UOB to invest $500 million to ramp up digital capabilities
SINGAPORE - Banking major UOB today announced that it will invest up to $500 million in digital innovation initiatives as it seeks to double the retail customers it serves digitally to more than seven million across ASEAN by 2026.
Against the backdrop of accelerated digital adoption as a result of the pandemic, digital banking iwas now the preferred choice for many UOB customers, the bank said. In Singapore alone, adoption of digital payment channels such as PayNow and QR code had increased by over 200% while physical cash deposits and withdrawals decreased by more than 30% in 2020.
UOB said it was the first bank in the region to develop a new business model focused on customer engagement when it launched TMRW, ASEAN's first digital bank, in 2019.