“As the global landscape transitions towards a multipolar world order, ASEAN continues to demonstrate resilient growth. With regional integration, trade diversification and rising foreign direct investments, ASEAN is well-positioned to thrive in the evolving global economy,” Wee said in the statement.
Yet UOB’s CEO also warned that new U.S. tariffs could dampen consumer sentiment and investment activity.
Banks profit from higher interest rates by earning more on loans and attracting additional deposits.
Yet Singapore’s neighboring economies got it much worse. Southeast Asian economies like Thailand, Indonesia and Vietnam got tariffs of around 19-20%.
While tariffs won’t directly affect DBS, UOB, or OCBC, a broader tariff-driven economic slowdown will dampen consumer sentiment and curb investment activity, reducing business opportunities for Singapore’s globally-connected banking sector.
