The United Overseas Bank (UOB) Group announced today the launch of its Internet banking service called UOB CyberBank.

Scope of Services
Under the first phase of the service, 1,000 selected customers of the UOB Group will, from today, be able to make online account applications, make real-time account balance and cheque status enquiries, view their share margin trading portfolios, transfer funds, stop cheque payments, as well as change password(s) anytime, anywhere using UOB CyberBank.

UOB CyberBank will be extended to more customers and expanded to include the payment of bills, statement enquiries, online update of the customer's mailing address and more in the months ahead. By the second half of 1998, the Group expects UOB CyberBank to be available to all customers of the Group and to further enhance the range of services available.

"As we move into the new millenium, Internet access will be a major channel for banking transactions. We must therefore exploit the vast potential of this new paradigm. With UOB CyberBank, our goal is to provide a global delivery channel that brings our banking services securely, efficiently and conveniently to our customers in Singapore and around the world," said Ms Sim Puay Suang, Senior Vice President of Consumer Services Division at the UOB Group.

Security
UOB CyberBank has, in place, an internal and external framework that provides a high standard of security and integrity for banking over the Internet. It incorporates the use of encryption and authentication technology. The UOB Group is the first bank in Singapore to utilise digital certificates provided by Netrust, the first certification authority in South East Asia, for secure authentication.

The Group will provide each UOB CyberBank user with a smart card and passwords that will allow them to bank safely over the Internet.