Singapore’s United Overseas Bank Limited (UOB) has unveiled plans to invest up to S$500m ($368.25m) to bolster its digital capabilities.

The lender to spend the amount in digital innovation initiatives to double its retail customer base to more than seven million across ASEAN by 2026.

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The programme will also involve unifying its digital bank and banking capabilities on a single platform UOB TMRW.

UOB TMRW will be formed by combining its digital bank in Thailand and Indonesia Tmrw and its Singapore mobile app UOB Mighty.

The bank has already launched a beta version of the new app for Singapore-based employees. Upon completion, the app will be made available for all UOB customers in Singapore.

Existing UOB Mighty customers will be able to switch to UOB TMRW at that time.

Subsequently, UOB TMRW will be rolled out in other ASEAN countries.

Head of TMRW and Group Digital Banking Kevin Lam said: “The launch of UOB TMRW in Singapore affirms our commitment to double down on our data-driven model which banks on creating hyper-personalised digital experiences for our customers.

“We envision a future where the UOB digital banking experience and the solutions and services we offer are adapted to each customer, based on their banking patterns. In this next phase, we are making it our goal to explore how technology can enable us to make the digital banking of tomorrow smarter and even more intuitive for our customers.”

In the first quarter of the year, UOB reported a net profit of more than S$1.0bn ($748.4m). The figure represented an 18% year-on-year jump.