UOB unveils plans to launch ASEAN digital bank

It will tap on mobile-first and mobile-only customers.

UOB announced plans to launch a fully digital bank in its key ASEAN markets with the goal of scaling its regional customer base by as much as five million in the next five years, according to a media statement.

Also read: Is branch banking still relevant as lenders migrate their services online?

UOB claims that the onboarding process for its new bank will be digital from the getgo from the account application to everyday banking needs.

Also read: UOB rolls out fully automated car loan application process

The bank plans to achieve this through its Acquire, Transact, Generate data, Insight and Engage (ATGIE) business model that leverages on daily insights drawn from customer interaction.

UOB’s Q2 expenses rose 10% YoY to $1.02b as it steps up IT-related investments. It has also forged partnerships with fintech players like Avatec.ai and Personetics for credit assessment and AI-powered data analytics.

Also read: UOB profit up 28% to $1.08b in Q2

“Our focus for UOB’s Digital Bank is engagement and this guides the whole experience for our customers across Southeast Asia,” Dr Dennis Khoo, head of regional digital bank and digital banking at UOB said in a statement. “UOB’s distinctive approach, unique purpose-built business model and our data- centric digital bank will enable us to seize this opportunity.”

The bank is set to announce details of the consumer launch soon.

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