SINGAPORE - United Overseas Bank has teamed up with four Singapore property agencies - ERA Realty, Huttons Asia, OrangeTee & Tie and PropNex Realty - as well as online proptech company, SoReal Prop, to develop a range of digital tools to help homebuyers.
In a media statement on Tuesday (Aug 7), UOB said its fully digital home-loan solution includes Singapore's first bank-backed digital instant valuation service - undertaken with CKS Property Consultants - a banker and buyer matching service and online instant home loan approval service.
The bank said its survey of recent and potential homebuyers showed that close to three in five (56 per cent) expect their agents to provide an end-to-end home-buying service - from property searches through to completion of purchase. The research also found that homebuyers thought the current purchasing process often cumbersome and largely paper-based. They said agents and homebuyers had to fill in too many forms, to liaise with multiple parties throughout the purchasing process, and to wait too long for the processing of their home-loan application.
Ms Jacquelyn Tan, the bank's Singapore head of personal financial services, said: "As UOB finances more than 30 per cent of all new property sales in Singapore, we know that agents and homebuyers want certainty and simplicity in the property transaction. This is why we worked with our real estate partners to design a digital home-loan solution that would address pain points experienced by agents and homebuyers, and would streamline the home-buying process.
"Today, in collaboration with the largest ecosystem of property partners, we are the first bank to provide a fully digital home-loan solution that is also customised such that it integrates effortlessly into the property agencies' own mobile apps."
Its latest venture comes one week after UOB announced a partnership with a consortium of seven car distributors and online retail platform Carousell to offer a digital car-financing solution for more than 11 car brands.