UOB aims 50% revenue rise from outside Singapore

Bloomberg

United Overseas Bank (UOB) plans to increase portion of revenue it gets from outside its ho-me market of Singapore to about 50% by 2021, despite forecasting a challenging year ahead.
“For 2019, market volatility is expected to remain,” Chief Executive Officer Wee Ee Cheong told analysts and investors
in Singapore on Wednesday. “Geopolitics, rising global trade tensions and concern over a synchronised global slowdown weigh on sentiment.”
UOB will target growth in the Asean region, which already makes up the bulk of its non-Singapore revenue. Growing internationally while improving customer services will attract more clients doing business throughout Asia to give it greater scale and improved risks, Wee added.
Banks globally are grappling with the rise of non-bank financial firms that offer services including loans and payments through mobile devices and other digital channels. Hong Kong began to issue banking licenses to the likes of Alibaba Group Holding Ltd. affiliate Ant Financial and Tencent Holdings Ltd. earlier this year while Singapore’s financial regulator is studying similar permits.