UOB launches online utility marketplace

UNITED Overseas Bank (UOB) has launched an online utility marketplace that aggregates deals from utility providers, as Singapore's local banks compete to entrench themselves in customers' lifestyles.

Featuring 10 utility providers on a single website, customers can now search and sign up for the best deals for electricity, gas, water, broadband and TV services, said UOB. Providers include SP Group; electricity retailers Diamond Electric and Geneco; and Singtel, for broadband and TV services.

"With utility bills making up an average of about 10 per cent of monthly household expenses, we want to help people stretch their household budget," said Jacquelyn Tan, head of personal financial services Singapore at UOB, in a media release on Monday.

DBS has an electricity marketplace with partners including Geneco and Sunseap, while OCBC Bank does not have a similar offering.

UOB said the utility marketplace "supports the bank's commitment to create solutions relevant to the lifestyles of its customers".

Its announcement comes just weeks after DBS in April launched its own online travel marketplace in beta, which seemingly vies with UOB's. DBS has tied up with Expedia and Singapore Airlines, while UOB had collaborated with Expedia and Agoda.