UBS aims to connect more Asean tech unicorns out of Singapore, opens largest Asia-Pacific office here

THE world's largest wealth manager UBS has launched TechConnect SEA, an ecosystem that will help tech companies connect and grow to become the next generation of unicorns in this region.

It is also piloting UBS Circle One, an app being developed out of Singapore that will connect investors to ideas on a global ecosystem.

These were just two initiatives announced by UBS on Wednesday, as it officially opened its largest Asia-Pacific office at 9 Penang Road. The new office sits on 400,000 square feet of prime property, and runs fully on renewable energy.

The launch ceremony, which also celebrates the 50 years that UBS has been in Singapore, was officiated by Axel Weber, chairman of the board of directors and Ralph Hamers, group chief executive officer, UBS.

In a statement, Hamers said he was confident that UBS Singapore will continue to play a key role in "helping us achieve our ambitious growth and sustainability goals". The bank aims to achieve net-zero greenhouse gas emissions across all its operations by 2050.

Edmund Koh, UBS Asia-Pacific president, said the growth of UBS in Singapore is a reflection of the country's success as an international finance hub. The bank expects Asean's new economy to more than double to US$800 billion by 2025 from US$380 billion, and will look to better connect the growing number of technology unicorns across the region, via TechConnect SEA.

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Speaking at the event, Singapore's Minister for Finance Lawrence Wong said UBS' growth in Singapore has "contributed immensely" to the development of the country's financial services industry. He added that during this period of crisis, UBS redoubled its efforts to support people development.

Tapping the Jobs Support Scheme funding from the government, the bank took on job-seekers as trainees, and put them through a year-long training programme. Nearly all (95 per cent) of the first cohort of around 90 trainees have been hired by UBS and the industry.

Wong said: "We applaud UBS for focusing attention on developing Singaporeans so that they can expand their skills, and contribute and compete on their merits in this high-quality organisation. Indeed, we're proud that many Singaporeans have progressed in their careers and taken on senior leadership roles in the bank.

"Even as we do more to develop and grow our own timber, Singapore will continue to stay open to talent, ideas and investments. This is an essential, even an existential issue, for a small country like ours."