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Tag: UOB

  • UOB Ups Stake in Troubled Chinese Lender

    UOB Ups Stake in Troubled Chinese Lender

    United Overseas Bank is buying more shares in troubled Chinese mid-sized lender Hengfeng Bank with a subscription of 1.86 billion shares for a sum of 1.86 billion yuan (S$360.4 million).

    The purchase comes as part of a capital-increase exercise undertaken by Shandong-based Hengfeng Bank through private placement to raise 100 billion yuan. The move reverses a stance taken in May, where local newspapers reported that United Overseas Bank (UOB) had wanted to sell its 13 percent stake in Hengfeng Bank, which it purchased back in 2008.

    The initial intention of UOB was to grow its presence in Shandong with more of its own branches. This time, the increased shares are in line with United Overseas Bank (UOB)’s «focus on driving regional connectivity and building ecosystem partnerships to facilitate business and investment opportunities opening up across the region,» according to a filing on the Singapore Exchange.

    Funding the subscription of additional shares in cash using internal resources, UOB said the subscription is not expected to have a material impact on earnings or net tangible assets of the group for the current financial year. Post the transaction, UOB will hold a total of 3.34 billion shares in Hengfeng Bank.

    The majority of the shares, or 96 billion, will be subscribed by Chinese state-owned investment company Central Huijin Investment and Shandong Financial Asset Management Co, to become controlling shareholders of the bank, as part of state rescue efforts to prop up floundering lenders as the Chinese economy slows.

    Concerns about private company debts in the region have risen in recent months with the default or near-default of six private companies in Shandong. Banks affected by defaults could see more capital raising exercises.

    UOB explains that the collaboration with Hengfeng Bank will help businesses benefit from Shandong’s economic progress and financial liberalization, and is in tandem with the partnership between Singapore and Shandong to promote business flows into South-east Asia with Singapore as a regional hub.

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  • HSBC Nets Bankers From UBS and Credit Suisse

    HSBC Nets Bankers From UBS and Credit Suisse

    HSBC Private Bank appointed four senior executives to strengthen the key areas of family advisory services and philanthropy within the Private Wealth Solutions business in Asia Pacific.

    As part of its push to grow its private banking business in the Asia Pacific, HSBC announced four senior hires on Monday. Aik-Ping Ng joins as Co-Head of Family Office Advisory and Senior Family Governance Advisor, Asia Pacific while Edith Ang will be Co-Head of Family Office Advisory and Senior Family Governance Advisor, Asia Pacific, the bank said in a media statement on Monday.

    Both of them will work with client families to develop long-term succession plans, which includes providing the highest standard of advisory on establishing and professionalizing family offices, trusts and estate planning, family governance and preparing for the transition of responsibility to the next generation.

    Aik-Ping Ng has over 17 years of international and China-based experience in private equity, corporate finance, strategic M&A, family office advisory and asset management to HSBC. Most recently, Ng was a Senior Advisor at UBS, working with Ultra High Net Worth (UHNW) clients in the formulation, review, and implementation of family office solutions.

    Edith Ang joins HSBC after 13 years at UBS, where she worked with UHNW families in Asia on the formulation, review, and implementation of family legacy solutions.

    In addition, Dorothy Chan has been appointed to be Head of Philanthropy Advisory and Charitable Services, Asia Pacific, while Christine Wong will take up the role of Head of Greater China Market, Private Wealth Solutions. Dorothy Chan succeeds Cynthia D’Anjou-Brown, the previous head, as the latter will retire from HSBC in December this year after almost 15 years of service.

    As a leading private and institutional client trustee platform, we are dedicated to building lasting relationships with HNW and UHNW families to identify the solutions to support them across the generations, said Cynthia Lee, Regional Head of Private Wealth Solutions, the Asia Pacific in a media statement.

    Dorothy Chan joins HSBC after 19 years of experience in a variety of senior roles in the private, public and not-for-profit sectors. She previously worked at Galaxy Entertainment as Vice President, Corporate Relations. Chan has deep experience working with a number of leaders to define a vision and create solutions that contribute to the sustainable development of a range of diverse communities.

