Retail News CRM

Tag: UOB

  • 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.

    Lees ook:

    Lees ook:

  • UOB Issues First Green Trade Financing Under Industry Framework

    UOB Issues First Green Trade Financing Under Industry Framework

    The loans will help two of the bank’s clients in Singapore’s food supply chain build on their sustainability initiatives and strengthen their supply chain resilience.

    UOB has extended its first green trade finance facilities under the Green Finance Industry Taskforce’s Green and Sustainable Trade Finance and Working Capital Framework to palm oil and derivatives products producer Musim Mas and aquaculture company Barramundi, the bank said in Wednesday.

    Muslim Mas, which has been incorporating sustainability into its corporate agenda, will use the funds to supporting its working capital needs, in particular its sourcing of certified palm oil from responsible suppliers. Barramundi will further its sustainability initiatives to contribute to greater resilience and security in the seafood ecosystem, and source sustainable raw materials as part of its adoption of innovative solutions such as using climate-resilient and sustainable technologies.

    We are actively engaging our clients to reinforce the importance of sustainability to their business… Our collaborative approach helps to drive greater market adoption for green financing and encourages more businesses to advance responsibly, Frederick Chin, UOB head of group wholesale banking and markets, said in the announcement.

    UOB’s sustainability chief Eric Lim previously said the bank wants to help businesses advance responsibly on their sustainability journey and help their business models transition, as part of its goal of reaching $15 billion in sustainability loans by 2023.

    To qualify for green trade financing, companies must have a clear sustainability strategy and provide documents that show how the funds will be used, UOB noted. Companies also need to submit records that demonstrate the positive sustainability outcomes from their business activities or trades related to green trade financing.

    UOB highlighted, citing Singstat data, that more than S$1 trillion worth of trade flows through Singapore, of which more than S$90 billion meets the requirements of being green and sustainable.

    These trade flows provide an immense opportunity for us to work with companies to offer green trade financing and to support their trade flows through our regional network capabilities, Chin said

    Lees ook:

    Lees ook:

    Lees ook:

    Lees ook:

  • UOB’s Chan Kok Seong on Risk Culture and Hybrid Work

    UOB’s Chan Kok Seong on Risk Culture and Hybrid Work

    The protracted COVID-19 pandemic is no longer just a disruption to the way we work but has transformed permanently the world of work, Chan Kok Seong, UOB’s group chief risk officer, says in an interview.

    The future of work is shaping into a hybrid model that optimizes employee flexibility, autonomy and performance across locations. While much attention has been focused on enabling virtual teams through technology, it is important to balance the risks of remote working with productivity and agility.

    A paper recently released by the Monetary Authority of Singapore and the Association of Banks in Singapore identified two key categories of risks for financial institutions: operational risks and people and culture risks, which all companies across sectors should note as they digitalize their businesses.

    How might companies better manage these emerging risks as they grapple with the embrace of remote working in the digital age

    Organizations will need to confront the technological, operational, legal and compliance risks which arise from a hybrid work model. A change in an organization’s control environment – such as when the majority of its employees perform their roles remotely – can introduce additional information security threat factors.

    For example, virtual workplaces include can be at risk of increased cyberattacks on an external network, potential leakage or misuse of confidential information, identity theft and employees circumventing work processes and controls against compliance guidelines.

    In a virtual work setting, enabling employees’ remote access to internal systems is a requisite. Companies must find a balanced and measured approach to cybersecurity safeguards that works for their operations and which do not compromise their risk controls or business productivity and agility.

  • UOB Mulls Citi Asset Hunt in Asia

    UOB Mulls Citi Asset Hunt in Asia

    UOB is the latest bank to express interest in potentially acquiring Citi’s retail assets in the Asia Pacific region.

    UOB chief executive Wee Ee Cheong said that the Singapore lender would provide more clarity on acquisition plans after Citi release more details later this month.

    As long as it’s a strategic fit, is at the right price and makes sense for the long term, we will look at it.

    Numerous banks – both global and local – have reportedly expressed interest in potentially acquiring assets from Citi’s 13-market consumer banking exit in Australia, Bahrain, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand, Vietnam, India, and China.

