UOB to invest $500m in digibank TMRW, other offerings across SEA

United Overseas Bank (UOB) said it will set aside up to US$500 million for investment into its digital offerings as the Singapore banking major aims to double its number of online customers across ASEAN to over 7 million by 2026.

Part of the capital will go into combining UOB’s digital bank, TMRW, with its mobile app, UOB Mighty, to create a unified platform called UOB TMRW, according to a statement.

Kelvin Lam, head of TMRW and UOB’s digital banking division / Photo credit: UOB

Launched in 2019, TMRW is a mobile-only digital bank that has over 355,000 registered customers across Indonesia and Thailand. UOB plans to scale that number to 3 million to 5 million customers by 2025.

See also: UOB battles Sea, Gojek in Indonesia with TMRW digital bank

As part of the rollout of the unified UOB TMRW platform, the lender said it has launched a beta version of its new app, which is available to all of its Singapore-based employees. The app will be launched for all UOB customers in Singapore later this year following the pilot phase. UOB Mighty customers will also transition to UOB TMRW at that time.

The bank said it will progressively launch UOB TMRW across its existing markets in Southeast Asia and expects further rollouts in the next 18 months.

“In this next phase, we are making it our goal to explore how technology can enable us to make the digital banking of tomorrow smarter and even more intuitive for our customers,” said Kevin Lam, head of TMRW and digital banking at UOB.