UOB expands tech partnerships for in-app payment

United Overseas Bank (UOB) is expanding its network of alliances with technology firms to help organisations increase productivity through financial technology solutions.

UOB is introducing in-app payment options for the property management and education sectors where the collection of monthly fees can be time-consuming. This would enable transactions to be conducted over the mobile phone. The options are the result of partnerships with hiLife Interactive and MGG Mobileapps for their hiLife and snaapp apps respectively. UOB’s mobile payment gateway will be embedded in both apps, the first time in Singapore that in-app payment options will be provided to help condominium management corporations and schools increase efficiency and generate cost savings.

Eric Tham, MD and Head of Group Commercial Banking, UOB, noted that amid the challenging economic environment, organisations in Singapore are looking for ways to manage their business and labour costs more efficiently. They are also looking to use technology as a differentiating factor. 

“According to the UOB Asian Enterprise Survey 2016*, enterprises in Singapore are grappling with rising business costs and labour shortage(s). As such, their investments are largely productivity-related and focused on innovation and process improvements. (It) is no different for condominium management corporations and schools,” said Tham.

Through UOB’s mobile payment gateway, the hiLife app will enable condominium management corporations to receive and to process payments for monthly maintenance fees and facility bookings electronically. This is expected to reap productivity savings of up to 30% as less manpower will be required to collect payments. Condominium management corporations can then redeploy manpower to serve their residents better.

Yen Chong, Sales Director of hiLife Interactive said, “After just a year in the market, the hiLife app has proven to benefit greatly both homeowners and management corporations with its ease of use, better communication platforms and productivity contributions. The addition of UOB’s mobile payment gateway to our current functionalities will enhance residents' experience on the app. We aim to ensure that the hiLife app remains relevant and a convenient way for residents to pay for their monthly maintenance fees and various recreational activities.”

Schools can cut the time spent on finance administration by an estimated 25 hours a month using UOB’s mobile payment gateway embedded in the snaapp app, as schools can then collect fees from parents directly. The app will also come with a reminder function to alert parents of payment schedules. This will reduce the time spent by administrative staff on reconciling parents’ payments via cash and cheques, and having to follow up on late payments.

Steven Tan, MD, MGG, said, “The objective of the snaapp app is to help schools solve day-to-day workflow issues and simplify administrative tasks using technology. Since its launch in 2013, snaapp has been helping schools with tasks such as digital attendance-taking, sending of electronic consent forms and messaging with parents. With UOB’s mobile payment gateway, we will be able to address schools’ pain points in fee collection and finance management.”

Tham said that just as technology is changing the way companies serve their customers, banks are also changing the way they engage their customers across various touch points.  “Through harnessing technology and collaborating with external partners, UOB aims to provide innovative solutions that add value to people’s lives. Our mobile payment gateway will also help busy condominium residents and parents, the users of the hiLife and snaapp apps, to enjoy greater convenience without the need to make payments in cash or cheques during business hours.”

Interested?

The mobile payment features of the hiLife and snaapp apps will be available by end-November 2016 and January 2017 respectively.

*The UOB Asian Enterprise Survey 2016 polled 2,500 business leaders across Asia, including 300 from Singapore. The objective was to understand the challenges Asian enterprises are facing, and the strategies and plans they have to fuel their next stage of growth.