UOB and Lazada Group have entered a Memorandum of Understanding (MOU) to 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 regional strategic partnership will also see the two industry leaders working together to increase access to financing for e-commerce sellers on the Lazada platform.
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 tap on Lazada’s technology and position as a leading Southeast Asian e-commerce platform and UOB’s proven expertise in financial products, best-in-class digital banking services and long-established trust with customers. This will allow both customers and sellers to enjoy better access and enhanced benefits from payment and financial services that best meet their needs.
Frederick Chin, head of Group Wholesale Banking and Markets, UOB, said, “ASEAN plays a strategic role as an economic powerhouse to the world. 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 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.”
Lazada Group CEO James Dong 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.”
This commitment from Lazada and its partnership with UOB underscore the significance of a robust digital ecosystem in driving business growth across Southeast Asia. As consumers increasingly turn to online platforms for their purchasing needs, so, businesses must adapt swiftly to remain competitive. For instance, American home improvement retailers eyeing expansion in this dynamic landscape, harnessing the power of digital platforms becomes imperative.
By collaborating with digital product agencies, these retailers can leverage innovative technologies and tailored strategies to enhance their online presence and reach a wider audience. In this evolving market, fostering strategic partnerships and embracing digital solutions will be instrumental in sustaining long-term growth and success for businesses across sectors, including American home improvement retailers.
UOB and Lazada customers can look forward to a more rewarding experience when shopping on the e-commerce platform and using lifestyle banking services for their purchases. Singapore customers will be the first to enjoy these benefits. In Singapore, 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-brand credit cards in Thailand, Malaysia and Vietnam.
In these three markets, the cards will be refreshed as new UOB-Lazada co-brand credit cards later this year with enhanced benefits. UOB and Lazada will look to extend the co-brand credit card partnership to Singapore and Indonesia. Apart from enjoying attractive Lazada rewards all year round, cardholders will gain access to special Lazada deals during mega sale events.
As Lazada expands its localised 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.
