We ensure Fair Dealing remains central to our corporate culture by:
- offering products and services that are suitable for our customers;
- ensuring the competency of our colleagues in providing quality advice and appropriate recommendations;
- providing clear, relevant and timely information so that our customers can make informed financial decisions; and
- dealing with feedback in an independent, effective and prompt manner.
Our Fair Dealing Guidelines Committee champions Fair Dealing across the Group and assists the Board and the Senior Management in the delivery of Fair Dealing outcomes to our customers. As part of this, the Committee reviews and approves the action plans, guidelines, processes and practices to achieve Fair Dealing outcomes. It is responsible for establishing a management information framework for business functions to measure the achievements of Fair Dealing outcomes and conducts regular meetings with them to monitor their progress.
Our Product Sales Committee reviews and approves investment products distributed by UOB and its banking subsidiaries, as well as the relevant Product Due Diligence and Sales Governance Frameworks. All UOB employees are required to complete an e-learning module on Fair Dealing every year. We reinforce our colleagues’ understanding of the importance of Fair Dealing through regular internal communication campaigns.
Customer Data and Privacy
We have extensive policies and processes in place to ensure the confidentiality and security of our customers’ information. We are also committed to complying with the Personal Data Protection Act of Singapore and upholding industry best practices.
The main principles of our Personal Data Protection Policy are:
- personal data must only be collected and used for purposes for which the customer has been notified and has consented to, or are permitted by law;
- access and disclosure is strictly on a need-to-know basis;
- the integrity and security of personal data is paramount; and
- personal data that is no longer required for legal or business purposes must be destroyed securely in accordance with document retention policies.
Mindful of evolving threats and rising international data privacy standards, we conduct regular reviews to ensure the robustness of our systems. Data privacy impact assessments also form an integral part of our business and product development. We have in place a data breach, complaint handling and escalation process and the Group Operational Risk Management reviews the monthly incident reports. Line data protection officers at functional and business levels in Singapore and locally appointed officers at overseas locations report to the Franchise Data Protection Officers in Singapore, who in turn report to the Group CEO.
Our data protection officers ensure compliance with local and Group requirements and assist in investigating alleged breaches. In addition, our people undergo annual online training on the principles, policies and procedures for data privacy and security.
We respect our customers’ marketing preferences and have processes in place to record their consent to receive telemarketing calls and to allow hassle-free withdrawal of such consent. Customers have the right to request access to and correction of their personal data, and we facilitate their requests through various channels.
Information on our approach to privacy and data protection and contact details for our Data Protection Officers are available on our website. Our UOB Privacy Notice is also available online and at all branches in Singapore.
Cybersecurity, Fraud Prevention and Anti-money Laundering
At UOB, we use technology to provide borderless, reliable and efficient service, and are committed to protecting our customers from cybersecurity threats through maintaining the robustness of our risk management systems. Our Group Technology Risk Management Framework outlines our cybersecurity policies, guidelines and tools to protect our customers’ and the Bank’s data and assets. The framework also incorporates comprehensive control requirements set out by the Monetary Authority of Singapore in its Technology Risk Management Guidelines.
Our team of dedicated Security Operations Centre specialists monitor, detect and respond to potential cybersecurity risks and threats. In addition, we conduct ongoing training on cybersecurity risks for our employees. We collaborated with the ABS and participated in the Financial Services – Information Sharing and Analysis Center to share with our industry peers potential threats and best practices to strengthen our collective defence against cyber attacks.
To raise our customers’ awareness of cybersecurity so they can also help protect themselves from cyber attacks, we provide them with regular updates on cybersecurity tips and threats via our website, electronic mailers, text messages and mobile apps.
We have implemented a comprehensive Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) framework which aims to detect and to prevent the risks associated with money laundering, terrorist financing and sanctions. The framework includes programmes relating to risk assessment, employee training, customer due diligence and transaction monitoring.
We require all employees to comply with UOB’s Group Anti-Money Laundering, Countering the Financing of Terrorism and Sanctions Policy and applicable laws. A dedicated senior management committee provides governance oversight on the Group’s AML/CFT- and sanction-related matters. We review regularly our framework, policies, procedures, programmes and transaction monitoring systems to ensure their robustness and compliance with regulatory requirements. The framework and the associated programmes are also audited by both our internal and external auditors.
We continue to invest in technology to enhance our product and service capabilities to meet our customers’ changing lifestyles and business needs. Our technology investments focus on mobility, payments, connectivity and data, while strengthening our technology infrastructure to address regulatory changes and cybersecurity threats.
Banking is being increasingly conducted on smart mobile devices. To match our customers’ lifestyle preferences, we continually look for ways to enhance our mobile service offerings and our all-in-one mobile app, UOB Mighty, is one way we are doing this. Since 2015, we have been championing integrated payment options for our customers through UOB Mighty.
For small businesses in Singapore, we have the UOB BizSmart offering - a suite of cloud-based solutions that enables them to be more effective in their administrative processes. We partnered with SAP, a market leader in enterprise application software, to offer SAP Business One in 2017. The SAP Business One is a complimentary, entry-level solution that helps our small- and medium-sized enterprise (SME) customers seize growth opportunities in the digital economy. The solution is available as part of UOB BizSmart and enables our customers to manage their company finances more effectively.
To help our corporate clients manage the financial side of their businesses better, we launched the UOB Virtual Payment Solutions suite in 2017. This is Southeast Asia’s first virtual accounts payable solution. It enables businesses to pay their vendors and suppliers through a virtual corporate credit card account even if these parties do not accept card payments.
On Application Programming Interface (API), we have developed an API Gateway to enable our ecosystem partners such as start-ups and e-commerce companies, to request for and to retrieve information from our Bank’s systems seamlessly. This will enable our partners to develop solutions that link to our banking services while ensuring that our customers’ information is protected and secure.
We are also contributing to the development of a FinTech ecosystem in Asia, including sharing our insights online on our UOB Tech Start-up website and by participating in various industry forums such as the Singapore FinTech Festival. Through The FinLab, an innovation accelerator joint venture between UOB and SGInnovate, we provide guidance, resources and mentorship to FinTech start-ups to help them secure investor funding, to sign commercial deals and to expand into new markets.