UOB embraces the digital age

The bank is positioning itself within the ecosystem of start-ups and providers of early-stage funding, and making further technology investments focused on its customers, payment services, data and security.

Technology is disrupting just about every industry, from retailing and transport to media and even banking. But United Overseas Bank sees opportunity in the “digital revolution” that is unfolding across the region. At a three-day event this past week, dubbed “UOB Engage: Improving Customers’ Lives”, it showcased its strategy and plans in the technology field for the next 18 months.

A key element of its strategy is positioning its traditional banking services in the burgeoning ecosystem of start-up companies and providers of early-stage funding. Singapore alone has 50,000 start-ups, of which 10% are hightech, high-growth companies, according to Eric Tham, head of group commercial banking at UOB. Yet, banks such as UOB are not in a position to finance these start-ups directly. “If they come to our bank to borrow money from us, they will have a hard time getting a loan because they do not have collateral, only a business idea,” Tham says.

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