Singtel’s Dash and UOB Asset Management offer mobile robo-adviser with ESG option

Source: Singtel. Poster for UOBAM Robo-Invest.

Singtel has launched a new digital adviser by UOB Asset Management (UOBAM) on its Dash e-wallet platform. The launch enhances Dash’s suite of financial services offerings, which range from payments, mobile remittance, insurance and savings to investments.

UOBAM Robo-Invest is Singapore’s first robo-adviser on a mobile wallet and includes sustainable investing solutions among its offerings which are created by UOBAM exclusively for Dash customers. The robo-adviser aims to optimise and generate stable long-term portfolio returns through a hybrid investment strategy.

Dash customers can start investing with UOBAM Robo-Invest from as low as S$1 and at competitive annual advisory rates of 0.60% to 0.80%. Through the robo-adviser, they will be able to build a personalised, dynamic portfolio based on their risk profile, aggregate financial goals and investment horizon. 

UOBAM Robo-Invest currently offers two exclusive portfolio options – the Global and Global Impact portfolios that invest in a combination of actively-managed funds and passively-managed exchange-traded funds across diverse industries and geographies. In particular, UOBAM’s Global Impact portfolio is designed for customers seeking to grow their wealth in a smart and sustainable way. It provides them with investment opportunities in companies that integrate environmental, social and governance (ESG) considerations into their strategies and operations. 

Based on insights from a recent UOB survey*, eight in 10 respondents in Singapore want more ESG-focused investment solutions so that they can help create a positive impact on the environment or society, while achieving financial returns.

Singtel’s collaboration with UOBAM, an Asia-based asset manager with more than 30 years of investment experience, gives consumers convenient access to affordable wealth management solutions using technology and furthers Dash’s goal to empower them to grow their wealth simply and smartly.

Gilbert Chuah, Head of Financial and Lifestyle Services at Consumer Singapore, Singtel said, “We hope to democratise finance by harnessing technology to offer an inclusive suite of high quality services. This new investment service delivers on our commitment to make it simple, affordable and convenient for Dash customers to manage their finances and build their wealth. Customers can also tap on the investment expertise of an asset manager with a strong track record of optimising returns.

"We look forward to working with UOBAM as well as other established ecosystem partners to introduce more relevant and related financial and lifestyle products on Dash in the coming months.”

Faizal Gaffoor, Group CMO, UOBAM, said, “Our collaboration with Singtel represents a step forward in the way we offer robo-advisory solutions to consumers. By embedding UOBAM Robo-Invest in the mobile wallet, we are providing Dash customers with easy access to professional investment expertise and experience that we have built over more than three decades. They can create their portfolios with just a few clicks and start their journey to achieve their personal financial goals.

"In forging a sustainable future, we are also glad to work with our likeminded partner, Singtel, to help their customers invest for both profit and purpose. We will continue to expand our range of services and solutions and to work with more partners to make investing more accessible and sustainable.”

Dash presently has some 1.2 million users and is available to everyone regardless of their telco or banking relationship.

Explore:

To register for UOBAM Robo-Invest, Dash customers have to first set up a UOBAM investment account within Dash which will be used to hold the investment capital. Customers can top up the account through eNETS or PayNow. The top-up mode will also be extended to include auto deduction via the Dash wallet by the first quarter of 2022.

*Source: UOB ASEAN Consumer Sentiment Study, December 2021. The study aims to provide a better understanding of ASEAN consumers at a time when the region is undergoing deep social and economic transformation. This is the second edition of the study that was completed in July 2021. Approximately 3,500 respondents from five ASEAN countries were interviewed, including 1,000 from Singapore and more than 600 each from Indonesia, Malaysia, Thailand and Vietnam.

First business transformation programme in Malaysia sees significant success

United Overseas Bank Malaysia and The FinLab have announced that the small- and medium-sized enterprises (SMEs) that have completed the Jom Transform Programme¹ are expected to see productivity rise by up to 30% through digitalisation.

The Jom Transform Programme is the first business transformation programme in Malaysia to help local businesses digitalise their operations, driving productivity and revenue growth.

