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Wee Ee Cheong, deputy chairman and CEO of United Abroad Financial institution (UOB), named the Finest Financial institution in Asia-Pacific, discusses what 2025 will deliver.
International Finance: What drove UOB’s efficiency in 2024?
Wee Ee Cheong:Â UOB is strategically reshaping our enterprise combine to diversify our income engines, with a disciplined method to managing our steadiness sheet and rising fee-based revenue.
In wholesale banking, our enhanced platforms and sector-specific options assist finance cross-border companies, resulting in larger charges and cross-border revenue. We intention to be the number-one cross-border commerce financial institution within the Affiliation of Southeast Asian Nations (ASEAN). With an intensive regional footprint and our mixture of sturdy sector experience and local-market information permits us to assist companies navigate market complexities and to grab alternatives in ASEAN.
In retail banking, the acquisition of the Citigroup consumer-banking enterprise in 4 Southeast Asian markets has enabled us to scale our bank card and introduced cross-selling alternatives to our 8.4 million prospects. Consequently, our card charges and wealth administration revenue have seen sturdy progress. We proceed to spend money on our UOB TMRW digital banking app, which is being rolled out throughout our key markets.
These diversified revenue drivers are recurring, and display outcomes. We see great alternatives to develop our franchise and will likely be steadfast and centered in our execution.
GF:Â What are the best challenges UOB face in 2025?
Wee:Â We count on disruptions, and we count on demand to gradual within the fast future because of rising geopolitical dangers and tariffs. Companies and international locations will face better urgency, in a multipolar world order, to diversify their markets, combine extra intently regionally, and innovate to create extra worth.
With its inhabitants of 600 million, ASEAN is pushed by megatrends reminiscent of regional financial and commerce integration, provide chain resilience, digital innovation, and sustainability. We consider in ASEAN’s resilience.
As world commerce and provide chains rework considerably, ASEAN stays a lovely market. UOB’s regional footprint and repair choices place us to grab rising alternatives within the mid to long run.
To remain forward of speedy technological change, we place innovation on the core of our strategy-enhancing effectivity, unlocking new alternatives, and strengthening our aggressive edge.
GF:Â Do you count on sustainable finance to proceed to develop in 2025?
Wee: Financial alternatives round decarbonization proceed to drive sustainable-financing flows in Asia, and the area continues to profit from sustainable developments. UOB’s net-zero dedication is aligned with Singapore’s dedication to web zero by 2050. We stay on observe for all 5 of our precedence sectors—energy, automotive, actual property, building, and metal—for which we have now set net-zero targets.
To fulfill our targets, we have now an end-to-end net-zero operationalization program masking governance, insurance policies, capacity-building, expertise, and pragmatic measures to help our purchasers’ transition to a sustainable financial system. This program includes creating high-quality green-financing merchandise and interesting with purchasers to advertise sustainable practices.
Our purchasers’ demand for sustainable financing continues to develop; and as of December 2024, our sustainable financing portfolio had elevated 43% yr over yr to greater than 57 billion Singapore {dollars} ($41.9 billion).
GF:Â What’s the financial institution doing to seize the subsequent technology of consumers?
Wee: The financial institution seeks to grasp the aspirations, existence, and expectations of the subsequent technology of consumers by systematically accumulating and analyzing their suggestions. We intention to transcend monetary must help younger companies’ digitalization, sustainability, and regionalization wants as they develop and scale.
Our digital banking platforms: UOB TMRW, UOB Infinity, and the UOB SME app, allow youthful prospects to entry on-the-go monetary administration by an omnichannel method. Our way of life partnerships for live shows and prime acts deliver famend performances and ship thrilling way of life experiences for our youthful prospects throughout the area.
For our enterprise prospects, we acknowledge the significance of equipping the subsequent technology of leaders with expertise, insights, and connections essential to protect household and enterprise legacies.
Our packages embody The Enterprise Circle, which provides masterclasses, workshops, and abroad enterprise missions, on digital transformation, sustainability, and enterprise diversification. The Subsequent Gen Programme prepares successors for future obligations, enhancing their competencies to guard and develop inherited wealth with periods centered on entrepreneurship, digital innovation, and expertise.