Anchored on Asean: UOB eyes disciplined growth in next decade
Its winning strategy banks on regional prospects, wealth, talent and technology.
UOB, the Singapore-based financial powerhouse, is preparing for its next major growth phase, riding the wave of regional prosperity and opportunities. As the bank celebrates its 90th anniversary, it is poised to celebrate its next milestone - its 100th year - while expanding its influence in the Asia-Pacific region.
UOB's CFO, Leong Yung Chee, highlights the bank's advantageous position, with its network spanning the region's most dynamic markets. UOB is investing in its people, capabilities, and technology to support customers better and pursue disciplined growth. The bank's strong capital and liquidity positions provide the resilience needed for this growth journey.
The region's growing wealth, rising trade flows, and shifting global supply chains are key drivers of UOB's strategy. By 2030, Southeast Asia is set to become the world's fourth-largest economy, with intra-regional trade growth expected to outpace the global average. The region remains a magnet for foreign direct investment, attracting record US$244 billion in 2025, a 10% increase over 2024.
UOB's strategic focus on the region is evident in its extensive network and deep local market knowledge. The bank has invested over S$800 million in the last decade to build capabilities in payments, cash, and trade for its wholesale business. In 2022, UOB expanded its Asean ambitions with the acquisition of Citi's consumer banking businesses in Indonesia, Malaysia, Thailand, and Vietnam, significantly strengthening its regional consumer franchise.
UOB's integration efforts have unlocked value from its enlarged franchise, particularly in the emerging and affluent customer segments. The bank's market-leading cards business is thriving, with higher card billings across Asean. The wealth management business is also growing rapidly, with a 30% year-on-year increase in income in the first half of 2026, led by Malaysia and Thailand.
UOB's long-term growth story is supported by a large, increasingly affluent consumer base that remains under-penetrated in the region. The bank is banking on affluent and emerging-affluent customers to build a more diversified, asset-light revenue base post-integration. UOB's new long-term strategic distribution partnership with Allianz Global Investors will broaden its wealth offerings and provide greater access to tailored investment solutions.
Written by urgent.news from Straits Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