    Working closely with HSBC’s teams in EMEA and the Americas, Chan will help drive coordinated philanthropy efforts including building charities and connecting. She will also lead the team supporting clients in the development of their charitable goals.

    Christine Wong joins HSBC from Credit Suisse, where she was Director of Trust and Estate Advisory Team for the Greater China Market. Prior to joining HSBC, she gained 25 years of experience in cross-border trusts in senior wealth planner roles at Credit Suisse, Edmond de Rothschild, UBS, and J.P. Morgan.

    She also has served as Managing Director of the Asiaciti Trust group’s Hong Kong office with responsibility for the fiduciary management and trust operations of the business. In her new role, Christine Wong will be integral to the further development of HSBC’s Private Wealth Solutions business in Greater China.

  • UOB Acquires Vietnam Asset Manager

    UOB Acquires Vietnam Asset Manager

    UOB Asset Management will acquire VAM Vietnam Fund Management Joint Stock Company, pending regulatory approval.

    UOB Asset Management has agreed to initially acquire 1.13 million ordinary shares from VAM Vietnam Fund Management Joint Stock Company from individual Nguyen Xuan Minh. The deal for the firm’s 24.53 percent shareholding is valued at VND113,680 million ($4.9 million), according to a report.After regulators approve the deal, another 3.47 million ordinary shares, or 75.47 percent of issued share capital, will be acquired by UOB Asset Management making VAM Vietnam Fund Management Joint Stock Company its subsidiary
    RegionalizationAccording to a release, the acquisition considered various factors including capital, net asset value and asset under management of VAM. The acquisition is also expected to further strengthen UOB Asset Management’s presence in Asia, in line with its regionalization plans. As of October 31 this year, VAM’s net asset value was around VND26 billion ($1.1 million) and it had assets under management of approximately VND114 billion ($4.9 million).
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  • UOB Boosts Solar Power

    UOB Boosts Solar Power

    UOB is pushing solar power usage by offering various financing solutions linked to solar-powered equipment for both business owners and individuals.

    Businesses and individuals in Singapore seeking to adopt solar energy can choose from the bank’s three selected local partners: SolarGy, SolarPVExchange and Sunseap Group. The partners will provide service across installation, commissioning, operations and aftersales.

    For business owners, UOB will provide solar equipment financing and for homeowners, the bank will offer a zero percent interest rate installment plan of up to 36 months.

    The Singapore arm of the initiative is part of UOB’s broader U-Solar program to boost solar power usage across the region. The program first launched in October 2019 before subsequently rolling out in Indonesia and now Singapore.

    Solar power is not only a clean and efficient energy source but has also become a more economically viable option as the technology to harness solar energy matures,» said Frederick Chin, UOB’s head of group wholesale banking and markets. «Despite this, many companies and consumers remain hesitant to adopt solar power, believing that it requires high upfront investment.

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  • UOB Launches AI-Driven Financial Planner

    UOB Launches AI-Driven Financial Planner

    UOB leverages artificial intelligence to launch what it claims to be an industry-first financial planning solution.

    The bank launched «Mighty Insights» to better track customers’ savings and expenses in order to improve financial planning. The new solution will leverage data analytics, machine learning and pattern recognition algorithms to determine the best course of action, accounting for the various life stages, needs and lifestyle priorities of the user.

    Gone are the days of worrying about a duplicate charge, whether refunds have been made, paying for a subscription you have forgotten about or wondering why your account has less money than usual, said Aaron Chiew, UOB’s head of digital and mobile, group retail.

    Instead of having to call the bank or to go down to the branch, our customers can rely on Mighty Insights’ daily prompts to track their finances with greater peace of mind and to have better control in the way in which they spend and save.

    According to the bank, the Mighty Insights solution borrows from existing technology at the bank that is used by TMRW, UOB’s mobile-only bank and the first such lender in ASEAN, as well as its predictive analytics engine.

    TMRW was launched in March this year to tap into Thailand’s sizeable digital market which is estimated to make up one-third of its total population. According to the bank, TMRW is powered by various solutions provided in partnership by fintech firms, such as Personetics and Meniga, alongside the in-house capabilities of its regional innovation lab.