    DBS, Standard Chartered, Kotak Mahindra Bank and Axis Bank are reportedly eyeing the opportunities in India.

    And Citi’s retail assets in Australia reportedly drew interest from ANZ, ING Bank, Macquarie, Bank of Queensland, and local insurer Suncorp.

    Other banks that are also reportedly in the APAC hunt include Singapore’s OCBC and Japan’s Mitsubishi UFJ Financial Group.

    Lees ook:

    Lees ook:

    Lees ook:

  • Net Profits Rebound at UOB

    Net Profits Rebound at UOB

    The bank’s quarterly earnings surged on the back of strong fees, trading, and investment income as business momentum improved.

    UOB’s earnings grew to S$1 billion ($750 million) in the first quarter of 2021 – up 46 percent from the previous quarter’s S$688 million and up 18 percent from the same period last year, according to financial results posted on Thursday.

    Income grew 11 percent to reach pre-Covid levels at S$2.5 billion, while fee income reached a new high to reach S$638 million (+22 percent), led by wealth management fees from investments and bancassurance. The bank also saw stronger activity in loans and investment banking, as well as treasury income. Its wealth management assets grew 10 percent to S$136 billion, of which 60 percent was from customers abroad.

    The bank highlighted growth across its key markets in Singapore, North Asia, and its Asean franchise. It expressed optimism as sentiment and business activities pick up and trade flows resume between Asean and Greater China.

    Across our key markets, we are seeing robust credit demand from our large corporate and institutional clients, Wee Ee Cheong, UOB deputy chairman, and CEO, said.

    Sustainability was a key theme for UOB, as total sustainable financing reached $12 billion during the quarter. During this period, the bank also issued Singapore’s first sustainability bond and global first dual-tranche sustainability bond.

    The bank’s AUM in ESG-focused investments also reached S$2.2 billion at the end of the quarter.

    DBS, which announced its first-quarter results last week, also experienced a strong quarter, doubling its income from the quarter before to reach S$2.01 billion and posting record wealth management fees.

    OCBC is due to release its quarterly results tomorrow, but its insurance arm Great Eastern has already reported a twelvefold increase in profits this quarter.

    Lees ook:

    Lees ook:

  • UOB Names Sustainability Chief

    UOB Names Sustainability Chief

    UOB appoints a chief sustainability officer in yet another industrywide move towards expanding the green finance market.

    Eric Lim has been named as the Singapore bank’s CSO, according to a statement, as an extension to his existing role as head of group finance.

    Lim also joins UOB’s management committee and reports directly to deputy chairman and CEO Wee Eee Cheong.

    Lim’s new responsibilities include ensuring «synergies» between the bank’s sustainability strategy and financial performance management.

    He is also the chairperson of UOB’s group environmental, social and governance (ESG) committee which is tasked with

    Lees ook:

  • UOB CEO Takes Pay Cut

    UOB CEO Takes Pay Cut

    His compensation in 2020 included an unchanged base salary of S$1.2 million, S$8.568 million bonuses, and S$37,000 in-kind benefits.

    Wee Ee Cheong, UOB’s deputy chairman, and CEO, received a total of S$9.805 million in 2020, down 8.8 percent from S$10.75 million in 2019, according to the bank’s annual report, published Wednesday.

    Some 60 percent of the variable pay will be deferred and vest over three years. Of the deferred portion, 40 percent will be in cash and the remaining 60 percent will be on the form of share-linked units, the report said.

    The bank posted earnings of S$2.92 billion ($2.21 billion) for the full year 2020 – 33 percent lower than 2019’s record earnings.

    Earlier this month DBS also said it would be cutting the payout of chief executive Piyush Gupta by 24 percent to S$9.18 million ($6.82 million) in 2020.

  • Pay Hikes and Promotions to Resume at UOB

    Pay Hikes and Promotions to Resume at UOB

    The bank has announced that it will launch in June a round of pay increases and promotions, excluding senior employees, that will cover up to 98 percent of its employees.

    UOB said it is confident in a sustained economic recovery in 2021, and wants to recognize the efforts made by its 26,000-strong workforce in helping the bank navigate and emerge stronger from the crisis, according to a statement on Tuesday.

