UOB and Lazada Group signed an MoU to enable customers and merchants to enjoy better access and improved benefits from payment and financial services.
Heaptalk, Jakarta — UOB announced a partnership with Lazada Group on retail products and banking services for their combined customer in five Southeast Asian markets, spanning Singapore, Malaysia, Indonesia, Thailand, and Vietnam.
The regional strategic partnership will enable the two companies to work together to improve access to financing for e-commerce sellers on the Lazada platform. Representatives of both parties, namely Head of Group Wholesale Banking and Markets at UOB Frederick Chin and CEO of Lazada Group James Dong have signed a memorandum of understanding (MoU) in Singapore.
This step is Lazada’s first collaboration with a bank across multiple payments and financial services in Southeast Asia. For UOB itself, this is the first regional collaboration with an e-commerce platform. Lazada’s technology and position as well as UOB’s proven expertise will enable customers and merchants to enjoy better access and improved benefits from payment and financial services that best suit their needs.
According to Frederick Chin, ASEAN plays a strategic role as an economic powerhouse to the world. He said, “As a bank with a strong presence in ASEAN, our ambition is to open doors to new business opportunities across the region. Working with an e-commerce partner like Lazada complements our continued effort to bring personalized and innovative solutions to a thriving ASEAN.”
Through the partnership, Frederick hopes consumers and businesses can benefit from seamless financial services that bring about access to rewarding experiences within ASEAN’s dynamic digital landscape.
Meanwhile, James Dong conveyed, “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.”
James said that the two companies will help brands and sellers grow their business and accelerate the growth. “We are here for the long term, to achieve sustainable long-term growth with all of our ecosystem partners,” voiced James.
Providing a more rewarding experience
In more detail, UOB and Lazada can enjoy a more rewarding experience when shopping on the e-commerce platform and utilizing lifestyle banking services for their purchases with Singapore as the first country. In Singapore, UOB also offers Lazada customers cashback vouchers worth up to $200 as a welcome gift.
With UOB’s acquisition of Citigroup’s consumer banking business in four ASEAN markets, the bank will continue its Citi-Lazada co-brand credit card partnership in Thailand, Malaysia, and Vietnam. In these three markets, the card will be refreshed as the new UOBLazada co-brand credit card later this year with enhanced benefits. UOB and Lazada will expand their co-brand credit card partnership to Singapore and Indonesia. Apart from enjoying attractive Lazada rewards throughout the year, cardholders will get access to special Lazada offers during the mega sale event.
As Lazada expands its localized payments and financial services products throughout the region, the e-commerce platform and UOB also intend to collaborate on cash management and transaction processing services for Lazada sellers across the region.
The two partners are looking into offering loans to sellers on the Lazada platform through a new digital lending experience. 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 toward a pilot launch this year.
UOB and Lazada will offer their combined customer base a seamless and integrated experience that is tailored to customers’ shopping behavior on the platform and their individual needs. This partnership will strengthen the capability of both parties to provide personalized rewards to customers across Southeast Asia, to further engage and delight them in their online shopping experience.
