Press Release 2009
UOB Express Cheque Clearance - your solutions to faster cashflow and liquidity!
Kuala Lumpur, 23 March 2009 - Convenience is the expectation for most of us in today's age of technology. Not just convenience but convenience coupled with fast, prompt service and value-added proposition can be of tremendous boost to any businesses or individual consumers, especially in the current economic situation. With that in mind, United Overseas Bank (Malaysia) Bhd [UOB (Malaysia)] is proud to introduce UOB Express Cheque Clearance (UOB ECC). This latest product from UOB (Malaysia) shortens the cheque clearance time from at least five (5) days to just three (3) days for Singapore Dollar (SGD) cheques drawn on banks in Singapore.
"Before the advent of UOB ECC, we have established ourselves as one of the fastest SGD cheques clearance bank in Malaysia and have a very significant market share. By leveraging on the UOB Group based in Singapore and the Cheque Truncation System (CTS), we have developed the capability to electronically clear Singapore Dollar (SGD) cheques drawn on banks in Singapore. This synergistic effect resulted in UOB (Malaysia) introducing the first electronic deposit (e-Deposit) of SGD cheques. This entrenched us as one of the fastest SGD cheque clearing bank here, whether you deposit the said cheques in our Penang, Kuching or any of our 43 branches nationwide!" said Mr Lawrence Yong, Senior Vice-President & Head of Transaction Banking Division.
"UOB ECC is designed to provide the fastest SGD cheque clearing service to all our valued customers so that they receive their money/proceeds much faster than before. This helps to improve and fortify their cashflow and liquidity. Given the current economic environment, cashflow is certainly the lifeline of any business, whilst for the consumer, the faster receipt of the proceeds translates into greater opportunities" added Mr Yong.
Customers with SGD cheques whether from exports or dividends from Singapore will stand to benefit tremendously from UOB ECC. This is particularly pronounced as Singapore is Malaysia's largest export market, with payment by cheques being a key form of payment.
As a continued convenience to all customers, the process of depositing the cheques remains unchanged. Customers will still continue to deposit their SGD cheques as per normal through our Cheque Deposit Machines conveniently located in our network of 43 branches. From March 23, 2009 until May 31, 2009, UOB (Malaysia) is having an exclusive introductory offer for all its commercial and personal financial services customers. Customers will only pay RM25 handling charge and a 0.1% commission (min. RM5 to max. RM100) for the SGD cheques deposited under UOB ECC!
For further information on UOB Express Cheque Clearance, customers may enquire within the branches, visit our website at www.uob.com.my or call UOB 121 centres at 03-26128 121 (Kuala Lumpur), 07-2881 121 (Johor Bahru), 04-2401 121 (Penang), 082-287 121 (Kuching) or 088-477 121 (Kota Kinabalu).