With the roll-out of TMRW, PT Bank UOB Indonesia (UOB Indonesia) hopes to capture the country's generation of enterprising and digitally savvy customers.
UOB's mobile-only digital bank has been launched in its second market after Thailand, as part of the Group’s strategy to accelerate growth and to scale up its regional customer franchise.
«The next generation of Indonesia’s changemakers are mobile and want on-the-go digital services that enable them to achieve their aspirations. With TMRW, we hope to help them meet their financial goals and to support them as they build a better tomorrow,» Kevin Lam, president director, UOB Indonesia, said in an announcement on Monday.
Market Opportunity
Indonesia's, the largest consumer market in Southeast Asia, also has the highest levels of household consumption among its regional neighbors. With a largely unbanked population and high mobile penetration rate, it is also a market ripe for digital banking penetration.
Incumbents DBS and Bank Tabungan Pensiunan Nasional (BTPN) have launched standalone digital offerings, but large tech players such as Gojek’s GoPay and Lippo Group’s OVO are also vying for a share of the pie.
Asean Focus
UOB's digital outfit was first launched in 2019 in Thailand, where the bank is a familiar name after operating there for 16 years. Despite its small market share of less than 5 percent, the business is profitable, it said.
The bank previously set a target of gaining 3 million to 5 million customers in the next five years, and said it sees a S$10 billion market opportunity in serving Southeast Asia's millennials and hopes that TMRW can capture a meaningful portion.
Product Lead Exits
Lam recently took over from Dennis Khoo, who helped UOB build its consumer digital bank from scratch, which eventually became TMRW.
Khoo is reportedly leaving UOB to join a consortium backed by TikTok owner ByteDance, which has applied for a digital banking license in Singapore.