During the three-month programme, the 16 participating SMEs gained digital transformation skills and knowhow such as business re-engineering and digital marketing. As part of their skills development, they learnt from experts and were matched with technology partners to pilot relevant solutions and to assess the effectiveness of these solutions.

Out of the 16 participating SMEs, 12 piloted solutions to enhance their core business processes such as payroll, human resources and accounting. The automation of these processes is expected to help employees reduce the time they spend on manual, administrative processes by as much as 30%². The SMEs also piloted solutions in digital marketing, lead generation, content creation and e-commerce solutions. These solutions are expected to boost the SMEs’ sales and customer acquisition by up to 10%³.

Wong Kim Choong, CEO, UOB Malaysia, said the Jom Transform Programme affirms the bank’s commitment to help Malaysian SMEs digitalise their business for continued growth and productivity.

He said, “The Jom Transform Programme is designed to help Malaysian SMEs digitally transform their operations and we are pleased to announce that it has met this objective. Having completed the three-month programme, our 16 selected SMEs are now able to apply digital solutions to optimise their workflow processes, to improve sales, to increase customer loyalty and to raise brand awareness. To help these businesses grow further, we will support them in their expansion both at home and across the region through UOB’s established regional network.”

Jom Transform is jointly organised by UOB Malaysia and The FinLab, an innovation accelerator under United Overseas Bank. The programme is supported by five strategic partners including the Chinese Chamber of Commerce & Industry of Kuala Lumpur and Selangor, the Malaysian Association of Tour and Travel Agents, Maxis, the Malaysia Digital Economy Corporation and SME Corporation Malaysia.

Pauline Sim, Co-Head, The FinLab, said, “The Jom Transform Programme has successfully brought together the technology ecosystem and members of the SME community that are looking to digitalise and to uplift businesses together. We are thankful to all our partners who have supported the programme. As we continue the momentum into 2020, we will collaborate with the business and technology communities and networks we have brought together to support even more businesses who desire to transform.”

Serai Group, a Malaysian family-owned food and beverage (F&B) group with nine outlets across Kuala Lumpur, was one of the SMEs that successfully completed the Jom Transform Programme. As part of the programme, Serai Group piloted a digital solution provided by AImazing, a Singapore-based technology firm, to help the business digitalise its receipt and point-of-sale data.

Najib Hamid, MD and Group Chef, Serai Group, said “The Jom Transform Programme has helped us to evaluate our operations and to identify new technology solutions for our business. The F&B sector is competitive, and it is important to ensure our operations run smoothly at every level, from procurement and production through to customer experience. We are now implementing the solution from Singapore-based technology firm, AImazing, to reduce the manual workflow of collating sales data from across our nine outlets, releasing our staff to do higher-value work.”

Syarikat Letrik Chen Guan, an electrical contractor that provides end-to-end project management, electrical and mechanical services, is adopting UOB SmartBusiness⁴ to help drive efficiencies in its procurement and back-office processes.

Choong Pin Hoong, Director, Syarikat Letrik Chen Guan, said, “With projects running at different sites, our business requires many varieties of supplies and inputs. We are keen to implement technology solutions that will make the site planning, supply and management more automated and easier for our site managers to make and to track orders and deliveries.

"Through the Jom Transform Programme, we have come across new technology solutions such as UOB SmartBusiness, which enables us to digitalise our core processes and sales channels. This will help us build a strong foundation for our expansion plans.”

¹'Jom' is a colloquial term for ‘let’s go’ in Bahasa Malaysia. 

²This forecast is based on the number of man-hours the participating SMEs currently spend to manually process human resource (HR)-related activities such as payroll, leave applications, and employee benefits. The time dedicated to completing these types of activities typically account for 30% of the business owners’ total working hours.

³The projection is based on the digital solutions that the SMEs have piloted and are currently implementing. 

⁴In June 2018, UOB partnered SAP to launch UOB SmartBusiness, an integrated digital business solution designed to help SMEs make cost savings and improve their operating efficiency.

IE Singapore, UOB sign MoU on connectivity collaboration

International Enterprise (IE) Singapore, the government agency promoting international trade and partnering Singapore companies in going global, and United Overseas Bank (UOB) have partnered to accelerate trade and internationalisation for Singapore companies through a memorandum of understanding (MoU) that marks IE Singapore’s first strategic partnership with a Singapore bank.

