also serves on the board of trustees at the Asia Business Council and is also a member of the World Economic Forum.

    The appointment of the two new directors will further enhance the diversity of the board,» said UOB chairman Wong Kan Seng. In guiding the group in its regional strategy, the board will benefit from Tracey’s extensive background in banking across the region and Thanh’s insights in transforming his business into a successful media entertainment technology company in Vietnam.

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  • UOB Investment Banker Joins Chinese Brokerage

    UOB Investment Banker Joins Chinese Brokerage

    The experienced equity brokerage and investment banker will head up Haitong Securities’ corporate finance team in Singapore.

    UOB’s former head of equity capital markets (ECM) Jack Kang has joined Haitong International Securities (Singapore) as an executive director.

    Kang, who moved to Haitong in July, spent 11 years at UOB. He was previously ECM vice president at CIMB Securities, and ECM head at Phillip Securities.

    The publication noted the demand for investment bankers in Singapore, especially those with experience in the tech sector, amid a surge in deals, as well as a rapid expansion of Chinese firms in the city-state.

    We are expanding cautiously in line with business needs, Kang said.

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  • UOB Rides Economic Recovery

    UOB Rides Economic Recovery

    The bank posted a record quarterly wholesale banking income of $848 million, and a record AUM in wealth management in the first half of 2021.

    UOB posted second-quarter earnings of S$1 billion ($740 million), unchanged from the first quarter, which brought first-half earnings of S$2 billion, according to financial statements released on Wednesday.

    Net profit was 29 percent higher in the first half of the year compared to 2020, driven by strong business momentum and lower credit allowance, and 48 percent higher than the second half of 2020, supported by the group’s strong customer franchise and lower credit allowance, UOB said.

    Core Business Growth

    The bank noted healthy contributions across its core businesses, with income growing 5 percent to S$4.9 billion, fee income growing 28 percent to S$1.2 billion, and loans growing 6 percent to S$299 billion.

    Cross-border income, which contributed to 29 percent of wholesale banking income, grew by 5 percent, while a recovery in market sentiment saw assets under management growing by 7 percent to S$137 billion, UOB said.

    Total expenses remained stable at S$2.15 billion and cost-to-income ratio for the year improved from 45.6 percent to 43.8 percent. The bank also reduced its allowances to S$383 million, from S$682 million a year ago, noting that asset quality remains within expectations, with strong reserve coverage from the proactive general allowance taken in last year. Total credit costs on loans eased to 24 basis points.

    In a media briefing on Wednesday morning, UOB deputy chairman and CEO Wee Ee Cheong said the bank is positive about its outlook and expects profits to continue to rebound, backed by strong single-digit growth in loans and double-digit growth in non-interest income. It also expects growth in Asean markets to improve as vaccination rates increase, which will further boost its performance.

    The past quarter, the bank launched products like digital wealth manger SimpleInvest, which Wee said has received an «overwhelmingly positive response.» It is also working on distributed ledger and asset tokenization initiatives like digital bond issuance on Marketnode, and collaborating on central bank digital currencies.

    The bank also expressed an interest in potentially acquiring Citi’s retail assets in the Asia Pacific region, to strengthen its regional franchise.

    With the lifting of MAS restrictions, UOB is resuming its dividend payout ratio of 50 percent, which translates to 60 cents per ordinary share.

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  • UOB Taps Digital Innovation to Grow Wealth Franchise

    UOB Taps Digital Innovation to Grow Wealth Franchise

    The bank aims to double its wealth fee income by 2026, which translates to a compound annual growth rate of over 15 percent over the next five years.

    UOB is hoping get more of its customers to kickstart their investment journey by expanding its digital wealth offerings and investing in digital innovation, particularly as customers in the region are increasingly affluent but still underserved.

    On Thursday, the bank launched «SimpleInvest» on its UOB Mighty app, which aims to help customers grow their wealth via Liquidity, Income or Growth solutions that places their funds in either UOB Asset Management’s United SGD Money Market Fund, or a basket of actively managed funds by renowned international asset managers such as Allianz, Fidelity International, J.P. Morgan Asset Management, Schroders and UBS Asset Management.

    The digital self-serve solution was developed to lower the barriers first-time investors encounter when starting their investment journey, Jacquelyn Tan, UOB’s group head of personal financial services, said at a media launch.

    According to the bank’s, many of its customers who are new to investing think it is difficult and require significant sums, or do not have the knowledge or confidence to do.

    The bank is also hoping that the personalization of wealth management for each customer, such as by providing them information and insights that are relevant to their needs and lifestyle choices, based on their banking patterns, will enable them to have the confidence they need to make wiser financial decisions.

    To reach its wealth management targets, UOB will be investing S$200 million ($148.74 million) in digital innovation over the next three years.

    It will also be progressively rolling out its suite of digital wealth solutions across the region, and targets one in four of its customers across the region to tap on its digital wealth solutions.

  • UOB Taps Digital Platform for Bond Issuance

    UOB Taps Digital Platform for Bond Issuance

    The bank has priced S$600 million of perpetual capital securities at a fixed coupon rate of 2.55 percent – the lowest for benchmark perpetual securities for banks in Singapore.

    UOB is piloting the digital issuance of its latest bond offering on exchange-operated digital asset issuance platform Marketnode, the bank said in an announcement on Wednesday.

    The non-call seven-year additional Tier 1 (AT1) capital securities offering is the industry’s first public capital issuance to reference the Singapore Overnight Rate Average Overnight Indexed Swap (SORA-OIS) rate. The digital bond is run in parallel with the conventional issuance process.

    UOB said the transaction saw a subscription rate of 1.7 times, supported by an extensive investor base comprising both quality institutional accounts and private banking investors

    Marketnode is a joint venture between Singapore Exchange and Temasek. It uses distributed ledger technology to connect various parties – from issuers to investors – and to tokenize capital securities so that smart contracts can be created and conducted for greater efficiency.

    UOB said it is fully behind the development of Singapore’s digital capital markets infrastructure and the smooth transition to a SORA-centred financial market.

    As more global issuers and investors come on board and participate in Singapore’s digital capital markets, we will see further strengthening of Singapore’s status as the region’s financial hub, Wee Ee Cheong, UOB deputy chairman, and CEO, said

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  • UOB Pilots Digital Signature Authorization

    UOB Pilots Digital Signature Authorization

    The initiative will remove one of the roadblocks – the need for physical signatures – in fully digitalizing the documentation process.

    UOB is starting a 12-month trial to test the use of Government Technology Agency’s (GovTech) Sign with Singpass among its retail and corporate customers, which will be used to confirm transactions such as individual wealth planning services and the PayNow Corporate application using a customer’s digital signature, the bank announced on Thursday.

    The features feature enables customers to use Singpass – the digital identity for Singapore residents that is identifiable and uniquely linked to the user – to sign electronic documents digitally via the Singpass app.

    The bank said it is pushing this innovation as research shows that COVID-19 has accelerated the move to online services, with more than 65 percent of customers expecting banking services to be digital by default.

    The change in customer expectations and experience during COVID-19 has made it imperative that we explore and extend our digital capabilities across more of our financial services and products, Susan Hwee, UOB head of group technology and operations, said in the announcement.

    UOB plans to expand the service to include more of its products and services for both the retail and wholesale segments in Singapore, and to expand its electronic signature capability to the region from 2022.

    One benefit from the move to e-signatures is its reduction of paper usage – more than 2 million multi-page hardcopy documents each year, which in turn will save more than 700 trees per year, once rolled out across its markets.

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