United Overseas Bank (UOB) has expanded its cross-border payment services across seven ASEAN markets, enabling near real-time transfers for both retail and SME clients. The initiative leverages partnerships with fintech providers and local clearinghouses to cut transaction costs and settlement times.
The system now covers Singapore, Malaysia, Indonesia, Vietnam, Thailand, Cambodia, and the Philippines. Officials say this development supports ASEAN’s broader push toward regional financial integration.
“This is a milestone in enhancing connectivity for businesses operating across Southeast Asia,” said Jacquelyn Tan, UOB’s Head of Group Retail. “Efficient cross-border transactions are critical for SMEs looking to expand regionally.”
The move positions UOB as a leader in the fast-growing digital payments space, where demand is being driven by cross-border e-commerce and the rise of gig economy workers. Analysts suggest this could set a new standard for banks across the region.
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