IE Singapore and UOB aim to assist 200 Singapore companies in their overseas expansion over the next three years, especially to Southeast Asia, China, Japan and Europe.  Companies expected to benefit from the IE Singapore-UOB collaboration include those in consumer-related sectors, business services, digital solutions, infrastructure, real estate, tourism, hospitality, logistics and trade.

In line with IE Singapore’s strategy to build and strengthen wholesale trade in Singapore, UOB will provide advisory and solutions on trade financing for Singapore companies expanding overseas. Both parties will also develop innovative initiatives and financial tools to ease the internationalisation process. This includes piloting new fintech solutions to raise cross-border trade efficiency. 

The collaboration will provide Singapore companies with customised trade and financing solutions, deeper access to in-market connections, business partners and professional service providers across Asia, including business tieups with UOB’s global clients. UOB will offer financial solutions such as supply chain financing, cross-border financing, venture debt, cash management and settlement, as well as professional services including public listings, bond issuances and corporate finance advisory.

In particular, its Foreign Direct Investment (FDI) Advisory Unit is strong in cross-border banking, especially in Southeast Asia. The unit has already helped more than 1,700 companies fulfil regional growth ambitions since 2011, and will work with IE Singapore to provide greater links to local government agencies, industry partners and professional service providers. 

Said Chua Taik Him, Deputy CEO, IE Singapore, “This connectivity collaboration helps IE Singapore and UOB to reach out to more Singapore companies, offering them better market insights, business intelligence and a more comprehensive choice of financial solutions. Through strengthening such cross-border business infrastructure, we hope to drive the growth of wholesale trade and overseas expansion of Singapore companies.”

Frederick Chin, MD and Head of Group Wholesale Banking, UOB, said, “At UOB, we channel the same commitment that transformed us into a leading regional bank into helping companies fulfil their growth ambitions both domestically and in overseas markets. We do this by providing our unique combination of local presence and expertise, astute market insights, regional network connectivity and seamless cross-border solutions. Through our collaboration with IE Singapore, we will be able to deepen further our support of Singapore companies as they spread their wings overseas.”

Lee Ark Boon, CEO, IE Singapore, noted that there has been heightened economic uncertainty in 2016. "Weak external demand is affecting Singapore’s trade. Competition has also intensified as regional countries continue to develop their economies. Nevertheless, Asia remains a bright spot and there are vast opportunities for Singapore-based companies to tap into," he said.

"As a small country with an open economy, connectivity is core to Singapore’s prosperity. We started as a trading port and over the decades, we have built up the depth and breadth of our international linkages to become one of the most connected countries in the world². Today, our excellent connectivity forms the backbone for trade and investments. Connectivity goes beyond the physical flow of goods – combining physical trade and logistics networks with emerging financial and digital innovations. This provides opportunities for our companies to create new business models, which gives us the competitive edge."

Lee used the example of the evolving Singapore wholesale trade sector to illustrate his point. "We will require connectivity in the form of electronic payments, e-marketplaces and other value-added services. 5. Hence, it is crucial that key business services functions, such as finance, logistics and professional services, are fully integrated into the overall ecosystem, leading to more seamless business and trade flows to and through Singapore," he said.

The collaboration taps the rising potential of ASEAN, especially in intra-regional trade. In the past five years, intra-ASEAN trade almost doubled from US$332 billion to US$600 billion in 2015, and total intra-ASEAN trade is expected to hit US$1 trillion in 2020¹. The region’s growing middle income class, increasing connectivity and expansion of e-commerce will create greater demand for goods and services, which will in turn drive the increase in cross-border and B2B transactions.

Lee noted that the partnership combines complementary strengths to offer better financial and professional services; as well as market access through each other’s overseas network for Singapore companies looking to expand regionally, especially in ASEAN. "ASEAN is a key market for Singapore. A recent study³ by the Ministry of Trade and Industry (MTI) shows that the ASEAN-5 economies, comprising Indonesia, Malaysia, Philippines, Thailand and Vietnam, have overtaken the US as the largest final demand market for Singapore.

