Wee Ee Cheong, Vice Chairman and CEO of UNITEAS Bank (UOB), is discussing the best bank in the Asia and Pacific region, what will bring 2025.
Global Finance: What prompted UOB performance in 2024?
Wei Chiong: UOB reshapes our business mixture strategically to diversify our revenue engines, with a disciplined approach to the management of our public budget and the growing fee -based income.
In wholesale banking services, our improved platforms and solutions for the sector help to finance companies across the border, which leads to high fees and income across the border. We aim to be the commercial bank across the border in the Association of Southeast Asian Countries (ASEAN). With a large -scale regional imprint and our mixture of strong experience in the sector and the knowledge of the local market, we enable us to help companies move in the complications of the market and seize opportunities in ASEAN.
In retail banking services, we enabled us to acquire Citigroup Banking Consumer business in four markets in Southeast Asia to expand our credit card and bring opportunities full of sale to our 8.4 million customers. Consequently, our card fees and wealth management have seen strong growth. We continue to invest in the UOB TMRW Digital Banking app, which is offered through our main markets.
These various engines of income are frequent, and the results appear. We see tremendous opportunities to develop our privilege and we will be fixed and focus on our implementation.
GF: What are the biggest challenges facing UOB in 2025?
Wei: We expect disturbances, and we expect the demand to slow down in the near future due to high risk and geopolitical definitions. Companies and countries will face more urgency, in a multi -polar system, to diversify their markets, integrate them more regional, and innovate to create more value.
With a population of 600 million people, Asian is led by Megatrends such as regional economic and commercial integration, the elasticity of the supply chain, digital innovation, and sustainability. We believe in the elasticity of Asian.
With the global trade and display chains dramatically, ASEAN is still an attractive market. We put the regional fingerprint in UOB and service offers for us to seize emerging opportunities in the medium to long term.
To remain at the top of rapid technological change, we put innovation at the heart of the efficiency of strategy enhancing, canceling new opportunities, and enhancing our competitive advantage.
GF: Do you expect sustainable financing to continue to grow in 2025?
Wei: Economic opportunities on carbon removal continue to push sustainable financing flows in Asia, and the region continues to take advantage of sustainable developments. The pure net UOB commitment is in line with Singapore’s commitment to the net network by 2050. We remain on the right track for all our five-sectors of priority-capacity, cars, real estate, construction, and steel-which set net net targets.
To achieve our goals, we have a program to activate net zero to one side that covers governance, policies, capacity building, technology and practical measures to support our customers’ transition to a sustainable economy. This program includes developing high -quality green financing products and participating with customers to enhance sustainable practices.
Our customers’ demand continues to grow to grow; As of December 2024, our sustainable financing portfolio increased by 43 % year on an annual basis to more than $ 57 billion Singapore ($ 41.9 billion).
GF: What does the bank do to pick up the next generation of customers?
Wei: The bank seeks to understand the aspirations, lifestyles and expectations of the next generation of customers by collecting their notes and analyzing them systematically. We aim to overcome the financial needs to support the needs of digitization, sustainability, sustainability and sustainability with their growth and expansion.
Our digital banking platforms: UOB TMRW, UOB Infinity, and the UOB Sme application, enables younger customers to reach financial management on the movement through a comprehensive approach. Our lifestyle partnerships for concerts and higher works offer famous shows and present an exciting lifestyle for our younger customers throughout the region.
For our businessmen, we realize the importance of preparing the next generation of leaders with skills, visions and communications necessary to preserve the family heritage and business.
Our programs, which offer MasterClasses, business workshops and commercial missions abroad, include digital transformation, sustainability, and business diversification. The next GEN program prepares the caliphs for future responsibilities, which enhances their competencies in protecting and developing inherited wealth with sessions that focus on entrepreneurship, digital innovation and technology.
