UOB Malaysia partners Stellavingze Global to help women achieve financial independence
KUCHING: United Overseas Bank (Malaysia) Bhd ( UOB Malaysia) has signed a Memorandum of Understanding (MoU) 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 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 Lady’s Solitaire Card.
As part of the Bank’s approach of creating products relevant to the preferences of customers, the UOB Lady’s 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 Lady’s 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.