"As the ASEAN Economic Community deepen its roots, it will further boost intra-ASEAN investments and trade flows, underpinned by our region’s rising middle class and urbanisation. On the trade front, it is forecast that intra-ASEAN trade will grow to US$1 trillion in 2020. ASEAN as our economic hinterland is no longer rhetoric but reality and opportunity," he said.

Wee Ee Cheong, Deputy Chairman and CEO, UOB, said both organisations have "a shared vision and deep commitment to helping Singapore businesses grow". "The world today is of slower growth yet more volatile and less predictable. Asia is not spared. However, the fundamentals here work in its favour, whether it’s demographics, intra-regional business flows or the rising middle income. As for ASEAN, the economy is valued at more than US$2.5 trillion. Its growth continues to outpace those of the EU and US.

"Connectivity initiatives present further opportunities. We have One Belt One Road, Asean Economic Community, Regional Comprehensive Economic Partnership and the Free Trade Area of the Asia Pacific. These and ongoing digitalisation will draw markets closer," he said, adding that continued engagement, a practical, paced approach and learning from past lessons could help to realise the collective potential of the region.

According to a recent UOB Asian Enterprise Survey, limited growth in domestic markets was one of the top barriers to growth cited by Singapore enterprises. "From our survey, we also know that Singapore companies seek strong local business connections when they trade and expand overseas. With this MoU, UOB and IE Singapore will work together to provide jointly the connectivity that these companies need in their overseas ventures, in particular, in Southeast Asia, China, Japan and Europe," Wee said.

"As partners, we will also explore the use of innovative tools and initiatives, including fintech solutions, to help Singapore companies conduct cross-border trade more effectively," Wee added. "With UOB’s own roots as a small and medium sized enterprise (SME), we have deep insights and full appreciation of what it takes to pioneer a business, to grow it in your home market and then to take it regionally. We also understand the importance of having the right partnerships to help accelerate the process of growth and expansion."

UOB had previously partnered IE Singapore in its Internationalisation Finance Scheme to facilitate overseas expansion.

1 Source: Asian Banking and Finance, 16 October 2016.
2 Singapore ranked first in the McKinsey Global Institute Global Connectedness Index in 2014, and in the top three positions of the DHL Global Connectedness Index from 2007 to 2013.
3 Extracted from Singapore Minister S Iswaran’s speech at the MTI Economic Dialogue on 6 September 2016.  Iswaran is Minister for Trade & Industry (Industry) and Co-Chairman of the Committee on the Future Economy.

Affluent Southeast Asians sticking to regional travel

According to the UOB Affluent Consumer Survey 2016*, travel is a significant part of the lifestyle s of affluent Southeast Asians. On average, more than nine in 10 of the respondents from Indonesia, Malaysia, Singapore and Thailand go overseas on holiday at least once a year.

Yet, in the light of slow global economic growth and as their financial considerations grow more pronounced, well-heeled travellers are opting to holiday within the region. The survey found that more than six in 10 polled have chosen Asian destinations for their vacations. In fact, Asian countries, with the exception of Australia, have been the top five travel destinations in the past 12 months.

Francis Tan, UOB Economist, noted that Asian countries benefit from Southeast Asian travellers who are looking to keep within a travel budget as well as increased intra-regional air connectivity. “Given the weak regional currencies, Southeast Asians with a yen for travel could be choosing Asian destinations to maximise their purchasing power. This is aided by the increasing number of flights within the region, resulting in more competitively-priced flights to these destinations,” he said.

The survey also found that travel expenses are a top consideration for respondents when planning their next holiday destination. Jacquelyn Tan, Managing Director and Regional Head of Cards and Payments, UOB, said that to stay relevant in serving the affluent Southeast Asian population, businesses must provide cost-efficient products and solutions that suit travellers' needs today. “From credit cards such as the UOB PRVI Miles that help customers earn frequent flyer miles faster to travel deals, wealthy customers in the region want products and services that can meet their lifestyle needs and this includes their travel habits.

“To match the travel expectations of the affluent in Southeast Asia, we have embarked on regional partnerships with strategic travel-related brands to strengthen our offers to these customers. These partnerships continue to enhance our suite of offerings as we increase our market share in this segment,” said Ms Tan.