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  • UOB Launches QR-Based Payment Collection Solution

    UOB Launches QR-Based Payment Collection Solution

    UOB attempts to help businesses accelerate payment collection and improve cash flow through its new QR-based solution.

    The bank launched the QR solution mCollect which allows businesses to collect payments from buyers through fund transfer service PayNow at the point of delivery.

    Businesses can provide their customers with a QR code generated by mCollect which can be scanned to make payment which then leads to immediate crediting and automatic reconciliation. According to UOB, cash flow management is one of the «perennial bugbears» for local SMEs due to issues like late payments, citing a four-day industry average when manually dealing with payments.

    While good progress has been made to encourage more cashless payments among businesses, there is still a gap when it comes to the collection process, specifically with cash-on-delivery payments,» said So Lay Hua, UOB’s head of group transaction banking and group wholesale banking.

    In addition to faster cash flow, the bank is also wary of the risks of handling physical cash, which continues to be a common practice. UOB noted that more than two-thirds of its corporate customers still receive cash payments from buyers, especially those that are smaller businesses most commonly in the wholesale, retail and services sector.

    We make hundreds of deliveries each day, said Steve Wong, CEO of Boong Group, a meet supplier and food processor firm that participated as a user of mCollect’s pilot. When collecting payment, which is often made in cash, our salespeople have to spend time verifying the amount and payee details and tallying the payments at the end of the day.

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  • UOB Launches Solar Industry Ecosystem

    UOB Launches Solar Industry Ecosystem

    United Overseas Bank (UOB) on Tuesday launched U-Solar, the first solar industry ecosystem in Asia to power the development and adoption of renewable energy across Southeast Asia.

    Through U-Solar, the bank connects businesses and consumers in order to aid each play their role in their collective efforts to transition to a low-carbon economy, UOB said in a media statement on Tuesday. Malaysia is the first ASEAN country in which UOB is rolling out its U-Solar ecosystem.

    «A sustainable energy industry is key to maintaining healthy development of the economy and community. In working together with our ecosystem partners and customers to open up and to tap opportunities in the solar power industry, we can create a positive economic and social impact,» said Wee Ee Cheong, deputy Chairman and chief executive officer.

    Supporting The Value Chain

    Through U-Solar, the bank offers a suite of financial solutions to support the solar power value chain, from solar project developers, engineering, procurement and construction (EPC) contractors, as well as the end-users of solar power, including consumers and companies. In supporting the growth of the solar power industry, UOB provides solar project developers with solutions in green financing, such as «sukuk», project loans and portfolio financing, as well as cash management services.

    For EPC contractors, the bank offers end-to-end contract-based financing solutions, from bid bonds and letters of credit issuance to performance guarantees and working capital facilities. Through U-Solar’s online portal, the bank also connects these industry players to potential customers seeking solar power solutions for their factories, offices or homes. To promote the adoption of solar power by the end-users which include companies and consumers, U-Solar offers a one-stop shop for them to plug easily into the services offered by UOB’s partners across the region.

    UOB Malaysia’s collaboration with leading local solar energy service providers, starting with ERS Energy, PlusSolar and Solarvest, will offer installation, commissioning, operations and after-sales service packages for solar power systems to help business and homeowners.

    The launch of UOB’s U-Solar program as an ecosystem play caters to the concerns of the solar industry, whereby it is intended to be Asia’s first integrated solar energy marketplace across UOB’s key Southeast Asia markets – Singapore, Malaysia, Thailand and Indonesia. I am proud that UOB has chosen Malaysia to be the first country to launch this program, said YB Yeo Bee Yin, Minister of Energy, Science, Technology, Environment and Climate Change, Malaysia (MESTECC) at the launch of U-Solar in Malaysia.

    Through our research and engagement with our customers, we observed that many of them think that using solar power requires intensive upfront capital and is costly to maintain. With U-Solar, we hope to help our customers understand better the benefits of using solar power and to address their concern of costs by providing them with flexible repayment plans at competitive market rates, said Wong Kim Choong, chief executive of UOB Malaysia.

