UOB Indonesia launches Wealth Banking for Indonesia’s mass affluent consumers

Jakarta, 28 March 2019 – PT Bank UOB Indonesia (UOB Indonesia) today launched a Wealth Banking service to provide customers with a comprehensive suite of advisory and wealth management solutions based on the Bank’s Smart Risk approach. This approach ensures customers consider the risks of an investment ahead of possible returns and exemplifies the Bank’s commitment to helping customers navigate market cycles as they protect and build their wealth.

UOB has defined Wealth Banking customers, also known as mass affluent consumers, as those with assets under management of between IDR100,000,000 (one hundred million rupiah) and IDR 1,000,000,000 (one billion rupiah). In 2018, almost 60 million people, or around 23 per cent of the total Indonesian population, were considered mass affluent. They also account for almost 40 per cent of Indonesian household wealth.

Khoo Chock Seang, Head of Personal Financial Services and Digital Bank, UOB Indonesia, said, “By placing risk management at the centre of our approach, we help our customers better understand and identify their risk tolerance levels. From this starting point, we can then address how their risk appetite relates to various types of investments and review their investment portfolios in line with changing market conditions. Our dedicated team of Relationship Managers regularly reviews customers' investment portfolios and asset allocation and using our Smart Risk approach, strike a strategic balance between short-term tactical and long-term investment solutions.”

UOB’s Wealth Banking customers will have a dedicated Relationship Manager and access to a range of products including savings, investment, bancassurance, mortgage and credit cards relevant to their financial goals and lifestyle needs.

Rewards and benefits for UOB Wealth Banking consumers
UOB’s Wealth Banking service also offers the following lifestyle rewards and benefits*:

1. Healthyversary: free annual medical check-up benefit from Prodia and/or Biotest for customers on the anniversary of the opening of their UOB account;
2. Special Birthday Offers: special interest rates for deposit account top-ups and subscription fee discounts for bonds and mutual funds purchased on the consumer’s birthday;
3. Special rate for Safe Deposit Boxes: up to 50 per cent discount of Safe Deposit Box fees for customers with a minimum account balance of IDR500,000,000; and
4. Movie Treats: free tickets of up to IDR240,000 per month when using UOB debit cards.

Wealth Banking customers will also enjoy annual fee waivers for their UOB PRVi Miles Card, fee-free transactions on Personal Internet Banking, fee-free withdrawals at UOB ATMs across the Indonesia, Singapore and Malaysia network, as well as throughout the ATM Bersama and Prima network.