Singaporean lender United Overseas Bank (UOB) has confirmed plans to launch its digital bank, TMRW, in Indonesia later this year.

UOB, which is Singapore’s third-largest bank after DBS Bank and OCBC Bank, launched TMRW almost a year ago in Thailand.

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The move is part of the bank’s strategy to scale up its regional customer base by five million by 2024.

UOB Digital Bank

The bank’s digital, unlike the majority of banking apps, does not feature a traditional app menu. TMRW learns each time it is used and throws functions and personalised information to the customer.

Using the app, users can text to a virtual chat assistant and make use of a call option within its digital chat service.

It allows users to initiate a conversation with the bank without having to exit from the app.

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Over the coming months, UOB is expected to gradually roll out its digital bank across various other ASEAN markets.

The move follows the lenders’ increased investment in eLab, which is a dedicated unit focused on leveraging technology and behavioural insights to enhance engagement with customers.

The bank announced its decision to foray into the Indonesian digital bank market while presenting its FY2019 financial results.

The bank posted a net profit of S$1.01bn for the fourth quarter, an increase of 10% compared to the year-ago period.

Annualised earnings per share for the quarter stood at S$2.35, a rise of 9.3% versus S$2.15 a year earlier.

Last August, UOB bolstered its Vietnam footprint by setting up a branch in Hanoi.