UOB, Fave launch rewards program on digibank TMRW

Singapore-based United Overseas Bank (UOB) has joined hands with Southeast Asian fintech platform Fave to launch a new rewards program for the bank’s customers. 

The program, called UOB Rewards+, will be available through UOB’s digital bank, TMRW. 

(Left) Fave managing director Ng Aik-Phong and (Right) UOB head of group personal financial services Jacquelyn Tan

UOB said that the strategic partnership with Fave has helped double the number of merchant locations in the rewards program. The bank added that this makes UOB Rewards+ the largest rewards program in Singapore.

Through UOB TMRW, customers will get an “all-in-one” view of their UNI$ – reward points where UOB cardholders earn UNI$1 for every S$5 (US$3.71) they spend – and Fave cashback balances as well as rebates earned from partner merchants. The platform will also show the expiry dates for all rewards.

“Through our continued digital investments, including a US$500 million commitment over the next five years across ASEAN, our customers will be able to bank, manage their wealth, and meet their lifestyle priorities all in a single app – UOB TMRW,” Jacquelyn Tan, UOB’s head of group financial services, said in a statement.

The bank added that its customers will also get access to the “largest” catalog of deals, promotions, and rewards, including cash rebates at more than 20,000 locations in Singapore. 

Photo credit: Fave

In addition to tracking and accessing all UOB and Fave rewards in one platform, customers can make QR code-based payments directly through UOB TMRW to merchants that accept NETS, PayNow, or FavePay, a network that spans more than 140,000 locations in Singapore.

The bank also highlighted that the new rewards program aims to encourage UOB customers to support local businesses. Through the program, participating merchants can accept payments in UNI$, giving them access to a larger pool of customers.

On top of its new rewards program, UOB announced that its customers will be able to track the amount of credit card reward points they earn with every purchase through the UOB TMRW platform.

The update aims to make it easier for customers to track their reward points as compared to the traditional experience, wherein a platform shows a summarized view of consolidated rewards and requires tedious manual tracking. 

The new rewards program also leverages UOB’s proprietary digital engagement engine, which is driven by AI, machine learning, and data analytics. The bank said that the engine helps its rewards program learn from users’ behavior, which includes transactions and reward redemption patterns, so that it can provide them with relevant deals.