UOB Malaysia partners Stellavingze Global to help affluent women achieve financial independence
Bank offers wealth management solution designed to help women manage their wealth in line with their lifestyle preferences
Kuala Lumpur, Malaysia, 9 January 2020 – United Overseas Bank (Malaysia) Bhd (UOB Malaysia) has signed a Memorandum of Understanding (MoU) with a leading women’s association, Stellavingze Global1, to provide women with financial solutions that suit their lifestyle choices and financial priorities. With this collaboration, the Bank seeks to help affluent2 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 20154. Over the same period, the number of women opting to open joint accounts has grown at a slower rate of 33.2 per cent5, suggesting that affluent female customers prefer to manage their finances independently.
Mr Ronnie Lim, Managing Director and Country Head of Personal Financial Services, 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. “Women are progressively choosing how to spend their own money and prefer to use their credit cards to pay for niceties such as travel and lifestyle shopping ranging from fashion and accessories to beauty products. This type of discretionary credit card spending among women has grown by 47 per cent since 2015 compared with just a 23 per cent rise in discretionary credit card spending by men within the same period ,” Mr Lim said.
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 savings6. 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.
To help association members grow their wealth further, UOB Malaysia will adopt its Risk-First approach to ensure the right solution is matched with each customer and to help customers better understand how risk relates to potential returns. The Bank will also host seminars and talks to help members increase their knowledge and understanding of different products and services.
“With more women becoming financially independent and taking responsibility for their financial decisions, they will need the right knowledge to manage their wealth and income to make informed financial decisions. UOB Malaysia’s comprehensive wealth management solutions enable our customers to manage their money wisely and to meet their financial goals with tailored advice, comprehensive risk disclosures and the right solutions. Through our dedicated team of wealth managers, seminar and workshops, we aim to help our female customers find the optimal solutions to help them grow and protect their wealth through the different stages of their lives,” Mr Lim said.
Tan Sri Dato’ Sri Dr Ng Yen Yen, President of Stellavingze Global said, “Our organisation’s vision is to enrich and to empower women to reach their full potential through knowledge and information of present and future opportunities and challenges. Our mission is to provide a platform for sharing and learning including extensive networking within Malaysia and internationally. Stellavingze Global’s collaboration with UOB Malaysia is an example of how we support our members and help them meet their financial goals by providing them with information and knowledge that will enable them to make sound financial decisions.”
To be eligible for the wealth management solution proposed under this collaboration, Stellavingze Global members will need to make a minimum investment of RM150,000.
For more information on UOB Malaysia’s wealth management products and the UOB Lady’s Solitaire Card, please log on to www.uob.com.my.
1 Stellavingze Global is a Malaysian-based women’s networking organisation established in 2018. It offers its members access to business programmes, courses, and networking events to help them build their connections and strengthen their business relationships.
2 UOB Malaysia defines its mass affluent customers as customers who have investable assets of above RM150,000.
3 Source: Individual female customers with AUM in excess of RM150,000 in Privilege Banking and Wealth Banking. 1st January 2015 to 31st October 2019.
4 Source: Joint account holders with AUM in excess of RM150,000 in Privilege Banking and Wealth Banking. 1st January 2015 to 31st October 2019.
5 Source: UOB Malaysia credit card spend data from 1st January 2015 to 31st November 2019 for UOB Basic Card, UOB Lady’s Card, UOB Visa Infinite Card, UOB PRIVI Miles Card, UOB One Card, UOB Preferred Platinum and UOB YOLO Card.
6 Launched in May 2019, the UOB Stash Account is a high-interest savings account that combines a base interest rate with a bonus interest rate to achieve a higher Effective Interest Rate (EIR). Terms and conditions apply.