UOB to launch digital bank in Asean

Singapore

SINGAPORE banks are ramping up their digital offerings for mobile-savvy customers in Asia, with UOB on Friday announcing a digital banking strategy for five markets in Asean - Singapore, Indonesia, Malaysia, Thailand and Vietnam.

UOB aims to have three to five million customers in the next five years with this digital bank. This will be operated at a "steady-state" cost-to-income ratio of 35 per cent. UOB said it would use a "unique data-centric business model", that taps the entire customer life cycle comprehensively.