To meet its regional cards growth ambitions, UOB has partnered established names in the travel sector such as Singapore Airlines and Kaligo, a booking site, for the Bank’s first-ever region-wide travel campaign. The campaign aims to help customers stretch their vacation dollar. With Singapore Airlines, UOB cardmembers across the region stand a chance to receive up to 60,000 KrisFlyer miles** which can be redeemed for a round-trip ticket to London or Los Angeles by spending S$300 in a single receipt***.

UOB is also giving away a n equivalent of 10 million KrisFlyer miles in total until 31 January 2017 which can also be redeemed for SilkAir, Scoot and Tigerair flights. This means that customers will be able to derive more value out of their year-end shopping and travelling, which is traditionally when they spend the most****.

Earlier this year, UOB also introduced the UOB Privileges Passport, a regional rewards programme that offers cardmembers access to exclusive local benefits while travelling in Singapore, Indonesia, Malaysia and Thailand. For example, through partnerships with premier shopping malls such as Bangkok’s Siam Paragon, Siam Centre, The Emporium Thailand and EmQuartier, a Singapore cardmember can enjoy the same suite of benefits and rewards available to a Thai-issued UOB credit card.

Ms Tan added, “As Southeast Asia’s affluent continue to strike a balance between their wanderlust and their economic sensibilities, we anticipate that intra-regional travels will continue to grow among this segment. As such, we will continue to explore partnerships with relevant brands to ensure a robust suite of regional offerings that are relevant to our customers.”

*The UOB Affluent Consumer Survey 2016 polled 2,030 respondents aged 25 years and above with a minimum assets under management of S$150,000 from Indonesia, Malaysia, Singapore and Thailand. 

**Customers will be given the equivalent of KrisFlyer miles won in UNI$, a type of bonus point used for UOB credit cards.

***This is part of UOB’s first-ever regional year-end campaign. From November to January 2017, customers can win over 10 million Krisflyer miles that are up for grabs as well as more than 500,000 prizes, including flights to popular destinations like Bali and Tokyo.

****Source: UOB card data

UOB uncovers misconceptions financing galore in Singapore SMB world

Source: UOB infographic. Statistics gathered from the Financing for Startups and Small Businesses Survey.

According to the Financing for Startups and Small Businesses Survey* by United Overseas Bank (UOB), the majority of startups and small businesses in Singapore do not understand fully the range of alternative funding options available for their early expansion needs. They are also unclear about how to employ most effectively these options which include venture capital, venture debt, and debt and equity crowdfunding.

Mervyn Koh, MD and Country Head of Business Banking, Singapore, UOB, said that funding is a key factor for business expansion and it is important that startups and small businesses are able to differentiate between the funding options that are available to help them scale up their businesses in the early stages of growth.

“While established companies are able to access funding through conventional methods such as bank loans and working capital, startups typically are not able to raise the funds needed as easily. This is because they are still developing their concepts, products and services into viable business models, and as such may not have consistent cash flow to qualify for traditional loans,” said Koh.

The startups and small businesses surveyed said that they did not know where to turn to obtain advice on the range of funding options available (65%). They also felt that the eligibility criteria for these options were unclear (62%) which made it difficult for them to know if they are eligible. These are in contrast to the straightforward manner of receiving guidance by banks on traditional financing methods.

As a result of their unfamiliarity with financing options, startups and small businesses indicated a preference to rely on the tried and tested funding sources, such as raising their own working capital (43%), government grants (38%) and government-assisted schemes** (40%), for their business expansion.

The survey also found that the respondents were unfamiliar with the distinctive features of each of the alternative funding options. For example, on venture debt, respondents thought that investors needed to be involved in making business decisions (34%). In fact, it is not required for this option. As for debt crowdfunding, one in four small businesses said that there was no interest payable on the crowdsourced funds. This is a misconception as funds raised through debt crowdfunding do attract an interest on the funded amount. In addition, 23% of businesses polled believed that they would have to give up equity in their business for the crowdsourced debt. In reality, debt crowdfunding does not involve giving up equity.

