‘You are Defined by Your Personal Core Values’

Reporting by the Banking Insight Editorial Team

Our exclusive interview with Ms Ng Wei Wei, CB, Chief Executive Officer of United Overseas Bank (Malaysia) Berhad is proof that fortune favours the bold as she joins our illustrious alumni of Chartered Bankers at the Institute’s 2024 conferment.

Q: You have had an impressive career journey. Could you share with us the start of your banking career journey and key highlights of your professional life? 

Interestingly, being a career banker was never in the plan. In fact, I had always wanted to follow in my father’s footsteps to become an entrepreneur. So, after graduation, I decided to do a couple of years in banking to get exposure to various sectors of business before venturing out on my own.

But I discovered that banking goes beyond transactions and balance sheets; it’s really about making a real impact on people’s lives. I fell in love with banking and since then, I have been given the opportunity to hold various senior country and regional leadership roles at global financial institutions in Malaysia and Hong Kong.

There have been many key highlights throughout my career, but one that stands out is when I led UOB’s successful acquisition and integration of Citigroup’s consumer banking business in Malaysia. It was a massive and complex exercise. We migrated over a million former Citi customers’ accounts onto UOB’s platform. I am very proud of my team as we simultaneously managed the integration while continuing to deliver for our clients. At the same time, we also hit record income and profit last year.

Another defining milestone in my career was when I was responsible for overseeing trade businesses for 10 countries in the Asia-Pacific region for an international financial institution.

I don’t recall ever waking up thinking why I chose a career in banking, even when the going was tough. In fact, I find my job to be incredibly fulfilling as I have the unique opportunity to support communities and businesses and make a meaningful contribution to the country’s economic growth.

Q: You have seen and lived through a fair share of tumults and changes throughout your career. What values do you hold that keep you steady in rough waters?

I strongly believe that you are defined by your personal core values. With that, setting a moral compass for myself early on has helped me make better decisions and choices as I moved up the ladder.

There are two values which I feel are particularly important. The first is integrity. Success in banking is as much about people as it is about numbers. As a banker, you must build strong, trust-based relationships with your stakeholders. To me, my credibility is my brand equity. I have been in situations where I had to choose between walking away from a deal or compromising my integrity. I have also had to make unpopular decisions because it was the right thing to do.

The second important value is having a growth mindset. This is especially critical as the financial industry keeps evolving; what has served us well before may not ensure our success tomorrow. For example, just five years ago, sustainability was still an abstract concept to many, but today, it is a key strategic consideration which directly impacts and shapes how we operate in the financial industry. I had to learn alongside my colleagues and today, I am very pleased to be on board this journey with like-minded stakeholders to help our country and businesses transition.   

Q: Your strong passion for continuous development and learning is evident from your own effort when you recently attained Chartered Banker qualification via the CBBE route. This is despite your busy schedule and during a pivotal time for UOB. How do you think organisations like AICB can help shift the culture and mindset amongst next-gen bankers towards continuous learning and upskilling, especially now that you have also become a Chartered Banker?

Pursuing the Chartered Banker qualification was demanding of my time, but it was a challenge that I am very glad I took on.

I have always advocated lifelong learning and the importance of maintaining a growth mindset. And because I also believe in leading by example for my team, I completed the course last year when we were in the thick of migrating former Citi customers onto the UOB platform.

Balancing work and assignments was tough, and resilience and commitment were key. Despite my hectic schedule, I stayed focused on my goal because I wanted to show to my son and my team that no matter how busy we are, we must always prioritise growing ourselves to our full potential.

It is very good that AICB has this platform to help us excel in our careers. AICB’s programmes and professional certifications are structured in a way that learning becomes an ongoing journey. Apart from shaping the mindset of young bankers towards continuous learning, the platform also allows them to network and learn from senior bankers, which will help deepen the pool of talent in our industry.

Q: Employee well-being is now top-of-mind for corporations. What have you done in your organisation to drive this?

The people pillar is an integral part of our growth strategy and so, promoting employee well-being is one of my key priorities. At our bank, we have implemented comprehensive wellness initiatives that cover mental, physical, financial, and social health so our people can reach their full potential.

Our new headquarters, UOB Plaza 1 Kuala Lumpur (P1), was built as a green building with our employees’ wellness in mind. Besides having our own gym, games room, and other wellness amenities, we also have a childcare centre that provides early education through play-based learning so that our people can have the peace of mind that their children are well taken care of while they are at work. Today, the childcare centre takes care of more than 50 children including newborns, and P1 has received platinum certifications from Malaysia’s GreenRE and Singapore’s BCA Green Mark. Having moved into P1 over 1.5 years ago, I am very pleased to see my employees having a strong sense of pride working in UOB.

Beyond that, I initiated our first country corporate social responsibility programme for the bank in Malaysia so our people can volunteer their time and give back to the community. Launched this year, we tied up with the SOLS Foundation to roll out various activities that help marginalised communities in the country, which so far has been very fulfilling. I also established the bank’s first diversity, equity, and inclusivity committee to ensure that we foster a welcoming and supportive workplace for our people.

I hope that all these initiatives create a positive and inclusive work environment where my people can thrive.

Q: As the sustainability agenda deepens in importance and with you being one of the thought leaders in the industry, what are the key areas that banking needs to step up in order to make Net Zero a reality?

The financial sector in Malaysia has made a lot of headway in helping to drive the sustainability agenda for the country but if we want to move it to the next level, we need to continue our close collaboration with the government, regulators, industry associations, and certification bodies.

I believe that developing clear sectoral pathways with defined baselines and targets is crucial in the transition to net zero as different industries have unique challenges and opportunities when it comes to sustainability. Equally critical is enabling policies that are practical and implementable, not just for big corporations but also for small- and medium-sized enterprises (SMEs). Additionally, setting timelines for decarbonisation will ensure that we are all moving in a timely and coherent manner.

Overall, I am very encouraged by the positive developments we are seeing in the country. This year onwards, we are seeing more effort from large corporations, i.e. anchors, committing to achieving net zero as well as engaging and supporting their supply chain to transition. Their efforts include capacity building, setting environmental, social, and governance targets, providing support on data baselining, and so on.

Here, banks can play a part by working with anchors to help the supply chain, which are largely SMEs, to transition progressively. This would also help financial institutions in managing Scope 3 financed emissions, which is ultimately dependent on the real economy.

Secondly, we also see increasing conversations around transition finance. And lastly, the availability of professional qualifications in sustainability, such as those offered at AICB, is growing, which will equip more Malaysians with the skills needed to drive this transformation.