    U-Solar offers two flexible solutions to help Malaysian companies adopt solar power with little upfront capital. Companies can purchase a solar power system for their factory or office with the corresponding green loan offered by UOB Malaysia, and can also apply for a two percent rebate under the government’s Green Technology Financing Scheme 2.01 for their purchase.

    They can also benefit from the government’s tax incentives under the «Green Investment Tax Allowance and Green Investment Tax 1A» scheme introduced by the Ministry of Finance Malaysia in April 2018 to accelerate the expansion of green investments by companies via financing from participating financial institutions. Alternatively, businesses can sign up for a long-term solar power leasing agreement with the Bank’s U-Solar partners.

    For homeowners, UOB Malaysia offers on U-Solar’s online portal a zero percent interest installment plan of up to 36 months for the purchase of a solar power system. Customers can also enjoy zero upfront costs for services provided by the bank’s U-Solar partners including on-site assessment, installation and maintenance of their solar power panels and systems at their residences.

    Through our collaboration with Malaysia’s market-leading solar power service providers, ERS Energy, PlusSolar and Solarvest, we hope to drive greater adoption of solar energy across Malaysia. It will also help support the Sustainable Energy Development Authority Malaysia’s Net Energy Metering programme and MESTECC’s renewable energy target of 20 percent in the national power generation mix by 2025, Wong said.

  • UOB and RHT Chestertons Ties Up In App

    UOB and RHT Chestertons Ties Up In App

    RHT Chestertons Valuation and Advisory have tied up with UOB Business Banking to launch Singapore’s first instant indication guide for commercial property.

    Within the «Real Commercial» app developed by Soreal Prop and United Overseas Bank (UOB), one can find an online platform that provides the value indication guide for local commercial strata-titled properties to the user within a minute, as compared to 30 minutes or more using the normal method.

    This instant indication range guide platform was developed over nine months, with RHT Chestertons providing the valuation methodology to develop a matrix which can generate a current range of values for the particular strata-titled commercial property based on the address and size, the real estate advisory firm said in a media statement on Monday.

    While these robo-valuation models are in demand by financial institutions, it cannot entirely replace the human element in the valuation process, the advisory firm notes. «Human input is still required to assess properties like landed factories, shophouses, hotels and dormitories, etc. as there are other intangible factors affecting value associated with the various property types,» the firm wrote in a report.

    David Ng and Eleen Chia who have years of experience in the valuation of REITs (Real Estate Investment Trusts), initial public offerings, land parcels, mortgage security, acquisitions and disposals, currently helms RHT Chestertons’ Valuation & Advisory.

    If demand for such service is strong, RHT Chestertons may enhance the platform to include residential strata-titled properties too. Addressing the need to improve on the quality of valuation reports in the future, RHT Chestertons is now providing analytics to assist clients to have a better understanding of property values. Such analytics include, but not limited to value behavior charts in particular districts and estimated projection of property values based on past trends.

    RHT Chestertons has developed a matrix that allows a range of values to be generated using recent transaction records, past valuations, and current rental data. This allows the user, property agent or buyer, to work out through the app the loan amount needed, and hence to proceed immediately with the loan application process with UOB. A formal valuation report will then be instructed to be issued by RHT Chestertons when the loan is to be disbursed.

  • UOB Issued Letter of Demand To Libra Group

    UOB Issued Letter of Demand To Libra Group

    UOB has asked  Libra Group, which is mired in financial troubles, to pay up $18.8 million.

    UOB has issued a letter of demand to Libra Group for the above amount, based on outstanding banking facilities, the Catalist-listed company announced in a filing on Friday. The letter, dated Oct 8, reveals that events of default have occurred, and «UOB shall cease to be under any further commitment to the Company.»

    The entire sum of $18.8 million is immediately payable to the bank by last Friday, the filing said.

    The Singapore lender also issued a letter demand to Kin Xin Engineering, a unit of Libra that provided guarantees for the US$18.8 million sum, for repayment by the same deadline.

    Another Libra unit, Libra Engineering & Manufacturing, separately received a letter of demand dated Sept 30 from WMS Industrial Gas & Equipment for 72,940 Ringgit (S$23,940), related to goods sold and delivered.

