Jul 26, 2013
Singapore, July 10th 2013 - United Overseas Bank Limited (UOB) has become the first bank in Singapore to offer retail customers online access to a Gold or Silver Savings Account.
Since the launch of the online service, the number of new Gold and Silver Savings Accounts has increased by 22 per cent and 11 per cent in the first six months respectively. Approximately one in five existing Gold Savings Account holders has used the new online service which is available through UOB Personal Internet Banking.
Ms Beh Hsia Wa, Director of UOB Bullion and Futures said, “Retail demand for gold and silver has been strong despite recent market volatility, and we are seeing this translate into higher usage of the new service. In May, more than 80 per cent of gold and silver transactions were conducted online.
UOB customers can invest in gold and silver by purchasing as little as 5 grammes of gold or 10 ounces of silver.
Ms Beh said the new service appealed to customers who wanted to manage their finances online and at a time convenient to them. “Since we introduced this online service, more than half of all online gold and silver transactions have been made after banking hours,” she said.
Prior to the launch of the new online service, customers would have to visit a UOB branch during banking hours to carry out transactions on their Gold or Silver Savings Accounts. With the added service on UOB Personal Internet Banking, customers are able to enjoy greater convenience and flexibility in
Online access attracting younger customers
The convenience of transacting online has also attracted a younger customer demographic, with about 11 per cent of all online transactions performed by customers aged 20 to 29. With the encouraging increase in online usage, the Bank plans to offer access to Gold and Silver Savings Accounts to its customers through the UOB Mobile application in the fourth quarter of 2013.
“With precious metals such as gold and silver remaining a key component of a diversified savings and investment portfolio, we expect interest in this asset class to continue. The convenient online access to their Gold and Silver Savings Accounts will provide our customers with the ability to manage better their portfolios,” Ms Beh said.
In the last five years, the total number of UOB Gold Savings Accounts has doubled, while the number of UOB Silver Savings Accounts has quadrupled.
UOB is the only local bank in Singapore to offer physical gold to retail customers at the UOB Main Branch located at Raffles Place.
Re-disseminated by The Asian Banker