    The bank will award high-performing employees above-market average salary increases and grant mid-year promotions to staff with widened job scopes and who exceeded performance expectations over the last 12 months, the announcement said.

    With the green shoots of recovery appearing late last year and showing growth well into the new year, UOB has remained resilient. This is in large part because of the sense of purpose, strong team spirit and determination of our people, Dean Tong, UOB head of group human resources, said.

    UOB recently posted its annual earnings – S$2.92 billion ($2.21 billion) for the full year 2020, or 33 percent lower than 2019’s record earnings, citing lower margins and reduced customer activities amid the COVID-19 pandemic.

    In its annual report, UOB said it was optimistic about improved economic conditions, given ASEAN’s improved connectivity with Greater China and the region’s growing affluence, and would be rebalancing its business to focus on wealth and connectivity-related products and services that bring more value to customers and drive higher fee income.

  • UOB Partners to Help Singapore Firms Expand

    UOB Partners to Help Singapore Firms Expand

    The bank has signed a strategic partnership agreement with Singapore Business Federation to connect Singapore businesses to opportunities across Asean, especially in Indonesia, Thailand and Vietnam.

    UOB will help more Singapore companies seize cross-border business opportunities as the financial partner of GlobalConnect@SBF strategic partnerships initiative, the bank announced in a statement on Friday.

    Under the agreement, both organizations will share information and resources with Singapore companies, including SBF’s 27,000 members, and provide on-ground assistance. UOB will also provide financial support and help the businesses in their digitalization journey.

    The bank noted that its extensive network and strong presence in Asean will complement the initiative to facilitate Singapore businesses making in-roads into the region, and emphasized the region’s $3 trillion economy and growth prospects.

    Having weathered the worst of the COVID-19 pandemic, companies are now looking for growth and expansion opportunities. One of the most compelling opportunities is where UOB has strongest presence – ASEAN, with its fast-growing economy and vast potential, Wee Ee Cheong, UOB deputy chairman and CEO, said.

    Lees ook:

  • UOB Prices Capital Securities Using SORA

    UOB Prices Capital Securities Using SORA

    The bank has become the first issuer to reference the Singapore Overnight Rate Average Overnight Indexed Swap (SORA-OIS) rate for a capital security.

    The reset coupon rate of UOB’s perpetual, non-call five-year additional Tier 1 (AT1) securities on the first call date will reference the five-year SORA-OIS rate, instead of the five-year Swap Offer Rate (SOR) interest rate swap that had been the benchmark reference rate in the market, the bank said in a statement on Friday.

    The issuance will further encourage the use of the new benchmark rate for pricing in the Singapore dollar bond market as part of broader industry efforts to develop deep and robust SORA-based cash and derivative markets, UOB said.

    Priced at a coupon of 2.25 percent per annum, 181 basis points above the prevailing five-year SORA-OIS as at 7 January 2021, UOB’s latest AT1 securities with a transaction size of S$150 million ($113.26 million) were subscribed by high-net-worth and institutional investors. If the bonds are not redeemed in 2026, the coupon will be reset based on 181 basis points above the five-year SORA-OIS on the first call date.

    The transition from SOR and SIBOR to SORA, a transaction-based interest rate benchmark underpinned by the SGD overnight interbank funding market, is aligned with the development that risk-free rates are being used across the global markets as new benchmark rates for financial markets.

    As the industry progresses on the transition to SORA, we will continue to step up our efforts and play our part in expanding the use of SORA across more financial products, Lee Wai Fai, UOB chief financial officer, said in the statement.

    Lees ook:

  • UOB Deploys AI-Powered AML Solution

    UOB Deploys AI-Powered AML Solution

    The bank’s new artificial intelligence (AI) solution was developed in collaboration with Singapore-based regulatory technology company Tookitaki, after more than two years of validation and evaluation.

    UOB has pioneered an AI solution that is highly accurate in identifying suspicious transactions and connected parties as it combats the increased sophistication in financial crime, it announced on Thursday in a statement.

    The bank’s use of AI enables it to pinpoint higher-priority cases from the 5,700+ average monthly suspicious transaction alerts flagged and to deploy the necessary resources to investigate potential money laundering attempts. The new solution can spot more sophisticated transaction patterns and is more effective at connecting data points with entities using the financial system, UOB said.

