United Overseas Bank on Monday launched Singapore's first online utility marketplace by a bank, as part of the Open Electricity Market initiative.
United Overseas Bank (UOB)'s utility marketplace will add to an existing array of comparison websites under Singapore's Open Electricity Market initiative by the Energy Market Authority. Featuring 10 utility providers on a single website, customers can now search and sign up for the best deals for electricity, gas, water, broadband and TV services.
«With utility bills making up an average of about 10 percent of monthly household expenses, we want to help people stretch their household budget,» said Jacquelyn Tan, UOB's head of personal financial services Singapore in a media statement.
Saving Consumers Time
With more than 50 different plans offered by electricity retailers under the Open Electricity Market rollout, Singapore consumers could find it time-consuming to find the right electricity plan.
The UOB Utility Marketplace aims to make it easy for consumers to compare providers and plans through its Electricity Price Plan Recommender. Users simply need to indicate if they prefer a fixed price or discounted price plan, their preferred subscription tenure, and their monthly electricity bill budget.
A list of suitable electricity plans and potential savings will then be generated based on their selection. Consumers are then directed to the electricity partner’s website to sign up for their plan of choice. In all, the process takes less than 10 minutes to complete, the bank said.
