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Singapore's UOB to launch digital bank in Thailand

Lender targets Southeast Asian millennials with mobile-only services

UOB, the smallest of Singapore's three banking groups, first announced plans for a digital bank in August last year to cater to the region's growing number of "mobile first".   © Reuters

SINGAPORE (Nikkei Markets) -- Singapore's United Overseas Bank will launch its first ever mobile-only digital bank next week in Thailand, joining a swath of regional players that are coming out with offerings aimed at young and digitally savvy consumers in Southeast Asia.

Called TMRW, UOB's offering will initially comprise a transaction account, a savings account and a credit card. The Singapore bank hopes to differentiate TMRW from rivals through better use of data, such as by alerting customers when salaries are not credited by the usual date or when a large payment is due.

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