    The AI solution, which complements the traditional rules-based method, is being used to screen all customers and transactions involving Singapore-based UOB accounts and will be expanded to cover all UOB accounts globally.

    Our AI solution works concurrently on two AML risk dimensions, which is technically more difficult, but also more fruitful as it helps us to pinpoint criminals trying to pose as customers. UOB will continue to invest in advanced technology to strengthen our AML system to deal with emerging risks,» Victor Ngo, UOB’s head of group compliance, said.

    According to the bank, the new solution has proven an overall true positive prediction rate of 96 percent among high priority cases, which includes transactions and accounts that are deemed most likely to be suspicious and are therefore subject to earlier and more thorough investigations.

    Tookitaki is a graduate of UOB FinLab’s second accelerator program in 2017.

    Going live with UOB is a testament to our ability to develop and to harness the benefits of new-edge technologies such as machine learning to mitigate real-world problems of money laundering,» Abhishek Chatterjee, founder and CEO of Tookitaki, said.

    Founded in 2014, Tookitaki’s revenue growth has surpassed 300 percent over the last two years. It raised $19.2 million in Series A funding in 2019, which the startup said would be used to grow its presence across the U.S. and Asia-Pacific.

  • UOB to Launch FX Engine

    UOB to Launch FX Engine

    The bank joins other major FX participants in serving strong institutional FX flows in Asia, as the republic aims to boost its role as the global FX price discovery and liquidity hub in the Asian time zone.

    UOB will launch an electronic foreign exchange (FX) pricing and trading engine in Singapore, which will enable clients to tap the available market liquidity with greater efficiency, in the second quarter of 2021, the bank announced on Monday in a statement.

    The FX trading engine will take advantage of reduced latency via co-location connectivity to improve price discovery and to enhance pricing capability. Leslie Foo, UOB’s head of group global markets, said the bank is looking forward to playing a major role in Singapore’s fast-growing FX e-trading ecosystem.

    Under the Monetary Authority of Singapore’s (MAS) FX Trading Hub strategy, which aims to cement Singapore as the top FX trading center in Asia Pacific, firms like Barclays, J.P. Morgan, Standard Chartered, UBS, Citi, BNP Paribas, Euronext, Jump Trading and XTX Markets have built their own regional trading infrastructure in the city-state.

    It remains a key priority for MAS to further broaden and deepen our FX market, and we welcome more buy-side participants to join the fast-growing FX e-trading ecosystem in Singapore, Lim Cheng Khai, MAS executive director financial markets development, said in the announcement

    Lees ook:

  • UOB to Allow Partial Remote Work Post-Covid

    UOB to Allow Partial Remote Work Post-Covid

    The bank plans to give the majority of its 26,000-strong workforce the choice to work remotely two days a week once COVID-19 restrictions are lifted.

    UOB made the announcement on Friday, following a six-month review of work patterns, workspaces and workforce technology tools, which revealed that 65 percent of the bank’s roles, all of which are non-customer facing, were suited to remote work.

    The bank also cited broader community sentiment where 80 percent of people across ASEAN said they wanted some form of flexible work arrangement from their employer.

    At the same time, UOB will accelerate its infrastructure improvement plan across the region, which enables more agile team-based work and deeper collaboration across different functions.

    Two days of remote working per week ensures «the right balance between professional fulfillment of the individual and their mental well-being, as employees need to maintain a sense of connection with colleagues and the company, UOB said in the announcement.

    We believe that the future of the workplace is a hybrid one where employees choose how to manage their work commitments based on the space and place they can be most effective. Working from home during COVID-19 has been instructive due to the speed and intensity of the change but we must look beyond the present and define a future of work that is more sustainable,»  Dean Tong, UOB’s head of group human resources, said.

