UOB partners with Fave to transform rewards programmes

The new UOB Rewards+ intends to make rewards more straightforward, transparent, and engaging.

UOB has announced the launch of UOB Rewards+ on 27 October. 

The bank, partnered with fintech platform Fave, formed the new unified digital platform, UOB TMRW, for simpler and clearer banking for all UOB customers. The partnership has doubled the number of merchant locations in UOB's rewards programme, making UOB Rewards+ the biggest merchant rewards programme in Singapore.

In a regional first, UOB customers can also track through UOB TMRW the amount of credit card reward points they earn with every purchase. It changes the traditional banking rewards experience by providing consumers with a summarised view of their consolidated rewards points.

"The rewards redemption experience for customers today leaves much to be desired as it can be cumbersome. Consumers in Singapore want more clarity, such as the 87% of respondents in our market research who want a breakdown of the rewards points they have accumulated. Our strategic alliance with Fave brings together two of Singapore's rewards and loyalty programmes under the UOB Rewards+ programme. Our goal to make rewards simple and transparent for customers have changed the game completely for them," said Personal Financial Services group head Jacquelyn Tan.

UOB is also offering UOB Rewards+ as part of the bank's bid to encourage more UOB customers to support local businesses.