Remembering Dr Wee Cho Yaw: A banking titan with a big heart

His story is etched into the city skyline – the gleaming UOB Plaza at Raffles Place stands tall as a symbol of the financial empire he built.

As early as the 1960s, Dr Wee Cho Yaw had set his sights on the Singapore River. To Dr Wee, the river was the lifeblood of a young nation. While others saw old shophouses and busy bumboats, he saw the future – a towering UOB headquarters standing as an iconic landmark at the mouth of the river.

That vision was realised in 1992 with the unveiling of a new 280-metre skyscraper, one of the tallest buildings in Singapore at the time.

By 1995, his vision had come full circle with the official opening of UOB Plaza, two matching towers joined at the base. At the opening, Singapore’s founding Prime Minister Lee Kuan Yew said: “Because of Wee Cho Yaw’s foresight, his confidence in Singapore’s development, especially its Central Business District, he invested in the best sites along the Singapore River, which abuts on Raffles Place. The result is UOB Plaza, one of the most impressive buildings in the CBD.”

Dr Wee (centre) officiating the naming of the Nanyang Business School 30 years ago.

A quiet achiever

Dr Wee wasn’t one for the spotlight. While others chased accolades, he rolled up his sleeves and got to work. He built UOB into a regional powerhouse, helping transform Singapore into a global financial hub.

Dr Wee (second from right) and Senior Minister Lee Hsien Loong (second from left) speaking at an event. (Photo: Ministry of Communications and Information Collection, courtesy of National Archives of Singapore)

Senior Minister Lee Hsien Loong says of Dr Wee: "Cho Yaw was a titan of Singapore’s banking industry. Beyond the corporate world, he made significant contributions to the community."

But behind his success was a simple belief: never forget your roots . He lived by an old Chinese saying: “Never forget the source of the water you drink from.” Singapore gave him a platform to succeed, and in return, he gave back, with little fanfare.

His heart was in education

Dr Wee’s own education was disrupted by World War II. After the war, he began working in the family’s commodities trading company and eventually took over his father’s banking business. While he rose to prominence in banking, he never forgot the dreams in education he had to leave behind.

Education became his lifelong mission. He channelled his success into helping young Singaporeans reach their full potential. From funding scholarships and bursaries to building schools and improving campuses, he believed education was the most powerful gift one could give.

Dr Wee was one of Nanyang University’s earliest donors in the 1960s, and chairman of its council from 1970 to 1980. He had a long and enduring relationship with NTU, which always held a special place in his heart. In 2004, he was appointed Pro-Chancellor of NTU, a role he held until his passing last year. And in 2014, he was conferred an Honorary Doctor of Letters by NTU.

In 1995, Dr Wee officiated the launch of the Nanyang Business School and gifted S$1.5 million for the UOB Professorship in Banking to attract internationally renowned scholars in banking and finance to the school.

That same year, he pledged S$1 million towards the establishment of the Chinese Heritage Centre at NTU. His generosity continued in 2011 with a S$3 million gift that established the Wee Cho Yaw Master of Science (Finance) Scholarship. Then in 2015, UOB set up the Wee Cho Yaw Future Leaders Award, a S$50 million tertiary education scholarship fund to assist less-privileged students at NTU and the National University of Singapore.

Continuing Dr Wee’s legacy of giving, in 2025, UOB and the Wee Foundation made a historic gift of S$110 million to NTU to advance its educational priorities. Dr Wee’s name now graces the Wee Cho Yaw Plaza at NTU. It is a fitting tribute to the man who helped the Nanyang Business School grow into one of Asia’s top institutions.

A supporter of Chinese culture and heritage, Dr Wee (left) was instrumental in the establishment of the Chinese Heritage Centre at NTU.

Legacy beyond banking

The distinctive hallmarks that Dr Wee stood for – loyalty, trustworthiness, humility, foresight and teamwork – will continue to inspire future generations to achieve long-term strategic success instead of short-term gains. He built teams that stayed with him for decades, and a culture that put people before profits.

Dr Wee’s contributions didn’t go unnoticed. In 2010, Forbes named him one of Asia’s Heroes of Philanthropy. In 2011, he was awarded the Distinguished Service Order, Singapore’s highest National Day honours.

Dr Wee was an old-world gentleman with progressive business ideas – a sentiment best captured in the tribute paid to him by former Senior Minister Teo Chee Hean.

“He was a giant who made significant contributions to a fledgling Singapore. He is best known for building one of our biggest banks, UOB. At the same time, he made key contributions to Singapore’s cultural, social and educational development through his leadership in the clan associations and the well-known schools sponsored by the Hokkien Huay Kuan. He was firmly anchored in Singapore yet had a regional and international outlook as he built UOB. He was firmly rooted in tradition and culture yet was innovative, creative and entrepreneurial in promoting business and culture. His legacy and contributions to Singapore are an inspiration.”

Senior Minister Lee Hsien Loong had known Dr Wee for more than four decades, and acknowledged his contributions to Singapore. “Cho Yaw was a titan of Singapore’s banking industry. Beyond the corporate world, he made significant contributions to the community. He was actively involved in the promotion of the Chinese language, culture and values, and took on key leadership roles. The community continues to benefit greatly from the Wee Foundation, which was set up in 2009 to promote the Chinese language and culture in Singapore, as well as provide education and welfare assistance to those in need.”

As we stroll along the scenic Singapore River or past the majestic tower at Raffles Place, we remember the simple but powerful philosophy embraced wholeheartedly by Dr Wee Cho Yaw. Never forget the source of the water you drink from.

 

This article first appeared in issue 6 of U, the NTU alumni magazine.