  • UOB Trains Staff to Adapt to Digital Era

    UOB Trains Staff to Adapt to Digital Era

    In order to upgrade its staff and equip them for the digital era, UOB has launched a comprehensive learning and development program to upskill its employees.

    The Better U program includes a 12-week foundation course alongside more specific career pathways and learning tracks. Its 12-week course focuses on five core competencies: encouraging a growth mindset; alongside acquiring skills in complex problem solving; digital innovation; human-centered design; and data.

    For its career pathways and learning tracks, it recently introduced the fields of data management and project management which will be covered in three-year programs.

    According to the bank, the Better U program was the first such training initiative accredited by the Institute of Banking and Finance Singapore (IBF) that included both soft skills coupled with digital and data skills. By 2020, UOB expects that at least 70 percent of its more than 26,000 employees globally will have completed the foundation course and subsequently receive a UOB-IBF certificate of achievement.

    By designing a holistic development program that covers both soft and technical skills, we are sowing the seeds of learning to prepare our people for successful careers in an industry that is undergoing significant change, said Dean Tong, UOB’s head of group HR.

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  • UOB Loan to Boost Singapore’s Poultry Industry

    UOB Loan to Boost Singapore’s Poultry Industry

    Singapore Poultry Hub hopes to improve its productivity by 26 percent and its capacity by 70 percent with the new smart and green factory.

    United Overseas Bank (UOB) has just announced a loan of S$40 million ($29 million) to Singapore Poultry Hub, which will be used to set up the first smart and green poultry factory in the country, the bank announced in a press release on Monday.

    Singapore Poultry Hub is a joint venture among poultry producers and processors including Mr. Tan Chin Long, Tong Huat Poultry Processing Factory, Kee Song Holdings, Sinmah Holdings and Tysan Food.

    The smart factory will use technologies such as robotics, industrial internet of things and Industry 4.0 at the facility, which will also feature a new waste management system that converts part of the waste generated by the poultry processors into protein to be used as an ingredient in livestock feed, reducing waste by 60 tonnes per day, according to the press release.

    Our support of Singapore Poultry Hub is another example of how we are helping SMEs to transform their business and to seize opportunities from trends such as Industry 4.0, Eric Tham, head of Group Commercial Banking, UOB, said. He added that the bank is working with Singapore Poultry Hub to digitalize the collection of payments and reduce the use of cash and cheques.

  • UOB Malaysia Announces Firms for Digital Accelerator Program

    UOB Malaysia Announces Firms for Digital Accelerator Program

    The program, now in its third edition, aims to help startups, SMEs and businesses adopt digital technology to drive productivity and growth.

    Sixteen Malaysian SMEs have been selected to take part in UOB’s three-month-long digital accelerator program, the bank announced in a press release on Tuesday. The firms taking part in the «Jom Transform» program, whittled down from more than 900 applications, are from diverse sectors, including food and beverage, healthcare, consulting, logistics, manufacturing and more.

    As part of the program, these businesses will be paired with mentors, which include the Chinese Chamber of Commerce & Industry of Kuala Lumpur & Selangor, Malaysian Association of Tour and Travel Agents, Maxis, Malaysia Digital Economy Corporation and SME Corporation Malaysia, who will advise them on how to optimize workflow processes and inventory, distribution and human resource management systems.  They will also be paired with technology partners to pilot and assess digital solutions.

    «As family-owned businesses transition from the first- to second-generation leadership, we see an accelerated use of technology in their business. Yet many business leaders lack the skills to implement digital solutions successfully and effectively,» Wong Kim Choong, UOB Malaysia CEO, said about the opportunities and challenges SMEs in Malaysia face.

    Jom Transform is run by UOB and Singapore-based innovation accelerator The Finlab. It was announced in June in Malaysia, following successful editions held in Singapore (2018) and Thailand (2019).

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  • UOB Opens Bank Branch in Zhongshan City

    UOB Opens Bank Branch in Zhongshan City

    UOB has opened a branch in China’s Zhongshan City, furthering its commitment to the Greater Bay Area. It is one of the first foreign banks to do so.

