United Overseas Bank (UOB) is to launch a digital bank for Southeast Asia targeting mobile savvy customers.

The new UOB digital bank will offer an intuitive, transparent and engaging banking experience to customers with the focus on personalisation.

UOB deputy chairman and CEO Wee Ee Cheong said: “All our efforts are driven by what is best for our customers.

“UOB Digital is our latest initiative to deepen engagement with our customers, especially the mobile savvy. It will also help scale up our customer franchise across Southeast Asia and positions us well for the future.”

UOB Digital targets 5 million customers

UOB is aiming to grow a digital banking customer base of around three to five million within five years.

Using artificial intelligence, machine learning and data analytics will enable UOB to understand customer behaviour and optimise the customer experience.

UOB digital will provide customised services to help customers achieve their financial goals and improve their savings habits.

The model utilises solutions offered by its FinTech partners including Avatec.ai and  Personetics.

Utilising Avatec.ai’s credit assessment capabilities will help UOB serve the underbanked in the region.

The partnership with Personetics will enable UOB to capture deeper insights from transactional data.

UOB head of regional digital bank and digital banking Dennis Khoo said: “Our focus for UOB Digital Bank is engagement and this guides the whole experience for our customers across Southeast Asia.”