“Additional funding is a lifeline for startups and small businesses that often face the challenge of tight cash flow. However, we find that most of the time, they need more education on what these options are and how they can be used for their business. To understand better the best financing option for their business, they should seek professional advice, either from government bodies, accelerators or other organisations in the funding ecosystem such as venture capital firms and financial institutions. With a clear understanding of the various funding options available, they could realise their growth potential more quickly ,” said Koh.

 To meet the funding needs of startups and businesses across all growth stages, UOB, which banks one in every two small businesses in Singapore, offers end-to-end solutions including equity crowdfunding and venture debt through OurCrowd and InnoVen Capital respectively. UOB also provides mentorship and guidance to startups and small businesses on their business model and the various funding options available through its innovation lab, The FinLab. The bank has also trained its commercial bankers to provide clients with the most up-to-date information on alternative funding channels beyond traditional financing.

In addition, UOB is creating a “how-to” guide that explains the type of funding options available for startups and small businesses and how these can be easily accessed.

Interested?

Look for the guide on the UOB Asian Enterpriseswebsite. It will be available in December

View the complete Financing for Startups and Small Businesses Survey infographic (PDF)

*The survey was conducted by UOB in October and November 2016 among 250 Singapore-based companies with an annual turnover of under S$30 million. The objective was to understand if startups and small businesses understood the range of financing options available to them. 

**This refers to schemes such as SPRING’s Local Enterprise Financing Scheme. 

Growing Vietnam sees investments from around the region: UOB

According to the United Overseas Bank (UOB) Asian Enterprise Survey 2016*, Vietnam is likely to see increasing investments from its neighbours Malaysia, Thailand and Singapore in the next three to five years.

Enterprises from Malaysia (38%), Thailand (35%) and Singapore (29%) have ranked Vietnam as their top three expansion destinations. They are among the 28% of all respondents who chose the country as their favoured expansion destination in the next three to five years. These Asian enterprises are drawn to Vietnam’s stable political and economic climate (41%), large and growing customer demand (40%) and its favourable tax and regulatory environment (35%).

With economic growth of 6.7% in 2015 and a young workforce where 60% of its 90 million-strong population is under 35 years old, Vietnam is proving to be an attractive investment destination. In the first half of 2016, the country received a record US$11.3 billion in foreign direct investment (FDI), up 105% from the same period last year**.

Eric Tham, Head of Group Commercial Banking at UOB, said that the findings from the UOB Asian Enterprise Survey 2016 reaffirmed the entrepreneurial spirit of Asian enterprises as they continue to seek new markets for growth.

“According to the survey, the top industry sources of foreign investment into Vietnam are from the manufacturing, healthcare and pharmaceuticals, construction and real estate, as well as energy and natural resources sectors. These sectors are key as the country aims to build a strong foundation to support its long-term economic growth.

“Investments into Vietnam will also create more jobs and boost income. This in turn will open the doors for new economic opportunities as Vietnam’s growing urban population and expanding middle class start spending more on consumer goods, and on healthcare services to ensure their personal health and wellbeing. In addition, Vietnamese enterprises will benefit from collaborating with foreign companies in the areas of knowledge sharing and skills transfer,” said Tham.

One company that has ventured into Vietnam to expand their business is CKL Holdings, a food and beverage conglomerate with manufacturing facilities in Ho Chi Minh City for the production of beverages. Chia Chor Meng, Group Chairman of CKL Holdings, said, “We first set up a production plant in 1996 in light of Vietnam’s huge consumer market, lower operating cost, availability of work force and abundant natural raw materials. By having research and development facilities there, we are also able to manufacture and sell products that suit the tastes of the local population. We also tapped Vietnam’s conducive export environment to distribute our products to 60 countries worldwide. Last year, we established our second factory, which is five times the size of the first, to meet increasing customer demand.”

Vietnam’s government is increasing its efforts to attract foreign investment. One example is the memorandum of understanding (MoU) signed between the Vietnam Foreign Investment Agency (FIA) and UOB in 2015 aimed at increasing investment and trade between Vietnam and Southeast Asia. The MoU is FIA’s first such collaboration with a bank.

Tham added that while Vietnam’s economy may be affected by global market uncertainties stemming from a precipitous drop in oil prices and tepid consumer demand in the West, Vietnam’s rapid development presents many opportunities for Asian enterprises.

