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 Avatec.ai 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.

Also read:

Singapore Digest: ICBC launches i-banking services; UOB in JV with Pintec

Asia Digest: Myanmar Strategic raises $3.07m; Funding Societies, UOB Malaysia pact

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.