UOB Indonesia has brought TMRW, its virtual bank, to serve the local market as part of its strategy to drive the expansion of its advertising operations in the region. The launch of the virtual bank came after UOB established its operations in Thailand in 2019.
UOB is well known for creating a game called City of TMRW, where consumers can create a virtual city every time they save money. When users start moving to higher degrees in the game, they can unlock other features of their virtual city.
UOB noted that the bank’s account opening procedure is easy to use, intuitive, fast and secure. User IDs are verified by video call with a visitor representative. The company says the account opening procedure can be completed in minutes.
TMRW Rapid Response Invoices (QR), which allow consumers to make quick and convenient invoices to approved merchants and distributors by simply scanning QR codes related to the products they need to purchase. UOB aims at Indonesia’s national non-monetary movement (Gerakan Nasional Non-Tunai) using the QR Code Indonesia Standard (QRIS).
Kevin Lam, president and director of UOB Indonesia, said:
“The next generation of Indonesian replacement actors is cellular and needs virtual facilities in the port that will enable them to achieve their aspirations. With TMRW, we hope to help them achieve their monetary liabilities and build a better future.”
Fintech adoption in Indonesia is on the rise due to the COVID-19 epidemic. The pandemic has accelerated the transition to virtual platforms and services.
OVO has established a widely used payment platform in Indonesia. OVO reportedly has one of the largest embedded virtual ecosystems in the country, according to Karaniya Dharmasaptura, CEO of OVO.
Backed by Lippo’s investments, OVO introduced its operations in 2017. The company provides loan services (P2P), investments, insurance, credit scores and multi-financing products.
In statements shared with Beritasatu Media Holdings, Karaniya said:
“In 3 years, we have Indonesia’s largest financial technology services ecosystem.”
The company’s application provides P2P loans to Taralite, which has effectively acquired an operational license from the Financial Services Authority (OJK), which is Indonesia’s monetary regulator. OVO clients can invest in mutual funds, government-backed securities and gold bars.
Sinta Setyaningsih, OVO’s chief of public, said:
“Almost 30% of OVO users are not banked. They are more sensitive to your OVO credits through Grab controllers, not bank transactions. These other people didn’t have a bank account, however, they’re comfortable with OVO.”