Singapore-based bank UOB backs Israeli fintech startup Personetics

UOB in Singapore. Credit: United Overseas Banking Group

Singapore-based United Overseas Bank Limited (UOB) has invested an undisclosed sum and struck a partnership with Israel-based fintech startup Personetics, it said in a statement today.

According to UOB, the investment and partnership will help enhance the bank’s artificial intelligence-based solutions for its customers across Southeast Asia through Personetics’ cognitive analytic capabilities.

UOB head of regional digital bank and strategic initiatives Dennis Khoo said, Personetics’ capabilities will accelerate the bank’s use of AI and enable the Bank to anticipate what customers want and to prompt them to be better at saving and smarter at spending to create more relevant and engaging digital experiences.

“Given the advances in AI, machine learning and data analytics, we will use Personetics’ tools to deepen our understanding of customer behaviour and to design more innovative, responsive and responsible digital banking services,” he said.

Personetics claims to have served more than 50 million bank customers across the world, where its cognitive banking brain is used by many financial institutions to change the digital banking experience.

“Today, UOB becomes the first bank in Asia to join this revolution in digital banking, a step that is demonstrating the bank’s advanced technology vision and its commitment to the financial well-being of its customers,” said Personetics co-founder and CEO, David Sosna.

Personetics has offices across London, New York, Tel Aviv and Singapore.

This investment in Personetics follows UOB’s joint venture with this April. UOB holds a 60 per cent stake in the JV where Avatec received an issued and paid-up capital of up to S$10 million ($7.6 million) and will be a subsidiary of the bank.

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