    UOB (China) became the first foreign bank to open a branch in Guangdong’s Zhongshan City on Thursday, signaling the bank’s commitment to China and confidence in Greater Bay Area(GBA)’s development plan, the lender said in a media statement on Thursday.

    The new branch adds to six other branches that the bank already has in the GBA. «It strengthens our presence in South China and enables us to expand services to the west of the Greater Bay Area,» said Peter Foo, CEO of UOB (China).

    Following the announcement of China’s GBA Blueprint in February to create an IT-led powerhouse in Southern China, UOB made plans to deepen its presence in the region. The GBA region includes Hong Kong, Macau and nine cities in Guangdong province.

    Christine Ip, CEO of UOB Greater China, said that the new branch is an «important addition» to its GBA network, as the bank continues to enhance connectivity between Greater China and Southeast Asia.

    The UOB Shenzhen branch – UOB (China)’s flagship branch in the GBA – moved to bigger premises in October as it plans to add more professionals to the team. UOB also opened a Commercial Banking Centre in Hong Kong’s central business district of Causeway Bay in April to better serve the needs of its clients in the GBA.

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  • UOB Boosts Property Valuation Speed

    UOB co-launched a one-stop commercial property solution that includes instant valuation capabilities that can improve speeds by over 10,000 times compared to traditional means.

    The digital solution «RealCommerical», co-launched with property tech firm SoReal Prop, allows users to acquire a bank-backed valuation in less than one minute. This is a more than 10,000 times improvement compared to conventional processes which can take up to seven days.

    In addition, the new solution also allows SME users to see the immediate loan amount their firm qualifies for based on average monthly cash flow or affordability.

    From our experience in helping SMEs purchase their ideal commercial property, we know they want certainty and speed in the process, said Mervyn Koh, Singapore country head of business banking at UOB.

    This means not having mismatched expectations in the property’s valuation or the loan quantum, both of which could lead to the SME not being able to secure their desired property.

    According to the bank, one in two SMEs plan to invest in fixed assets including buildings and factory premises. But momentum has been building as of late with regards to fintech developments in property-related areas.

    In addition to commercial property, UOB launched a digital loan solution for homebuyers in August 2018 that reduced application duration from two and a half days to just 15 minutes. Singaporean rival DBS also recently launched a tech-enabled solution linked with payments for property management fees in Hong Kong with a subsidiary of real estate giant Sun Hung Kai.

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  • DBS Vickers Remisiers to Move to UOB Kay Hian

    DBS Vickers Remisiers to Move to UOB Kay Hian

    Following months of discussions between the two banks over the transfer of the trading representatives, about 100 remisiers from DBS Vickers will join UOB Kay Hian.

    DBS Vickers has agreed to transfer its offline retail securities brokerage business to UOB Kay Hian by October 28, 2019, following months-long negotiations. With the move, over 100 remisiers will move to UOB Kay Hian, making it the largest securities brokerage in Singapore, with over 800 dealers and remisiers.

    This allows us to scale and do a lot of business. With this acquisition, we will have 25 percent of the retail market share in Singapore. Now, we are 20-21 percent, UOB Kay Hian senior executive director Esmond Choo said.

    DBS had searched for a buyer that would take its remisiers as a group. UOB Kay Hian was chosen as it was the most sincere and best suited to adopt the group, the newspaper said, with Choo pointing out that the remisier base advisory model to the firm, and the fact that it had grown through mergers and acquisitions since early 2000.

    Not all remisiers will move to UOB – some are taking the chance to retire, while others have joined other brokerages. A few have taken on new roles like relationship managers and investment counselors at DBS.

    UOB Kay Hian was in talks with DBS to hire about 15o remisiers and retail equity trading representatives from DBS Vickers, the bank’s broking arm, who were affected by its revamp to better focus on institutional clients. RHB, CGS CIMB and PhillipCapital were also said to be interested in hiring the affected individuals.

    This followed plans by DBS to merge its retail equity trading under DBS Vickers with the bank amid falling trade volumes from retail participants and downward pressure on brokerage commissions.

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