UOB posted record credit card fees in the third quarter, fuelled in part by demand for tickets to Taylor Swift’s concerts in Singapore. The bank expects similar demand via upcoming performances by another superstar.
In the third quarter of 2023, credit card fees at UOB reached record levels after surging 89 percent year-on-year to S$104 million ($76 million), according to the bank’s financial results. This accounted for nearly 20 percent of the bank’s overall income, up from 10 percent last year. Overall, the bank posted a net profit of S$1.4 billion, down 1 percent.
A significant contributor has been the Taylor Swift partnership which allowed UOB cardholders to enjoy access to an exclusive pre-sale in July for tickets to her six shows in Singapore. The bank is partnering with another Grammy award winner who will be running a concert tour in Asia next year.
«If you have a UOB credit card, it’s a small advantage,» said UOB CEO Wee Ee Cheong during a post-results briefing. «There’s more to come. Look at Ed Sheeran — it’s the same thing.»
