UOB's Singapore cardholders spent the most in South Korea in 2023. Mia Pei SINGAPORE - Cardholders of UOB and South Korean card company Woori Card will be able to enjoy card privileges from both companies under a reciprocal partnership. This comes as UOB on July 17 inked a memorandum of understanding (MOU) with the subsidiary of Woori Financial Group, marking a first-of-its-kind partnership between an Asean and a South Korean financial institution.
Woori Financial Group is one of the largest financial services conglomerates in South Korea. UOB credit and debit cardholders across Asean travelling to South Korea can enjoy privileges that Woori Card cardholders are entitled to at relevant local merchants, whereas Woori Card’s cardholders who visit Singapore, Malaysia, Thailand, Indonesia and Vietnam will be able to enjoy selected UOB cardholder privileges. UOB and Woori Card Mastercard holders will be able to partake in the programme by the fourth quarter of 2024, and Visa cardholders are expected to join in the near future.
Under the MOU, the two companies will study their respective cardholder spends in each other’s countries to select the most desirable merchant privileges for their customers, with a focus on categories such as retail, dining, tourist attractions, travel and accommodation. “The full list of merchant privileges under the reciprocal partnership will be announced in the coming months,” said the companies. Some merchants that have already expressed intere.