UOB Malaysia partners Stellavingze Global to help women achieve financial independence
20 month ago, 10-Jan-2020
(from left) Lim, UOB senior vice president of cards and payment products Cindy Foo, Stellavingze Global senior marketing manager Chang Heng Bing and Stellavingze Global president Tan Sri Dr Ng Yen Yen at the MoU signing yesterday.
KUCHING: United Overseas Bank (Malaysia) Bhd (UOB Malaysia) has signed a Memorandum of Understanding (MoU) with a leading womens 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 to help them grow their nest egg independently.
According to data from UOB Malaysia, the number of affluent female customers with accounts in their own names has grown by more than 58 per cent since 2015. Over the same period, the number of women opting to open joint accounts has grown at a slower rate of 33.2 per cent, suggesting that affluent female customers prefer to manage their finances independently.
Ronnie Lim, managing director and country head of personal financial services of UOB Malaysia, said as more women enter the workforce or set up businesses and begin earning their own money, they are increasingly taking control of their personal finances to safeguard their future security 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.
In addition to its wealth management solution, UOB Malaysia will also offer Stellavingze Global members the exclusive UOB Ladys Solitaire Card.
As part of the Banks approach of creating products relevant to the preferences of customers, the UOB Ladys Solitaire Card offers a host of privileges to match the spending patterns of its female cardholders, including offering reward points for fashion, beauty and travel.
The UOB Ladys Solitaire Card also provides 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. The UOB Stash Account offers a maximum effective interest rates of up to 3.25 per cent per annum on a minimum savings balance of RM200,000.
To help association members grow their wealth further, UOB Malaysia will adopt its Risk-First approach to ensure the right solution is matched with each customer and to help customers better understand how risk relates to potential returns. The Bank will also host seminars and talks to help members increase their knowledge and understanding of different products and services.
With more women becoming financially independent and taking responsibility for their financial decisions, they will need the right knowledge to manage their wealth and income to make informed financial decisions. UOB Malaysias comprehensive wealth management solutions enable our customers to manage their money wisely and to meet their financial goals with tailored advice, comprehensive risk disclosures and the right solutions.
Through our dedicated team of wealth managers, seminar and workshops, we aim to help our female customers find the optimal solutions to help them grow and protect their wealth through the different stages of their lives, Lim said.