UOB expects 5% revenue at risk after new digital banks enter the fray

Singapore

UNITED Overseas Bank expects "limited" impact in the near term from competition from new digital banks - with about 5 per cent of its revenue at risk - as it believes the Singapore banking market is highly penetrated and incumbent banks are "well trusted" by consumers.

The bank, founded in 1935, was responding to questions from shareholders and investor watchdog the Securities Investors Association (Singapore) prior to its Apr 21 annual general meeting, with the responses filed on Saturday (Apr 9) with the bourse.