The partnership with Fave is UOB’s first initiative under its new unified digital platform to transform Singapore’s traditional banking rewards experience.
Singapore-based United Overseas Bank Limited (UOB) has partnered with Southeast Asian fintech platform Fave to bring together two major rewards and loyalty programmes. UOB has announced the launch of their new rewards programme, UOB Rewards+, on 27 October.
The partnership of UOB with Fave has created a new unified digital platform, UOB TMRW. UOB has also said that it has helped them double the number of merchant locations in the rewards program. This makes UOB Rewards+ the largest rewards programme in Singapore.
Source: UOB Website
With UOB Rewards+, their customers can enjoy more savings when paying from their partner merchants with their UNI$ or UOB$. They can also get an “all-in-one” view of their UNI$ – reward points where a UOB cardholder earns UNI$1 for every S$5.
In addition, using UOB TMRW can make customers earn Fave Partner Cashback when paying at the stores.
As a unified digital platform, UOB TMRW allows customers to track the amount of their credit card reward points.
With UOB TMR, customers can see the expiry dates for all their rewards. They will also have access to the “largest” catalog of deals, promotions, and rewards. This also includes rebates at more than 20,000 locations in Singapore.
Personalised and Engaging Banking Experience
Jacquelyn Tan, UOB’s head of group financial services said, “Through our continued digital investments, including a US$500 million commitment over the next five years across ASEAN, our customers will be able to bank, manage their wealth, and meet their lifestyle priorities all in a single app – UOB TMRW.”
“The rewards redemption experience for customers today leaves much to be desired as it can be cumbersome. Consumers in Singapore want more clarity, such as the 87 percent of respondents in our market research who want a breakdown of the rewards points they have accumulated. Our strategic alliance with Fave which brings together two of Singapore’s largest rewards and loyalty programmes under the UOB Rewards+ programme and our goal to make rewards simple and transparent for customers have changed the game completely for them”, she added.
UOB has also said that they are offering UOB Rewards+ to encourage their customers to support local businesses.
Mr Ng Aik-Phong, Regional Managing Director of Fave Singapore and Malaysia, said, “Fave is excited to be partnering with UOB in disrupting the traditional banking rewards experience. Both Fave merchant partners and customers will definitely be able to benefit from the expanded rewards ecosystem. For our merchants, the opportunity to reach out to a broader customer base and for our customers, an additional channel to stack their rewards, earning both UOB rewards and Fave cashback.”