UOB offers card to woo millennials as StanChart courts affluent travellers

Singapore

TWO banks in Singapore have launched credit cards targeted at different niche markets, with United Overseas Bank (UOB) out to woo the millennials and Standard Chartered Bank (StanChart) taking aim at affluent travellers.

UOB aims to serve one in two millennials over the next three years, up from one in three currently. Millennials' spending habits will "form the backbone of the future economy" in the next decade, UOB said. In 2015, they spent 13 per cent more on food and travel as compared with customers above the age of 35, UOB said, adding that their e-commerce spending increased 10 per cent as well, compared with 2014.