UOB changes the way people exchange currency with Mighty FX

UOB changes the way people exchange currency with Mighty FX

Singapore, 29 January 2018 – United Overseas Bank (UOB) is changing the way savvy online shoppers
and international travellers buy and pay with foreign currencies with its new digital banking solution
Mighty FX.

Mighty FX enables customers to trade and to transact quickly and conveniently in 11 currencies 1 without
being charged any currency conversion fees. Not having to pay conversion fees tops the list of what
consumers (65 per cent) say they want from a digital foreign exchange (FX) service according to
research2 commissioned by UOB.

Mighty FX, which works through UOB’s award-winning mobile app UOB Mighty, also fulfils the other top
items on their wishlist. These are no minimum deposit limit (49 per cent), giving consumers the ability to
make transactions in a foreign currency on-the-go, seven days a week (39 per cent) and being able to
change currency at their preferred rate (29 per cent).

Given that seven in 10 respondents say they spend their time looking for the best FX rates at money
changers, the Bank has designed Mighty FX to create a simpler, smarter and more efficient means for
customers to convert currency.

And unlike changing money at traditional money changers where only the buy and sell rates at a point in
time can be used, customers can use Mighty FX to review current and historical rates and then choose to
set alerts for their preferred rates. Mighty FX can be set to convert the funds when the preferred rate is
met, and the customer will be notified of the transaction.

Mr Aaron Chiew, Head of Digital and Mobile, Regional Digital Banking, UOB said that Mighty FX was
designed to tick all the boxes in making it easier for customers to manage their foreign currency needs,
whether it is to use the money to spend online at overseas merchants, to set aside foreign currencies for
their holidays overseas or to use the account to help build up their foreign currency savings. It also gives
them the certainty that they are getting the rate they want.

1
 The set of currencies available on Mighty FX are AUD, CAD, CHF, CNH, EUR, GBP, HKD, JPY, NZD, SGD and USD.
2
 The consumer research polled 500 Singapore residents aged 18 and above. The survey was conducted by Ipsos from December 2016 to
January 2017.

“Mighty FX’s transparent currency conversion service means that customers are able to choose when
they want to buy a foreign currency and at a price point with which they are comfortable. For the one in
three people already planning their next overseas holiday, they would not have to take time out of their
day to look around for a money changer with the best rates. They can begin budgeting for their holiday by
simply setting a trade alert for their preferred rate, and thereafter trade at any time and from anywhere.
Mighty FX also means that for those who need cash when overseas, they will know exactly how much
they are paying for their cash withdrawals as it is drawn from their Mighty FX account at their preferred
rate,” Mr Chiew said.

The Mighty FX solution was piloted in November last year. One of the respondents who provided
feedback on the experience said she had used the service to begin putting aside money for her trip to
Europe in a few months. As she also shops at overseas websites, she wanted to be sure she would
receive the best rates for her online purchases too.

“As most of my family and many of my friends live overseas, I do a lot of birthday and festive shopping
online. When it comes to currency conversion at the point of checkout, rather than have to take the
exchange rate offered at that time, I have already converted the money at my preferred rate using Mighty
FX. This puts me in better control of my spending,” she said.

How Mighty FX works
Mighty FX comes in a set of 10 foreign currency accounts and is linked to a SGD-based UOB current
account3, such as the One Account or the KrisFlyer UOB Account. Any transactions or funds within the
Mighty FX account will also qualify for bonus interest or KrisFlyer miles, depending on the type of SGD
base account to which it is linked.

Mighty FX does not require a minimum balance and does not charge fall-below fees. Trades can be
conducted from as little as S$1 and up to S$50,000.

To sign up for Mighty FX, customers simply need to open or to hold an eligible UOB SGD account and to
link it to Mighty FX through UOB Mighty or the Bank’s online banking site. A physical debit card linked to
the customer’s Mighty FX account will also be issued. Whenever a customer makes a purchase at a

3
 In addition to the UOB One Account and the KrisFlyer UOB account, customers can also link Mighty FX to UOB’s iAccount, Wealth Premium
Account and Privilege Account.

physical or online store using the Mighty FX debit card or KrisFlyer UOB debit card, the amount will be
drawn from the relevant currency account.

Take an example of a customer in Singapore who shops at a US-based online store. At the checkout
point, they choose to pay in USD because the exchange rate is either set at their preferred rate or
happens to be in their favour. The Mighty FX debit card will then automatically draw the transaction
amount from the customer’s Mighty FX USD account for payment to be made.

For customers who want to use cash while travelling, they can withdraw cash certain it is at an exchange
rate that they chose. Mighty FX also provides another element of certainty as ATM cash withdrawals are
capped at a flat fee of S$5 or foreign currency equivalent for each transaction. With Mighty FX’s ATM
finder function, customers can find the nearest ATM quickly. Cash withdrawals can be made with the debit
card at more than two million ATM locations worldwide.

For more information on Mighty FX, please visit www.uob.com.sg/mightyfx.

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About United Overseas Bank
United Overseas Bank Limited (UOB) is a leading bank in Asia with a global network of more than 500 offices in 19 countries and
territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a
series of strategic acquisitions. UOB is rated among the world’s top banks: Aa1 by Moody’s and AA- by Standard & Poor’s and
Fitch Ratings respectively. In Asia, UOB operates through its head office in Singapore and banking subsidiaries in China,
Indonesia, Malaysia and Thailand, as well as branches and representative offices across the region.

Over more than eight decades, generations of UOB employees have carried through the entrepreneurial spirit, the focus on long -
term value creation and an unwavering commitment to do what is right for our customers and our colleagues.

We believe in being a responsible financial services provider and we are committed to making a difference in the lives of our
stakeholders and in the communities in which we operate. Just as we are dedicated to helping our customers manage their
finances wisely and to grow their businesses, UOB is steadfast in our support of social development, particularly in the areas of
art, children and education.

For media queries, please contact:

Maybelline Tan
Group Strategic Communications and Customer Advocacy
Email: Maybelline.TanWL@UOBGroup.com
Tel: 6539 4062