United Overseas Bank (UOB) has launched Singapore’s first online utility marketplace provided by a bank. The UOB Utility Marketplace will allow customers to search and sign up for the best deals for electricity, gas, water, broadband and TV services from among 10 utility providers on a single website.

It is hoped customers will reap substantial savings on their monthly utilities bills by using the marketplace.

Furthermore, sources claim the UOB Utility Marketplace has the largest number of utility partners on a single website, serving the utility needs of every household islandwide. Partners include the SP Group, electricity retailers Diamond Electric, Geneco, iSwitch, Keppel Electric, Pacific Light, Sembcorp, Senoko Energy and SUNSEAP, as well as telecommunications company Singtel, for broadband and TV services.

Jacquelyn Tan, head of personal financial services Singapore, UOB, says: “With utilities bills making up an average of about 10 per cent of monthly household expenses, we want to help people stretch their household budget. This is why we have brought together Singapore’s largest network of utility providers for consumers to find a utility plan that can help them to save up to 35% on their monthly utilities bills.”

On top of these savings, customers can earn reward points, cash rebates or miles when they pay their utilities bills using UOB credit cards.

Connecting customers with the right plan

With the Open Electricity Market now available to all households in Singapore, there are currently more than 50 different plans offered by electricity retailers. As such, it can be time-consuming to find the right electricity plan.

The UOB Utility Marketplace allows consumers to compare providers and plans through its Electricity Price Plan Recommender. A list of suitable electricity plans and potential savings will then be generated based on their selection. Consumers will be directed to the electricity partner’s website to sign up for their plan of choice.

Currently, UOB’s electricity partners make up more than 60% of all electricity retailers and 70% of all plans available.

“The liberalization of the electricity retail market has provided more options for consumers to enjoy better savings. Since the pilot of the Open Electricity Market in April 2018, close to 50,000 of our card customers have made the switch to their preferred electricity retailer or plan. Now, with all of Singapore able to make the switch, we have worked with our partners to make the experience simple and convenient,” Tan says.

The Bank has also partnered SP Group to make it possible for all credit and debit card holders in Singapore, regardless of issuing bank, to pay their utility bills via the SP Utilities Mobile App. From May 16 2019, UOB ONE Cardmembers will receive a cash rebate of up to six per cent when they use their UOB.