KUCHING: United Overseas Bank (Malaysia) Bhd (UOB Malaysia) has signed a Memorandum of Understanding (MoU) in Kuala Lumpur with a leading women’s association, Stellavingze Global, to provide women with financial solutions that suit their lifestyle choices and financial priorities.
With this collaboration, the bank seeks to help affluent Malaysian women take control of their money and help them grow their nest egg independently.
Data from UOB Malaysia revealed that the number of affluent female customers with accounts in their own names has grown by more than 58 percent since 2015, while the number of women opting for open joint accounts has grown at a slower rate of 33.2 percent ― suggesting that affluent female customers prefer to manage their finances independently.
UOB Malaysia managing director and country head of personal financial services Ronnie Lim said that as more women enter the workforce or set up businesses, they are increasingly taking control of their personal finances to safeguard their future and that of their families.
“At UOB Malaysia, we are seeing a trend where more women are opening accounts in their own name rather than pool their savings into a joint account.
“This practical approach to managing money enables our female customers to make their own financial investment decisions.
“We are pleased to work with like-minded partners such as Stellavingze Global to offer its members wealth management solutions designed to help affluent women achieve financial independence,” he said.
In addition to its wealth management solution, UOB Malaysia will also offer Stellavingze Global members the exclusive UOB Lady’s Solitaire Card.
“Women are progressively choosing how to spend their own money and prefer to use their credit cards to pay for travel and lifestyle shopping,” added Lim.
He explained that this type of discretionary credit card spending among women had grown by 47 percent since 2015 compared to just a 23 percent rise among men who spend within the same period.
The UOB Lady’s Solitaire Card offers a host of privileges, including reward points for fashion, beauty and travel, while also providing easy instalment payment plans and travel protection plans to help women earn rewards as they spend on items and experiences that match their lifestyle choices and preferences.
To help women save and grow their wealth, the bank will offer Stellavingze Global members the UOB Stash Account, which enables depositors to generate high interest earnings from their savings ― maximum effective interest rates of up to 3.25 percent per annum on a minimum savings balance of RM200, 000.
To be eligible for the wealth management solution proposed under this collaboration, Stellavingze Global members will need to make a minimum investment of RM150, 000.
