Meniga advances in South East Asia with UOB contract

Meniga advances in South East Asia with UOB contract

United Overseas Bank is to deploy personal financial management tools from Meniga to help customers of its forthcoming pan-regional Digital Bank stay on top of their regular transactions.

UOB will use the Meniga engine to categorise multiple transaction datasets and nudge customers to make smarter decisions in managing their finances. For instance, a customer who dines out frequently could be asked if they would like to set a budget for dining out and to be alerted to stay on track. The customer can also categorise expenses through personalised hashtags, such as #rainydayfund or #coffeewithfriends and check in real-time how much has been spent in each category.

Dr Dennis Khoo, head of regional digital bank and digital banking, UOB, says: “A pain point customers typically face when tracking their monthly expenses is the inconsistency in how retail names are recorded. As a result, it takes a longer time to match their expenses with what is reflected in their statements. The inconsistency is due to the transaction data coming from different sources, each with its own classification set. Meniga’s solution powers UOB’s Digital Bank’s advanced expense tracking which sorts and categorises these large volumes of complex transaction data. This means our customers can match their purchases without having to scratch their heads trying to figure out the retail or brand name associated with the merchant. Our customers will also be able to organise the way in which they manage their finances in real-time so that it is always personal to them and relevant to their own needs.”

UOB in August announced plans to launch a digital-only bank to cater for the massive and increasing rate of mobile-first consumers in South East Asia.

The new bank will be powered by next-generation artificial intelligence, machine learning, data analytics, user interface design and smartphone capabilities, leveraging inhouse expertise alongside innovations provided by third party vendors such as Meniga, and Personetics.

The deal with UOB opens up a new geographical front for Meniga, which has recently secured investments and contracts from three European banks, Islandsbanki, Swedbank and UniCredit.

Georg Ludviksson, CEO and Co-founder of Meniga, says: “Collaborating with UOB marks an important milestone in Meniga’s geographical expansion. The collaboration will see our product launched in several exciting, high-growth markets where we look forward to making a positive impact on people’s personal finances."

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