UOB and Lazada Group will collaborate on retail products and banking solutions for their combined customer base in five key Southeast Asian markets, namely Singapore, Malaysia, Indonesia, Thailand and Vietnam.
This will be Lazada’s first partnership with a bank across a variety of payments and financial services in Southeast Asia, as well as UOB‘s first regional collaboration with an e-commerce platform.
The partnership will allow both customers and sellers to get better access and enhanced benefits from payment and financial services that best meet their needs.
Singapore customers will be the first to receive these benefits as UOB will offer new customers Lazada cashback vouchers worth up to S$200 as a welcome gift.
With UOB’s acquisition of Citigroup’s consumer banking businesses in four ASEAN markets, the bank will be continuing the partnership of the Citi-Lazada co-branded credit cards in Thailand, Malaysia and Vietnam.
This regional strategic partnership will also see the two entities working together to increase access to financing for e-commerce sellers on the Lazada platform. The collaboration will focus on giving sellers access to streamlined onboarding, approval and disbursement processes for loans and financing across their businesses. Both parties are working towards a pilot launch this year.
Additionally, Lazada and UOB also intend to collaborate on cash management and transaction processing services for Lazada sellers across the region.
Frederick Chin, Head of Group Wholesale Banking and Markets at UOB said,
“Working with an e-commerce partner like Lazada complements our continued effort to bring personalised and innovative solutions to a thriving ASEAN.
Through this partnership, consumers and businesses can benefit from seamless financial services that bring about access to rewarding experiences within ASEAN’s dynamic digital landscape.”
James Dong, Group Chief Executive Officer of Lazada said,
“Lazada is committed to building an open, accessible ecosystem for Southeast Asia. We are pleased to share this vision with UOB. For consumers, we will offer easy-to-use, convenient and secure payment and financing options to enable their lifestyle needs.
For brands and sellers, we are here to help them scale up their businesses and accelerate growth. We are here for the long haul, to achieve sustainable, long-term growth with all our ecosystem partners.”