    Last week, we reported that Standard Chartered is planning to permanently offer flexible work options to around 90 percent of its 85,000-strong staff by 2023, as well as near-home workspaces for staff – in addition to offices, and work-from-home arrangements

  • UOB deepens partnership with VMware to enable safe and effective

    UOB deepens partnership with VMware to enable safe and effective

    As the COVID-19 pandemic resulted in the majority of the workforce shifting to home-based work, United Overseas Bank (UOB), a leading bank in Asia, collaborated with VMware to enable the Bank to continue its innovation drive without disruption. UOB was one of the fastest organizations in ASEAN to deploy a secure virtual desktop – UOB DevTop – for its team of 3,000 information technology (IT) developers, having done so in just 21 days instead of the up to three months it would typically take. Designed to meet the Bank’s robust security standards and to minimize risks, UOB DevTop provides IT developers with a secure sandbox to test and to implement upgrades to UOB’s digital services and solutions. This enabled its IT developers to meet the Bank’s software development schedules without disruption or delay as they move to work from home within weeks.

    UOB developed UOB DevTop by integrating VMware’s virtual desktop solution VMware Horizon with UOB’s highly secure IT and hybrid cloud infrastructures. This infrastructure was vital to the Bank being able to accelerate the deployment of UOB DevTop as the Bank did not need to install hardware servers on its premises even as it expanded its computing capacity to meet the surge in load with 3,000 IT developers working remotely.

    Through safer and remote access to the Bank’s development environment, UOB’s team of IT developers achieved significant milestones for several software development projects this year. Within the last three months alone, UOB has launched three industry-leading innovative solutions.

    In August, UOB launched it ASEAN digital bank, TMRW, in Indonesia. In September, the Bank launched its all-in-one mobile banking app UOB Mighty in Malaysia, featuring a new user interface and features that tap artificial intelligence to help customers spend and save more wisely. In the same month, UOB also launched UOB Infinity, a new mobile app for its clients across regions that provides these businesses with intuitive features such as a customizable desktop, cash management capabilities, and trade services to meet their banking needs.

    Ms Susan Hwee, Head of Group Technology and Operations, UOB, said, “As the majority of our colleagues across the UOB Group shifted to home-based working during the pandemic, we prioritized equipping them with the right tools and resources to enable a quick and seamless transition as we continued to serve our customers without disruption.

    Tapping our technology and cloud infrastructure, coupled with VMware’s solutions, we developed and deployed a more secure virtual desktop solution at an unprecedented pace and scale. This enabled our team of 3,000 IT developers to continue to support the Bank’s business activities and innovation drive without compromising on security.”

    Mr Sanjay K. Deshmukh, Managing Director and Vice President, Southeast Asia and Korea,VMware, said, “Digital technologies have shone through during this period of uncertainty as an effective enabler for organizations to conduct business, engage employees and connect with customers. We are excited to continue our partnership with UOB, supporting their operational needs while enabling them to comply with the bank’s stringent security and data privacy requirements.

    Lees ook:

  • UOB Tie-Up to Nurture ESG Mindset Among Employees

    UOB Tie-Up to Nurture ESG Mindset Among Employees

    UOB will work with Dutch investment company Robeco to tap its expertise in environmental, social, and governance (ESG) matters and integrate sustainable thinking across its business and investment processes.

    The bank’s asset management arm is launching its Sustainability Academy in the fourth quarter of 2020, which offers development programs to deepen its employees’ understanding of sustainability principles and nurture an ESG mindset, UOB announced on Friday.

    The Robeco program comprises two modules, namely Sustainable Investing and Sustainable Development Goals (SDGs) Investing, and will cover key topics such as ESG integration, active ownership, and measuring the contribution of companies to the UN SDGs. Over 400 staff in both investment and non-investment roles across the region are expected to benefit from the training.

    The academy will launch a second training program in November 2020, to be offered by KPMG and supported by the Institute of Banking and Finance Singapore, covering topics such as sustainability reporting and regulatory expectations on ESG matters.

    The global emphasis on sustainable investing has grown tremendously in recent years, with ESG considerations now core to the investment philosophy of major asset managers around the world, Thio Boon Kiat, CEO of UOB Asset Management, said in the announcement.

    Earlier this week, UOB announced that it would integrate ESG considerations into its full suite of retail investment solutions as part of the bank’s commitment to driving growth sustainably.

    UOBAM previously worked with Robeco to launch the first bond fund focused on the UN SDGs – the United Sustainable Credit Income Fund (USCIF) – for retail investors in Singapore in March 2020. The two sides also jointly launched a