United Overseas Bank’s (UOB) retail banking customers across Asean will soon be able to access personalised carbon insights through the bank’s UOB TMRW digital banking platform.
The new “Carbon Insights” feature will first be made available to a select group of UOB customers next year before a broader launch in Singapore, says UOB in a press release on Nov 8.
Based on a customer’s spending and saving behaviour, UOB TMRW’s feature will automatically provide an estimate of a customer’s overall carbon footprint, broken down into spending categories and time periods.
According to the bank, the feature will use both international benchmarks and locally adapted emission standards to provide a robust, localised footprint.
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Kevin Lam, head of TMRW and group digital banking, says: “At UOB, we are powering innovation across Asean for a sustainable future. We are excited to be at the forefront of developing an Asean-first carbon insights solution for our customers. In doing so, we hope to empower our customers with actionable insights to live more sustainably.”
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“This latest initiative is another example of how through a customer-centric approach, we are making digital banking of tomorrow simpler, smarter and more engaging,” adds Lam.
UOB was awarded the Monetary Authority of Singapore’s Financial Sector Technology and Innovation (FSTI) Proof of Concept (POC) grant in October for this project. The FSTI POC grant provides funding support for experimentation, development, and dissemination of nascent innovative technologies in the financial services sector.
Eric Lim, chief sustainability officer at UOB, says: “We believe the confluence of technology and sustainability will continue to pave the way for innovative climate change solutions. There is clear demand from customers to help them take action against climate change — we hear them and are responding accordingly.”
Photo: UOB
