Richard Maloney, President and CEO of UOB Thailand, has reaffirmed the bank's 25-year commitment to supporting Thailand's economic landscape. As Southeast Asia continues to show growth potential, UOB aims to facilitate regional expansion, particularly in Thailand, where the GDP growth is projected at 2.7% for 2024 and 2.9% for 2025. In comparison, the ASEAN-6 economies are expected to see a GDP growth of 4.8% during the same period, with Vietnam leading the charge at 6.4% and 6.6% growth rates.
UOB has played a significant role in Thailand's economic development, assisting 440 companies in investing within the country, which has resulted in the creation of over 29,000 jobs. The bank's acquisition of Citigroupās consumer banking business in 2022 positioned UOB as the second-largest foreign-owned bank in Thailand, with its consumer loan portfolio comprising about 40% of total loans. In response to rising household debt, UOB is implementing a new debt restructuring scheme aimed at alleviating financial pressures on consumers.
In addition to its banking services, UOB has launched initiatives to enhance financial literacy among the youth. The UOB Money 101 program has educated over 6,000 students on financial literacy since its inception in 2021. Furthermore, the bank has introduced the UOB TMRW digital banking platform to meet the evolving needs of its customers, along with the UOB Money Lock feature to bolster cyber-risk protection.
As Thailand prepares for a more digital and inclusive financial future, UOB's strategic vision and initiatives are set to play a crucial role in driving economic growth and improving financial literacy across the nation. The bank's efforts align with the broader economic goals of the region, positioning Thailand as a key player in the ASEAN economic landscape.