“The global economy may be slowing down but the Vietnamese economy is still seeing growth. Asian companies that are able to seize the arising opportunities, and produce the products and services needed to meet the rising demands of Vietnam’s middle class, will have a unique opportunity to build strong and sustainable regional businesses,” said Tham.

Interested?

Read the UOB Asian Enterprise Reports 2016

*The survey was conducted by UOB in May and June 2016 among 2,500 Asian enterprises across mainland China, Hong Kong, Indonesia, Malaysia, Singapore and Thailand. The objective was to explore how Asian enterprises are capitalising on business opportunities amid global and regional economic trends and trade flows. 

**Source: Doing Business in Vietnam, International Enterprise Singapore

Indonesia wins UOB Southeast Asian Painting of the Year Award

Indonesia has taken the UOB Southeast Asian Painting of the Year Award for the third year running. The United Overseas Bank (UOB) revealed that 36-year-old Gatot Indrajati has won the award for Right or Wrong My Home, a relief acrylic painting. Indrajati also picked up the 2016 UOB Painting of the Year, Indonesia award.

Judges commended his innovative use of wood, a traditional art medium in Indonesia combined with paint to create a visually compelling and contemporary artwork. They said Indrajati’s treatment of composition and layering to create a range of perspectives in the painting emphasised a sense of space while reflecting a typical Southeast Asian cityscape. The judges further noted that his application of light-hearted iconography invites the audience to contemplate the artist’s intent.

Indrajati said, “ I was inspired by the passion that Indonesians have for their country and how that attitude is such an inherent part of the Indonesian identity. Indonesians also have a wry sense of humour and we often use humour as a way to demonstrate the love for our country. I wanted my painting to portray that passion and patriotism."

Wee Ee Cheong, Deputy Chairman and Chief Executive Officer, UOB, said that the Bank remains committed to supporting the development of art in Southeast Asia for the long-term.

"We recognise the important role art plays in strengthening the fabric of a society. It connects people and communities, celebrates cultures and enriches lives. What is also distinctive about the UOB art programme is our focus on giving back. Beyond nurturing and profiling artistic talents, we also connect our artist alumni and our community partners to bring art appreciation to underprivileged and special needs children, " Wee said.

In the Established Artist category Carey Ngai, 49, won the UOB Painting of the Year (Singapore) Award. Ngai's entry was an oil on canvas painting, Industry 2.0 III. The judges were impressed by Ngai’s use of shades and colours in his realistic art piece. His painting draws a parallel between the obsolescence of industrial machinery and that of human abilities as societies evolve and as artificial intelligence becomes integrated into daily life.

For the Emerging Artist category: Yoko Choi Chi Mei, 38, was named the Most Promising Artist of the Year (Singapore). Choi created a diptych piece, City Wandering. Using ink marker on Chinese ink paper to create intricate, overlapping and multi-directional patterns, the artist explores how the search for change can reshape one’s perception of order and certainty.

The annual UOB Painting of the Year competition is held across four Southeast Asian countries. In Singapore, it is the longest-running art contest and is also the Bank’s flagship art programme. UOB’s focus on championing art as a key pillar of its corporate social responsibility programme began in Singapore more than 40 years ago. Over the years, the UOB Painting of the Year competition has launched the careers of artists in Singapore and the region including Singapore Cultural Medallion winners Raymond Lau, Chua Say Hua and Hong Sek Chern.

The regional panel of judges comprised representatives from each of the four participating countries: Agung Hujatnika Jennong, an independent curator and lecturer at the Faculty of Art and Design at the Bandung Institute of Technology in Indonesia; Choy Chun Wei, an award-winning contemporary artist from Malaysia; Dr Bridget Tracy Tan, Director of the Institute of Southeast Asian Arts and Art Galleries, Nanyang Academy of Fine Arts in Singapore; and Amrit Chusuwan, an artist and Dean of the Faculty of Painting, Sculpture and Graphic Arts, Silpakorn University in Thailand.

