Tuesday, 5 March 2024

UOB Infinity platform expands client’s cash management capabilities

5 min read

By Foo Boon Ping

UOB is enhancing the client experience through its new digital banking platform, UOB Infinity, that allows users to manage cash, trade, and financial supply chain transactions seamlessly and across borders

UOB is one of the few leading ASEAN-based banks that can boast an entrenched regional presence and experience that extends into Greater China. The bank’s focus on enhancing the client experience is being strengthened through its new UOB Infinity digital banking platform, that aims to allow users to manage their cash, trade, and financial supply chain transactions seamlessly and across borders.

So Lay Hua, head of group transaction banking, emphasised that UOB differentiates itself in cash management, establishing its position as a regional bank and banking partner of choice. The bank’s strengths include its presence in core markets, regionally-aligned solutions, and support for business-to-business and business-to-consumer transactional flows.

Adrian Ong, head of cash management sales, accentuated UOB’s commitment to providing clients with advanced cash management solutions. The bank has invested in developing its application programming interface capabilities, which will allow clients across both the traditional and new economy sectors to integrate their systems seamlessly with UOB’s banking services.

This enables access to real-time transactional information, instant payments and greater visibility over their cash positions, effectively enabling frictionless workflow and user journeys for their internal teams, customers and ecosystem partners.

UOB’s investment in trade and supply chain digitalisation continues to provide clients with regional connectivity capabilities as the bank sets its sights on becoming the leading cross-border trade bank for ASEAN.

Ng Poh Yee, head of corporate trade sales and financial supply chain management, highlighted the bank’s instrumental role in transforming and digitalising the management of its clients’ financial supply chains through the UOB Infinity platform to connect with commercial partners, upstream and downstream, across domestic and cross-border ecosystems for greater supply chain resilience.

UOB is also committed to sustainability and has extended its expanded green trade finance facilities to various industries globally under the Green and Sustainable Trade Finance and Working Capital Framework. The bank plans to expand such solutions and build greater trade and supply chain digitalisation through specific use cases and industry sectors.

UOB Group Wholesale Banking performance continues to rise in 2023. It reported operating profit growth of 38% year-on-year to $1.05 billion (SGD 1.4 billion) in the first quarter of 2023 on the back of margin expansion, mainly in cash management and increased treasury customer flows.

The group also saw a 114% increase in instant cashless payments to business customers in the region via Corporate PayNow in Singapore, DuitNow in Malaysia and PromptPay in Thailand. Stronger connectivity across ASEAN, deep sector specialisation and digitalisation continue to drive its performance.

So remarked: “With a strong presence in ASEAN, UOB aims to uncover new business opportunities and bring more personalised and innovative transaction banking solutions to support our clients across ASEAN, and beyond.”

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