SINGAPORE: United Overseas Bank aims to take control of trade financing in Southeast Asia, taking advantage of the region’s appeal as a beneficiary, resulting from a widening chasm between the United States and China.
According to a South China Morning Post report, UOB group head of wholesale banking and markets, Frederick Chin, said: SEA benefits from the economic fallout from Washington-Beijing tensions; because of this, the region’s top economies attracted more foreign direct investment than China for the first time in more than 10 years in 2023.UOB’s global wholesale banking offers a suite of products, including loans, trade services, cash management, and advisory services. The segment produced a record income of S$7.1 billion in 2023.
“Nobody dominates this space. That is why I want to invest heavily. Five per cent by 2026 is my initial target,” said Chin, who was speaking in an interview in Ho Chi Minh city last week.