Other winners of the 35th UOB Painting of the Year competition include:

+2016 UOB Painting of the Year, Malaysia: Yim Yen Sum, The Floating Castle 
+2016 UOB Painting of the Year, Thailand: Jongjit Moolmat, Awaiting Enlightenment 2

+Established Artist Category (Singapore), Gold Award: Tang Kok Soo, Elephants Crossing the +Water Established Artist Category (Singapore), Silver Award: Yeo Tze Yang, Ah Ma’s Kitchen
+Established Artist Category (Singapore), Bronze Award: Kobayashi Satoshi, The Producer 

+Emerging Artist Category (Singapore) Gold Award: Ariel Dong Zixin, Self-portrait 
+Emerging Artist Category (Singapore) Silver Award: Shirly Koh Li Qing, Gentle Shade of Blue Beyond... 
+Emerging Artist Category (Singapore) Bronze Award: Ryan Lim Ding Xuan, Smithereens


Interested?

The winning paintings from the 2016 Painting of the Year competition will be exhibited at the UOB Art Gallery, UOB Plaza 1 at 80 Raffles Place. The exhibition will run till the end of February 2017.

UOB launches the UOB Art Space uniquely @ REGAL in Hong Kong

United Overseas Bank Hong Kong (UOB Hong Kong) has joined hands with Regal Hotels International to launch UOB Art Space uniquely @ REGAL at Regal Airport Hotel, Hong Kong as part of their partnership to promote art in the community.

Themed The Land. The People. The City, the inaugural exhibition at UOB Art Space uniquely @ REGAL showcases 29 artworks from the UOB Art Collection. The artworks, curated by Tony Scott, Director, China Art Projects, demonstrate a harmonious mix of cultures and landscapes in Asia through bustling city scenes. For example, Scripts of Selective Sympathies by past UOB Painting of the Year winner Anthony Chua captures urban construction and the birth of the modern city through a double representation of a street scene. The repetitive imagery creates a rhythmic effect reflective of the busy city life. Other artworks on display include those from Chinese painting master David Kwo Da Wei, and other UOB Painting of the Year winners including Quek Jing Cheng,  Boo Sze Yang and Baet Yeok Kuan.

Both UOB Hong Kong and Regal Hotels hold a shared vision to encourage the appreciation of art in the community and to provide an avenue for young artists to showcase their works through sustainable initiatives and programmes. UOB is a leading bank in Asia with a global network of more than 500 offices in 19 countries a nd territories in Asia Pacific, Europe and North America. UOB started its art collection in the early 1970s as a way of supporting local artists. The UOB Art Collection now holds more than 2,000 artworks, of which many are displayed at the bank’s branches and offices, as well as public art galleries.

Regal Hotels is one of the largest hotel operators in Hong Kong, currently managing 26 hotels with 9,500 rooms and around 100 restaurants and bars. As professional hoteliers, Regal Hotels embraces the spirit of artisans with diligence and professionalism in serving people from different cultures and from all walks of life. In recent years, Regal Hotels put the ideas into practice by engaging art events including its sponsorship of the UOB Golden Garden Installation Art Awards in 2015. They first collaborated in 2015, when UOB Hong Kong and Regal Hotels organised an exhibition at Regal Airport Hotel to feature the winning artworks from the UOB Golden Garden Installation Art Awards. 


“Just as UOB has built an extensive network to serve and to connect our customers across Asia over the last few decades, we have been supporting the development of artists in the region through various community projects. In Hong Kong specifically, we launched the UOB Art Academy in April 2015 to make art more accessible to the community and to promote cross-cultural dialogue. This year, we are delighted to continue to work with Regal Hotels to showcase Asian art to people in Hong Kong and to travellers from around the world,” said Mrs Christine Ip, Chief Executive Officer of UOB Hong Kong.

Poman Lo, Vice Chairman and Managing Director of Regal Hotels, said, “We believe the art exhibitions at the UOB Art Space uniquely @ REGAL will definitely become a point of attraction at Regal Hotels and enhance our guests’ experience as they view the display of Asian art.”

The exhibits at the UOB Art Space uniquely @ REGAL will be refreshed quarterly.

Interested?

The UOB Art Space uniquely @ REGAL is  at 2/F, Regal Airport Hotel, 9 Cheong Tat Road, Hong Kong International Airport, and is open from 11am to 8 pm every day except Wednesdays.