UOB Aims for a High-End Niche Market
Suporntip Pongsachamnankit, the head of the bank's card business, anticipates continued double-digit growth and a 15% rise in 2024.
The bank, which has over 2.4 million cardholders, targets those earning at least 35,000 baht monthly, making up half of its clientele. Yesterday, UOB Thailand introduced five co-branded cards— with Grab, Lazada, Makro, Mercedes-Benz, and Thai Royal Orchid Plus—catering to different lifestyle needs.
The UOB Grab card suits urbanites using smartphones for transportation and food services, with nearly one million transactions on Grab monthly. The UOB Lazada card responds to the surge in online shopping, with a 37% increase in such transactions in 2023.
The UOB Makro card is designed for small businesses and individuals seeking cost-effective supplies, while the UOB Mercedes card targets the luxury sector, contributing to 40% of spending.
The travel-centric UOB Thai Royal Orchid Plus card offers benefits like a fast track to Royal Orchid Plus Gold status and converts spending into airline miles, drawing in frequent travelers, which has seen a resurgence post-pandemic.
Following the acquisition of Citigroup's consumer business in four Asean markets, UOB now serves approximately 8 million retail customers in the region.
The bank, which has over 2.4 million cardholders, targets those earning at least 35,000 baht monthly, making up half of its clientele. Yesterday, UOB Thailand introduced five co-branded cards— with Grab, Lazada, Makro, Mercedes-Benz, and Thai Royal Orchid Plus—catering to different lifestyle needs.
The UOB Grab card suits urbanites using smartphones for transportation and food services, with nearly one million transactions on Grab monthly. The UOB Lazada card responds to the surge in online shopping, with a 37% increase in such transactions in 2023.
The UOB Makro card is designed for small businesses and individuals seeking cost-effective supplies, while the UOB Mercedes card targets the luxury sector, contributing to 40% of spending.
The travel-centric UOB Thai Royal Orchid Plus card offers benefits like a fast track to Royal Orchid Plus Gold status and converts spending into airline miles, drawing in frequent travelers, which has seen a resurgence post-pandemic.
Following the acquisition of Citigroup's consumer business in four Asean markets, UOB now serves approximately 8 million retail customers in the region.