UOB of Singapore Launches Online Utility Marketplace
By MYBRANDBOOK
United Overseas Bank (UOB) launched an online utility marketplace which it claims to be a first such platform from a Singapore bank and helping users find and sign up to the best deals for electricity, gas, water, broadband and TV services. The bank has tapped on SP Group, electricity retailers Diamond Electric, Geneco, iSwitch, Keppel Electric, Pacific Light, Sembcorp, Senoko Energy and SUNSEAP, as well as telecommunications company Singtel, for broadband and TV services to become their partners.
UOB is spreading its wings into the comparison market thanks to recent Monetary Authority of Singapore rules which allow banks to operate digital platforms that match buyers and sellers of consumer goods and services.
The site lets people choose from among 10 utility providers and claims to be able to help them save a third on their monthly bills.
Jacquelyn Tan, head, personal financial services, UOB, says: "With utilities bills making up an average of about 10% of monthly household expenses, we want to help people stretch their household budget.
"This is why we have brought together Singapore’s largest network of utility providers for consumers to find a utility plan that can help them to save up to 35% on their monthly utilities bills."
The scheme also allows consumers to compare electricity providers and plans through its Electricity Price Plan Recommender where users can simply indicate if they prefer a fixed price or discounted price plan, their preferred subscription tenor (six-month, 12-month, 24-month or 36-month) and their monthly electricity bill budget. Based on their selection, a list of suitable electricity plans and potential savings will then be generated. "Consumers will be 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 and consumers will receive an email confirmation upon successful sign-up," the bank explained. Currently, the bank's electricity partners make up over 60% of all electricity retailers and 70% of plans available in the Open Electricity Market.
Its announcement comes just weeks after DBS in April launched its own online travel marketplace in beta, which seemingly vies with UOB's. DBS has tied up with Expedia and Singapore Airlines, while UOB had collaborated with Expedia and Agoda.
The bank has also partnered with SP Group to make it possible for all credit and debit card holders in Singaporeto pay their utility bills via the SP Utilities Mobile App regardless of issuing bank. Moreover, the scheme will also allow customers to earn reward points, cash rebates or miles when they pay their utilities bills using UOB credit cards.
Aside from being platform to set up utility services, the UOB Utility Marketplace will likewise enable customers to apply for a home loan with the bank and for broadband and TV services through Singtel.
Customers can also earn reward points, cash rebates or miles when they pay their utilities bills using UOB credit cards.
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