Wee ee Cheong, vice-president and chief executive officer of United Overseas Bank (UOB), appointed the best bank in Asia-Pacific, discusses what 2025 will bring.
Global finance: What led UOB’s performance in 2024?
Weee cheong: UOB strategically reshapes our commercial mixture to diversify our income engines, with a disciplined approach to manage our assessment and an increase in costs based on costs.
In the wholesale bank, our improved platforms and our sectoral solutions help finance cross-border companies, which leads to higher costs and cross-border income. We aim to be the number one cross-border commercial bank of the Association of Nations of Southeast Asia (ASEAN). With a large regional imprint and our combination of expertise in the solid sector and local knowledge allows us to help companies navigate market complexities and to seize opportunities in Anase.
In the retail banking, the acquisition of the Citigroup Consumer Bank business in four Southeast Asian markets allowed us to develop our credit card and have brought opportunities for cross-selling to our 8.4 million customers. Consequently, our card costs and our wealth management income have experienced robust growth. We continue to invest in our UOB TMRW digital banking application, which is deployed in our main markets.
These diversified income engines are recurrent and demonstrate results. We see enormous opportunities to develop our franchise and will be firm and concentrated in our execution.
GF: What are the biggest challenges that UOB faces in 2025?
Pee: We expect disruption and expect demand to slow down in the immediate future due to the increase in geopolitical risks and prices. Companies and countries will be faced with greater emergency, in a world multipolar order, to diversify their markets, to integrate more closely in the region and to innovate to create more value.
With its population of 600 million inhabitants, the Anase is motivated by megatons such as regional economic and commercial integration, the resilience of the supply chain, digital innovation and sustainability. We believe in the resilience of the Anase.
While commercial channels and global supply chains are changing considerably, Anase remains an attractive market. The regional imprint of UOB and service offers position us to seize emerging long -term opportunities.
To stay ahead of a rapid technological change, we place innovation at the heart of our efficiency improving strategy, unlocking new opportunities and strengthening our competitive advantage.
GF: Do you expect that sustainable finance continues to grow in 2025?
Pee: Economic opportunities concerning decarbonization continue to stimulate sustainable financing flows in Asia, and the region continues to benefit from sustainable developments. Uob’s Net -Zero engagement is aligned with Singapore’s commitment to Net Zero by 2050. We are on the right track for our five priority sectors – power, automobile, real estate, construction and steel – for which we have set net -zero objectives.
To achieve our objectives, we have a Net-Zero operationalization program from start to finish covering governance, policies, capacity building, technology and pragmatic measures to support the transition of our customers to a sustainable economy. This program is to develop high -quality green financing products and engage with customers to promote sustainable practices.
The demand for sustainable financing of our customers continues to grow; And in December 2024, our sustainable financing portfolio increased by 43% from one year to the other to more than $ 57 billion in Singapore ($ 41.9 billion).
GF: What is the bank doing to capture the next generation of customers?
Pee: The bank seeks to understand the aspirations, lifestyles and expectations of the next generation of customers by collecting and systematically analyzing their comments. We aim to go beyond financial needs to support the needs of digitization, sustainability and regionalization of young companies as they develop and develop.
Our digital banking platforms: UOB TMRW, UOB Infinity and the UOB SME application, allow young customers to access financial management on the go via an omnichannel approach. Our lifestyle partnerships for concerts and the best acts provide renowned performances and offer exciting lifestyle experiences for our young customers in the region.
For our commercial customers, we recognize the importance of equipping the next generation of leaders in skills, ideas and connections necessary to preserve family and commercial inheritances.
Our programs include The Business Circle, which offers masterclasses, workshops and trade missions abroad, on digital transformation, sustainability and diversification of businesses. The next generation program is preparing successors for future responsibilities, improving their skills to protect and develop hereditary wealth with entrepreneurship, digital innovation and technology sessions.